Compass Therapeutics, Inc. · NASDAQ:CMPX
Compass Therapeutics — Q2 2025 Earnings Presentation
38 slides from Compass Therapeutics's earnings presentation, Aug 11, 2025
Slide 1: Corporate Presentation
Corporate Presentation Nasdaq: CMPX August 2025
Slide 2: Disclaimer
DISCLAIMER This presentation has been prepared by Compass Therapeutics, Inc. ("we," "us," "our," or the “Company”). Statements contained herein are made as of the date of this presentation unless stated otherwise, and this presentation shall not under any circumstances create an implication that the
Slide 3: Compass Corporate Highlights
Compass Corporate Highlights Tovecimig: DLL4xVEGF-A Achieved primary endpoint in Ph 2/3 study in patients with BTC 17.1% ORR (p=0.031) in 2L pts with BTC (compared to 5% with FOLFOX in 2L) Unprecedented Compelling DataPh 2 Data in Pts w/ BTC Secondary endpoints (PFS / OS) expected Q1 2026 $1B+ oppor
Slide 4: Diversified / Robust Pipeline with Multiple Value Inflection Points
Diversified / Robust Pipeline with Multiple Value Inflection Points Program Target Discovery Pre-Clinical Phase 1 Phase 2 Phase 3 Anticipated Milestones 17.1% ORR (met primary endpoint) Biliary Tract Cancer (2L) Q1 2026: PFS / OS data Tovecimig DLL4 x VEGF-A Colorectal Cancer (monotherapy 3L/4L) Com
Slide 5: Leadership Team Experienced in Drug Discovery and Development
Leadership Team Experienced in Drug Discovery and Development Thomas J. Schuetz, MD, PhD Barry Shin, JD, MBA Bing Gong, PhD Minori Rosales, MD, PhD Jon Anderman, JD President, CEO, & EVP, CFO SVP, Discovery Research SVP, Head of Clinical Development SVP, General Counsel & Vice Chairman of the Board
Slide 6: Tovecimig (CTX-009)
Tovecimig (CTX-009) DLL4 X VEGF-A bispecific antibody
Slide 7: Tovecimig: Bispecific with Compelling MOA (DLL4 x VEGF-A)
Tovecimig: Bispecific with Compelling MOA (DLL4 x VEGF-A) VEGF-A Anti-VEGF-A MAb Disrupts tumor vessel formation VEGF/VEGF-R signaling (proven anti-angiogenic mechanism) Targets tumor DLL4 expression and Anti-DLL4 MAb alters perfusion in tumor vessels DLL4-Notch-1 signaling DLL4 (novel angiogenesis
Slide 8: Tovecimig: Monotherapy Activity in Ph 1a Data
Tovecimig: Monotherapy Activity in Ph 1a Data 100 40 evaluable patients (all Phase 1 patients, 0.3-17.5 mpk) 80 75% CRC 60 48% Gastric 40% 39% 40 Other Tumor Growth (%) 30% 23% 20 15% 15% 14% 10% 9% 9% 8% 8% 7% 7% 6% 4% 4% 4% 3% 3% 0% 0% 0% 12.5 0.3 10.0 5.0 12.5 7.5 1.0 2.5 7.5 10.0 12.5 15.0 10.0
Slide 9: Tovecimig: Combination Activity in Ph 1b Data
Tovecimig: Combination Activity in Ph 1b Data 50.0% Tovecimig + paclitaxel or Tovecimig + irinotecan Cholangiocarcinoma 40.0% 36.8% All patients dosed at 10 or 12.5 mg/kg Colorectal cancer 30.0% 17 evaluable patients Gastric 22.7% 20.0% 16.3% Pancreatic Other 10.0% 7.4% 0.0% Tumor Growth (%) 0.0% -0
Slide 10: COMPANION-002: Phase 2/3 U.S. BTC Study
