Free cash flow remains deeply negative with quarterly outflows frequently exceeding $10 million, necessitating a reliance on equity-based financing to maintain operations.
| Cash from Operations | -53.2M | -49.14M | -44.85M | -40.62M | -34.13M | -19.67M | -26.8M | -31.74M | -33.68M |
| Operating CF Margin % | - | - | -5277.06% | - | - | - | - | - | - |
| Operating CF Growth % | -83.61% | -9.56% | -10.43% | -19.03% | -73.52% | 26.63% | 15.56% | 5.75% | - |
| Net Income | -68.17M | -66.49M | -49.38M | -42.49M | -39.23M | -82.18M | -29.5M | -34.74M | -38.29M |
| Depreciation & Amortization | -468K | -1.4M | 1.75M | 1.89M | 1.9M | 1.62M | 2.4M | 2.12M | 1.92M |
| Stock-Based Compensation | 5.85M | 8.37M | 8.56M | 6.12M | 5.33M | 4.03M | 4.02M | 915K | 656K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 50.58M | 837K | 109K | -261K |
| Other Non-Cash Items | 5.11M | 1.2M | -1.65M | 5.97M | -871K | 41K | -960K | 116K | 121K |
| Working Capital Changes | 4.47M | 9.18M | -4.14M | -2.91M | -1.26M | 6.25M | -3.6M | -257K | 2.17M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -671K | -664K | -1.84M | 708K | 2.52M | -194K | 432K | -1.1M | 992K |
| Cash from Investing | -66.47M | -93.31M | 46.77M | 26.96M | -151.2M | -1.77M | 38K | -466K | -2.02M |
| Capital Expenditures | -89K | -25K | -44K | -30K | -212K | -1.57M | -106K | -466K | -2.02M |
| CapEx % of Revenue | - | - | 5.18% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 176K | 116K | 144K | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 27K | -150.99K | -318K | 144 | 0 | 0 |
| Cash from Financing | 133.79M | 129.61M | 17.34M | 2.94M | 75.76M | 118.61M | 48.54M | 37.63K | 64.03M |
| Debt Issued (Net) | 0 | 0 | 0 | - | - | - | - | - | - |
| Equity Issued (Net) | 143.13M | 130.64M | 18.11M | - | - | - | - | - | - |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | -159 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -9.34M | -1.03M | -775K | -159K | -480K | -281K | -6.32M | 37.63K | 64.03M |
| Net Change in Cash | 14.12M | -12.84M | 19.25M | -10.72M | -109.57M | 97.17M | 21.77M | -32.21M | 28.33M |
| Free Cash Flow | -53.29M | -49.17M | -44.9M | -40.65M | -34.34M | -21.23M | -26.91M | -32.21M | -35.7M |
| FCF Margin % | - | - | -5282.24% | - | - | - | - | - | - |
| FCF Growth % | -20.47% | -9.51% | -10.46% | -18.38% | -61.71% | 21.09% | 16.45% | 9.78% | - |
| FCF per Share | -0.29 | -0.31 | -0.33 | -0.32 | -0.33 | -0.34 | -0.48 | -0.62 | -7.14 |
| FCF Conversion (FCF/Net Income) | 0.78x | 0.74x | 0.91x | 0.96x | 0.87x | 0.24x | 0.91x | 0.91x | 0.88x |
| Interest Paid | 0 | 0 | 0 | - | - | - | - | - | - |
| Taxes Paid | 0 | 0 | 0 | - | - | - | - | - | - |
Clinical trial funding dependency
According to the provided financial statements, CMPX consistently reports operating cash flow that tracks closely with net losses, as evidenced by an OCF/NI ratio that fluctuated between 0.60 and 1.29 over the last ten quarters, confirming the absence of meaningful non-cash operational offsets to the burn.
The tight correlation between net income and operating cash flow suggests that the company's losses are almost entirely cash-based, leaving little room for accounting adjustments to mask the underlying burn. Investors should monitor this relationship, as the lack of significant non-cash expenses implies that the reported net loss is a reliable proxy for the actual cash depletion occurring each quarter.
Based on the reported figures, the company's free cash flow trajectory remains deeply negative, with quarterly outflows frequently exceeding $10 million, a trend that highlights the structural inability of the current clinical-stage business model to generate self-sustaining capital without recurring external financing or potential strategic partnerships.
The consistent negative free cash flow reflects the heavy R&D burden required to advance the bispecific antibody pipeline. This trajectory suggests that the company remains entirely dependent on capital markets, and any disruption in funding could force a significant deceleration in clinical development timelines.
As reported in the cash flow data, working capital changes have been highly erratic, swinging from a $5.2 million outflow in 2024Q1 to a $5.0 million inflow in 2025Q2, which suggests that the company's cash position is susceptible to timing differences in vendor payments and clinical trial accruals.
This volatility in working capital appears to be a byproduct of the irregular nature of clinical trial expenditures rather than operational efficiency. Investors should interpret these fluctuations with caution, as they may temporarily mask or exacerbate the underlying cash burn rate in any given quarter.
Financial data indicates that stock-based compensation has been a consistent feature of the company's expense structure, reaching as high as $2.8 million in 2025Q2, which effectively serves as a non-cash mechanism to preserve limited liquidity while compensating personnel during the pre-revenue clinical development phase.
While stock-based compensation does not impact the immediate cash burn, it represents a significant dilution risk for shareholders that is not captured in the operating cash flow statement. The reliance on equity-based incentives suggests that management is attempting to conserve cash for critical clinical trial milestones, though this strategy may face limits if equity market conditions deteriorate.
Quick answers to the most common questions about buying CMPX stock.
Compass Therapeutics, Inc. (CMPX) generated $-49.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Compass Therapeutics, Inc. (CMPX) reported negative free cash flow of $49.2M in 2025, indicating capital requirements exceeded cash from operations.
Compass Therapeutics, Inc. (CMPX) spent $0.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.