Summary of Compugen's Conference Call Company Overview - **Company**: Compugen (Ticker: CGEN) - **Industry**: Biotechnology, specifically focused on oncology and immunotherapy Key Points Discussed Pipeline and Development Focus - Compugen is focusing on its pipeline assets, particularly **COM701**, which targets the **PVRIG** pathway, a novel checkpoint with distinct biology compared to PD-1 and TIGIT [4][5] - The rationale for targeting PVRIG is its dominance in ovarian cancer, which is a less inflamed tumor type, making it a challenging indication [4] - Clinical studies have shown that **COM701** can elicit responses in patients with platinum-resistant ovarian cancer, particularly those who are PD-1 negative [5][6] Clinical Trial Insights - The company is conducting a randomized study (MAIA) with **60 patients** who are platinum-sensitive, comparing **COM701** monotherapy to placebo [10] - Historical control data suggests a progression-free survival (PFS) of **5.5 months**, with Compugen aiming to extend this by **3 months** with COM701 [11] - In the last line of treatment, **40%** of patients showed clinical benefit with a durable PFS of **10.5 months** [10] Market Opportunity and Unmet Need - There is a significant unmet need in earlier lines of treatment for platinum-sensitive ovarian cancer patients, which COM701 aims to address [7] - The potential market opportunity for COM701 is substantial, given the lack of standard care in this patient population [7] Competitive Landscape - Compugen is the first to move PVRIG into clinical trials, with some early programs from other companies also exploring this target [21] - The discussion highlighted the differentiation of Compugen's approach from other candidates in the TIGIT space, particularly focusing on the safety profile of their Fc-reduced format compared to Fc-active formats that have faced challenges [23][24] Financial Aspects - Compugen has a partnership with **AstraZeneca** for **rilvegostomig**, with potential milestones totaling **$195 million** and mid-single-digit tiered royalties [36][38] - The company has also monetized a portion of future royalties, receiving **$65 million** upfront, which supports ongoing development [38] Other Assets and Collaborations - Compugen is also developing **GS-0321**, an antibody against the IL-18 binding protein in collaboration with **Gilead**, which is currently in phase one trials [39][40] - The structure of the deal with Gilead includes **$60 million** upfront and potential milestones of **$758 million** along with low double-digit royalties [48] Future Outlook - Compugen is exploring new biological targets and plans to continue leveraging its AI-based computational engine for future developments [49][50] - The company is cautious about providing timelines for new announcements, emphasizing the need for validation before committing to guidelines [50] Industry Context - The call addressed the recent disappointments in the TIGIT space, particularly referencing **Arcus** and their failed trials, while highlighting how Compugen's strategies differ [52][53] - AstraZeneca's ongoing studies and their approach to combining rilvegostomig with other therapies were discussed as a promising avenue for success [30][31] Conclusion - Compugen is positioned to address significant unmet needs in oncology, particularly in ovarian cancer, with a strong pipeline and strategic partnerships that could lead to substantial market opportunities in the future.

Core Insights - Compugen Ltd. is a clinical-stage cancer immunotherapy company that utilizes AI/ML for drug target discovery [1] - The company will participate in two upcoming investor conferences, including the Oppenheimer 36th Annual Healthcare Life Sciences Conference and the Leerink Partners 2026 Global Healthcare Conference [1] Company Overview - Compugen is focused on developing cancer immunotherapies through its AI/ML powered computational discovery platform, Unigen™ [1] - The company has two main programs targeting TIGIT: COM902, a fully owned anti-TIGIT antibody in Phase 1, and rilvegostomig, an Fc-reduced PD-1/TIGIT bispecific antibody in Phase 3 development by AstraZeneca [1] - Additional programs include COM701, a potential first-in-class anti-PVRIG antibody, and GS-0321, a high affinity anti-IL-18 binding protein antibody licensed to Gilead [1] Upcoming Events - The Oppenheimer conference will take place on February 26, 2026, featuring a fireside chat at 2 PM ET [1] - The Leerink Partners conference is scheduled for March 9, 2026, with a fireside chat at 8:40 AM ET [1] - Live webcasts of the fireside chats will be available on Compugen's Investor Relations website [1]

