Compugen Reports First Quarter 2026 Results

Rhea-AI Summary

Compugen (NASDAQ:CGEN) reported Q1 2026 results and clinical progress. Cash, cash equivalents, deposits and securities totaled $134.9 million as of March 31, 2026, with no debt and cash runway expected to fund operations into 2029.

Q1 2026 revenue was $2.2 million, R&D expenses $6.9 million, G&A expenses $2.3 million, and net loss $7.7 million ($0.08 per share). The COM701 MAIA-ovarian trial is enrolling in the U.S., Israel and France, with interim analysis targeted by Q1 2027. Partner AstraZeneca is advancing rilvegostomig in 11 Phase 3 trials, and the Gilead-partnered GS-0321 Phase 1 trial is progressing. Partnerships with AstraZeneca and Gilead offer about $1 billion in potential milestones plus royalties.

AI-generated analysis. Not financial advice.

Positive

• Cash, deposits and marketable securities of approximately $134.9 million as of March 31, 2026
• Cash runway expected to fund operating plans into 2029, with no debt
• COM701 MAIA-ovarian trial enrolling at sites in the U.S., Israel and France
• COM701 MAIA-ovarian interim analysis targeted by Q1 2027
• AstraZeneca advancing rilvegostomig in 11 ongoing Phase 3 trials
• Partnerships with AstraZeneca and Gilead offer about $1 billion in potential milestones plus royalties

Negative

• Q1 2026 revenue $2.2 million vs. $2.3 million in Q1 2025
• R&D expenses rose to $6.9 million from $5.8 million year over year
• Net loss increased to $7.7 million from $7.2 million in Q1 2025

News Market Reaction – CGEN

+4.00%

15 alerts

+4.00% News Effect

+12.8% Peak Tracked

-14.5% Trough Tracked

+$10M Valuation Impact

$260.02M Market Cap

0.4x Rel. Volume

On the day this news was published, CGEN gained 4.00%, reflecting a moderate positive market reaction. Argus tracked a peak move of +12.8% during that session. Argus tracked a trough of -14.5% from its starting point during tracking. Our momentum scanner triggered 15 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $10M to the company's valuation, bringing the market cap to $260.02M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash & equivalents: $134.9M Cash runway: Into 2029 Q1 2026 revenue: $2.2M +5 more

8 metrics

Cash & equivalents $134.9M As of March 31, 2026

Cash runway Into 2029 Based on current operating plans

Q1 2026 revenue $2.2M Quarter ended March 31, 2026

Q1 2025 revenue $2.3M Comparable quarter 2025

Q1 2026 R&D expenses $6.9M Quarter ended March 31, 2026

Q1 2026 net loss $7.7M ($0.08/share) Quarter ended March 31, 2026

Q1 2025 net loss $7.2M ($0.08/share) Comparable quarter 2025

Milestone potential ≈$1B Potential milestones plus royalties from AstraZeneca and Gilead partnerships

Market Reality Check

Price: $2.73 Vol: Volume 833,524 is 1.58x t...

high vol

$2.73 Last Close

Volume Volume 833,524 is 1.58x the 20-day average of 525,984, indicating elevated trading activity before the release. high

Technical Shares at 2.75 are trading above the 200-day MA of 1.87, reflecting a pre-news position above longer-term trend levels.

Peers on Argus

Despite CGEN down 9.24% pre-release, momentum data show biotech peers like INO a...

2 Up

Despite CGEN down 9.24% pre-release, momentum data show biotech peers like INO and EQ moving up (sector note: "2 peer stocks on Argus also moving up"). This divergence points to stock-specific dynamics rather than a coordinated sector move.

Previous Earnings Reports

5 past events · Latest: Mar 02 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Mar 02	FY 2025 earnings	Positive	+24.3%	Strong 2025 profitability, $145.6M cash, AstraZeneca monetization and CEO transition.
Nov 10	Q3 2025 earnings	Positive	+3.1%	Robust cash, MAIA-ovarian progress, >$1B milestones and royalty-bearing partnerships.
Aug 06	Q2 2025 earnings	Positive	+0.0%	Initiation of MAIA-ovarian trial and strong cash into 2027 with partner advances.
May 19	Q1 2025 earnings	Positive	+0.0%	Q1 2025 results, COM701 maintenance trial start and leadership transition plan.
Mar 04	FY 2024 earnings	Positive	-7.2%	FY 2024 results with strong cash, improving net loss and partner milestone payment.

