MeritValue

Compass Therapeutics, Inc.

CMPXdata completeness 88%9 fiscal years on file
The thesis, from the filings

Compass Therapeutics, Inc. earns about -36% on equity, but has diluted owners by 151% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue——$01$850,0002$02
Net income−$82.2M3−$39.2M4−$42.5M5−$49.4M6−$66.5M6
Operating cash flow−$19.7M7−$34.1M8−$40.6M9−$44.9M10−$49.1M10
Capital expenditure$1.57M11$212,00012$30,00013$44,00014$25,00014
Free cash flow (derived)−$21.2M7−$34.3M8−$40.6M9−$44.9M10−$49.2M10
Total debt$015————
Cash & equivalents$144.5M16$34.9M17$24.2M18$43.5M19$30.6M19
Diluted shares62.9M105.2M127.0M137.4M157.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$12.48
your share of equity
Profit it earned you last year
−$4.22
Free cash flow it threw off
−$3.12
Debt you’d be carrying
—

10 shares is a claim on $12.48 of net worth that earned you −$4.22 and generated −$3.12 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-36% avg · 5y
FY21 -59%FY22 -22%FY23 -29%FY24 -39%FY25 -34%

It earned an average -36% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+151% shares · 5y

Share count is up 151% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2023-12-31 · accession 0001171843-25-001106 (RevenueFromContractWithCustomerIncludingAssessedTax)
  2. 10-K · period ending 2024-12-31 · accession 0001171843-26-001337 (RevenueFromContractWithCustomerIncludingAssessedTax)
  3. 10-K · period ending 2021-12-31 · accession 0001171843-23-001691 (NetIncomeLoss)
  4. 10-K · period ending 2022-12-31 · accession 0001171843-24-001516 (NetIncomeLoss)
  5. 10-K · period ending 2023-12-31 · accession 0001171843-25-001106 (NetIncomeLoss)
  6. 10-K · period ending 2024-12-31 · accession 0001171843-26-001337 (NetIncomeLoss)
  7. 10-K · period ending 2021-12-31 · accession 0001171843-23-001691 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2022-12-31 · accession 0001171843-24-001516 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2023-12-31 · accession 0001171843-25-001106 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2024-12-31 · accession 0001171843-26-001337 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2021-12-31 · accession 0001171843-23-001691 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2022-12-31 · accession 0001171843-24-001516 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2023-12-31 · accession 0001171843-25-001106 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2024-12-31 · accession 0001171843-26-001337 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2021-12-31 · accession 0000950170-22-004156 (LongTermDebtNoncurrent)
  16. 10-K · period ending 2021-12-31 · accession 0001171843-23-001691 (CashAndCashEquivalentsAtCarryingValue)
  17. 10-K · period ending 2022-12-31 · accession 0001171843-24-001516 (CashAndCashEquivalentsAtCarryingValue)
  18. 10-K · period ending 2023-12-31 · accession 0001171843-25-001106 (CashAndCashEquivalentsAtCarryingValue)
  19. 10-K · period ending 2024-12-31 · accession 0001171843-26-001337 (CashAndCashEquivalentsAtCarryingValue)