# EDGAR Filing Document

**Accession Number:** 0001738021
**File Stem:** 0001171843-25-005260
**Filing Date:** 2025-8
**Character Count:** 57527
**Document Hash:** 11d27310d72d5b4458448da26040330a
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-005260.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001171843-25-005260

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 72

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Compass Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001738021
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39696
- **FILM NUMBER:** 251200094

**BUSINESS ADDRESS:**
- **STREET 1:** 80 GUEST STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02135
- **BUSINESS PHONE:** 617-500-8099

**MAIL ADDRESS:**
- **STREET 1:** 80 GUEST STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02135

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Olivia Ventures, Inc.
- **DATE OF NAME CHANGE:** 20180419

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): August 11, 2025
_______________________________

#### Compass Therapeutics, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-39696** | **82-4876496** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 80 Guest Street, Suite 601

#### Boston, Massachusetts 02135
(Address of Principal Executive Offices) (Zip Code)

(617) 500-8099

(Registrant's telephone number, including area code)

#### Not Applicable
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock, $0.0001 par value per share | CMPX | NASDAQ Capital Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On August 11, 2025, Compass Therapeutics, Inc. issued a press release announcing financial results for the quarter and six months ended June 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report and incorporated herein by reference.

**Item 7.01. Regulation FD Disclosure.**

A copy of the slides presented during the second quarter earnings call is furnished as exhibit 99.2 and the Company's August 2025 corporate presentation is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference.

The information contained in this Item 7.01 (including Exhibit 99.2) is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section and shall not be deemed incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Exhibit</u>** |
| [99.1](exh_991.htm) | [Press Release dated August 11, 2025 (furnished pursuant to Item 2.02)](exh_991.htm) |
| [99.2](exh_992.htm) | [Corporate presentation - Earnings Call August 11, 2025](exh_992.htm) |
| [99.3](exh_993.htm) | [Corporate presentation of Compass Therapeutics, Inc. dated August 2025](exh_993.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Compass Therapeutics, Inc.** | **Compass Therapeutics, Inc.** |
| Date: August 11, 2025 | By: | <u>/s/ Neil Lerner&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Neil Lerner |
|  |  | Chief Accounting Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**Compass Therapeutics Reports 2025 Second Quarter Financial Results and Provides Corporate Update**

* *In the ongoing Phase 2/3 study of tovecimig (DLL4 x VEGF-A bispecific antibody) in patients with advanced biliary tract cancer, fewer deaths have been observed than originally projected. We believe this may suggest that tovecimig could be affecting overall survival in the patient population. As a result, the analysis of the secondary endpoints, including overall survival, is now expected in Q1 2026.*

* *In the ongoing Phase 1 dose-escalation study of CTX-8371 (PD-1 x PD-L1 bispecific antibody) in patients treated in the post-checkpoint inhibitor setting, two deep and confirmed partial responses have been observed to date. A patient with non-small cell lung cancer had a 100% reduction in target lesion tumor burden and a patient with triple-negative breast cancer had >90% reduction in total target lesion tumor burden. Cohort expansions including patients with non-small cell lung cancer and triple-negative breast cancer are planned to begin in Q4 2025.*

* *CTX-10726 (PD-1 x VEGF-A bispecific antibody) demonstrated superiority in both PD-1 inhibition and anti-tumor responses in mouse models compared to ivonescimab. IND filing is expected in Q4 2025 with clinical data in 2026.*

* *Compass ended Q2 with $101 million in cash and marketable securities, which is expected to provide cash runway into 2027.* 

BOSTON, Aug. 11, 2025 (GLOBE NEWSWIRE) -- Compass Therapeutics, Inc. (Nasdaq: CMPX), a clinical-stage, oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics, today reported second quarter 2025 financial results and provided a business update on its clinical and pre-clinical programs.

"Following our previous announcement that the tovecimig Phase 2/3 trial met the primary endpoint of overall response rate, we are encouraged to see fewer deaths in the study than we originally modeled. Because the analysis of the secondary endpoints of progression-free survival and overall survival is triggered by total deaths in the study (80% pooled mortality), we are updating our guidance on the secondary endpoint analyses to Q1 2026," said Thomas Schuetz, MD, PhD, Chief Executive Officer and Vice Chairman of the Board of Directors.

"In addition, we have observed two deep and confirmed partial responses (PRs) in the Phase 1 dose-escalation study of CTX-8371, our novel PD-1 x PD-L1 bispecific antibody. These responses included the complete resolution of measured target lesions in a patient with non-small cell lung cancer and over 90% reduction of measured target lesions in a patient with triple negative breast cancer. Both patients had extensive tumor burden at baseline and based on these signals of efficacy we are now planning to initiate the cohort expansion phase in patients with non-small cell lung cancer and triple-negative breast cancer in Q4. In addition, we plan to report detailed results of the Phase 1 dose-escalation study at a medical conference later this year."

"CTX-10726, our PD-1 x VEGF bispecific antibody, is on track for IND submission in Q4 2025.We are happy to share initial preclinical data suggesting superiority to ivonescimab, a leading candidate in the class, in both PD-1 inhibition and anti-tumor activity in relevant mouse models. We believe CTX-10726 has the potential to be a differentiated drug candidate in this class. CTX-10726 was discovered in-house at Compass and leverages our broad expertise in bispecific antibody drug development, including bispecific manufacturing processes, which is already at commercially viable yields." Dr. Schuetz continued, "Finally, our balance sheet remains strong, and we ended the quarter with $101 million, funding our operations into 2027."

**Development Pipeline Updates:** 

**<u>Tovecimig (DLL4 and VEGF-A bispecific antibody)</u>**

* In April 2025, tovecimig met the primary endpoint in the ongoing randomized Phase 2/3 COMPANION-002 study in patients with biliary tract cancer (BTC) (see press release). Tovecimig plus paclitaxel significantly improved overall response rate compared to paclitaxel alone.

* At this time, fewer deaths have been observed in the COMPANION-002 study than originally projected, which we believe may suggest that tovecimig could be affecting overall survival (OS) in the patient population. The pre-specified number of pooled OS events (80%) required to trigger the analyses of the secondary endpoints, including OS and progression-free survival (PFS), has not yet been met and the Company now expects these analyses to occur in Q1 2026.

