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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

(Mark One)

☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2025

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________

Commission File Number: 001-39696

COMPASS THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

Delaware

82-4876496

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

80 Guest St., Suite 601

Boston, Massachusetts

02135

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (617) 500-8099

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading

Symbol(s)

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

CMPX

Nasdaq Capital Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐		Accelerated filer ☐
Non-accelerated filer ☒		Smaller reporting company ☒
		Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 28, 2025, the registrant had 138,282,498 shares of common stock, $0.0001 par value per share, outstanding.

Auditor Firm Id: 596

Auditor Name: CohnReznick LLP

Auditor Location: Melville, NY U.S.A.

	March 31, 2025 (unaudited)			December 31, 2024 (Note 1)
Assets
Current assets:
Cash and cash equivalents	$	41,048		$	43,483
Marketable securities		71,587			83,239
Prepaid expenses and other current assets		11,510			6,029
Total current assets		124,145			132,751
Property and equipment, net		231			353
Operating lease, right-of-use ("ROU") asset		6,507			6,731
Restricted cash		568			568
Total assets	$	131,451		$	140,403
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	1,577		$	2,249
Accrued expenses		13,214			6,287
Operating lease obligations, current portion		109			338
Total current liabilities		14,900			8,874
Operating lease obligations, long-term portion		6,272			6,296
Total liabilities		21,172			15,170
Commitments and contingencies (Note 7)
Stockholders' equity:
Common stock, $0.0001 par value: 300,000 shares authorized; 138,282 and 137,820 shares issued and outstanding at March 31, 2025 and December 31, 2024, respectively		14			14
Additional paid-in-capital		491,391			489,692
Accumulated other comprehensive income		190			210
Accumulated deficit		(381,316	)		(364,683	)
Total stockholders' equity		110,279			125,233
Total liabilities and stockholders' equity	$	131,451		$	140,403

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)

	Three Months Ended March 31,
	2025			2024
Operating expenses:
Research and development	$	13,054		$	9,522
General and administrative		4,912			3,248
Total operating expenses		17,966			12,770
Loss from operations		(17,966	)		(12,770	)
Other income		1,333			1,983
Loss before income tax expense		(16,633	)		(10,787	)
Income tax expense		—			—
Net loss	$	(16,633	)	$	(10,787	)
Net loss per share - basic and diluted	$	(0.12	)	$	(0.08	)
Basic and diluted weighted average shares outstanding		138,236			136,608

Other comprehensive loss:
Net loss	$	(16,633	)	$	(10,787	)
Unrealized loss on marketable securities		(20	)		(127	)
Comprehensive loss	$	(16,653	)	$	(10,914	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

	Common Stock				Additional Paid-in			Accumulated Other Comprehensive			Accumulated			Total Stockholders'
	Shares		Amount		Capital			(Loss) Income			Deficit			Equity
Balance at December 31, 2024		137,820	$	14	$	489,692		$	210		$	(364,683	)	$	125,233
Share-based awards, net of tax remittance		462		—		(815	)		—			—			(815	)
Stock-based compensation		—		—		2,514			—			—			2,514
Unrealized loss on marketable securities		—		—		—			(20	)		—			(20	)
Net loss		—		—		—			—			(16,633	)		(16,633	)
Balance at March 31, 2025		138,282	$	14	$	491,391		$	190		$	(381,316	)	$	110,279


Balance at December 31, 2023		127,668	$	13	$	463,796		$	37		$	(315,308	)	$	148,538
Common shares issued, net of issuance costs of $0.5 million		9,790		1		17,568			—			—			17,569
Share-based awards, net of tax remittance		131		—		(136	)		—			—			(136	)
Stock-based compensation		—		—		2,003			—			—			2,003
Unrealized loss on marketable securities		—		—		—			(127	)		—			(127	)
Net loss		—		—		—			—			(10,787	)		(10,787	)
Balance at March 31, 2024		137,589	$	14	$	483,231		$	(90	)	$	(326,095	)	$	157,060

