Compugen(US:CGEN)2025-05-19 13:30Financial Data and Key Metrics Changes - As of March 31, 2025, the company had approximately $103.7 million in cash, cash equivalents, total bank deposits, and investments in marketable securities [14] - Revenues for Q1 2025 were approximately $2.3 million, a decrease from approximately $2.6 million in Q1 2024 [15] - R&D expenses for Q1 2025 were approximately $5.8 million, down from approximately $6.4 million in Q1 2024 [15] - The net loss for Q1 2025 was approximately $7.2 million, or $0.08 per basic and diluted share, compared to a net loss of approximately $7.3 million in the same period of 2024 [15] Business Line Data and Key Metrics Changes - The company is advancing its clinical immuno-oncology pipeline, particularly focusing on the anti-PVRIG antibody COM701, with a sub-trial initiated for patients with relapsed platinum-sensitive ovarian cancer [6][7] - The study aims to demonstrate a clinically meaningful improvement in median progression-free survival over placebo, targeting a three-month improvement [8] Market Data and Key Metrics Changes - AstraZeneca has initiated multiple Phase III trials in the TIGIT space, with significant potential revenue opportunities estimated at over $5 billion in lung cancer alone [10] - The eligible lung cancer patient population across G7 countries is estimated to exceed 500,000 patients based on 2025 epidemiological data [10] Company Strategy and Development Direction - The company is focused on advancing its early-stage and clinical immuno-oncology pipeline, with a strong emphasis on innovative therapies and strategic collaborations [4][12] - The leadership transition aims to ensure a solid foundation for the company's next phase of growth, with a commitment to addressing significant unmet medical needs in cancer treatment [4][5] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the potential impact of their clinical trials on cancer patients' lives and highlighted the importance of their cash runway extending into 2027 [12][14] - The evolving clinical trial landscape, particularly in the context of ADCs and TIGIT studies, presents both challenges and opportunities for the company [9][10] Other Important Information - The company has a robust foundation with a talented management team and a commitment to advancing its innovative pipeline [4][12] - The cash runway is expected to support the advancement of key clinical trials and early-stage research without additional cash inflows [14] Q&A Session Summary Question: Impact of Merck's KEYNOTE B96 trial success on ovarian cancer strategy - Management noted that the success of Merck's trial indicates benefits from adding immune checkpoint inhibitors to standard care, which could open opportunities for COM701 in similar settings [17][19] Question: Interpretation of Roche's Skyscraper one data regarding TIGIT - Management discussed the challenges faced by the trial and emphasized the importance of patient population and study design in interpreting the results [20][24] Question: Data collection on tumor microenvironment features from the COM701 study - The company confirmed plans to collect data on tumor microenvironment features, although specific details were not disclosed [29][30] Question: Activity in PD-L1 positive patients and combinability with other treatments - Management indicated that COM701 has shown activity in both PD-L1 positive and negative patients, suggesting potential for combination therapies [33][35]