* Preparations continue for the Phase 2 basket study of tovecimig in a broader set of DLL4+ cancers (such as gastric, ovarian, renal, hepatocellular, and colorectal cancers). The study is expected to begin following the analyses of the secondary endpoint data from the COMPANION-002 BTC trial.

* The Investigator Sponsored Trial (IST) at The University of Texas MD Anderson Cancer Center is actively enrolling patients, with tovecimig being added to the standard first-line regimen of gemcitabine, cisplatin, and durvalumab (NCT05506943; see press release).

**<u>CTX-8371 (PD-1 x PD-L1 bispecific antibody)</u>**

* To date, within the first four dosing cohorts (n=12 evaluable patients total), one of five patients with non-small cell lung cancer achieved complete resolution of all measurable target tumor lesions (59 mm at baseline reduced to zero), and one of three patients with triple negative breast cancer achieved over 90% reduction in target tumor lesions (87 mm at baseline reduced to 7 mm).

* Based on these responses in the post-checkpoint inhibitor setting, Compass is planning to initiate expansion cohorts focusing on non-small cell lung cancer and triple-negative breast cancer.

* The Phase 1 dose-escalation study is currently enrolling the fifth and final dosing cohort of CTX-8371, which has been generally well tolerated with no dose-limiting toxicities observed to date.

* Compass expects to report detailed results from the Phase 1 dose-escalation study at a medical meeting in Q4 2025 and to report data from the cohort expansion stage in 2026.

**<u>CTX-10726 (PD-1 x VEGF-A bispecific antibody)</u>**

* CTX-10726 demonstrated superior tumor control compared to ivonescimab in head-to-head studies with a human non-small cell lung cancer (HCC822) xenograft mouse model. CTX-10726-treated mice had significantly lower average tumor volume than mice treated with ivonescimab.

* CTX-10726 also demonstrated superior PD-1 inhibition and tumor control compared to ivonescimab in head-to-head studies with a mouse (MC38) model of PD-1 blockade, and more potent PD-1 blockade compared to ivonescimab in *in vitro* studies.

* CTX-10726 is designed to synergistically deliver VEGF-A blockade and checkpoint inhibition, potentially applicable to multiple solid tumor indications. The bispecific antibody has a highly stable structure with high affinity target binding. Compass expects to submit an IND for CTX-10726 in Q4 2025.

**<u>CTX-471 (CD137 agonist antibody)</u>**

* CTX-471 is a CD137 agonist antibody, which has been shown to bind to a unique epitope of the co-stimulatory molecule 4-1BB with an optimized affinity.

* Compass expects to initiate a Phase 2 trial of CTX-471 in patients with tumors expressing NCAM (CD56) in the second half of 2025.

**Financial Results**

Net loss for the quarter ended June 30, 2025, was $19.9 million or $0.14 per share of common stock, compared to $13.1 million or $0.10 per share of common stock for the same period in 2024. Net loss for the six months ended June 30, 2025, was $36.5 million or $0.26 per share of common stock, compared to $23.9 million or $0.17 per share of common stock for the same period in 2024.

<u>Research and Development (R&D) Expenses</u>

R&D expenses were $16.4 million for the quarter ended June 30, 2025, as compared to $11.2 million for the same period in 2024, an increase of $5.2 million, or 47%. This increase was attributable to additional manufacturing expenses of $5.7 million, primarily related to tovecimig and CTX-10726. R&D expenses were $29.5 million for the six months ended June 30, 2025, as compared to $20.7 million for the same period in 2024, an increase of $8.8 million, or 42%. This increase was attributable to additional manufacturing expenses of $8.2 million, primarily related to tovecimig and CTX-10726.

<u>General and Administrative (G&A) Expenses</u>

G&A expenses were $4.7 million for the quarters ended June 30, 2025 and 2024. G&A expenses were $9.6 million for the six months ended June 30, 2025, as compared to $8.0 million for the same period in 2024, an increase of $1.6 million or 20%. The increase was attributable to $1.6 million more of share-based compensation expense.

**Second Quarter 2025 Conference Call and Webcast Details**

The management of Compass, Inc. will host a conference call and webcast for the investment community today, August 11, 2025, at 8:00 am Eastern Time. A live webcast may be accessed here. The conference call can be accessed by dialing toll-free (877) 407-9716 or (201) 493-6779 (international). The passcode for the conference call is 13754954.

A replay of the webcast and slides referenced on the call will be available through "Events" in the Investors section of the company's website after the conclusion of the presentation and will be archived on the Compass website for one year.

**Cash Position**

As of June 30, 2025, cash and marketable securities were $101 million as compared to $127 million as of December 31, 2024, providing the Company with an anticipated cash runway into 2027. During the first six months of 2025, $25 million of net cash was used in operating activities.

**About Compass Therapeutics**

Compass Therapeutics, Inc. is a clinical-stage oncology-focused biopharmaceutical company developing proprietary antibody-based therapeutics to treat multiple human diseases. The company's scientific focus is on the relationship between angiogenesis, the immune system, and tumor growth. Compass has built a robust pipeline of novel product candidates designed to target multiple critical biological pathways required for an effective anti-tumor response. These pathways 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. The company 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, including their preclinical and clinical development, therapeutic potential and tolerability profile, and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compass's product candidates and the 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, initiate and 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 U.S. Securities and Exchange Commission (SEC) available at* www.sec*.gov, including without limitation Compass's latest Annual Report on Form 10-K, Quarterly Report on Form 10-Q and subsequent filings with the SEC.*

**Investor Contact**

ir@compasstherapeutics.com

**Media Contact** 

Anna Gifford, Chief of Staff

media@compasstherapeutics.com

617-500-8099

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** |
| **Consolidated Statement of Operations (unaudited)** | **Consolidated Statement of Operations (unaudited)** | **Consolidated Statement of Operations (unaudited)** | **Consolidated Statement of Operations (unaudited)** | **Consolidated Statement of Operations (unaudited)** |
| **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** | **(In thousands, except per share data)** |
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| License revenue | $— | $850 | $— | $850 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 16415 | 11174 | 29476 | 20695 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 4651 | 4721 | 9556 | 7969 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from operations | (21066) | 15895 | (39032) | (27814) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income | 1185 | 1969 | 2518 | 3951 |
| Net loss | $(19881) | $(13076) | $(36514) | $(23863) |
| Net loss per share - basic and diluted | $(0.14) | $(0.10) | $(0.26) | $(0.17) |
| Basic and diluted weighted average shares outstanding | 138282 | 137589 | 138259 | 137098 |