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

	For the Three Months Ended March 31,
	2025			2024
Cash flows from operating activities:
Net loss	$	(16,633	)	$	(10,787	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		140			154
Share-based compensation		2,514			2,003
Amortization of premium and discount on marketable securities		26			(376	)
ROU asset amortization		224			309
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(5,481	)		(936	)
Accounts payable		(672	)		(3,236	)
Accrued expenses		6,927			(699	)
Operating lease liability		(253	)		(320	)
Net cash used in operating activities		(13,208	)		(13,888	)
Cash flows from investing activities:
Purchase of property and equipment		(18	)		—
Purchases of marketable securities		(24,832	)		(41,878	)
Proceeds from sale or maturities of marketable securities		36,438			37,779
Net cash provided by (used in) investing activities		11,588			(4,099	)
Cash flows from financing activities:
Proceeds from issuance of common stock		—			18,113
Issuance costs from issuance of common stock		—			(544	)
Taxes paid related to net shares settlement of RSUs		(815	)		(136	)
Net cash provided by (used in) financing activities		(815	)		17,433
Net change in cash and cash equivalents and restricted cash		(2,435	)		(554	)
Cash and cash equivalents and restricted cash at beginning of period		44,051			24,548
Cash and cash equivalents and restricted cash at end of period	$	41,616		$	23,994
Reconciliation of cash, cash equivalents and restricted cash to the Condensed Consolidated Balance Sheets
Cash and cash equivalents	$	41,048		$	43,483
Restricted cash		568			320
Total cash, cash equivalents and restricted cash	$	41,616		$	43,803
Supplemental disclosure of cash flow information
Unrealized loss on marketable securities	$	(20	)	$	(127	)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion of the financial condition and results of operations of Compass Therapeutics, Inc. should be read in conjunction with the financial statements and the notes to those statements included in this Quarterly Report on Form 10-Q for the three months ended March 31, 2025. Some of the information contained in this discussion and analysis, including information with respect to our plans and strategy for our business, includes forward-looking statements that involve risk, uncertainties and assumptions. You should read the “Risk Factors” section of this Quarterly Report on Form 10-Q and the “Risk Factors” section included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, for a discussion of important factors that could cause actual results to differ materially from the results described in or implied by the forward-looking statements contained in the following discussion and analysis.

We are a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics. Our scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Our pipeline of novel product candidates is designed to target multiple critical biological pathways required for an effective anti-tumor response. These include modulation of the microvasculature via angiogenesis-targeted agents, induction of a potent immune response via activators on effector cells in the tumor microenvironment, and alleviation of immunosuppressive mechanisms used by tumors to evade immune surveillance. We plan to advance our product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data.

Our pipeline comprises three clinical product candidates and one candidate in investigational new drug application (“IND”) enabling studies. Our lead product candidate, tovecimig (formerly known as CTX-009), is a bispecific antibody targeting Delta-like ligand 4 (“DLL4”), a ligand of Notch-1, and vascular endothelial growth factor A (“VEGF-A”). Simultaneous blockade of the VEGF-A and the Notch pathways is known to turn productive angiogenesis into non-productive angiogenesis, which leads to tumor shrinkage and apoptosis. CTX-471, is an agonistic antibody targeting a member of the tumor necrosis factor receptor superfamily member 9 (TNFRSF9), also known as CD-137, a co-stimulatory receptor which is mostly expressed on activated, but not on resting, T-cells and NK cells. CTX-8371, is a bispecific antibody targeting the programmed cell death protein-1 (“PD-1”), an inhibitory immune checkpoint receptor and its ligand PD-L1, two validated immune-oncology targets. In addition, we are in the process of IND enabling studies with CTX-10726, a bispecific antibody targeting PD-1 and VEFG-A. For a more detailed description, see our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Tovecimig Meets Primary Endpoint in Phase 2/3 Study in the Second Line Setting for Patients with BTC

On April 1, 2025, we announced that tovecimig in combination with paclitaxel achieved a 17.1% overall response rate (“ORR”), including one complete response, compared to a 5.3% ORR for paclitaxel alone, in patients with biliary tract cancer (“BTC”) treated in the second-line setting. The difference in ORR between the two treatment arms, the primary endpoint of the study, was statistically significant (p=0.031), and all responses were assessed by blinded independent central radiology (BICR) review. The study also showed differences between treatment arms for other efficacy measures, including progressive disease (“PD”) rates of 16.2% in patients on tovecimig in combination with paclitaxel versus 42.1% in patients on paclitaxel alone. We also announced that the safety profile of tovecimig in this study to date was consistent with prior studies of tovecimig. An independent Data Monitoring Committee (DMC) reviewed safety data at four separate (pre-specified) DMC meetings and, after each meeting, recommended continuation of the study without modification.