Pattern Detected

Earnings updates have generally coincided with a modestly positive average move of 4.04%, but individual reactions have varied from strong gains to notable declines.

Recent Company History

Over the past year, Compugen’s earnings reports have consistently highlighted a solid cash position, multi-year runway, and clinical progress in COM701 and GS-0321, alongside expanding AstraZeneca and Gilead partnerships. Cash balances have supported runway extensions from 2027 to 2029, while the MAIA-ovarian maintenance trial and multiple rilvegostomig Phase 3 programs have remained central themes. Price reactions ranged from a 24.31% jump on the March 2, 2026 full-year 2025 report to a -7.18% move on the 2024 results, underscoring mixed market responses to earnings.

Historical Comparison

+4.0% avg move · In the past five earnings releases, CGEN’s average move was 4.04%, with outcomes ranging from a stro...

earnings

+4.0%

Average Historical Move earnings

In the past five earnings releases, CGEN’s average move was 4.04%, with outcomes ranging from a strong double‑digit gain to a mid‑single‑digit decline.

Earnings updates have tracked steady cash strengthening, runway extension into 2029, and progression of COM701 MAIA‑ovarian and GS‑0321, alongside AstraZeneca’s expansion of rilvegostomig Phase 3 programs.

Market Pulse Summary

This announcement emphasizes Compugen’s solid financial footing, with $134.9M in cash and runway int...

Analysis

This announcement emphasizes Compugen’s solid financial footing, with $134.9M in cash and runway into 2029, alongside continued progress in the COM701 MAIA‑ovarian trial and partner-led programs rilvegostomig and GS‑0321. Revenue of $2.2M and a net loss of $7.7M reflect ongoing investment in R&D. Historically, earnings have produced an average move of 4.04%. Investors may watch upcoming MAIA interim data by Q1 2027 and partner trial milestones as key future catalysts.

Key Terms

phase 3, phase 2, phase 1, progression-free survival, +4 more

8 terms

phase 3 medical

"AstraZeneca is advancing rilvegostomig across 11 ongoing Phase 3 trials"

Phase 3 is the late-stage clinical testing step for a new drug or medical treatment, where the product is given to large groups of patients to confirm effectiveness, monitor side effects, and compare it to standard care. Successful Phase 3 results are often the final scientific hurdle before regulators decide on approval and market launch—like passing a final exam before graduation—and can sharply change a company's valuation and future revenue prospects.

phase 2 medical

"late-breaking Phase 2 data in HER2-positive gastric cancer (DESTINY-Gastric03)"

Phase 2 is the mid-stage clinical trial where a new drug or treatment is tested in a larger group of patients to see if it works and to keep checking safety after initial human testing. Think of it as a field test that proves whether a product actually delivers its promised benefit. Investors watch Phase 2 closely because its results strongly influence a medicine’s chances of reaching the market, the size of its potential sales, and the company’s valuation.

phase 1 medical

"Gilead-partnered GS-0321 Phase 1 trial continues to progress as planned"

Phase 1 is the first stage of testing a new drug or medical treatment in people, focused primarily on safety, how the body handles the product, and finding a tolerated dose. Think of it as a short, tightly controlled experiment with a small group to check for dangerous side effects before wider testing; for investors it is an early milestone that reduces some uncertainty but still carries high risk and potential for both big value changes and setbacks.

progression-free survival medical

"on track for having the median progression-free survival at the interim analysis"

Progression-free survival is the length of time during and after a treatment that a patient's disease does not get worse, measured from the start of treatment until the disease shows measurable signs of progression or the patient dies. Investors care because longer progression-free survival in clinical trials often signals that a drug is effective, improving chances of regulatory approval, market adoption, and revenue potential—think of it as a stopwatch showing how long a therapy can keep the illness at bay.

maintenance therapy medical

"a key potential inflection point for COM701 as a maintenance therapy"

Treatment given after an initial successful response to control a chronic or recurring disease and prevent it from returning or worsening; it often involves lower-intensity, ongoing medication or interventions rather than aggressive cures. For investors, maintenance therapy matters because it can create steady, long-term demand for drugs or services, similar to a subscription that generates predictable revenue and extends a product’s commercial life beyond the initial treatment period.