COMPANION-002: Phase 2/3 U.S. BTC Study Registrational-intent study in patients who have received one prior line of therapy Study Treatment – 28 Day Cycles Follow Up Tovecimig + Paclitaxel n=111 Disease progression per Follow-up approx. RECIST v1.1, as confirmed by every 3 months Independent Central
Slide 11: COMPANION-002 Status as of August 2025
COMPANION-002 Status as of August 2025 Trial Fully Enrolled Aug 2024 Achieved Primary Endpoint 168 patients with advanced biliary tract cancer 17.1% overall response rate (ORR) Currently >17 months median follow-up vs 5.3% for paclitaxel (p=0.031) Secondary Endpoints: 80% OS events triggers analyses
Slide 12: Tovecimig: Ongoing Phase 2/3 Summary - Primary Endpoint
Tovecimig: Ongoing Phase 2/3 Summary - Primary Endpoint COMPANION-002 Study Tovecimig Paclitaxel (BTC) + Paclitaxel Intent-to-Treat Population n=111 n=57 Overall Response Rate (CR+PR) 19 (17.1%) 3 (5.3%) Two-Sided p-value p=0.031 Complete Response (CR) 1 (0.9%) 0 (0.0%) Best Partial Response (PR) 18
Slide 13: Tovecimig: Top-line Ph 2/3 Activity in Patients with BTC (2L)
Tovecimig: Top-line Ph 2/3 Activity in Patients with BTC (2L) Target Lesion (% change) Patients Paclitaxel Monotherapy Target Lesion (% change) Tovecimig Patients + Paclitaxel 13
Slide 14: Tovecimig: Potential to Become Standard of Care in 2L BTC
Tovecimig: Potential to Become Standard of Care in 2L BTC Median Progression Free Survival Line Program N ORR Median Overall Survival Months 0 2 4 6 8 10 12 14 First Line 7.2 m 12.8 m 1L Gem/Cis + Durv1 341 26.7% 6.5 m 12.7 m 1L Gem/Cis + Pembro2 533 28.7% Second Line 81 5.3 m BSC 0% 2L ABC-063 81 4
Slide 15: Incidence of BTC is Significant and Not Fully Appreciated
Incidence of BTC is Significant and Not Fully Appreciated Epidemiology- Claims-based 3rd Party Cancer site based Liver (ICD) Mkt. Research (SEER) Intrahepatic Liver & intrahepatic bile duct 15%2 of 42,2401 --- --- Perihilar Extrahepatic Gallbladder & other biliary 12,6101 --- --- Distal Gallbladder
Slide 16: Significant Unmet Needs in Current Treatments for BTC
Significant Unmet Needs in Current Treatments for BTC Currently Approved SoC Unmet Needs 1L durvalumab (TOPAZ1)1 2-year OS of 24.9%1 Gem/Cis + pembrolizumab (KN-966)2 Majority of patients will progress Addressable opportunity for tovecimig in the 2L setting ~80-85% of FOLFOX chemotherapy3: 2L patien
Slide 17: 2L BTC U.S. Market Potential is >$1 Billion
2L BTC U.S. Market Potential is >$1 Billion Annual BTC incidence in the U.S. (~23K+ in 2023)1 ~90% receive 1L treatment (~10% undergo resection but Clinical ~70% of 1L patients only ~5% are cured after progression receive 2L treatment3 surgery)2 Approved 2L targeted therapies4,5 ~15% (contraindicati
Slide 18: Tovecimig: Potential Solid Tumor Opportunities
Tovecimig: Potential Solid Tumor Opportunities Indications with approved angiogenic inhibitors and/or tumors that are DLL4 enriched Gastric/ Glio- Indications BTC CRC HCC Ovarian RCC GEJ blastoma Incidence ~23k1 ~154k1 ~30k2 ~15k3 ~35k2 ~20k1 ~73k4 CTX-009 Clin. Active5 TBD TBD TBD TBD Avastin