---

---

| | | |
|:---|:---|:---|
| **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** | **Compass Therapeutics, Inc. and Subsidiaries** |
| **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** | **Condensed Consolidated Balance Sheets** |
| **(In thousands)** | **(In thousands)** | **(In thousands)** |
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(unaudited)** | |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $22856 | $43483 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | 78093 | 83239 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 5246 | 6029 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 106195 | 132751 |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | 131 | 353 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease, right-of-use ("ROU") asset | 9804 | 6731 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | 568 | 568 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $116698 | $140403 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2595 | $2249 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 10992 | 6287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating lease obligations, current portion | 271 | 338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 13858 | 8874 |
| Operating lease obligations, long-term portion | 9633 | 6296 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 23491 | 15170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 93207 | 125233 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $116698 | $140403 |

---

## Exhibit 99.2

**Exhibit 99.2**

![](exh992_01.jpg)

![](exh992_02.jpg)

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 information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof . This presentation contains forward - looking statements. Statements in this presentation that are not purely historical are forwar d - looking statements. Such forward - looking statements include, among other things, references to Compass's financial position to continue advancing its product candidates, expecta tio ns about cash runway, business and development plans, and statements regarding Compass's product candidates, including their preclinical and clinical development, therapeutic pote nti al and tolerability profile, and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compas s's product candidates and the 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 wit h developing product candidates and operating as a development stage company, Compass's ability to identify additional product candidates for development, Compass's ability to dev elop, initiate and complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and mark et conditions. These forward - looking statements are made as of the date of this presentation, and Compass assumes no obligation to update the forward - looking statements, or to upda te 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 se t forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) ava ilable at www.sec.gov, including without limitation Compass's latest Annual Report on Form 10 - K, Quarterly Report on Form 10 - Q and subsequent filings with the SEC. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry . This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates . In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk . This presentation concerns drugs that are under clinical investigation, and which have not yet been approved for marketing by the U . S . Food and Drug Administration (FDA) . It is currently limited by Federal law to investigational use, and no representation is made as to its safety or effectiveness for the purposes for which it is being investigated . DISCLAIMER 2

![](exh992_03.jpg)

Thomas Schuetz, MD, PhD CEO and Co - founder

![](exh992_04.jpg)

Q2 2025 CMPX Program Updates: Executive Summary 4 CTX - 10726 (PD - 1 x VEGF - A) Superior PD - 1 inhibition and tumor control vs ivonescimab in mouse models IND on track for Q4 with commercial scale manufacturing yields CTX - 8371 (PD - 1 x PD - L1) 100% and >90% reductions in target tumor burden in Phase 1 study Two confirmed PRs: one in NSCLC + one in triple - negative breast cancer Cohort expansions planned in these indications Tovecimig (DLL4 x VEGF - A) Fewer pooled deaths (overall survival events) than projected We believe this may suggest tovecimig could be affecting overall survival PR = partial response; NSCLC = non - small cell lung cancer

![](exh992_05.jpg)

Paclitaxel 80 mg/m 2 Days 1, 8 and 15 of every 28 - day cycle Tovecimig 10mg/kg Days 1 and 15 Paclitaxel 80 mg/m 2 Days 1, 8 and 15 of every 28 - day cycle COMPANION - 002: Phase 2/3 U.S. BTC Study Registrational - intent s tudy in patients who have received one prior line of therapy 5 Crossover permitted following disease progression Study Treatment – 28 Day Cycles Follow Up Tovecimig + Paclitaxel n=111 Paclitaxel n= 57 Disease p rogression per RECIST v 1.1, as confirmed by Independent Central Radiology Disease p rogression per RECIST 1.1, as confirmed by Independent Central Radiology Follow - up approx. every 3 months 2:1 Randomization Primary Endpoint: ORR Key Secondary Endpoints: PFS, OS, DoR

![](exh992_06.jpg)

Secondary Endpoints: 80% OS events triggers analyses of overall survival (OS) and progression free survival (PFS) Fewer deaths in the study at this time than projected 80% OS event threshold has not yet been met Analysis of PFS and OS projected to occur in Q1 2026 COMPANION - 002 Status as of August 2025 Trial Fully Enrolled Aug 2024 168 patients with advanced biliary tract cancer Currently >17 months median follow - up Achieved Primary Endpoint 17.1% overall response rate (ORR) vs 5.3% for paclitaxel (p=0.031) Reference: ABC - 06 study of FOLFOX in patients with BTC treated in the second - line setting ABC - 06 Study: <10% OS at 18 months (median OS = 6.2 months) COMPANION - 002: >20% OS at >17 month median follow - up 6

![](exh992_07.jpg)

CTX - 8371 PD - 1 x PD - L1 bispecific antibody

![](exh992_08.jpg)

Bridges T - Cells with APC/Tumor Cells PD - L1 PD - L1 CD28 PD - 1 T - cell CD80 APC or Tumor cell PD - 1 blockers release brake but don't directly promote T - cell activation _ _ _ _ PD - L1 CD28 PD - 1 CD80 PD - L1 Bridging of PD - 1 expressing T - cells with PD - L1 expressing APCs or tumor cells Significant reduction in cell surface PD - 1 due to receptor shedding APC or Tumor cell T - cell Increased pool of free CD80 able to engage costimulatory receptor CD28 + + _ _ CTX - 8371 activates T - Cells Through Diverse Mechanisms of Action + + + + + + _ _ x + + + + CTX - 8371: Differentiated MoA Leads to Enhanced T - Cell Activation Potentially First - in - class – converting PD - 1 positive T - cells into PD - 1 negative T - cells 8 PMID: 38379869 Converts T - Cells to PD - 1 Negative Frees CD80 to activate CD28

![](exh992_09.jpg)

