Financial Data and Key Metrics Changes - As of September 30, 2025, the company had approximately $86 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities [15] - Revenues for Q3 2025 were approximately $1.9 million, a significant decrease from approximately $17.1 million in Q3 2024 [15] - R&D expenses for Q3 2025 were approximately $5.8 million, down from approximately $6.3 million in Q3 2024 [16] - G&A expenses for Q3 2025 were approximately $2.2 million, compared to approximately $2.6 million in the same period in 2024 [16] - The net loss for Q3 2025 was approximately $6.98 million, or $0.07 per share, compared to a net profit of approximately $1.28 million, or $0.01 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - The company is advancing its COM701 trial for platinum-sensitive ovarian cancer, with interim analysis now expected in Q1 2027 [12][20] - COM902 is highlighted as one of the only two clinical-stage FC-reduced anti-TIGIT monoclonal antibodies currently in development, fully owned by the company [7] - The partnership with AstraZeneca for Rilvegostomig, an FC-reduced anti-PD-1 TIGIT bispecific, is expected to generate substantial revenue, with peak year revenue targets exceeding $5 billion [8] Market Data and Key Metrics Changes - The company is positioned to capture market opportunities as new data emerges, particularly with readouts anticipated from 2026 [7] - The overall survival data from recent trials indicates a median overall survival of 27 months for FC-reduced formats, compared to benchmarks of 15 months or less [8] Company Strategy and Development Direction - The company emphasizes its focus on computational drug target discovery and digital biology, aiming to deliver significant value for patients [4] - The strategy includes five key value drivers, with a strong emphasis on FC-reduced TIGIT programs and the potential of COM902 [7] - The company is committed to delivering breakthroughs in cancer treatment, leveraging its AI/ML-powered discovery engine [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and strategic direction, particularly in the context of evolving clinical data [4] - The management team highlighted the importance of safety and efficacy in their drug development approach, particularly regarding the FC-reduced formats [6] - The company anticipates that the cash runway will support operations into Q3 2027, allowing continued investment in clinical trials and early-stage pipeline development [15][20] Other Important Information - The company presented a pooled analysis of COM701 at ESMO, demonstrating its clinical benefit in heavily pretreated platinum-resistant ovarian cancer [11] - The ongoing Maya ovarian platform trial is seen as a significant opportunity to address unmet medical needs in the treatment of ovarian cancer [12] Q&A Session Summary Question: What caused the extension of the Maya interim analysis to Q1 2027? - The extension is due to factors such as site openings, enrollment rates, and the accumulation of PFS events [17][18] Question: What are the expectations for the upcoming Arcus-Gilead readout with their TIGIT in gastric cancer? - The readout is significant as it will be the first phase three readout for an FC-reduced TIGIT antibody, and its success could validate the company's hypotheses [21][22] Question: What internal thresholds are being looked for from the interim update from Maya ovarian? - The trial is exploratory, aiming to demonstrate single-agent activity, with an improvement of up to three months above placebo being clinically meaningful [25] Question: Can COM902 be partnered with another company despite the license agreement with AstraZeneca? - The company retains full ownership of COM902 and has no restrictions on pursuing partnerships, allowing for flexibility in future collaborations [27] Question: How does the tolerability profile of COM701 influence its use in combination therapies? - COM701 is well tolerated as a monotherapy, which supports its potential use in combination therapies with standard care agents [29]