Compass Therapeutics Files 2023 Annual Report on Form 10-K

TL;DR

<b>Compass Therapeutics, Inc. has filed its annual report detailing its 2023 financial performance and operations.</b>

AI Summary

Compass Therapeutics, Inc. (CMPX) filed a Annual Report (10-K) with the SEC on March 21, 2024. Compass Therapeutics, Inc. filed its 2023 Form 10-K on March 21, 2024. The company's fiscal year ends on December 31st. The filing covers the period from January 1, 2023, to December 31, 2023. Compass Therapeutics is in the Biological Products industry. The company's principal executive offices are located at 80 Guest Street, Boston, MA.

Why It Matters

For investors and stakeholders tracking Compass Therapeutics, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of the company's financial health, strategic initiatives, and risk factors for the fiscal year 2023. Investors and stakeholders can use this report to assess the company's progress, understand its business model, and make informed investment decisions.

Risk Assessment

Risk Level: medium — Compass Therapeutics, Inc. shows moderate risk based on this filing. The company is in the biotechnology sector, which is inherently risky due to long development cycles, high failure rates in clinical trials, and significant regulatory hurdles. The 10-K filing will detail these specific risks.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand Compass Therapeutics' current financial position and future outlook.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-21 — Filing Date (Date of submission)
• 2023-01-01 — Reporting Period Start (Fiscal year 2023)
• 2022-12-31 — Prior Year End (Comparison point)

Key Players & Entities

• Compass Therapeutics, Inc. (company) — Filer name
• 2024-03-21 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• 80 Guest Street, Boston, MA (location) — Business address
• Olivia Ventures, Inc. (company) — Former company name
• 2018-04-19 (date) — Date of name change
• 2836 (industry_code) — Standard Industrial Classification
• 001-39696 (filing_number) — SEC file number

FAQ

Risk Factors

• Regulatory Risks [high — regulatory]: The company is subject to extensive government regulation, including the FDA, which can impact product development, approval, and marketing.
• Need for Additional Funding [high — financial]: The company has a history of operating losses and may require significant additional capital to fund its ongoing operations and development programs.
• Dependence on Key Personnel [medium — operational]: The success of the company depends on the continued service of its key scientific and management personnel.
• Competition [medium — market]: The biotechnology industry is highly competitive, with many companies developing similar products.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-21: 10-K Filing Date — Official submission date of the annual report.

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share CMPX Nasdaq Cap
• $290 million — g transactions that generated more than $290 million in total proceeds since 2020. In 2021,

Filing Documents

• cmpx20231231_10k.htm (10-K) — 1955KB
• ex_639454.htm (EX-10.10) — 94KB
• ex_639453.htm (EX-10.11) — 92KB
• ex_631712.htm (EX-23.1) — 2KB
• ex_631713.htm (EX-31.1) — 12KB
• ex_631714.htm (EX-31.2) — 12KB
• ex_631715.htm (EX-32.1) — 5KB
• ex_641411.htm (EX-97.1) — 31KB
• b16f10.jpg (GRAPHIC) — 61KB
• baseweek9.jpg (GRAPHIC) — 125KB
• biskerleibsig.jpg (GRAPHIC) — 2KB
• c1d1eot.jpg (GRAPHIC) — 72KB
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• crc.jpg (GRAPHIC) — 70KB
• dosing.jpg (GRAPHIC) — 100KB
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• gordonsig.jpg (GRAPHIC) — 2KB
• inimmune.jpg (GRAPHIC) — 102KB
• logo.jpg (GRAPHIC) — 20KB
• oversurv.jpg (GRAPHIC) — 82KB
• patients22.jpg (GRAPHIC) — 87KB
• pd1.jpg (GRAPHIC) — 52KB
• pd1blocker.jpg (GRAPHIC) — 111KB
• pd1pdl1.jpg (GRAPHIC) — 38KB
• phase1.jpg (GRAPHIC) — 55KB
• phase1b.jpg (GRAPHIC) — 39KB
• pipe.jpg (GRAPHIC) — 105KB
• prmonths.jpg (GRAPHIC) — 85KB
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• schuetzsig.jpg (GRAPHIC) — 2KB
• studytreat.jpg (GRAPHIC) — 143KB
• survb16f10.jpg (GRAPHIC) — 33KB
• 0001171843-24-001516.txt (&nbsp;) — 11389KB
• cmpx-20231231.xsd (EX-101.SCH) — 52KB
• cmpx-20231231_def.xml (EX-101.DEF) — 367KB
• cmpx-20231231_lab.xml (EX-101.LAB) — 311KB
• cmpx-20231231_pre.xml (EX-101.PRE) — 403KB
• cmpx-20231231_cal.xml (EX-101.CAL) — 44KB
• cmpx20231231_10k_htm.xml (XML) — 1013KB

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 53 Item 1B. Unresolved Staff Comments 106 Item 1C. Cybersecurity 106 Item 2.

Properties

Properties 107 Item 3.

Legal Proceedings

Legal Proceedings 107 Item 4. Mine Safety Disclosures 107 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 108 Item 6. [Reserved] 108 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 109 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 120 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 121 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure. 143 Item 9A.

Controls and Procedures

Controls and Procedures 143 Item 9B. Other Information 144 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 144 PART III Item 10. Directors, Executive Officers and Corporate Governance 145 Item 11.

Executive Compensation

Executive Compensation 145 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 145 Item 13. Certain Relationships and Related Transactions, and Director Independence 145 Item 14. Principal Accountant Fees and Services 145 PART IV Item 15. Exhibits and Financial Statement Schedules 146 Item 16 Form 10-K Summary 148 i RISK FACTOR SUMMARY Unless otherwise stated or the context otherwise indicates, references to the " Company " , " we " , " our " , " us " or similar terms refer to Compass Therapeutics, Inc. (formerly named Olivia Ventures, Inc.) together with its wholly-owned subsidiaries, including Compass Therapeutics LLC, Trigr Therapeutics, Inc. and Compass Therapeutics Securities Corporation, which we refer to as Compass Therapeutics. Our business is subject to numerous risks and uncertainties, including those described in Item 1A " Risk Factors " . These risk factors include, but are not limited to the following: We have a limited operating history and no products approved for commercial sale. We have a history of significant losses, expect to continue to incur significant losses for the foreseeable future and may never achieve or maintain profitability. We have never generated revenue from product sales and may never be profitable. We will require substantial additional financing to pursue our business objectives, which may not be available on acceptable terms, or at all. A failure to obtain this necessary capital when needed could force us to delay, limit, reduce or terminate our product development, commercialization efforts or other operations. Clinical development involves a lengthy and expensive process with uncertain outcomes. We may incur additional costs and experience delays in developing and commercializing or be unable to develop or commercialize our current and future product candidates. Positive results from preclinical studies and early-stage clinical trials may not be predictive of future resul

Business

Item 1. Business. Overview We are a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. 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 is comprised of three product candidates. Our lead product candidate, 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. Our second program 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. Our third program, 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. CTX-009, our bispecific antibody targeting DLL4 and VEGF-A, is currently undergoing clinical studies as a monotherapy and in combination with chemotherapy in the United States. We curr

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View this 10-K filing on SEC EDGAR