Trial Status First patient was dosed in April 2024 No DLTs (12 patients) Enrolling 5 th dose level Initiating cohort expansion (NSCLC & TNBC) Phase 1 Study Design Multiple ascending dose, "3+3" dose - escalation study 5 doses (mg/kg): 0.1 0.3 1.0 3.0 10.0 Post PD - 1 or PD - L1 patient population: Melanoma, NSCLC, HNSCC, HL, TNBC Potential for proprietary combination regimens with tovecimig and CTX - 471 9 CTX - 8371: Development Status NSCLC = non - small cell lung cancer; HNSCC = head and neck squamous cell carcinoma; HL = Hodgkin lymphoma; TNBC = triple negative breast cancer

![](exh992_10.jpg)

45 mm 18 mm 0 mm CTX - 8371: Patient with NSCLC Target Lesion #1 imaging 10 Non - Small Cell Lung Cancer (n=5) Complete resolution of target tumor lesions in one patient after initial pseudo - progression 4 th line with 59 mm total target lesion burden @ baseline Stable disease in two patients (7+ and 14+ months) Clinical benefit rate (CBR) of 60% Baseline Week 8 Week 16

![](exh992_11.jpg)

Week 8 Baseline CTX - 8371: Patient with TNBC Target Lesions #2 and #3 Imaging 11 20 mm 0 mm 52 mm 0 mm >90% reduction in target tumor lesions (4 th line) 87 mm total @ baseline (3 target lesions) to 7 mm at week 12 Non - target lesions also decreased in size Triple - Negative Breast Cancer (n=3) Right Lobe Nodule (TL #2) Pericardial Mass (TL #3)

![](exh992_12.jpg)

CTX - 10726 PD - 1 x VEGF - A bispecific antibody

![](exh992_13.jpg)

13 CTX - 10726 : PD - 1 x VEGF - A Bispecific CTX - 10726: Development Pathway CTX - 10726 : Drug Discovery and Engineering Fully human, glycosylated IgG1 with silenced Fc - γ receptor binding Anti - VEGF Clinically proven mechanism (bevacizumab) Anti - PD - 1 Proprietary anti - PD - 1 scFv with highly stable structure High affinity, cooperative target binding More potent PD - 1 blockade observed preclinically (vs prior published data for other drugs in class\*) Leverages clinical experience from CTX - 8371 program IND filing expected by Q4 2025 with potential clinical data in 2026 MOA validated by ivonescimab & other PD - 1 x VEGF programs Advanced CMC process with commercial - level yields Novel composition of matter IP CTX - 10726 Builds on Compass' Deep VEGF - IO Expertise Anti - VEGF - A Anti - DLL4 Tovecimig CTX - 8371 Anti - PD - 1 Anti - PD - L1 Anti - PD - 1 Anti - VEGF - A CTX - 10726 \* Comparison based on reported PD - 1 blockade data (IC50, nM) for ivonescimab

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14 Data compares anti - PD - 1 arms of ivonescimab and CTX - 10726 No human VEGF - A in this experiment CTX - 10726: Superior Anti - PD - 1 Activity Compared to Ivonescimab Transgenic Mouse Model (MC38) (express human PD - 1/PD - L1) CTX - 10726 Isotype Control Ivonescimab CTX - 10726

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15 CTX - 10726: Anti - PD - 1 Activity Comparable to Pembrolizumab Transgenic Mouse Model (MC38) (express human PD - 1/PD - L1) CTX - 10726 Data compares anti - PD - 1 arms of pembrolizumab and CTX - 10726 No human VEGF - A in this experiment Isotype Control Pembrolizumab CTX - 10726

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16 CTX - 10726 0 5 10 15 20 25 0 100 200 300 400 Day A v e r a g e T u m o r V o l u m e (m m 3) PBS PBMCs + Isotype Control PBMCs + CTX-10726 PBMCs + Bevacizumab PBMCs + Ivonescimab Human NSCLC (HCC822) Xenografts Treated with human PBMCs and indicated antibodies Testing both PD - 1 and VEGF - A targeting CTX - 10726: Superior Anti - Tumor Effect in Preclinical Studies

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Key Anticipated Milestones 2025 H2 H1 17 2026 H2 H1 Tovecimig BTC 17.1% ORR (p=0.031) Ph 2/3 Data (2L) Q1 2026 Ph 2/3 Data (2L) PFS / OS Init. Ph 2 IST (1L) Q4 2026 Ph 2 Data (NCAM) CTX-8371 H1 2025 Ph 1 Dose Escalation H2 2025 Ph 1 Dose Esc. Data Q4 26 / Q1 27 Ph 1 Exp. Cohort Data H2 2026 BLA Filing (2L) Tovecimig H1 2026 Init. Ph 2 (DLL4+) CTX-471 H2 2025 Init. Ph 2 (NCAM) CTX-10726 Q3 2025 Preclin. Data Q4 2025 File IND H1 2026 Init. Ph 1 H2 2026 Ph 1 POC Data

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Website: compasstherapeutics.com Nasdaq: CMPX Compass Therapeutics

## Exhibit 99.3

**Exhibit 99.3**

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Corporate Presentation Nasdaq: CMPX August 2025

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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 information contained herein is correct as of any time after such date or that information will be updated or revised to reflect information that subsequently becomes available or changes occurring after the date hereof . This presentation contains forward - looking statements. Statements in this presentation that are not purely historical are forwar d - looking statements. Such forward - looking statements include, among other things, references to Compass's financial position to continue advancing its product candidates, expecta tio ns about cash runway, business and development plans, and statements regarding Compass's product candidates, including their preclinical and clinical development, therapeutic pote nti al and tolerability profile, and clinical trial milestones such as the expected trial design, timing of enrollment, patient dosing and data readouts, regulatory plans with respect to Compas s's product candidates and the 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 wit h developing product candidates and operating as a development stage company, Compass's ability to identify additional product candidates for development, Compass's ability to dev elop, initiate and complete clinical trials for, obtain approvals for and commercialize any of its product candidates, competition in the industry in which Compass operates and mark et conditions. These forward - looking statements are made as of the date of this presentation, and Compass assumes no obligation to update the forward - looking statements, or to upda te 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 se t forth herein and should also refer to the risk factor disclosure set forth in the reports and other documents Compass files with the U.S. Securities and Exchange Commission (SEC) available at www.sec.gov, including without limitation Compass's latest Annual Report on Form 10 - K, Quarterly Report on Form 10 - Q and subsequent filings with the SEC. This presentation also contains estimates and other statistical data made by independent parties and by us relating to market size and growth and other data about our industry . This data involves a number of assumptions and limitations, and you are cautioned not to give undue weight to such estimates . In addition, projections, assumptions, and estimates of our future performance and the future performance of the markets in which we operate are necessarily subject to a high degree of uncertainty and risk . This presentation concerns drugs that are under clinical investigation, and which have not yet been approved for marketing by the U . S . Food and Drug Administration (FDA) . It is currently limited by Federal law to investigational use, and no representation is made as to its safety or effectiveness for the purposes for which it is being investigated . DISCLAIMER 2

