Compass Therapeutics Inc. (NASDAQ: CMPX) is a clinical-stage biopharmaceutical company that develops therapeutic product candidates with no approved products generating commercial revenue as of the fiscal year ended December 31, 2025. The company funds operations through financing activities rather than product sales, having raised $129.6M in cash from financing activities in FY2025 against $49.1M in cash used in operating activities. Compass Therapeutics has not declared or paid cash dividends and does not intend to do so, retaining any future earnings to sustain operations. The company operates under extensive regulatory oversight from the FDA and comparable foreign authorities, with product approval, clinical trial outcomes, and potential licensing or collaboration arrangements representing the primary paths to future revenue. As of February 20, 2026, there were approximately 90 stockholders of record of common stock.

Revenue model

Compass Therapeutics generates no product revenue as of FY2025. The company is pre-revenue and funds operations through equity financing. Potential future revenue streams cited in the FY2025 10-K include commercial product sales upon regulatory approval and licensing or collaboration arrangements with third parties.

Products and services

The company is developing therapeutic product candidates in clinical-stage programs. The FY2025 10-K does not specify individual product candidate names or indications in the available excerpts.

Customers and end markets

As a clinical-stage company with no approved products as of FY2025, Compass Therapeutics has no commercial customers. End markets upon potential approval would include patients, the medical community, and third-party payors including government programs and commercial insurers.

Value-chain role

Compass Therapeutics operates as a drug developer relying on third-party manufacturers for clinical supply and potential commercial manufacturing. The company outsources elements of its information technology infrastructure and depends on third-party vendors for key operational functions.

Geographic exposure

Compass Therapeutics is incorporated in the United States and listed on the Nasdaq Capital Market. The FY2025 10-K references regulatory engagement with the FDA and comparable foreign regulatory authorities, indicating potential international development activity, but no specific geographic revenue breakdown is available in the excerpts.

Source: SEC 10-K, filed 2026-03-05

Industry: Biological Products, (No Diagnostic Substances) Peers: Actinium Pharmaceuticals Inc Fennec Pharmaceuticals Inc Lineage Cell Therapeutics Inc Clene Inc Gritstone bio, Inc. VBI Vaccines Inc/BC MacroGenics Inc Viking Therapeutics Inc Xoma Royalty Corp