Compugen(US:CGEN)2025-03-04 12:30Currency Impact - The appreciation (devaluation) of the dollar against the NIS was 0.6%, 3.1%, and 13.2% in 2024, 2023, and 2022, respectively [436]. - Assuming a 10% devaluation of the dollar against the NIS, the company would experience an increase in net loss of approximately $1.5 million [436]. Revenue Recognition - The company recognized revenues of $2 million, $6 million, $7.5 million, $10 million, and $5 million in connection with milestones achieved from a license agreement with AstraZeneca for the years 2020, 2021, 2022, 2023, and 2024, respectively [449]. - During the year ended December 31, 2024, the company recognized $22,864 of license, IND services, and Phase 1 services revenues [455]. - Deferred revenues included $9,632 in current liabilities and $34,045 in non-current liabilities [455]. - The company determined that the license granted was a functional license and recognized the entirety of the initial transaction price allocated to the license performance obligation during the year ended December 31, 2023, in the amount of $23.5 million [453]. Share-Based Compensation - Share-based compensation expense recognized under ASC 718 was approximately $3.0 million, $3.6 million, and $4.3 million for the years ended December 31, 2024, 2023, and 2022, respectively [445]. Research and Development Expenses - There was no amortization of participation in research and development expenses for the year ended December 31, 2024, while for the years 2023 and 2022 such expenses were approximately $0.3 million and $6.0 million, respectively [459]. Market Trends - Biologics represented 31% of FDA approved drugs in 2023 and 32% in 2024, indicating a growing market segment [438]. Financial Risks - The company is subject to interest rate risk, which could impact financial income and net loss due to volatility in interest rates [437].