The pre-specified number of events required to trigger the analyses of the secondary endpoints, including progression free survival (“PFS”), overall survival (“OS”) and duration of response (“DoR”), have not yet been met and we expect to report these endpoints in the fourth quarter of 2025.

First Patient Dosed in IST of Tovecimig in the First-Line Setting for Patients with BTC

On April 21, 2025, we announced that the first patient had been dosed in an Investigator Sponsored Trial (“IST”) to evaluate tovecimig for the first time in the front-line setting for patients with BTC. The IST is being conducted at The University of Texas MD Anderson Cancer Center. Tovecimig is being added to a standard first-line regimen of gemcitabine, cisplatin, and durvalumab in an estimated 50 patients with unresectable or metastatic BTC. The study will have a standard safety run-in phase in 12 patients followed by an expansion phase in which 38 additional patients will be treated. The primary objectives in the study are to assess 6-month progression-free survival, to assess the tolerability and safety of this combination, and to determine the maximum tolerated dose of tovecimig in this combination. Secondary objectives include ORR, DoR, PFS and OS. For more information on the IST, please see study identifier: NCT06548412 on www.clinicaltrials.gov.

We have funded our operations primarily with proceeds from the sale of our equity securities. Through March 31, 2025, we have received $430 million in gross proceeds from the sale of equity securities.

We have incurred significant operating losses since inception and have not generated any revenue from the sale of products and we do not expect to generate any revenue from the sale of products in the near future, if at all. Our ability to generate product revenue sufficient to achieve profitability will depend heavily on the successful development and eventual commercialization of our treatments and any future product candidates. Our net losses were $16.6 million and $10.8 million for the three months ended March 31, 2025 and 2024, respectively. We had an accumulated deficit of $381.3 million on March 31, 2025. We expect to continue to incur significant expenses for at least the next several years as we advance through clinical development, develop additional product candidates and seek regulatory approval of any product candidates that complete clinical development. In addition, if we obtain marketing approval for any product candidates, we expect to incur significant commercialization expenses related to product manufacturing, marketing, sales and distribution. We may also incur expenses in connection with the in-licensing or acquisition of additional product candidates.

As a result, we will need substantial additional funding to support our continuing operations and pursue our growth strategy. Until such time as we can generate significant revenue from product sales, if ever, we expect to finance our operations through equity and debt financings, or other capital sources, which may include collaborations with other companies or other strategic transactions. As of March 31, 2025, we had $113 million in cash, cash equivalents and marketable securities. We expect that such cash resources will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2027. We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all. If we fail to raise capital or enter into such agreements as and when needed, we may have to significantly delay, reduce or eliminate the development and commercialization of one or more of our product candidates or delay our pursuit of potential in-licenses or acquisitions.

Because of the numerous risks and uncertainties associated with product development, we are unable to predict the timing or amount of increased expenses or when, or if, we will be able to achieve or maintain profitability. Even if we are able to generate product sales, we may not become profitable. If we fail to become profitable or are unable to sustain profitability on a continuing basis, then we may be unable to continue our operations at planned levels and be forced to reduce or terminate our operations. Our financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Research and development expenses consist primarily of costs incurred in connection with the development of our product candidates, tovecimig, CTX-471, CTX-8371 and CTX-10726. We expense research and development costs as incurred. These expenses include:

Advance payments that we make for goods or services to be received in the future for use in research and development activities are recorded as prepaid expenses. Such amounts are recognized as an expense as the goods are delivered or the related services are performed, or until it is no longer expected that the goods will be delivered or the services rendered.

Product candidates in later stages of clinical development generally have higher development costs than those in earlier stages of clinical development, primarily due to the increased size and duration of later-stage clinical trials. We expect that our research and development expenses will increase substantially in connection with our planned clinical development activities in the future. At this time, we cannot accurately estimate or know the nature, timing and costs of the efforts that will be necessary to complete the clinical development of any future product candidates.

The successful development and commercialization of product candidates is highly uncertain. This is due to the numerous risks and uncertainties associated with product development and commercialization.

General and administrative expenses consist primarily of salaries and related costs for personnel in executive, finance, business development and administrative functions. General and administrative expenses also include legal fees relating to patent and corporate matters, professional fees for accounting, auditing, tax, insurance, administrative travel expenses and other operating costs.

We anticipate that our general and administrative expenses will increase in the future as we increase our headcount to support our business operations.