Core Viewpoint - Compugen has appointed Michele Holcomb, Ph.D., as an independent director to its Board of Directors, effective February 11, 2026, bringing over 30 years of experience in biotech, pharmaceuticals, and healthcare services [1] Group 1: Appointment Details - Michele Holcomb's extensive background includes strategic insights, corporate development, and operational experience, which will enhance Compugen's Board [1] - The appointment is expected to strengthen the company's ability to convert clinical opportunities into long-term value for patients and shareholders [1] Group 2: Company Overview - Compugen is a clinical-stage cancer immunotherapy company utilizing AI/ML for drug target discovery [1] - The company has multiple first-in-class clinical programs and partnerships, including two validating pharma partnerships [1] - Compugen's pipeline includes several differentiated programs targeting TIGIT and other novel drug targets [1] Group 3: Dr. Holcomb's Background - Dr. Holcomb has held significant roles, including EVP at Cardinal Health and COO at Teva Pharmaceuticals, focusing on strategy and business development [1] - She has experience in managing partnerships, acquisitions, and optimizing portfolios in the healthcare sector [1] - Dr. Holcomb serves on various boards and has a strong academic background with a BS and PhD in chemistry [1]

Core Insights - Compugen Ltd. has entered into a strategic agreement with AstraZeneca to monetize a portion of its future royalties from rilvegostomig, aimed at strengthening its financial position and advancing its immuno-oncology pipeline [1][3] Financial Highlights - The agreement includes an upfront payment of $65 million and a potential additional $25 million upon reaching the next milestone related to the Biologics License Application (BLA) acceptance [5][6] - Compugen retains the majority of its future royalties and is eligible for tiered royalties of up to mid-single digits on future sales, along with potential regulatory and commercial milestones totaling up to $195 million [6] Product Development - Rilvegostomig is a first-in-class dual-checkpoint bispecific antibody that targets PD-1 and TIGIT, currently in Phase 3 development by AstraZeneca [6] - Compugen's pipeline includes two differentiated Fc-reduced programs targeting TIGIT: COM902, in Phase 1 development, and rilvegostomig, with the TIGIT component derived from COM902 [4][6] - The company also has COM701, a potential first-in-class anti-PVRIG antibody, and GS-0321, a high affinity anti-IL-18 binding protein antibody licensed to Gilead [4] Strategic Implications - This non-dilutive transaction is expected to extend Compugen's cash runway into 2029, allowing the company to continue advancing its innovative immuno-oncology pipeline [3][5] - The agreement reflects Compugen's belief in the significant long-term upside potential of rilvegostomig, which is seen as a key value driver for the company and its shareholders [3][5]

Core Insights - Compugen Ltd. reported its third quarter 2025 financial results, highlighting a significant decrease in revenue compared to the same period in 2024, alongside advancements in its clinical pipeline and a strong cash position [1][5][3]. Financial Performance - Revenue for Q3 2025 was approximately $1.9 million, a decrease from $17.1 million in Q3 2024, primarily due to the recognition of upfront and milestone payments from Gilead [5]. - Research and Development (R&D) expenses were approximately $5.8 million in Q3 2025, down from $6.3 million in Q3 2024 [6]. - General and Administrative (G&A) expenses were approximately $2.2 million in Q3 2025, compared to $2.6 million in Q3 2024 [6]. - The net loss for Q3 2025 was approximately $6.98 million, or $0.07 per share, contrasting with a net profit of approximately $1.28 million, or $0.01 per share, in Q3 2024 [7]. Clinical Developments - Compugen's COM701, an Fc-reduced anti-PVRIG antibody, showed promising Phase 1 data at ESMO 2025, indicating it is well tolerated and delivers durable responses in heavily pretreated platinum-resistant ovarian cancer patients [2][4]. - The ongoing MAIA-ovarian platform trial is evaluating COM701 maintenance therapy in platinum-sensitive ovarian cancer, with interim analysis expected in Q1 2027 [4]. - AstraZeneca presented positive results for its rilvegostomig program at ESMO 2025, reinforcing the potential of Fc-reduced anti-TIGIT antibodies [2][4]. Financial Position - As of September 30, 2025, Compugen had approximately $86.1 million in cash and cash equivalents, sufficient to fund operations into Q3 2027 [3]. - The company has no debt and recently raised approximately $1.6 million through the sale of shares [3]. Strategic Partnerships - Compugen has established partnerships with AstraZeneca and Gilead, which could provide over $1 billion in potential milestones and royalties, enhancing the company's financial outlook and pipeline development [2][3].

