Compugen(US:CGEN)2021-07-28 19:10Financial Data and Key Metrics Changes - Research and development expenses for Q2 2021 were $6.8 million, an increase from $4.4 million in Q2 2020, reflecting the expansion of clinical trials [41] - Net loss for Q2 2021 was $9.5 million or $0.11 per share, compared to a net loss of $6.2 million or $0.08 per share in Q2 2020 [42] - As of June 30, 2021, the company had approximately $111 million in cash, down from approximately $119 million as of March 31, 2021, with no debt [42] Business Line Data and Key Metrics Changes - The company is focused on the DNAM axis, specifically targeting PVRIG, TIGIT, and PD-1 pathways, with ongoing clinical studies evaluating these pathways [6][11] - COM701, the first-in-class anti-PVRIG antibody, is being evaluated in monotherapy and combination studies, showing promising preliminary data [12][14] - COM701 in combination with nivolumab resulted in a disease control rate of 67%, with notable responses in tumor types typically unresponsive to immune checkpoint inhibitors [13] Market Data and Key Metrics Changes - The company is the only one targeting PVRIG in a clinical setting, maintaining a first-mover advantage in the DNAM axis [11][28] - There is growing interest in the dual and triple blockade of DNAM axis members, indicating a competitive landscape in immuno-oncology [28][29] Company Strategy and Development Direction - The company aims to maintain its first-mover advantage by executing a comprehensive clinical program with innovative combination therapies [17][34] - The strategy includes a biomarker-informed clinical program to evaluate different combinations of PVRIG, TIGIT, and PD-1 across various tumor types [10][21] - The company is considering adding inflamed indications to its studies to assess the full blockade of the DNAM axis [20] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the potential of COM701 and COM902 to expand the reach of immunotherapy to patients unresponsive to current treatments [39] - The company plans to continue executing its clinical strategy with several milestones expected in the second half of 2021, including data from ongoing studies [32][34] Other Important Information - The company has a collaboration with Bayer for the development of ILDR2, with enrollment accelerating in the Phase 1 cohort expansion study [37][38] - The company is actively pursuing biomarker identification to correlate expression levels with clinical responses [22][66] Q&A Session Summary Question: What is the potential of TCF7 as a biomarker for patients? - Management indicated that TCF7 may be a challenging biomarker to monitor from peripheral blood compared to tumor samples [44][46] Question: What are the expected patient numbers for upcoming readouts? - Approximately 15 to 20 patients are expected for both the triple combination and COM902 dose escalation studies [49] Question: How does the company view the activity of VISTA in relation to the DNAM axis? - Management acknowledged the importance of MIALU checkpoints and is evaluating their efficacy in combination with current pipelines [51][53] Question: What is the company's strategy regarding potential partnerships? - The company is open to collaborative arrangements while ensuring it retains control over its key assets [60][61] Question: What is the correlation between PVRL2 and PD-L1 expression? - PVRL2 can be high in both PD-L1 positive and negative tumor types, indicating its potential as a target in various cancers [92] Question: Is there a correlation between peripheral and intratumoral immune cell populations? - There is a correlation, but the company emphasizes the importance of tumor biopsies for accurate assessment [93][94]