The following table summarizes our results of operations for the three months ended March 31, 2025 and 2024 (in thousands):

Research and development expenses increased by $3.5 million, or 37%, for the three months ended March 31, 2025 compared to the three months ended March 31, 2024. The increase primarily came from $2.0 million more in manufacturing expenses related to tovecimig and $1.3 million related to our new program CTX-10726.

We track outsourced development, personnel costs and other research and development costs of specific programs. Research and development expenses are summarized by program in the table below (in thousands):

General and administrative expenses increased by $1.7 million or 51% for the three months ended March 31, 2025 as compared to the same period in 2024. The increase was primarily from $1.0 more of stock compensation expense and higher bonus expense.

Other income decreased by $0.7 million or 33% for the three months ended March 31, 2025 as compared to the same period in 2024. Other income consisted exclusively of interest income.

During the three months ended March 31, 2025 and 2024, we recognized no income tax expense.

Since our inception, we have devoted substantially all of our efforts to organizing and staffing our Company, business planning, raising capital, research and development activities, building our intellectual property portfolio and providing general and administrative support for these operations. We have funded our operations primarily with proceeds from the sale of our equity securities. Through March 31, 2025, we have received $430 million in gross proceeds from the sale of equity securities. As of March 31, 2025, we had cash, cash equivalents and marketable securities of $113 million.

The following table shows a summary of our cash flows for the periods indicated (in thousands):

During the three months ended March 31, 2025, we used $13.2 million of cash in operating activities, resulting from our net loss of $16.6 million partially offset by the change in operating assets and liabilities of $0.5 million and non-cash charges of $2.9 million (primarily from share-based compensation expense of $2.5 million).

During the three months ended March 31, 2024, we used $13.9 million of cash in operating activities, resulting from our net loss of $10.8 million plus the change in operating assets and liabilities of $5.2 million, partially offset by non-cash charges of $2.1 million (primarily from share-based compensation expense of $2.0 million).

During the three months ended March 31, 2025, $11.6 million of cash was provided by investing activities related to the net sale of marketable securities. During the three months ended March 31, 2024, $4.1 million of cash was used in investing activities related to the net sale of marketable securities.

During the three months ended March 31, 2025, $0.8 million of cash was used in financing activities due to taxes paid by the company for settlement of RSU shares. During the three months ended March 31, 2024, $17.4 million of cash was provided by financing activities. This primarily included $17.6 million of net cash from sale of common stock under an ATM Agreement, after issuance costs.

We expect our expenses to increase substantially in connection with our ongoing activities. The timing and amount of our operating expenditures will depend largely on:

We believe that our existing cash, cash equivalents and marketable securities as of filing of this Quarterly Report on Form 10-Q will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2027. We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect. Our current plans, which may change based on clinical or pre-clinical results, include studies for tovecimig, CTX-471, and CTX-8371 and IND enabling studies for CTX-10726. We expect that we will require additional funding to complete the clinical development of these programs including the payment of developmental milestones, commercializing our product candidates, if we receive regulatory approval, and pursuing in-licenses or acquisitions of other product candidates. If we receive regulatory approval for tovecimig, CTX-471, CTX-8371, CTX-10726 or other product candidates, we expect to incur significant commercialization expenses related to product manufacturing, sales, marketing and distribution, depending on where we choose to commercialize these product candidates ourselves.

Until such time, if ever, as we can generate substantial product revenue, we expect to finance our cash needs through a combination of equity and debt financings, collaborations, strategic alliances, and marketing, distribution or licensing arrangements with third parties. To the extent that we raise additional capital through the sale of equity or convertible debt securities, ownership interest may be materially diluted, and the terms of such securities could include liquidation or other preferences that adversely affect your rights as a common stockholder. Debt financing and preferred equity financing, if available, may involve agreements that include restrictive covenants that limit our ability to take specified actions, such as incurring additional debt, making capital expenditures or declaring dividends. If we raise funds through collaborations, strategic alliances or marketing, distribution or licensing arrangements with third parties, we may have to relinquish valuable rights to our technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to us. If we are unable to raise additional funds through equity or debt financings or other arrangements when needed, we may be required to delay, reduce or eliminate our product development or future commercialization efforts, or grant rights to develop and market product candidates that we would otherwise prefer to develop and market ourselves.