Core Insights - Compugen Ltd. announced a pooled analysis supporting the anti-tumor activity and safety profile of COM701 in heavily pre-treated patients with platinum-resistant ovarian cancer, published as an abstract by the European Society of Medical Oncology (ESMO) [1][2][3] Company Developments - The pooled analysis included 60 evaluable patients from prior COM701 Phase 1 clinical trials, focusing on clinical benefits and progression-free survival data [2][3] - COM701 demonstrated good tolerance and durable responses, especially in patients without liver metastases, indicating a potential for lower disease burden and less immunosuppressive tumor microenvironment [3] - Compugen is conducting the MAIA-ovarian trial to evaluate COM701 as maintenance therapy in relapsed platinum-sensitive ovarian cancer, with an interim analysis planned once data from approximately 60 participants is available [3][6] Future Plans - The MAIA-ovarian trial aims to assess the median progression-free survival, with sites activated in the U.S., Israel, and France to support enrollment [3][6] - Compugen anticipates interim analysis results by the end of 2026, with sufficient cash flow to support operations into 2027 [3][6] Industry Context - ESMO 2025 will feature presentations from companies with differentiated Fc-reduced TIGIT programs, including oral presentations from Compugen's partner AstraZeneca [5]

Core Insights - Compugen Ltd. reported its financial results for Q2 2025, highlighting advancements in its immuno-oncology pipeline and a solid financial position with cash expected to fund operations into 2027 [1][4][7]. Corporate Update - The company has initiated the MAIA-ovarian trial, dosing the first patient with COM701 for maintenance therapy in relapsed platinum-sensitive ovarian cancer [2][5]. - Compugen plans to present pooled analysis data from three Phase 1 trials of COM701 at the upcoming ESMO 2025 conference [2][6]. - The Phase 1 trial for GS-0321, an anti-IL18BP antibody licensed to Gilead, is ongoing [2][5]. - AstraZeneca's rilvegostomig program, which includes ten active Phase 3 trials, is progressing well, with data presentations planned for ESMO 2025 [2][6]. Financial Highlights - As of June 30, 2025, Compugen had approximately $93.9 million in cash and cash equivalents, sufficient to fund operations into 2027 [7]. - The company reported revenues of approximately $1.3 million for Q2 2025, a decrease from $6.7 million in Q2 2024, primarily due to the timing of milestone payments [8]. - R&D expenses for Q2 2025 were approximately $5.6 million, down from $6.2 million in the same period of 2024 [9]. - The net loss for Q2 2025 was approximately $7.3 million, compared to a net loss of $2.1 million in Q2 2024 [9]. Future Milestones - Upcoming presentations at ESMO 2025 will include data on COM701 and rilvegostomig, with further data expected in H2 2026 [6][3].

