Compugen Reports Fourth Quarter and Full Year 2025 Results

Rhea-AI Summary

Compugen (Nasdaq: CGEN) reported Q4 and full‑year 2025 results and a corporate update on March 2, 2026. Key items: $145.6M cash at year‑end, $65M upfront from AstraZeneca royalty monetization, expected cash runway into 2029, and CEO transition to Eran Ophir.

2025 revenue totaled $72.8M (Q4 $67.3M); net income was $35.3M for the year and Q4 net profit was $56.8M. Clinical progress includes COM701 MAIA‑ovarian and Gilead‑partnered GS‑0321 trials with MAIA interim analysis expected Q1 2027.

Positive

• Cash balance of $145.6M at December 31, 2025
• $65M upfront from AstraZeneca royalty monetization
• Company expects cash runway extended into 2029
• 2025 revenue $72.8M versus $27.9M in 2024 (large increase)
• Reported full‑year net income of $35.3M

Negative

• 2025 cost of revenues rose to $9.3M from $7.9M (≈18% increase)
• 2025 revenues include a $65M one‑time upfront, concentrating income
• Clinical timelines: MAIA‑ovarian interim analysis not expected until Q1 2027

News Market Reaction – CGEN

+24.31% 8.5x vol

38 alerts

+24.31% News Effect

+20.8% Peak in 7 hr 50 min

+$42M Valuation Impact

$215M Market Cap

8.5x Rel. Volume

On the day this news was published, CGEN gained 24.31%, reflecting a significant positive market reaction. Argus tracked a peak move of +20.8% during that session. Our momentum scanner triggered 38 alerts that day, indicating elevated trading interest and price volatility. This price movement added approximately $42M to the company's valuation, bringing the market cap to $215M at that time. Trading volume was exceptionally heavy at 8.5x the daily average, suggesting very strong buying interest.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Cash balance: $145.6M AstraZeneca upfront: $65M Added milestone: $25M +5 more

8 metrics

Cash balance $145.6M Cash and equivalents as of December 31, 2025

AstraZeneca upfront $65M Upfront payment for monetization of portion of rilvegostomig royalties

Added milestone $25M Increase to next potential milestone upon BLA acceptance for rilvegostomig

Potential milestones $195M Total potential future regulatory and commercial milestones from AstraZeneca

Q4 2025 revenue $67.3M Revenue for the fourth quarter of 2025

2025 revenue $72.8M Revenue for full year 2025

2025 net profit $35.3M Net profit for the year ended December 31, 2025

Q4 2025 EPS $0.60 Net profit per basic and diluted share in Q4 2025

Market Reality Check

Price: $2.00 Vol: Volume 334,230 is 1.6x th...

high vol

$2.00 Last Close

Volume Volume 334,230 is 1.6x the 20-day average of 208,420, indicating elevated interest into the earnings release. high

Technical Price at $1.81 trades above the 200-day MA of $1.62, sitting 23.95% below the 52-week high and 60.18% above the 52-week low.

Peers on Argus

CGEN is up 1.12% while momentum peers AVTX, HURA and IOBT show declines of -14.2...

3 Down

CGEN is up 1.12% while momentum peers AVTX, HURA and IOBT show declines of -14.29%, -8.98% and -8.31%, pointing to stock-specific strength versus a weaker biotech tape.

Previous Earnings Reports

5 past events · Latest: Nov 10 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Nov 10	Quarterly earnings	Negative	+3.1%	Q3 2025 loss amid revenue drop but continued clinical and partnership progress.
Aug 6	Quarterly earnings	Negative	+0.0%	Q2 2025 revenue decline and net loss despite solid cash and trial advances.
May 19	Quarterly earnings	Neutral	+0.0%	Q1 2025 loss offset by healthy cash and initiation of COM701 platform trial.
Mar 4	Annual results	Neutral	-7.2%	Full-year 2024 loss with strong cash and pipeline but lower annual revenue.
Nov 12	Quarterly earnings	Positive	-8.1%	Q3 2024 profit and higher revenue alongside encouraging COM701 clinical data.

Pattern Detected

Earnings releases have often seen share price moves diverge from the qualitative tone of updates, with several past reports followed by negative or flat reactions.