Our management, with the participation of our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer), evaluated the effectiveness of our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended, or the Exchange Act, as of March 31, 2025. Management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving their objectives and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on the evaluation of our disclosure controls and procedures as of March 31, 2025, our Chief Executive Officer (Principal Executive Officer) and Chief Financial Officer (Principal Financial Officer) concluded that, as of such date, our disclosure controls and procedures were effective.

There was no change in our internal control over financial reporting, as defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, that occurred during the quarter ended March 31, 2025 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

As of the date of this Quarterly Report on Form 10-Q, we are not involved in any material legal proceedings. However, from time to time, we could be subject to various legal proceedings and claims that arise in the ordinary course of our business activities. Regardless of the outcome, legal proceedings can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.

In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in Part I, Item 1A “Risk Factors” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024, which could materially affect our business, financial condition, or results of operations. There has been no material change in the risk factors described in the Company’s Annual Report on Form 10-K for the year ended December 28, 2024, with the exception of the addition of the following risk factor:

The Company may be adversely impacted by recently announced tariff programs

In February, March and April 2025, the U.S. imposed a series of tariffs, some of which have been temporarily paused. Historically, tariffs have led to increased trade and political tensions, between not only the U.S. and China, but also between the U.S. and other countries in the international community. In response to tariffs, other countries have implemented retaliatory tariffs on U.S. goods. Political tensions as a result of trade policies could reduce trade volume, investment, technological exchange and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets. Any changes in political, trade, regulatory, and economic conditions, including U.S. trade policies, could have a material adverse effect on our financial condition or results of operations. Until we know what policy changes are made, whether those policy changes are challenged and subsequently upheld by the court system and how those changes impact our business and the business of our competitors over the long term, we will not know if, overall, we will benefit from them or be negatively affected by them.

Pursuant to the requirements of the Exchange Act, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

		Page
PART I.	FINANCIAL INFORMATION	1
Item 1.	Financial Statements (Unaudited)	1
	Condensed Consolidated Balance Sheets (Unaudited)	1
	Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited)	2
	Condensed Consolidated Statements of Stockholders’ Equity (Unaudited)	3
	Condensed Consolidated Statements of Cash Flows (Unaudited)	4
	Notes to Unaudited Condensed Consolidated Financial Statements	5
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	13
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	19
Item 4.	Controls and Procedures	19
PART II.	OTHER INFORMATION	20
Item 1.	Legal Proceedings	20
Item 1A.	Risk Factors	20
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	21
Item 3.	Defaults Upon Senior Securities	21
Item 4.	Mine Safety Disclosures	21
Item 5.	Other Information	21
Item 6.	Exhibits	21

	Signatures	22

	Fair Value Measurements as of March 31, 2025 (000's):
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Assets
Corporate bonds	$	—	$	50,914	$	—	$	50,914
Commercial paper		5,427		—		—		5,427
Certificates of deposit		—		6,025		—		6,025
U.S. government treasuries		4,449		—		—		4,449
Asset-backed securities		—		4,772		—		4,772
Money market funds (cash equivalents)		18,786		—		—		18,786
Total assets	$	28,662	$	61,711	$	—	$	90,373

	Fair Value Measurements as of December 31, 2024 (000's):
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Fair Value
Assets
Corporate bonds	$	—	$	44,963	$	—	$	44,963
Commercial paper		12,084		—		—		12,084
Certificates of deposit		—		15,269		—		15,269
U.S. government treasuries		4,399		—		—		4,399
Asset-backed securities		—		6,524		—		6,524
Money market funds (cash equivalents)		23,880		—		—		23,880
Total assets	$	40,363	$	66,756	$	—	$	107,119

	Fair Value Measurements as of March 31, 2025 Using:
	Amortized Cost		Unrealized gains		Unrealized Losses			Fair Value
Assets
Corporate bonds	$	50,744	$	177	$	(7	)	$	50,914
Commercial paper		5,427		2		(2	)		5,427
Certificates of deposit		6,024		1		—			6,025
U.S. government treasuries		4,451		2		(4	)		4,449
Asset-backed securities		4,751		21		—			4,772
Total assets	$	71,397	$	203	$	(13	)	$	71,587