immuno-oncology medical

"potential as an immuno-oncology backbone across multiple tumor types"

Immuno-oncology is a field of medicine focused on using the body's immune system to fight cancer. It involves developing treatments that help the immune system recognize and attack cancer cells more effectively. For investors, advancements in immuno-oncology can signal promising new therapies that may lead to improved patient outcomes and potentially significant commercial opportunities.

bispecific medical

"reinforces our confidence in its differentiated bispecific design"

A bispecific molecule is a therapeutic designed to bind two different biological targets at once — imagine a two-headed key that fits two locks simultaneously. For investors, bispecific therapies matter because that dual-action can make a treatment more effective or selective, potentially improving clinical results, altering safety profiles, and creating a stronger commercial edge; those factors directly affect development risk, regulatory chances, and future revenue prospects.

her2-positive medical

"late-breaking Phase 2 data in HER2-positive gastric cancer"

HER2-positive describes cancer cells that have too many copies of the HER2 gene or make too much of the HER2 protein, which acts like an overactive growth switch that drives tumor growth. For investors, HER2 status matters because it determines whether patients can receive specific, often expensive targeted therapies and diagnostic tests, so trial results, approvals, or competing drugs tied to HER2 can strongly affect drug sales and company value.

AI-generated analysis. Not financial advice.

• COM701 MAIA-ovarian trial actively enrolling patients across all clinical sites in the U.S., Israel, and France; interim analysis on track by Q1 2027
• Partner AstraZeneca is advancing rilvegostomig across 11 ongoing Phase 3 trials and presented clinical and pre-clinical rilvegostomig data at AACR 2026, including late-breaking Phase 2 data in HER2-positive gastric cancer (DESTINY-Gastric03), with new data to be released at ASCO 2026
• Gilead-partnered GS-0321 Phase 1 trial continues to progress as planned
• Solid financial position with cash runway expected to fund operations into 2029

HOLON, Israel, May 18, 2026 /PRNewswire/ -- Compugen Ltd. (NASDAQ: CGEN) (TASE: CGEN) a clinical-stage cancer immunotherapy company and a pioneer in computational target discovery powered by AI/ML, today reported financial results for the first quarter of 2026 and provided a corporate update.

"Q1 2026 reflects continued execution across all of our programs in line with our strategic priorities," said Eran Ophir, Ph.D., President and CEO of Compugen. "With enrollment progressing across all COM701 MAIA-ovarian trial sites, we remain on track for having the median progression-free survival at the interim analysis by Q1 2027, a key potential inflection point for COM701 as a maintenance therapy in a patient population with significant unmet medical need and no current standard of care."

Dr. Ophir continued, "Our partner AstraZeneca continues to broadly advance rilvegostomig. Data presented by AstraZeneca at AACR 2026 reinforces our confidence in its differentiated bispecific design and potential as an immuno-oncology backbone across multiple tumor types, as AstraZeneca progresses rilvegostomig across 11 Phase 3 trials. In addition, we continue to advance the Gilead-partnered GS-0321 Phase 1 trial."

Dr. Ophir concluded, "Our solid financial position with cash runway expected into 2029, based on our current plans, enables us to advance our differentiated immuno-oncology pipeline and leverage our AI/ML powered computational discovery platform Unigen™, to discover novel ways to activate the immune system against cancer. I remain encouraged by the progress of our fully owned programs, strengthened by validating partnerships with AstraZeneca and Gilead, which together offer approximately $1 billion in potential milestones plus royalties."

First Quarter 2026 Financial Highlights 

Cash: As of March 31, 2026, Compugen had approximately $134.9 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities.

Compugen expects that its cash and cash-related balances will be sufficient to fund its operating plans into 2029. This does not include any additional cash inflows. The Company has no debt. 

Revenue: Compugen reported approximately $2.2 million in revenues for the first quarter ended March 31, 2026, compared to approximately $2.3 million in revenues for the comparable period in 2025. The revenues reported in the first quarters of 2026 and 2025 reflect recognition of portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead. 

R&D expenses for the first quarter of 2026 were approximately $6.9 million compared with approximately $5.8 million for the comparable period in 2025. The increase is mainly due to an increase in clinical expenses related to MAIA-ovarian trial as well as drug supply costs supporting our trials.

G&A expenses for the first quarter of 2026 were approximately $2.3 million compared to approximately $2.4 million for the comparable period in 2025.