Core Viewpoint - Compugen Ltd. reported its financial results for Q1 2025, highlighting advancements in its clinical pipeline and a solid financial position that supports ongoing operations into 2027 [1][4][5]. Financial Highlights - As of March 31, 2025, Compugen had approximately $103.7 million in cash and cash equivalents, which includes proceeds from an ATM raised in January and February 2025 [4]. - The company reported revenues of approximately $2.3 million for Q1 2025, a decrease from $2.6 million in Q1 2024, primarily due to the recognition of payments from a license agreement with Gilead [8]. - R&D expenses for Q1 2025 were approximately $5.8 million, down from $6.4 million in the same period of 2024, while G&A expenses remained stable at approximately $2.4 million [9]. Clinical Developments - Compugen initiated a randomized placebo-controlled trial for COM701 maintenance therapy in patients with relapsed platinum-sensitive ovarian cancer [2][6]. - The Phase 1 trial for GS-0321, a potential first-in-class anti-IL18BP antibody licensed to Gilead, is ongoing [2][6]. - AstraZeneca expanded its rilvegostomig program to ten Phase 3 trials across various cancers, with plans to present early data at the ASCO 2025 conference [2][7]. Leadership Changes - Upcoming leadership transitions will take effect in September 2025, with Dr. Anat Cohen-Dayag becoming Executive Chair and Dr. Eran Ophir taking over as President and CEO [2][6]. Future Milestones - Compugen expects to dose the first patient in the COM701 trial and continue recruitment for GS-0321 [6]. - Data from interim analysis of COM701 is projected for H2 2026 [7].

Financial Data and Key Metrics Changes - As of December 31, 2024, the company had approximately $103.3 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities, which includes a $60 million upfront payment from Gilead and a $30 million milestone payment for IND clearance [23] - The company reported approximately $1.5 million in revenues for Q4 2024 and approximately $27.9 million for the full year 2024, compared to approximately $33.5 million for the same periods in 2023 [24] - R&D expenses for Q4 2024 were approximately $5.9 million, down from approximately $10.9 million in Q4 2023, while total R&D expenses for the year were approximately $24.8 million compared to $34.5 million in 2023 [25] - The net loss for Q4 2024 was approximately $6.1 million, or approximately $0.07 per share, compared to a net income of approximately $9.7 million, or approximately $0.11 per share, in Q4 2023 [26] Business Line Data and Key Metrics Changes - The company is advancing the development of COM701 as a maintenance treatment option for patients with platinum-sensitive ovarian cancer, with plans to initiate a randomized, double-blinded sub-trial in Q2 2025 [8][9] - GS-0321, a potential first-in-class anti-IL-18 binding protein antibody, has progressed with a Phase I trial initiated in early January 2025, following a $30 million milestone payment from Gilead for FDA IND clearance [18] Market Data and Key Metrics Changes - The company noted that the TIGIT antibody class faced setbacks in 2024, leading to skepticism about the efficacy of TIGIT blocker combinations, but emphasized the potential of Fc inactive anti-TIGIT antibodies [11][12] - AstraZeneca has initiated multiple Phase III trials for rilvegostomig, which is derived from the company's COM902, representing a significant potential revenue source through milestone payments and royalties [15] Company Strategy and Development Direction - The company aims to leverage its computational discovery platform, Unigen, to identify novel ways to activate antitumor immunity and advance its pipeline [19][20] - The strategic priority for 2025 includes efficient execution of clinical trials and continued investment in early-stage research, with a cash runway expected to last into 2027 [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for 2025, highlighting the potential impact of their clinical programs on cancer patients' lives and the importance of their extraordinary team [21] - The company is focused on advancing its programs and believes it is well-positioned for growth, despite the competitive landscape in the oncology sector [20] Other Important Information - The company has a solid balance sheet with no debt and a cash runway to support its operating plans into 2027 [22] Q&A Session Summary Question: Inquiry about AstraZeneca's Phase III study design - Management stated they cannot comment on AstraZeneca's unpublished plans but are pleased with the initiation of pivotal trials [30] Question: Expectations for near-term data from AstraZeneca - Management indicated that AstraZeneca plans to present data during 2025 from the combination of rilvegostomig with ADCs [32] Question: Design of the ovarian study and its statistical power - The study is exploratory and not powered for full pivotal trial analysis, using Bayesian statistics to evaluate improvement probabilities [37][38] Question: Balance between study arms and patient eligibility criteria - The study will enroll patients who are not recommended for standard maintenance treatments, ensuring a more well-defined patient population [42] Question: Rate of enrollment in the studies - Management expects a rapid enrollment rate due to limited clinical trials available for the specific patient population [65] Question: Interim analysis triggers and futility thresholds - The interim analysis will be event-driven and based on follow-up, with a futility boundary established for evaluation [72][73]