BOSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases, today reported fourth quarter and full year 2022 financial results.
“Compass made tremendous progress last year as we advanced the development of our three drug candidate programs. Importantly, we initiated two key studies with CTX-009: a Phase 2/3 study in patients with biliary tract cancers and a Phase 2 study in patients with advanced colorectal cancer,” said Thomas J. Schuetz, MD, PhD, Co-Founder and Chief Executive Officer. “We look forward to initial results from the CTX-009 colorectal study and the CTX-471 combination study later this year and in 2024 for CTX-009 in BTC.”
“Completing the $80 million PIPE offering in the fourth quarter of 2022 has positioned us well to reach key milestones over the next year with continued investment in our pipeline programs,” said Vered Bisker-Leib, PhD, MBA, President and Chief Operating Officer.
Development Pipeline Update and Highlights:
CTX-009 (DLL4 and VEGF-A bispecific antibody)
CTX-471 (CD137 agonistic monoclonal antibody)
CTX-8371 (PD-1 and PD-L1 bispecific antibody)
Financial Results
Net loss for the year ended December 31, 2022, was $39.2 million or $0.37 per share, compared to $82.2 million or $1.31 per share for the same period in 2021. The net loss for 2021 includes $50.6 million non-recurrent in-process R&D expense related to the acquisition of TRIGR Therapeutics which was completed in June 2021.
Research and development (R&D) Expenses
R&D expenses were $30.0 million for the year ended December 31, 2022, as compared to $20.3 million for the same period in 2021, an increase of $9.7 million or 47%. The increase for the year was primarily attributable to $10.3 million of project costs related to our three development programs (CTX-009, CTX-471 and CTX-8371) resulting from increased clinical, manufacturing, and toxicology activities.
General and Administrative (G&A) Expenses
G&A expenses were $11.7 million for the year ended December 31, 2022, as compared to $10.9 million for the same period in 2021, an increase of $0.7 million or 7%. The increase was primarily attributable to a higher stock compensation expense of $1.2 million, partially offset by lower legal costs of $0.5 million.
Cash Position
As of December 31, 2022, cash and marketable securities were $186.6 million as compared to $144.5 million as of December 31, 2021, providing the Company with an anticipated cash runway into 2026. During 2022, the Company increased its cash position by $80.3 million from financing activities that generated net proceeds of $75.8 million. The Company used $34.1 million of cash to fund operations.
Upcoming Investor Conferences
Compass management will participate at four upcoming investor conferences:
Live webcasts presentations, when available, will be under “News & Events” in the Investors section of the Company’s website located at www.compasstherapeutics.com.
KEYTRUDA® is a registered trademark of Merck Sharp & Dohme LLC, a subsidiary of Merck & Co., Inc., Rahway, NJ, USA.
About Compass Therapeutics
Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. Compass’s scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. The company 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. Compass plans to advance its product candidates through clinical development as both standalone therapies and in combination with proprietary pipeline antibodies based on supportive clinical and nonclinical data. The company was founded in 2014 and is headquartered in Boston, Massachusetts. For more information, visit the Compass Therapeutics website at https://www.compasstherapeutics.com
Forward-Looking Statements
This press release contains forward-looking statements. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, references to Compass’s financial position to continue advancing its product candidates, expectations about cash runway, business and development plans, and statements regarding Compass’s product candidates, their development, regulatory plans with respect thereto and therapeutic potential thereof. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, among others, Compass’s ability to raise the additional funding it will need to continue to pursue its business and product development plans, the inherent uncertainties associated with developing product candidates and operating as a development stage company, Compass’s ability to identify additional product candidates for development, Compass’s ability to develop, complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and market conditions. These forward-looking statements are made as of the date of this press release, and Compass assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law. Investors should consult all of the information set forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the SEC available at www.sec.gov, including without limitation Compass’s latest Form 10-Q and subsequent filings with the SEC.
Media Contact
Anna Gifford, Communications Manager
media@compasstherapeutics.com
617-500-8099
Investor Contact
ir@compasstherapeutics.com
Compass Therapeutics, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
| 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Operating expenses: | (unaudited) | ||||||||||||||
| Research and development | $ | 9,929 | $ | 9,574 | $ | 29,997 | $ | 20,337 | |||||||
| General and administrative | 2,959 | 3,426 | 11,658 | 10,927 | |||||||||||
| In Process R&D | — | — | — | 50,618 | |||||||||||
| Total operating expenses | 12,888 | 13,000 | 41,655 | 81,882 | |||||||||||
| Loss from operations | (12,888 | ) | (13,000 | ) | (41,655 | ) | (81,882 | ) | |||||||
| Other income (expense), net | 1,294 | 7 | 2,430 | (299 | ) | ||||||||||
| Loss before income tax expense | (11,594 | ) | (12,993 | ) | (39,225 | ) | (82,181 | ) | |||||||
| Income tax expense | — | 13 | — | — | |||||||||||
| Net loss | $ | (11,594 | ) | $ | (12,980 | ) | $ | (39,225 | ) | $ | (82,181 | ) | |||
| Net loss per share - basic and diluted | $ | (0.10 | ) | $ | (0.15 | ) | $ | (0.37 | ) | $ | (1.31 | ) | |||
| Compass Therapeutics, Inc. and Subsidiaries Condensed Consolidated Balance Sheets (In thousands, except par value) | |||||||||||||||
| December 31, | |||||||||||||||
| 2022 | 2021 | ||||||||||||||
| Assets | |||||||||||||||
| Current assets: | |||||||||||||||
| Cash and cash equivalents | $ | 34,946 | $ | 144,514 | |||||||||||
| Marketable securities | 151,663 | — | |||||||||||||
| Prepaid expenses and other current assets | 8,182 | 2,591 | |||||||||||||
| Total current assets | 194,791 | 147,105 | |||||||||||||
| Property and equipment, net | 1,567 | 2,243 | |||||||||||||
| Operating lease, right-of-use ("ROU") asset | 2,967 | 4,089 | |||||||||||||
| Other assets | 320 | 320 | |||||||||||||
| Total assets | $ | 199,645 | $ | 153,757 | |||||||||||
| Liabilities and Stockholders' Equity | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | $ | 3,382 | $ | 867 | |||||||||||
| Accrued expenses | 11,690 | 8,775 | |||||||||||||
| Operating lease obligations, current portion | 1,097 | 989 | |||||||||||||
| Total current liabilities | 16,169 | 10,631 | |||||||||||||
| Operating lease obligations, long-term portion | 1,838 | 3,048 | |||||||||||||
| Total liabilities | 18,007 | 13,679 | |||||||||||||
| Total stockholders' equity | 181,638 | 140,078 | |||||||||||||
| Total liabilities and stockholders' equity | $ | 199,645 | $ | 153,757 | |||||||||||