CMPX

Compass is a clinical-stage, oncology-focused antibody developer with zero product revenue (FY2025 revenue $0.00, after just $850K in FY2024) and a widening loss: net income of -$66.5M in FY2025 vs -$49.4M in FY2024, a -34.7% deterioration, with R&D up 32.2% to $56.0M. The MD&A is explicit that management 'do not expect to generate any revenue from the sale of products in the near future, if at all,' and that it will be 'several years, if ever,' before commercialization. Value here rests entirely on clinical readouts for candidates built on its StitchMabs platform — and the data package provided contains no trial results, endpoints, or timelines. That makes the forward outcome binary and, on these numbers alone, genuinely unknowable.

The balance sheet is the bright spot and the reason this isn't a distressed name: $197M of stockholders' equity against only $22.8M of total liabilities (0.12x), no long-term debt, and $209M in cash, equivalents and marketable securities that management says funds operations into 2028. Current assets of $210M dwarf $14.0M of current liabilities. So near-term solvency is not the issue — the company can pursue its programs for roughly two more years.