Compass Therapeutics, Inc.

Analysis for Ticker: CMPX

Compass Therapeutics Inc is a bio-pharmaceutical company that develops antibody therapies aimed at the immune system and the way tumors grow to treat cancer. While it claims to be finding a cure, the math reveals a business that exists solely to burn investor capital, having amassed a historical deficit of 431$ million. They possess 0$ in licensing revenue, meaning they have no income. To stay alive, they simply print new pieces of the company and sell them to the public in a cycle of dilution that is losing 66,5$ million every year. It is like a child selling parts of a borrowed bicycle to buy snacks; by the time the owner notices, the bike is a useless frame and the snacks are gone. The timeline of this destruction started to accelerate at the end of 12/2024 when the company had 137,8 million shares. By 12/08/2025, the cash was running low, so they printed 33,29 million new shares and 6,71 million warrants to sell to the public for 3$ each. Before the company even touched the cash, their banking partners at Jefferies LLC, Piper Sandler and Company, and Guggenheim Securities LLC siphoned off 8,3$ million as a commission. By 09/2025, the total share count had jumped to 177,5 million, and the company was burning nearly 35,8$ million in cash every nine months to pay for manufacturing and a luxury office lease in Boston that costs 11,8$ million in future payments.