Recent Company History

Recent earnings updates show Compugen highlighting cash runway into 2027–2029, ongoing MAIA-ovarian and GS-0321 trials, and AstraZeneca’s expansion of rilvegostomig to ten Phase 3 trials. Past reports noted leadership changes and consistent cash balances above $86M. Today’s full-year 2025 results build on this by adding a royalty monetization with AstraZeneca, upgraded cash of $145.6M, and a shift from net losses to profitability.

Historical Comparison

-2.4% avg move · In the past five earnings releases, CGEN’s average move was -2.43%, with several negative reactions ...

earnings

-2.4%

Average Historical Move earnings

In the past five earnings releases, CGEN’s average move was -2.43%, with several negative reactions even on positive updates. Today’s modest 1.12% gain on strong 2025 results represents a relatively mild upside versus that history.

Across earnings cycles, Compugen has moved from cash runway into 2027 with recurring net losses toward $145.6M in cash and profitability, while advancing MAIA-ovarian, GS-0321, and AstraZeneca’s rilvegostomig program from multiple Phase 3 trials toward larger data sets.

Market Pulse Summary

The stock surged +24.3% in the session following this news. A strong positive reaction aligns with C...

Analysis

The stock surged +24.3% in the session following this news. A strong positive reaction aligns with Compugen’s shift from recurring losses to a $35.3M net profit and an enhanced cash balance of $145.6M supported by a $65M AstraZeneca royalty monetization. Historically, earnings moves averaged -2.43%, so a large upside move could reflect rerating, but prior divergences suggest that enthusiasm may fade if future milestones or clinical readouts disappoint.

Key Terms

non-dilutive transaction, royalties, Phase 3 clinical trials, Phase 1 trial, +4 more

8 terms

non-dilutive transaction financial

"Strengthened financial position through a non-dilutive transaction with AstraZeneca"

A non-dilutive transaction is a funding or deal that provides cash or value to a company without issuing new shares, so existing owners keep the same percentage of ownership. Investors care because it avoids reducing each share’s claim on profits and voting power — like getting money into a business without cutting the pie into more slices — though it may come with obligations such as debt or future payment commitments.

royalties financial

"monetizing a small portion of rilvegostomig royalties and extending expected cash runway"

Payments made to the owner of an asset or intellectual property each time that asset is used or a product is sold, often calculated as a percentage of sales or a set amount per unit. Royalties matter to investors because they create predictable, ongoing income streams and affect a company’s cash flow and valuation—like a landlord collecting rent or an author getting a steady cut whenever a book is sold.

Phase 3 clinical trials medical

"across 10 Phase 3 clinical trials in lung, gastrointestinal and endometrial cancers"

Phase 3 clinical trials are large, late-stage studies that test a drug or medical treatment in hundreds to thousands of patients to confirm it is safe and effective and to compare it with existing options. Investors care because positive results are a key step toward regulatory approval and commercial sales, reducing uncertainty much like a full dress rehearsal before a product launch; negative results can sharply reduce a program’s value.

Phase 1 trial medical

"we are advancing our Phase 1 trial of GS-0321, an anti-IL18BP antibody"

Phase 1 trial is the first stage of testing a new drug or treatment in humans, focused mainly on safety, tolerability and finding the right dose, usually in a small group of volunteers or patients. For investors it matters because clear safety and dosing results reduce development risk, unlock later, larger trials, and can meaningfully change a biotech’s value and timeline — like a prototype’s maiden test flight that shows whether further investment makes sense.

anti-IL18BP antibody medical

"advancing our Phase 1 trial of GS-0321, an anti-IL18BP antibody licensed to Gilead"

An anti-IL18BP antibody is a laboratory-made protein designed to bind to and block IL-18 binding protein, a natural regulator that soaks up the immune signaling molecule IL-18. By removing that “sponge,” the antibody can increase or restore IL-18 activity and change inflammation and immune responses. For investors, such a drug candidate signals a targeted approach to immune-related diseases and carries clinical-development and market-risk implications similar to other experimental biologic therapies.

maintenance therapy medical

"evaluating COM701 as maintenance therapy in platinum sensitive ovarian cancer"

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.