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Compass Corporate Highlights 3 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) Secondary endpoints (PFS / OS) expected Q1 2026 $1B+ opportunity in BTC in the US (supported by 3 rd - party market research) ~85% of 2L pts with BTC currently have no approved therapeutic alternative Three clinical candidates and PD - 1 x VEGF - A bispecific IND expected Q4 2025 Cash runway into Q1 2027 (~$101 M at Q2 2025) with respected core investor base Well Capitalized Deep Expertise in Antibodies Multi - $B Market Potential Unprecedented Ph 2 Data \* ORR = overall response rate; BTC = biliary tract cancer; 2L = 2 nd line therapy; PFS = progression free survival; OS = overall survival; IND = Investigational New Drug Application Compelling Data in Pts w/ BTC Tovecimig: DLL4xVEGF - A

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\* Not shown: Investigator Sponsored Trial of tovecimig in 1 st line biliary tract cancer Diversified / Robust Pipeline with Multiple Value Inflection Points 4 Phase 3 Phase 2 Phase 1 Pre - Clinical Discovery Target Program DLL4 x VEGF - A Tovecimig (CTX - 009) CD137 CTX - 471 PD - 1 x PD - L1 CTX - 8371 PD - 1 x VEGF - A CTX - 10726 Multiple VEGF - IO Bispecifics Colorectal Cancer (monotherapy 3L/4L) Solid Tumors (cohort expansion in NSCLC & TNBC) Basket Study – DLL4+ tumors Biliary Tract Cancer (2L) Solid tumors Basket Study – Post - checkpoint Basket Study – NCAM (CD56)+ Anticipated Milestones 17.1% ORR (met primary endpoint) Q1 2026: PFS / OS data Completed (monotherapy activity) H1 2026: Additional indication(s): CRC, Gastric, Ovarian, Renal, HCC H2 2025: Trial initiation Completed H2 2025: Phase 1 data Q4 2025: Initiate expansion cohorts Q4 2025: IND filing Ongoing

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Leadership Team Experienced in Drug Discovery and Development 5 Minori Rosales, MD, PhD SVP, Head of Clinical Development Bing Gong, PhD S VP, Discovery Research Jon Anderman , JD SVP, General Counsel & Corporate Secretary Thomas J. Schuetz, MD, PhD President , CEO, & Vice Chairman of the Board Neil Lerner, CPA, MIM S VP, CAO Ian Chia, PhD VP, Business Development Karin Herrera S VP, Clinical Operations James Kranz, PhD VP, CMC Kris Sachsenmeier , PhD VP, Translational Science Barry Shin , J D, MBA EVP, CFO

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Tovecimig (CTX - 009) DLL4 X VEGF - A bispecific antibody

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Anti - DLL4 MAb DLL4 - Notch - 1 signaling Anti - VEGF - A MAb VEGF/VEGF - R signaling Targets tumor DLL4 expression and alters perfusion in tumor vessels (novel angiogenesis target) Tovecimig: Bispecific with Compelling MOA (DLL4 x VEGF - A) 7 Dual blockade: VEGF - A – validated target for blockbuster oncology therapeutics (e.g.: Avastin®) DLL4 (Notch - 1 ligand) – mediates resistance to anti - VEGF therapies Bispecific anchors in tumor microenvironment (DLL4) to disrupt angiogenesis Only DLL4 X VEGF bispecific to demonstrate monotherapy activity in patients with CRC and GC 1 Disrupts tumor vessel formation (proven anti - angiogenic mechanism) 2x2 target binding valency VEGF - A DLL4 1. Lee, J et. al. 2021, October 7 - 10. Plenary Presentation AACR - NCI - EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics.

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15% 15% 14% 10% 9% 9% 8% 8% 7% 7% 6% 4% 4% 4% 3% 3% 0% 0% 0% - 1% - 5% - 5% - 9% - 9% - 11% - 13% - 17% - 20% - 26% - 27% - 35% - 38% - 40% - 41% - 60 - 40 - 20 0 20 60 48% 40% 39% 40 30% 23% 80 75% 100 CRC Gastric Other 40 evaluable patients (a ll Phase 1 p atients, 0.3 - 17.5 mpk) Patient (d osage mpk) Tovecimig : Monotherapy Activity in Ph 1a Data 8 0.3 0.3 12.5 12.5 0.3 2.5 12.5 17.5 12.5 5.0 7.5 7.5 5.0 10.0 15.0 2.5 15.0 12.5 1.0 12.5 12.5 1.0 15.0 17.5 5.0 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 12.5 10.0 Tumor Growth (%)

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Tovecimig : Combination Activity in Ph 1b Data 9 36.8% 22.7% 16.3% 7.4% 0.0% - 0.7% - 10.4% - 12.7% - 17.0% - 18.3% - 19.7% - 20.6% - 28.0% - 31.4% - 34.9% - 41.4% - 61.6% - 70.0% - 50.0% - 60.0% - 40.0% - 30.0% - 20.0% - 10.0% 0.0% 10.0% 20.0% 30.0% 40.0% 50.0% Tumor Growth (%) Tovecimig + paclitaxel or Tovecimig + irinotecan All patients dosed at 10 or 12.5 mg/kg 17 evaluable patients Cholangiocarcinoma Colorectal cancer Gastric Pancreatic Other