Net loss for the first quarter of 2026 was approximately $7.7 million, or $0.08 per basic and diluted share, compared with a net loss of approximately $7.2 million, or $0.08 per basic and diluted share, in the comparable period in 2025.

Full financial tables are included below.

Conference Call and Webcast Information

The Company will hold a conference call today, May 18, 2026, at 8:30 AM ET to review its first quarter 2026 results. To access the conference call by telephone, please dial 1-866-744-5399 from the United States, or +972-3-918-0644 internationally. The call will also be available via live webcast through Compugen's website, located at the following link. Following the live audio webcast, a replay will be available on the Company's website.

About Compugen

Compugen is a clinical-stage therapeutic discovery and development company utilizing Unigen™, its AI/ML powered computational discovery platform, to identify novel drug targets and to develop therapeutics in the field of cancer immunotherapies. Compugen's innovative immuno-oncology pipeline consists of four clinical-stage programs: COM701, COM902, rilvegostomig and GS-0321 (previously COM503). COM701, a potential first-in-class anti-PVRIG antibody, and COM902, an anti-TIGIT antibody, have been evaluated for the treatment of solid tumors as monotherapy and in combinations. Currently, we are conducting a blinded randomized ovarian cancer platform trial evaluating COM701 as a single agent in maintenance therapy in relapsed platinum sensitive ovarian cancer (named MAIA-ovarian trial). Rilvegostomig, a PD-1/TIGIT bispecific antibody with a TIGIT component that is derived from COM902 program, is being developed by AstraZeneca pursuant to an exclusive license agreement between us and AstraZeneca and is being evaluated in multiple Phase 3, Phase 2 and Phase 1 clinical trials. GS-0321 (previously COM503), Compugen's potential first-in-class high affinity antibody, which blocks the interaction between IL-18 binding protein and IL-18, is licensed to Gilead and is being evaluated in a Phase 1 clinical trial that we are conducting. In addition, Compugen's has an early-stage immuno-oncology pipeline consists of research programs aiming to address various mechanisms to enhance anti-cancer immunity. Compugen's shares are listed on Nasdaq and the Tel Aviv Stock Exchange under the ticker symbol CGEN.

Forward-Looking Statement

This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of Compugen. Forward-looking statements can be identified using terminology such as "will," "may," "expects," "anticipates," "believes," "potential," "plan," "goal," "estimate," "likely," "should," "confident," and "intends," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, statements regarding our expectations for COM701 MAIA-ovarian to have median progression-free survival at the interim analysis by Q1 2027; statements regarding the advancement of Phase 1 trial for Gilead-partnered GS-0321; statements regarding AstraZeneca's advancement of its rilvegostomig program; statements regarding Compugen's partnerships with AstraZeneca and Gilead and potential milestones and royalty payments; statements to the effect that our cash and cash-related balances will be sufficient to fund our operating plans into 2029; statements that our cash position will enable us to continue to leverage our AI/ML powered predictive computational discovery platform, Unigen™, to accelerate our research efforts supporting our early-stage pipeline. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance, or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Among these risks: the clinical trials of any product candidates that Compugen, or any current or future collaborators, may develop may fail to satisfactorily demonstrate safety and efficacy to the FDA, and Compugen, or any collaborators, may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of these product candidates; Compugen's business model is substantially dependent on entering into collaboration agreements with third parties and Compugen may not be successful in generating adequate revenues or commercializing aspects of its business model; Compugen's approach to the discovery of therapeutic products is based on its proprietary computational target discovery infrastructure, which is unproven clinically; general market, political and economic conditions in the countries in which Compugen operates, including Israel; the effect of the evolving nature of the recent war in Israel; and Compugen does not know whether it will be able to discover and develop additional potential product candidates or products of commercial value. These risks and other risks are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F as filed with the Securities and Exchange Commission (SEC) as well as other documents that may be subsequently filed by Compugen from time to time with the SEC. In addition, any forward-looking statements represent Compugen's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does not assume any obligation to update any forward-looking statements unless required by law.

