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Compass Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $10.5 million compared to $10.0 million in the same quarter the previous year. The increase in net loss is attributed to higher general and administrative expenses.
Research and development expenses were $8.6 million, a slight decrease from $8.8 million in the prior year, with costs primarily associated with clinical trials for CTX-009 and CTX-471.
General and administrative expenses increased to $3.6 million from $3.1 million, primarily due to higher stock compensation costs.
Other income, consisting of interest income, was $1.8 million for the quarter, down from $2.0 million in the previous year.
Cash used in operating activities was $35.7 million for the nine months ended September 30, 2024, compared to $28.3 million in the same period of 2023.
Cash provided by investing activities was $31.4 million, primarily related to the net sale of marketable securities.
Cash provided by financing activities was $17.4 million, mainly from the sale of common stock under an ATM agreement.
As of September 30, 2024, Compass Therapeutics had cash and marketable securities totaling $135 million. The company expects these resources to fund operations into the first quarter of 2027.
The company continues to develop its pipeline, including CTX-009, CTX-471, and CTX-8371, with ongoing clinical trials and plans for further studies in 2025.
Compass Therapeutics is focused on developing antibody-based therapeutics targeting angiogenesis and the immune system to treat various cancers.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Compass Therapeutics Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.