2 unchanged sentences
On November 2, 2021, shares of our common stock were approved for trading on the Nasdaq Capital Market under the symbol “CMPX”.
−Removed: As of March 15, 2024, there were approximately 100 stockholders of record of our common stock.
+Added: As of February 20, 2025, there were approximately 100 stockholders of record of our common stock.
The actual number of stockholders is greater than this number and includes stockholders who are beneficial owners but whose shares are held in street name by brokers and other nominees.
11 unchanged sentences
Includes 3.8 million shares of common stock issuable (subject to vesting) with respect to restricted stock units granted pursuant to the 2020 Plan;
−Removed: 900 thousand at a grant date fair market value of $3.93 per share and 600 thousand at a grant date fair market value of $3.83 per share.
+Added: 675 thousand at a grant date fair market value of $3.93 per share, 300 thousand at a grant date fair market value of $3.83 per share, 400 thousand at a grant date fair market value of $1.65 per share and 2.4 million at a grant date fair market value of $1.93 per share.
This value is not included in the weighted average exercise price.
25 unchanged sentences
As of December 31, 2024, we had $126.7 million in cash, cash equivalents and marketable securities.
−Removed: Based on our research and development plans, we expect that these cash resources will enable us to fund our operating expenses and capital expenditures requirements into mid-2026.
+Added: Based on our research and development plans, we expect that these cash resources will enable us to fund our operating expenses and capital expenditures requirements into the first quarter of 2027.
We may be unable to raise additional funds or enter into such other agreements or arrangements when needed on favorable terms, or at all.
16 unchanged sentences
At-The-Market ( “ ATM ” ) Offering
−Removed: In June 2023, we sold, through our Open Market Sale Agreement SM with Jefferies LLC, 951,873 shares of common stock at an average price of $3.28 for total proceeds of $3.1 million and net proceeds of $3.0 million.
+Added: In the first quarter of 2024, we sold, through our Open Market Sale Agreement SM with Jefferies LLC, 9,790,577 shares of common stock at an average price of $1.85 for total proceeds of $18.1 million and net proceeds of $17.6 million.
+Added: In the second quarter of 2023, we sold, through our Open Market Sale Agreement SM with Jefferies LLC, 951,873 shares of common stock at an average price of $3.28 for total proceeds of $3.1 million and net proceeds of $3.0 million.
Inflation Reduction Act of 2022
4 unchanged sentences
Research and development
−Removed: Research and development expenses consist primarily of costs incurred in connection with the development of our product candidates, CTX-009, CTX-471 and CTX-8371, as well as unrelated preclinical and discovery program expenses.
+Added: Research and development expenses consist primarily of costs incurred in connection with the development of our clinical product candidates, tovecimig, CTX-471 and CTX-8371, as well as unrelated preclinical and discovery program expenses.
We expense research and development costs as incurred.
56 unchanged sentences
We also anticipate that we will incur increased accounting, audit, legal, regulatory, compliance and director and officer insurance costs, as well as investor and public relations expenses associated with being a public company.
−Removed: In 2023 and 2022, the main component of other income was interest income from marketable securities.
+Added: In 2024 and 2023, the only component of other income was interest income from marketable securities.
We are organized as a Delaware corporation and treated as a c-corporation for federal and state income taxes.
13 unchanged sentences
Year Ended December 31,
+Added: Licensing revenue
Operating expenses:
3 unchanged sentences
Loss from operations
−Removed: Loss before income tax expense
−Removed: Income tax expense
+Added: Licensing revenue
+Added: Licensing revenue was $850 thousand for the year ended December 31, 2024.
+Added: There was no licensing revenue for the year ended December 31, 2023.
+Added: The licensing revenue consisted of a $1 million milestone payment from Elpiscience for completing a Phase 1 trial in China.
+Added: This license revenue is reported net of a 15% sublicense royalty due ABL Bio (see Note 10 of the consolidated financial statements appearing in this Form 10-K for further information on this sublicense agreement).
Research and development expenses
Research and development expenses increased by $4.2 million from $38.1 million in 2023 to $42.3 million in 2024.
−Removed: This increase was primarily attributable to a $10.7 million increase in clinical and manufacturing costs related to our lead program, CTX-009 described below.
+Added: This increase was primarily attributable to a $2.4 million increase in clinical and manufacturing costs related to our lead program, tovecimig, and $1.3 million from our second program, CTX-471, as described below.
We track supplies, outsourced development, personnel costs and other research and development costs of specific programs.
6 unchanged sentences
General and administrative expenses increased by $2.9 million from $12.2 million in 2023 to $15.1 million in 2024.
−Removed: The increase was primarily attributable to higher stock compensation expense of $1.0 million offset by lower insurance costs of $0.3 million.
−Removed: We anticipate that our general and administrative expenses will increase in the future as we expand our operations to support our growing research and development efforts.
−Removed: Other income increased by $5.4 million from $2.4 million in 2022 to $7.9 million in 2023.
−Removed: The change was from an increase in interest income of $5.4 million as a result of higher interest rates as compared to 2022.
+Added: The increase was primarily attributable to higher personnel expense, including stock compensation of $2.3 million, driven by the CEO transition during the year.
+Added: We anticipate that our general and administrative expenses will increase in the future as we expand our operations to support our growing research and development efforts, as well as potential commercial operations.
+Added: Other income consists only of interest income which decreased by $0.6 million from $7.9 million in 2023 to $7.3 million in 2024.
