Unless I've misread the code (and it is 134 pages of assembly with comments so I'll admit that's possible). The first 68 pages are the compilation process and a

Unless I've misread the code (and it is 134 pages of assembly with comments so I'll admit that's possible). The first 68 pages are the compilation process and a bunch of constants and things. That completes execution before RUN begins. RUN executes the compiled program by, on page 73, jumping to address P (07724) which is where the compilation routine has built out the object program. At that point execution is inside the object program unless there's an interrupt or a subroutine calls to one of the built-in subroutines. I don't think this compiler is just a pre-processing activity.