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]