Slide 19: Tovecimig: Strong Near-Term Momentum
Tovecimig: Strong Near-Term Momentum BTC (2L) Data Achieved primary endpoint in Ph 2/3 study Ph 2/3 PFS / OS data expected Q1 2026 BTC (1L) Study MD Anderson Cancer Center investigator sponsored trial in 1L patients IST Enrolling Tovecimig added to front line gem / cis / durvalumab Further Expansion
Slide 20: CTX-471
CTX-471 CD137 agonist
Slide 21: CTX-471: Potential Best-in-Class CD137 Agonist
CTX-471: Potential Best-in-Class CD137 Agonist Urelumab, 3H3 CD137L CTX-471: Next Generation CD137 Agonist Fully human, IgG4, optimized affinity for agonistic antibody CD137 Unique epitope: non-ligand blocking CTX-471: Signals of Activity in Phase 1 Monotherapy Phase 1a ascending dose study complete
Slide 22: CTX-471: Complete Response in Small Cell Lung Cancer Patient
CTX-471: Complete Response in Small Cell Lung Cancer Patient Baseline Month 4 Month 32 Small Cell Lung CTX-471 treated patient with advanced SCLC had a PET negative complete response after ~3 years on therapy Previously treated with: carboplatin/etoposide plus atezolizumab (1L), and nivolumab (2L) g
Slide 23: NCAM (CD56) High in Patients with CTX-471 Disease Control
NCAM (CD56) High in Patients with CTX-471 Disease Control NCAM may render tumors sensitive to CTX-471 treatment: proposed mechanism of action NCAM (CD56) “Positive” Tumor NCAM (CD56) “Negative” Tumor 1 Binding of tumor cell to NK cell via NCAM (CD56) No NCAM (CD56) binding to NK cell 2 3 Infiltratio
Slide 24: CTX-471: Proposed NCAM (CD56) Basket Trial
CTX-471: Proposed NCAM (CD56) Basket Trial Metastatic SCLC Melanoma Prostate NET US US 2023 – SEER Database 2023 – SEER Database Lung NET Indication NCAM Pts SCLC* 37,000 Glioblastoma* 14,707 Metastatic/Melanoma 5,610 Pancreatic NET 3,203 CRC NET Prostate NET 2,883 Pancreatic NET NSCLC NET 2,383 Col
Slide 25: CTX-8371
CTX-8371 PD-1 x PD-L1 bispecific antibody
Slide 26: StitchMabs Platform was Utilized to Identify CTX-8371
StitchMabsTM Platform was Utilized to Identify CTX-8371 Unexpected synergistic activity of PD-1/PD-L1 Common Light Chain bispecifics were Our PD-1xPD-L1 bispecifics observed to combination in bispecific Stitchmabs format generated to test therapeutic hypothesis outperform PD-1 blockers in T-cell act
Slide 27: CTX-8371: Differentiated MoA Leads to Enhanced T-Cell Activation
CTX-8371: Differentiated MoA Leads to Enhanced T-Cell Activation First-in-class – converting PD-1 positive T-cells into PD-1 negative T-cells PD-1 blockers release brake but don’t CTX-8371 activates T-Cells Through Diverse Mechanisms of Action directly promote T-cell activation Bridges T-Cells with
Slide 28: CTX-8371: Pre-Clinical Proof of Concept
CTX-8371: Pre-Clinical Proof of Concept Activity in MC38-hPD-L1 model implanted in hPD-1/hPD-L1 transgenic mice ** p=0.0001 1500 Mann-Whitney test * p=0.027 Average Tumor Volume (mm3) 100 %Tumor Growth Inhibition [ IgG1 IC 1000 50 Atezolizumab 500 0 Keytruda CTX-8371 0 -200 15 18 21 24 27 30 -400 D