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Paclitaxel 80 mg/m 2 Days 1, 8 and 15 of every 28 - day cycle Tovecimig 10mg/kg Days 1 and 15 Paclitaxel 80 mg/m 2 Days 1, 8 and 15 of every 28 - day cycle COMPANION - 002: Phase 2/3 U.S. BTC Study Registrational - intent s tudy in patients who have received one prior line of therapy 10 Crossover permitted following disease progression Study Treatment – 28 Day Cycles Follow Up Tovecimig + Paclitaxel n=111 Paclitaxel n= 57 Disease p rogression per RECIST v 1.1, as confirmed by Independent Central Radiology Disease p rogression per RECIST 1.1, as confirmed by Independent Central Radiology Follow - up approx. every 3 months 2:1 Randomization Primary Endpoint: ORR Key Secondary Endpoints: PFS, OS, DoR

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Secondary Endpoints: 80% OS events triggers analyses of overall survival (OS) and progression free survival (PFS) Fewer deaths in the study at this time than projected 80% OS event threshold has not yet been met Analysis of PFS and OS projected to occur in Q1 2026 COMPANION - 002 Status as of August 2025 Trial Fully Enrolled Aug 2024 168 patients with advanced biliary tract cancer Currently >17 months median follow - up Achieved Primary Endpoint 17.1% overall response rate (ORR) vs 5.3% for paclitaxel (p=0.031) Reference: ABC - 06 study of FOLFOX in patients with BTC treated in the second - line setting ABC - 06 Study: <10% OS at 18 months (median OS = 6.2 months) COMPANION - 002: >20% OS at >17 month median follow - up

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12 Paclitaxel Tovecimig + Paclitaxel COMPANION - 002 Study (BTC) n=57 n=111 Intent - to - Treat Population 3 (5.3%) 19 (17.1%) Overall Response Rate (CR+PR) p=0.031 Two - Sided p - value 0 (0.0%) 1 (0.9%) Complete Response (CR) Best Overall Response (RECIST v1.1 by blinded independent radiology review) 3 (5.3%) 18 (16.2%) Partial Response (PR) 19 (33.3%) 49 (44.1%) Stable Disease (SD) 2 (3.5%) 9 (8.1%) Non - CR / Non - PD\* 24 (42.1%) 18 (16.2%) Progressive Disease (PD) 9 (15.8%) 16 (14.4%) Not Evaluable (NE)\*\* Tovecimig: Ongoing Phase 2/3 Summary - Primary Endpoint Safety Data: The safety profile of tovecimig in this study to date has been consistent with prior studies. Safety Monitoring : An independent Data Safety Monitoring Committee reviewed safety data at four separate (pre - specified) meetings and recommended continuation of the study with no modification after each meeting. \*Non - CR / Non - PD: patients enrolled based on local radiology scan results, but displayed no clearly definable target lesions as determined by independent central radiology. \*\* Not Evaluable: patients who did not receive a Week - 8 scan; these patients are not evaluable for response only, but will be evaluable for PFS/OS analyses.

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13 Tovecimig : Top - line Ph 2/3 Activity in Patients with BTC (2L) Target Lesion (% change) Paclitaxel Monotherapy Target Lesion (% change) Tovecimig + Paclitaxel Patients Patients

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Tovecimig : Potential to Become Standard of Care in 2L BTC 14 1. PMID: 38319896; 2. PMID: 37075781; 3. PMID: 33798493; 4. DOI: 10.1200/JCO.2023.41.4_suppl.540 ORR N Program Line 26.7% 341 Gem/Cis + Durv 1 1L 28.7% 533 Gem/Cis + Pembro 2 1L 0% 81 BSC ABC - 06 3 2L 5% 81 FOLFOX 17.1% (p=0.031) 111 Tovecimig + Paclitaxel 4 2L Median Progression Free Survival Median Overall Survival 5.3 m 4.0 m 6.2 m 7.2 m 12.8 m 6.5 m 12.7 m First Line Second Line Months 0 2 4 6 8 10 12 14 \* Historical d ata presented. Tovecimig is investigational, and no head - to - head studies have been conducted . Tovecimig\* in 2L PFS / OS Data Expected Q1 2026

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3 rd Party Mkt. Research Claims - based (ICD) Epidemiology - based (SEER) Cancer site --- --- 15% 2 of 42,240 1 Liver & intrahepatic bile duct --- --- 12,610 1 Gallbladder & other biliary --- --- 11% 3 of 37,370 1 Other & unspecific primary ~25,000 5 ~22,800 4 ~23,000 1 Total Incidence (2023) 15 1. PMID: 39817679; 2. Lowe, R, et al. Epidemiology, risk factors, anatomy, and pathology of cholangiocarcinoma. UpToDate, Inc . (2022); 3. PMID: 35484217; 4. Komodo Health x Cholangiocarcinoma Foundation. (2023); 5. CMPX - commissioned market research (2025) 6 . PMID: 33825840 Incidence of BTC is Significant and Not Fully Appreciated US BTC incidence projected to grow to ~34,000 patients by 2037 6 Gallbladder Ampullary Distal Intrahepatic Extrahepatic Perihilar Liver

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Significant Unmet Needs in Current Treatments for BTC 16 1. PMID: 38319896; 2. PMID: 37075781; 3. PMID: 33798493; 4 . NCCN (2024). Biliary Tract Cancers (version 4.2024); 5. PMID: 37017301; 6. PMID: 33182517; 7. PMID: 38266541 durvalumab (TOPAZ1) 1 pembrolizumab (KN - 966) 2 Gem/Cis + Currently Approved SoC Unmet Needs 1L 2L 2 - year OS of 24.9% 1 Majority of patients will progress FOLFOX chemotherapy 3 : ORR of 5% 69 % ≥Grade 3 AEs 52% ≥Grade 3 AEs in patients receiving BSC in control arm. Non - targetable Targetable FGFR2 alteration (p emigatinib or futibatinib) 5 IDH1 alteration (ivosidenib) 6 HER2 overexpression (zanidatamab) 7 Addressable opportunity for tovecimig in the 2L setting ~85% Chemotherapy\* 3 ,4 ~15 - 20% have limited treatment options ~80 - 85% of 2L patients

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2L BTC U.S. Market Potential is >$1 Billion 17 1. CMPX - commissioned market research (2025); 2. PMID: 27829275; 3. Based on Compass Therapeutics' analysis and PMID: 38319896; 4. PEMAZYRE prescribing information; 5. LYTGOBI prescribing information Annual BTC incidence in the U.S. (~23K+ in 2023) 1 ~90% receive 1L treatment (~10% undergo resection but only ~5% are cured after surgery) 2 ~70% of 1L patients receive 2L treatment 3 Approved 2L targeted therapies 4,5 (contraindications include: ocular toxicity, hyperphosphatemia) ~21.7K > 15K ~23K Patient Numbers\* Chemotherapy/ Opportunity for t ovecimig Clinical progression ~ 15% ~ 85% \* Patient numbers are estimates based on Company analysis of references .

