Compugen(US:CGEN)2024-05-20 16:22Financial Data and Key Metrics Changes - As of March 31, 2024, the company had approximately $101.3 million in cash, up from approximately $51.1 million as of December 31, 2023, reflecting a significant increase due to a $60 million upfront payment from Gilead and a $10 million milestone payment from AstraZeneca [16][17] - Revenue for Q1 2024 was approximately $2.6 million, compared to no revenue for the same period in 2023, indicating the recognition of a portion of the upfront payment from the licensing agreement with Gilead [17] - The net loss for Q1 2024 was $7.3 million, or $0.08 per share, compared to a net loss of $9.3 million, or $0.11 per share, in Q1 2023, showing an improvement in loss per share [18] Business Line Data and Key Metrics Changes - The company completed enrollment of more than 20 patients in its platinum-resistant ovarian cancer study, with initial findings expected in Q4 2024 [4][5] - The ongoing proof of concept study in MSS-CRC patients is set to present data at the ASCO conference in June 2024, focusing on the anti-tumor activities of COM701 in combination with COM902 and pembrolizumab [4][8] Market Data and Key Metrics Changes - The company is advancing the development of rilvegostomig in collaboration with AstraZeneca, which is initiating a second Phase 3 trial in non-squamous non-small cell lung cancer [4][12] - The company has identified significant unmet medical needs in MSS-CRC patients with liver metastasis, which represents a hard-to-treat population [8] Company Strategy and Development Direction - The company aims to leverage its validated AI/ML-powered discovery platform to enhance its pipeline and address cancer immunotherapy resistance [7] - The focus for 2024 includes multiple data readouts and updates from a diversified portfolio, with plans to submit an IND for COM503 in the second half of the year [12][19] - The company is considering various combinations for its therapies, including potential combinations with chemotherapy and other agents in ovarian cancer and non-small cell lung cancer [31][41] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's fundamentals and pipeline, highlighting the potential for long-term value creation for shareholders and cancer patients [19] - The management acknowledged the challenges in the current operating environment, particularly in targeting MSS-CRC with liver metastasis, and indicated a strategic pivot towards other combinations or indications in the future [22][38] Other Important Information - The company has no debts and expects a cash runway into 2027, taking into account expected milestone payments from Gilead [17][14] - The company is in advanced stages of planning for the Phase 1 study of COM503, with IND clearance expected in 2024 [12][19] Q&A Session Summary Question: Details on colorectal trials and future path - Management indicated that the presentation on June 1 will provide additional details beyond the abstract, including antitumor reactivity and safety data, but emphasized that IO-IO combinations may not be the right approach for MSS-CRC with liver metastasis [21][22] Question: Strategy for COM503 and clinical data disclosure - The decision to disclose clinical data for COM503 will be made in collaboration with Gilead, with IND filing expected in the second half of the year [22] Question: Combining with standard of care agents - Management acknowledged the potential for combining therapies with standard care agents like chemotherapy or VEGF in ovarian cancer, while focusing on the current IO combination strategy [31][41]