Compugen Reports Fourth Quarter and Full Year 2024 Results

Core Viewpoint - Compugen Ltd. is positioned for growth in 2025, supported by a diverse pipeline and significant clinical advancements made in 2024, particularly with COM701 and partnerships with AstraZeneca and Gilead [2][3]. Financial Highlights - As of December 31, 2024, Compugen reported approximately $103.3 million in cash and equivalents, including a $60 million upfront payment from Gilead and milestone payments from AstraZeneca [5][8]. - Revenues for Q4 2024 were approximately $1.5 million, with total revenues for the year at $27.9 million, a decrease from $33.5 million in 2023 [9]. - The company reported a net loss of approximately $6.1 million for Q4 2024 and a net loss of approximately $14.2 million for the full year, compared to a net income of $9.7 million in Q4 2023 [13]. Clinical Developments - Compugen is on track to initiate a randomized adaptive platform trial for COM701 in Q2 2025, targeting maintenance therapy for patients with platinum-sensitive ovarian cancer [6][7]. - The first patient was dosed in Q1 2025 for the Phase 1 trial of GS-0321, a potential first-in-class anti-IL18BP antibody licensed to Gilead [6]. - AstraZeneca is conducting seven Phase 3 trials for rilvegostomig, a bispecific antibody derived from Compugen's COM902, with early data expected in 2025 [2][6]. Research and Development - R&D expenses for 2024 decreased to approximately $24.8 million from $34.5 million in 2023, primarily due to reclassification of expenses related to GS-0321 [11]. - The company continues to leverage its AI/ML-powered predictive computational discovery platform, UnigenTM, to support its early pipeline [3]. Future Milestones - Key upcoming milestones include the initiation of the COM701 trial in Q2 2025 and the expected data release from AstraZeneca regarding rilvegostomig in 2025 [7].