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RCC Ovarian HCC Glio - blastoma Gastric/ GEJ CRC BTC Indications ~73k 4 ~20k 1 ~35k 2 ~15k 3 ~30k 2 ~154k 1 ~23k 1 Incidence TBD TBD TBD TBD x x x CTX - 009 Clin. Active 5 Avastin Approved 6 x x x x x x x DLL4+ Enriched 7 Tovecimig: Potential Solid Tumor Opportunities Indications with approved angiogenic inhibitors and/or tumors that are DLL4 enriched BTC: Biliary tract cancer; CRC: Colorectal cancer; GEJ: Gastroesophageal junction; HCC: Hepatocellular carcinoma; RCC: Renal cel l carcinoma 1. Seer database; 2. Cancer.org; 3. National Brain Tumor Society; 4. PMID: 32644401; 5. Lee, J et. al. 2021, October 7 - 10. P lenary Presentation AACR - NCI - EORTC Virtual International Conference on Molecular Targets and Cancer Therapeutics; 6. Avastin prescribing information; 7. PMID: 36 223541 Potential for expansion into numerous solid tumor indications 18

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Further Expansion Opportunities Broad potential expansion into multiple solid tumor indications BTC (1L) Study IST Enrolling MD Anderson Cancer Center investigator sponsored trial in 1L patients Tovecimig added to front line gem / cis / durvalumab BTC (2L) Data Ph 2/3 Tovecimig: Strong Near - Term Momentum 19 Achieved primary endpoint in Ph 2/3 study PFS / OS data expected Q1 2026 Tovecimig granted Fast Track Designation in BTC in April 2024

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CTX - 471 CD137 agonist

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21 PMID: 36725933, ASCO 2024, Abstract #2535, SITC 2024 Abstract #679 CTX - 471: Potential Best - in - Class CD137 Agonist CTX - 471: Signals of Activity in Phase 1 Advancing to Ph 2 NCAM (CD56)+ Basket Study H2 2025 expected initiation CTX - 471: N ext G eneration CD137 A gonist Fully human, IgG4, optimized affinity for agonistic antibody Unique epitope: non - ligand blocking Monotherapy Phase 1a ascending dose study completed MTD defined by immune thrombocytopenia Monotherapy Phase 1b Post - PD - 1 Cohort Expansions completed 60 patients with 17 different tumor types enrolled 4 PRs observed: melanoma (3 of 11) and mesothelioma (1 of 4) 1 CR: small cell lung cancer (1 of 3) Potential biomarker of response identified in biopsies: NCAM (CD56)+ tumors were more likely to respond to CTX - 471 JCI Insight . 2020;5(5):e133647 CD137L CD137 Urelumab, 3H3 CTX - 471 Utomilumab JCI Insight . 2020;5(5):e133647

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22 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) CTX - 471: Complete Response in Small Cell Lung Cancer Patient NCAM (CD56) was identified as a potential biomarker of activity in Phase 1 studies of CTX - 471 Patients with Clinical Benefit (CR / PR / SD) NCAM Biomarker Patients with Progressive Disease Small Cell Lung Small Cell Lung Melanoma Melanoma Melanoma Head and Neck Head and Neck Month 4 Month 32 Baseline

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NCAM (CD56) High in Patients with CTX - 471 Disease Control NCAM may render tumors sensitive to CTX - 471 treatment: proposed mechanism of action 23 NCAM (CD56) "Positive" Tumor Binding of tumor cell to NK cell via NCAM (CD56) NCAM (CD56) "Negative" Tumor No NCAM (CD56) binding to NK cell Infiltration and upregulation of CD137 leading to an activated NK cell CD137 agonism via binding of CTX - 471 leading to tumor cell killing 1 2 3 Created with BioRender.com

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CTX - 471: Proposed NCAM (CD56) Basket Trial NET = N euro e ndocrine T umor SCLC Lung NET CRC NET Metastatic Melanoma Glioblastoma Pancreatic NET Prostate NET US 2023 – SEER Database US 2023 – SEER Database NCAM Pts Indication 37,000 SCLC\* 14,707 Glioblastoma\* 5,610 Metastatic/Melanoma 3,203 Pancreatic NET 2,883 Prostate NET 2,383 NSCLC NET 1,530 Colon NET 60,316 TOTAL \* ~100% NCAM+ 24

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CTX - 8371 PD - 1 x PD - L1 bispecific antibody

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26 Mixed lymphocyte reaction (MLR) assay Pembro/Atezo Stitchmab Nivo/Atezo Stitchmab Pembro + Atezo Cocktail Nivo + Atezo Cocktail Pembro vs PD - 1 PD - L1 + Unexpected synergistic activity of PD - 1/PD - L1 combination in bispecific Stitchmab s format T1 T2 PD - 1xPD - L1 v1 PD - 1xPD - L1 v2 Keytruda Nivolumab Isotype Control No Ab Control CTX - 8371 StitchMabs TM Platform was Utilized to Identify CTX - 8371 Common Light Chain bispecifics were generated to test therapeutic hypothesis Our PD - 1xPD - L1 bispecifics observed to outperform PD - 1 blockers in T - cell activation assay

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Bridges T - Cells with APC/Tumor Cells PD - L1 PD - L1 CD28 PD - 1 T - cell CD80 APC or Tumor cell PD - 1 blockers release brake but don't directly promote T - cell activation _ _ _ _ PD - L1 CD28 PD - 1 CD80 PD - L1 Bridging of PD - 1 expressing T - cells with PD - L1 expressing APC's or tumor cells Significant reduction in cell surface PD - 1 due to receptor shedding APC or Tumor cell T - cell Increased pool of free CD80 able to engage costimulatory receptor CD28 + + _ _ CTX - 8371 activates T - Cells Through Diverse Mechanisms of Action + + + + + + _ _ x + + + + 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 27 PMID: 38379869 Converts T - Cells to PD - 1 Negative Boosts Free CD80