Income tax expense
6 unchanged sentences
As of December 31, 2024, we had cash, cash equivalents and marketable securities of $126.7 million.
−Removed: Additionally, we received an additional $17.6 million in net proceeds in the first quarter of 2024 from sales through our ATM facility.
On July 9, 2021, we filed an S-3 registration statement which became effective July 20, 2021.
5 unchanged sentences
Riley effective July 29, 2022.
−Removed: On August 1, 2022, we entered into an Open Market Sale Agreement SM with Jefferies LLC, pursuant to which we may offer and sell, from time to time at our sole discretion, shares of our common stock having an aggregate offering price of up to $75 million.
+Added: On August 1, 2022, we entered into an Open Market Sale Agreement SM with Jefferies LLC, pursuant to which we may offer and sell, from time to time at our sole discretion, shares of our common stock.
On December 2, 2022, we filed an S-3 registration statement which was declared effective by the SEC on January 20, 2023, for the shares issued through the PIPE offering.
+Added: On August 30, 2024, we filed an S-3 registration statement which was declared effective by the SEC on September 6, 2024.
+Added: This registration statement includes (i) a base prospectus that covers the offering, issuance and sale by us of up to $300,000,000 of our common stock, preferred stock, debt securities, warrants and/or units and (ii) a sale agreement prospectus supplement that covers the offer and sale, from time to time at our sole discretion, shares of our common stock having an aggregate offering price of up to $55 million pursuant to our Open Market Sale Agreement SM with Jefferies LLC.
Funding Requirements
17 unchanged sentences
Cash used in operating activities
−Removed: Cash provided by (used in) investing activities
+Added: Cash provided by investing activities
Cash provided by financing activities
−Removed: Net decrease in cash and cash equivalents
+Added: Net increase (decrease) in cash and cash equivalents
Operating Activities
During the year ended December 31, 2024, we used $44.9 million of cash in operating activities, resulting from our net loss of $49.4 million and the change in operating assets and liabilities of $4.1 million, offset by non-cash charges of $8.7 million.
−Removed: Our non-cash charges primarily consisted of stock-based compensation expense of $6.1 million and amortization of ROU asset of $1.2 million offset by the amortization of premiums and discounts on marketable securities of $3.2 million.
−Removed: The change in our operating assets and liabilities of $2.9 million was related to the decrease in accrued expenses of $9.2 million offset by an increase in prepaid expenses of $6.8 million, primarily related to the decrease in minimum obligations related to CTX-009 manufacturing contracts.
+Added: Our non-cash charges primarily consisted of stock-based compensation expense of $8.6 million.
During the year ended December 31, 2023, we used $40.6 million of cash in operating activities, resulting from our net loss of $42.5 million and the change in operating assets and liabilities of $2.9 million, offset by non-cash charges of $4.8 million.
−Removed: Our non-cash charges primarily consisted of stock-based compensation expense of $5.3 million and amortization of ROU asset of $1.1 million.
−Removed: The change in our operating assets and liabilities of $1.4 million was related to the increase in prepaid expenses of $5.6 million, primarily from prepaid manufacturing expenses related to CTX-009, partially offset by an increase in short term liabilities of $4.3 million, primarily related to manufacturing expenses related to CTX-009.
+Added: Our non-cash charges primarily consisted of stock-based compensation expense of $6.1 million.
Investing Activities
−Removed: During the year ended December 31, 2023 cash provided by investing activities was $27.0 million, which was primarily attributed to the net proceeds of marketable securities of $27.0 million.
−Removed: During the year ended December 31, 2022, cash used in investing activities was $151.2 million, which was primarily attributed to the net purchase of marketable securities of $151.1 million.
+Added: During the year ended December 31, 2024, cash provided by investing activities was $46.8 million, which was primarily attributed to the net proceeds from the sale of marketable securities of $46.8 million.
+Added: During the year ended December 31, 2023 cash provided by investing activities was $27.0 million, which was primarily attributed to the net proceeds from the sale of marketable securities of $27.0 million.
Financing Activities
During the year ended December 31, 2024, cash provided by financing activities was $17.3 million.
−Removed: This was primarily from the issuance of stock utilizing our ATM program for net proceeds of $3.0 million.
−Removed: During the year ended December 31, 2022, we had $75.8 million of net cash provided by financing activities.
−Removed: This was primarily due to the closing of the PIPE Offering in the fourth quarter of 2022, which resulted in net proceeds of $75.7 million.
+Added: This was primarily from the issuance of stock pursuant to our ATM program for net proceeds of $17.6 million.
+Added: During the year ended December 31, 2023, cash provided by financing activities was $2.9 million.
+Added: This was primarily from the issuance of stock pursuant to our ATM program for net proceeds of $3.0 million.
Future Funding Requirements
13 unchanged sentences
our need to implement additional internal systems and infrastructure, including financial and reporting systems.
−Removed: We believe that our existing cash, cash equivalents and marketable securities as of December 31, 2023 will enable us to fund our operating expenses and capital expenditure requirements into mid-2026.
+Added: We believe that our existing cash, cash equivalents and marketable securities as of December 31, 2024 will enable us to fund our operating expenses and capital expenditure requirements into the first quarter of 2027.
We have based this estimate on assumptions that may prove to be wrong, and we could exhaust our available capital resources sooner than we expect.
47 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.