Slide 29: CTX-8371: Development Status
CTX-8371: Development Status Phase 1 Study Design Trial Status Multiple ascending dose, “3+3” dose-escalation study First patient was dosed in April 2024 5 doses (mg/kg): No DLTs (12 patients) 0.1 0.3 1.0 3.0 10.0 Enrolling 5th dose level Post PD-1 or PD-L1 patient population: Initiating cohort expa
Slide 30: CTX-8371: Patient with NSCLC Target Lesion #1 imaging
CTX-8371: Patient with NSCLC Target Lesion #1 imaging Baseline Week 8 Week 16 45 mm 18 mm 0 mm Non-Small Cell Lung Cancer (n=5) Complete resolution of target tumor lesions in one patient after initial pseudo-progression 4th line with 59 mm total target lesion burden @ baseline Stable disease in two
Slide 31: CTX-8371: Patient with TNBC Target Lesions #2 and #3 Imaging
CTX-8371: Patient with TNBC Target Lesions #2 and #3 Imaging Baseline Week 8 20 mm 0 mm Triple-Negative Right Breast Cancer Lobe (n=3) Nodule (TL #2) >90% reduction in target tumor lesions in one patient (4th line) 52 mm 0 mm 87 mm total @ baseline (3 target lesions) to 7 mm at week 12 Non-target le
Slide 32: CTX-10726
CTX-10726 PD-1 x VEGF-A bispecific antibody
Slide 33: CTX-10726: PD-1 x VEGF-A Bispecific
CTX-10726: PD-1 x VEGF-A Bispecific CTX-10726 Builds on Compass’ CTX-10726: Drug Discovery and Engineering Deep VEGF-IO Expertise Fully human, glycosylated IgG1 with silenced Fc-γ receptor binding Tovecimig CTX-8371 Anti-VEGF Clinically proven mechanism (bevacizumab) Anti-VEGF-A Anti-PD-1 Anti-PD-1
Slide 34: CTX-10726: Superior Anti-PD-1 Activity Compared to Ivonescimab
CTX-10726: Superior Anti-PD-1 Activity Compared to Ivonescimab Transgenic Mouse Model (MC38) (express human PD-1/PD-L1) Isotype Control CTX-10726 Ivonescimab CTX-10726 Data compares anti-PD-1 arms of ivonescimab and CTX-10726 No human VEGF-A in this experiment 34
Slide 35: CTX-10726: Anti-PD-1 Activity Comparable to Pembrolizumab
CTX-10726: Anti-PD-1 Activity Comparable to Pembrolizumab Transgenic Mouse Model (MC38) (express human PD-1/PD-L1) Isotype Control CTX-10726 Pembrolizumab CTX-10726 Data compares anti-PD-1 arms of pembrolizumab and CTX-10726 No human VEGF-A in this experiment 35
Slide 36: CTX-10726: Superior Anti-Tumor Effect in Preclinical Studies
CTX-10726: Superior Anti-Tumor Effect in Preclinical Studies Human NSCLC (HCC822) Xenografts Treated with human PBMCs and indicated antibodies Testing both PD-1 and VEGF-A targeting PBS PBMCs + Isotype Control 400 PBMCs + CTX-10726 300 PBMCs + Bevacizumab PBMCs + Ivonescimab 200 100 CTX-10726 0 0 5
Slide 37: Key Anticipated Milestones
Key Anticipated Milestones 2025 2026 H1 H2 H1 H2 17.1% ORR (p=0.031) Q1 2026 H2 2026 Tovecimig BTC Ph 2/3 Data (2L) Ph 2/3 Data (2L) BLA Filing (2L) Init. Ph 2 IST (1L) PFS / OS H1 2026 Tovecimig Init. Ph 2 (DLL4+) H2 2025 Q4 2026 CTX-471 Init. Ph 2 (NCAM) Ph 2 Data (NCAM) H1 2025 H2 2025 Q4 26 / Q1
Slide 38: Compass Therapeutics
Compass Therapeutics Website: compasstherapeutics.com Nasdaq: CMPX