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CTX - 8371: Pre - Clinical Proof of Concept Activity in MC38 - hPD - L1 model implanted in hPD - 1/hPD - L1 transgenic mice 28 15 30 0 500 1000 1500 18 21 24 27 Days after tumor cells inoculation Average Tumor Volume (mm 3) IgG1 IC Keytruda  CTX - 8371 Atezolizumab Days post treatment IgG1 IC CTX - 8371 Keytruda  Atezolizumab - 200 - 400 0 50 100 %Tumor Growth Inhibition [ \*\* p=0.0001 \* p=0.027 Tumor free / total % Cured Group 5/8 62.5 CTX - 8371 1/8 12.5 Atezolizumab 0/8 0 IgG1 IC 2/8 25 Keytruda Mann - Whitney test 0 10 20 30 40 50 0 500 1000 1500 2000 IgG1 IC Endpoint Responders 0/8 0 10 20 30 40 50 0 500 1000 1500 2000 CTX - 8371 5/8 0 10 20 30 40 50 0 500 1000 1500 2000 Keytruda  2/8 0 10 20 30 40 50 0 500 1000 1500 Atezolizumab 2000 1/8 Tumor volume [mm 2 ]

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Trial Status First patient was dosed in April 2024 No DLTs (12 patients) Enrolling 5 th dose level Initiating cohort expansion (NSCLC & TNBC) Phase 1 Study Design Multiple ascending dose, "3+3" dose - escalation study 5 doses (mg/kg): 0.1 0.3 1.0 3.0 10.0 Post PD - 1 or PD - L1 patient population: Melanoma, NSCLC, HNSCC, HL, TNBC Potential for proprietary combination regimens with tovecimig and CTX - 471 29 CTX - 8371: Development Status NSCLC = non - small cell lung cancer; HNSCC = head and neck squamous cell carcinoma; HL = Hodgkin lymphoma; TNBC = triple negative breast cancer

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45 mm 18 mm 0 mm CTX - 8371: Patient with NSCLC Target Lesion #1 imaging 30 Non - Small Cell Lung Cancer (n=5) Baseline Week 8 Week 16 Complete resolution of target tumor lesions in one patient after initial pseudo - progression 4 th line with 59 mm total target lesion burden @ baseline Stable disease in two patients (7+ and 14+ months) Clinical benefit rate (CBR) of 60%

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Week 8 Baseline CTX - 8371: Patient with TNBC Target Lesions #2 and #3 Imaging 31 20 mm 0 mm 52 mm 0 mm >90% reduction in target tumor lesions in one patient (4 th line) 87 mm total @ baseline (3 target lesions) to 7 mm at week 12 Non - target lesions also decreased in size Triple - Negative Breast Cancer (n=3) Right Lobe Nodule (TL #2) Pericardial Mass (TL #3)

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CTX - 10726 PD - 1 x VEGF - A bispecific antibody

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33 CTX - 10726 : PD - 1 x VEGF - A Bispecific CTX - 10726: Development Pathway CTX - 10726 : Drug Discovery and Engineering Fully human, glycosylated IgG1 with silenced Fc - γ receptor binding Anti - VEGF Clinically proven mechanism (bevacizumab) Anti - PD - 1 Proprietary anti - PD - 1 scFv with highly stable structure High affinity, cooperative target binding More potent PD - 1 blockade observed preclinically (vs prior published data for other drugs in class\*) Leverages clinical experience from CTX - 8371 program IND filing expected by Q4 2025 with potential clinical data in 2026 MOA validated by ivonescimab & other PD - 1 x VEGF programs Advanced CMC process with commercial - level yields Novel composition of matter IP CTX - 10726 Builds on Compass' Deep VEGF - IO Expertise Anti - VEGF - A Anti - DLL4 Tovecimig CTX - 8371 Anti - PD - 1 Anti - PD - L1 Anti - PD - 1 Anti - VEGF - A CTX - 10726 \* Comparison based on reported PD - 1 blockade data (IC50, nM) for ivonescimab

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34 Data compares anti - PD - 1 arms of ivonescimab and CTX - 10726 No human VEGF - A in this experiment CTX - 10726: Superior Anti - PD - 1 Activity Compared to Ivonescimab Transgenic Mouse Model (MC38) (express human PD - 1/PD - L1) CTX - 10726 Isotype Control Ivonescimab CTX - 10726

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35 CTX - 10726: Anti - PD - 1 Activity Comparable to Pembrolizumab Transgenic Mouse Model (MC38) (express human PD - 1/PD - L1) CTX - 10726 Data compares anti - PD - 1 arms of pembrolizumab and CTX - 10726 No human VEGF - A in this experiment Isotype Control Pembrolizumab CTX - 10726

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36 CTX - 10726 0 5 10 15 20 25 0 100 200 300 400 Day A v e r a g e T u m o r V o l u m e (m m 3) PBS PBMCs + Isotype Control PBMCs + CTX-10726 PBMCs + Bevacizumab PBMCs + Ivonescimab Human NSCLC (HCC822) Xenografts Treated with human PBMCs and indicated antibodies Testing both PD - 1 and VEGF - A targeting CTX - 10726: Superior Anti - Tumor Effect in Preclinical Studies

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Key Anticipated Milestones 2025 H2 H1 37 2026 H2 H1 Tovecimig BTC 17.1% ORR (p=0.031) Ph 2/3 Data (2L) Q1 2026 Ph 2/3 Data (2L) PFS / OS Init. Ph 2 IST (1L) Q4 2026 Ph 2 Data (NCAM) CTX-8371 H1 2025 Ph 1 Dose Escalation H2 2025 Ph 1 Dose Esc. Data Q4 26 / Q1 27 Ph 1 Exp. Cohort Data H2 2026 BLA Filing (2L) Tovecimig H1 2026 Init. Ph 2 (DLL4+) CTX-471 H2 2025 Init. Ph 2 (NCAM) CTX-10726 Q3 2025 Preclin. Data Q4 2025 File IND H1 2026 Init. Ph 1 H2 2026 Ph 1 POC Data

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Website: compasstherapeutics.com Nasdaq: CMPX Compass Therapeutics