	Fair Value Measurements as of December 31, 2024 Using:
	Amortized Cost		Unrealized gains		Unrealized Losses			Fair Value
Assets
Corporate bonds	$	44,794	$	175	$	(6	)	$	44,963
Commercial paper		12,081		5		(2	)		12,084
Certificates of deposit		15,262		8		(1	)		15,269
U.S. government treasuries		4,408		2		(11	)		4,399
Asset-backed securities		6,484		40		—			6,524
Total assets	$	83,029	$	230	$	(20	)	$	83,239

	As of
	March 31, 2025		December 31, 2024
Maturing in one year or less	$	43,540	$	56,386
Maturing after one year through two years		28,047		26,853
Total	$	71,587	$	83,239

	March 31, 2025			December 31, 2024
Equipment	$	4,734		$	4,716
Leasehold improvements		1,612			22
Software		364			1,612
Furniture and fixtures		22			364
Total property and equipment–at cost		6,732			6,714
Less: Accumulated depreciation		(6,501	)		(6,361	)
Property and equipment, net	$	231		$	353

	March 31,		December 31,
	2025		2024
Project expenses	$	11,448	$	2,873
Compensation and benefits		1,492		2,793
Other		274		621
Total accrued expenses	$	13,214	$	6,287

	(000's)
Remainder of 2025	$	380
Years ending December 31,
2026		1,018
2027		1,412
2028		1,441
2029		1,469
2030		1,509
Thereafter		637
Total minimum lease payments		7,866
Less: amount of lease payments representing interest		(1,485	)
Present value of future minimum lease payments		6,381
Less: operating lease obligations, current portion		(109	)
Operating lease obligations, long-term portion	$	6,272

	Three Months Ended March 31,
	2025		2024
	(000’s)
Research and development	$	807	$	924
General and administrative		1,707		1,079
Total	$	2,514	$	2,003

			Weighted		Weighted
	Number of		Average		Average		Aggregate
	Unvested		Exercise		Remaining		Intrinsic
	Options		Price		Contractual		Value
	(000's)		Per Share		Term (in years)		($000's)
Outstanding at December 31, 2024		14,062	$	2.83		6.23	$	579
Granted		4,482	$	3.61		9.86		2
Exercised		—	$	—		—		—
Forfeited/canceled		—	$	—		—		—
Outstanding at March 31, 2025		18,544	$	3.02		6.92	$	2,146
Vested at March 31, 2025		7,379	$	3.55		5.22	$	374

	Shares (000's)			Weighted Average Price Per Share		Weighted Average Fair Value ($000's)
Unvested, December 31, 2024		3,766		$	2.41	$	9,076
Granted		—			—		—
Vested		(823	)		2.48		(2,042	)
Forfeited or canceled		—			—		—
Unvested, March 31, 2025		2,943		$	2.39	$	7,034

	Three-Months Ended March 31,
	2025			2024
	(000's)
Personnel	$	3,202		$	2,761
General		1,210			999
Tovecimig		6,677			4,497
CTX-471		699			679
CTX-8371		529			586
CTX-10726		737			—
Research and development		13,054			9,522
Personnel		1,594			944
General		1,611			1,225
Stock-based compensation		1,707			1,079
General and administrative		4,912			3,248
Other income		1,333			1,983
Net loss	$	(16,633	)	$	(10,787	)

Exhibit Number		Description

3.1		Amended and Restated Certificate of Incorporation (incorporated by reference to Exhibit 3.2 to the Current Report on Form 8-K filed with the SEC on June 23, 2020).

3.2		Amended and Restated Bylaws (incorporated by reference to Exhibit 3.3 to the Current Report on Form 8-K filed with the SEC on June 23, 2020).

31.1*		Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2*		Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1**		Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2**		Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101.INS		Inline XBRL Instance Document – the instance document does not appear in Interactive Data File because its XBRL tags are embedded within the Inline XBRL Document

101.SCH		Inline XBRL Taxonomy Extension Schema Document

101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB		Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase Document

104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

	Compass Therapeutics, Inc.

Date: May 8, 2025	By:	/s/ Thomas Schuetz
		Thomas Schuetz
		Principal Executive Officer

Date: May 8, 2025	By:	/s/ Barry Shin
		Barry Shin Principal Financial Officer

Date: May 8, 2025	By:	/s/ Neil Lerner
		Neil Lerner
		Principal Accounting Officer

	Three Months Ended March 31,
	2025			2024
Expected term (in years)		6.0			6.0
Risk-free rate		4.28	%		4.04	%
Expected volatility		86	%		80	%
Expected dividend yield		—			—