Compugen(US:CGEN)2025-08-06 11:01Financial Performance - For the six months ended June 30, 2025, the company reported revenues of $3,541,000, a decrease of 62.3% compared to $9,261,000 for the same period in 2024[7] - The gross loss for the same period was $524,000, compared to a gross profit of $5,607,000 in 2024, indicating a significant decline in profitability[7] - The net loss for the six months ended June 30, 2025, was $14,523,000, compared to a net loss of $9,390,000 in 2024, representing an increase in losses of 55.5%[7] - Total revenues for the six months ended June 30, 2025, were $3,541,000, a decrease of 61.8% compared to $9,261,000 for the same period in 2024[46] - The net loss for the six months ended June 30, 2025, was $14,523,000, compared to a net loss of $9,390,000 for the same period in 2024, representing a 55.1% increase in losses[53] Operating Expenses - Operating expenses totaled $16,300,000 for the six months ended June 30, 2025, down from $17,511,000 in 2024, reflecting a reduction of approximately 6.9%[7] - Research and development expenses for the six months ended June 30, 2025, were $6,659,000, down from $8,546,000 in 2024, a decrease of 22.1%[46] - The total stock-based compensation expenses related to share options and RSUs for the six months ended June 30, 2025, were $987,000, down from $1,633,000 in 2024, a decrease of 39.5%[43] Assets and Cash Flow - As of June 30, 2025, the company had total assets of $106,525,000, down from $114,995,000 as of December 31, 2024, a decrease of 7.4%[3] - Cash and cash equivalents decreased to $6,467,000 as of June 30, 2025, from $18,229,000 at the end of 2024, a decline of 64.5%[3] - The company reported a negative cash flow from operating activities of $18,564,000 for the six months ended June 30, 2025[13] Accumulated Deficit - The accumulated deficit increased to $503,281,000 as of June 30, 2025, compared to $488,758,000 at the end of 2024, reflecting a rise of 2.4%[5] Research and Development - The company has two proprietary product candidates in Phase 1 development and one in Phase 3 development, indicating ongoing investment in R&D despite financial losses[13] - The Company incurred a milestone payment of $750 in research and development expenses for the six-month period ended June 30, 2025, compared to $0 in the same period in 2024[36] Milestone Payments and Agreements - Gilead made a one-time upfront payment of $60,000 and a milestone payment of $30,000 upon IND clearance for GS-0321, with potential additional milestone payments of approximately $758,000[15] - The Company is responsible for the Phase 1 clinical trial of GS-0321, with Gilead providing its zimberelimab antibody at no cost[16] - Compugen received $10,000 upfront and $30,500 in milestone payments from AstraZeneca, with eligibility for up to $200,000 in additional milestones and tiered royalties on future product sales[18] - The License Agreement with Gilead prohibits the Company from researching or developing any compounds directed to IL-18 during its term[19] Securities and Options - As of June 30, 2025, the Company had available-for-sale marketable securities valued at $28,875, with no significant unrealized losses[29] - Proceeds from maturities of available-for-sale marketable securities were $21,643 for the six-month period ended June 30, 2025[30] - The Company issued 6,867,191 shares through an at-the-market offering, generating proceeds of approximately $12,495 net of issuance expenses[37] - As of June 30, 2025, options outstanding were 8,348,200 with a weighted average exercise price of $4.28 and an intrinsic value of $1,263,000[38] - The weighted average fair value of options granted during the six months ended June 30, 2025, was $1.20, compared to $1.41 for the same period in 2024[41] - As of June 30, 2025, the total unrecognized estimated compensation cost related to non-vested share options and RSUs was $2,586,000, expected to be recognized over approximately 2.42 years[44] Revenue Recognition - The remaining performance obligations as of June 30, 2025, amounted to $40,137,000, with an expectation to recognize 26% as revenue over the next 12 months[49] Interest Income - Interest income for the six months ended June 30, 2025, was $2,048,000, an increase from $1,770,000 in 2024[45] Royalties - The Company recorded $0 in royalties to the IIA for the six-month period ended June 30, 2025, compared to $278 for the same period in 2024[32]