Company contact:

Lindsey Trickett
Head of Investor Relations and Corporate Communications
Email: lindseyt@cgen.com
Tel: +1 (628) 241-0071

COMPUGEN LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(U.S. dollars in thousands, except for share and per share amounts)
	Three Months Ended
	March 31,
	2026		2025
	Unaudited		Unaudited
Revenues	2,176		2,284
Cost of revenues	1,824		2,400
Gross profit (loss)	352		(116)
Operating expenses
Research and development expenses	6,937		5,773
Marketing and business development expenses	134		139
General and administrative expenses	2,298		2,367
Total operating expenses	9,369		8,279
Operating loss	9,017		8,395
Financial and other income, net	1,353		1,245
Loss before taxes on income	7,664		7,150
Tax expenses	5		31
Net loss	7,669		7,181
Basic and diluted net loss per ordinary share	(0.08)		(0.08)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	94,556,230		92,308,225

 

COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
	March 31,		December 31,
	2026		2025
	Unaudited
ASSETS
Current assets
Cash and cash equivalents	12,435		90,597
Short-term bank deposits	79,316		45,759
Investment in marketable securities	43,195		9,284
Other accounts receivable and prepaid expenses	2,338		2,382
Total current assets	137,284		148,022
Non-current assets
Restricted long-term bank deposit	452		410
Long-term prepaid expenses	1,295		1,293
Severance pay fund	3,727		3,643
Operating lease right to use asset	2,486		2,521
Property and equipment, net	617		681
Total non-current assets	8,577		8,548
Total assets	145,861		156,570
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Trade payables	2,526		2,353
Short-term deferred revenues	11,598		10,970
Current maturity of operating lease liability	559		521
Accrued expenses	4,031		5,676
Employees and related accruals	3,323		3,050
Total current liabilities	22,037		22,570
Non-current liabilities
Long-term deferred revenues	22,139		24,943
Long-term operating lease liability	2,373		2,439
Accrued severance pay	3,959		3,887
Total non-current liabilities	28,471		31,269
Total shareholders' equity	95,353		102,731
Total liabilities and shareholders' equity	145,861		156,570

 

 

View original content:https://www.prnewswire.com/news-releases/compugen-reports-first-quarter-2026-results-302774535.html

SOURCE Compugen Ltd.

FAQ

What were Compugen (CGEN) Q1 2026 financial results?

Compugen reported Q1 2026 revenue of about $2.2 million and a net loss of $7.7 million. According to Compugen, R&D expenses were $6.9 million, G&A expenses $2.3 million, and loss per basic and diluted share remained $0.08, similar to Q1 2025.

How strong is Compugen's cash position and runway after Q1 2026?

Compugen ended Q1 2026 with approximately $134.9 million in cash, deposits and marketable securities. According to Compugen, these cash-related balances are expected to fund its operating plans into 2029, and the company reported having no debt on its balance sheet.

What is the status and timeline of Compugen's COM701 MAIA-ovarian trial?

The COM701 MAIA-ovarian maintenance trial is actively enrolling patients in the U.S., Israel and France. According to Compugen, enrollment is progressing across all sites, and the company remains on track to reach the median progression-free survival interim analysis by Q1 2027.

How is AstraZeneca progressing rilvegostomig in partnership with Compugen?

AstraZeneca is advancing rilvegostomig across 11 ongoing Phase 3 trials in multiple tumor types. According to Compugen, AstraZeneca presented clinical and pre-clinical rilvegostomig data at AACR 2026, including Phase 2 data in HER2-positive gastric cancer, with additional data planned for ASCO 2026.

What progress has been made in the Gilead-partnered GS-0321 trial?

The Gilead-partnered GS-0321 Phase 1 clinical trial continues to progress as planned. According to Compugen, revenues in Q1 2026 reflect recognition of portions of the upfront payment and the IND milestone payment from the GS-0321 license agreement with Gilead.

What potential milestone and royalty revenue could Compugen receive from AstraZeneca and Gilead?

Compugen's collaborations with AstraZeneca and Gilead provide about $1 billion in potential milestone payments plus royalties. According to Compugen, these validating partnerships support advancement of its immuno-oncology pipeline alongside internally funded programs and its AI/ML-powered computational discovery platform Unigen.

Did Compugen's operating expenses change year over year in Q1 2026?

Compugen's R&D expenses increased to about $6.9 million, while G&A expenses were $2.3 million in Q1 2026. According to Compugen, higher R&D primarily reflects increased clinical and drug supply costs, whereas G&A expenses were slightly lower than the $2.4 million reported in Q1 2025.