BLA acceptance regulatory

"added to the next potential milestone payment upon BLA acceptance"

BLA acceptance is when a regulatory agency, most commonly the U.S. Food and Drug Administration (FDA), determines that a company’s Biologics License Application contains enough information to begin a formal review. It matters to investors because acceptance starts the official countdown toward approval; think of it like a court agreeing to hear a case — it doesn’t guarantee a win but signals the product is now under serious evaluation, which can change expected timelines, risks, and potential market value.

tiered royalties financial

"remains eligible for tiered royalties of up to mid-single digits on future sales"

Tiered royalties are a payment structure where the percentage of earnings paid as royalties changes based on different levels of sales or production. For example, a company might pay a smaller percentage on initial sales and a higher percentage as sales increase beyond certain points. This system encourages higher sales by adjusting payments, making it important for investors to understand how revenue sharing may vary as a product or project grows.

AI-generated analysis. Not financial advice.

• Strengthened financial position through a non-dilutive transaction with AstraZeneca, monetizing a small portion of rilvegostomig royalties and extending expected cash runway into 2029
• Enhanced leadership team with Dr. Eran Ophir appointed President and CEO and Dr. Anat Cohen-Dayag transitioned to Executive Chair
• Advanced clinical execution, including initiation of trials for wholly owned COM701 (MAIA-ovarian) and Gilead partnered GS-0321 and expansion of the Company's global clinical trial footprint
• Presented clinical updates for COM701 and GS-0321 at ESMO and SITC 2025, respectively
• On track to have MAIA-ovarian interim analysis in Q1 2027
• Partner AstraZeneca reported promising Phase 2 rilvegostomig data at ESMO 2025, with 10 ongoing Phase 3 clinical trials, and anticipates further Phase 1/2 clinical trial data with rilvegostomig in 2026

HOLON, ISRAEL, March 2, 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 fourth quarter and full year 2025 and provided a corporate update.

"We delivered important progress in 2025, highlighted by the extension of our cash runway into 2029 through a non-dilutive monetization agreement with AstraZeneca for rilvegostomig," said Eran Ophir, Ph.D., President and CEO of Compugen. "This strategic transaction strengthens our cash position while preserving the potential for significant long-term value of a multi-billion-dollar asset being advanced by AstraZeneca across 10 Phase 3 clinical trials in lung, gastrointestinal and endometrial cancers with further clinical data anticipated from Phase 1/2 clinical trials in 2026."

Dr. Ophir continued, "Across our pipeline, we continue to execute with discipline. In 2025, we initiated dosing in new clinical trials of COM701 MAIA-ovarian and of GS-0321 Phase 1 and expanded our clinical footprint across the U.S., Israel and France in the MAIA-ovarian clinical trial. At ESMO 2025, we presented pooled COM701 data from 3 platinum resistant ovarian cancer trials that we believe support the rationale for our MAIA-ovarian trial, evaluating COM701 as maintenance therapy in platinum sensitive ovarian cancer in a setting of significant unmet medical need with no current standard of care. We are on track to have interim analysis in Q1 2027. In parallel, we are advancing our Phase 1 trial of GS-0321, an anti-IL18BP antibody licensed to Gilead which utilizes a differentiated cytokine-based approach. Additionally, we continue to invest in multiple early-stage discovery programs, advancing potential breakthrough drug candidates against undisclosed drug targets."

Dr. Ophir concluded, "We enter 2026 uniquely positioned with a strengthened balance sheet, a validated computational AI/ML discovery engine, a clinical pipeline built on differentiated innovative biology, enhanced leadership and two validating partnerships with AstraZeneca and Gilead representing up to $1 billion in potential milestone payments in addition to future royalties. I am incredibly proud of what our team has delivered and excited for what lies ahead."

Fourth Quarter and Full Year 2025 Financial Highlights
Cash: As of December 31, 2025, Compugen had approximately $145.6 million in cash, cash equivalents, short-term bank deposits and investment in marketable securities. The cash balance at the end of 2025 includes the receipt of the upfront payment of $65 million from AstraZeneca for the monetization of a small portion of rilvegostomig royalties.

Key Highlights from Royalty Monetization Deal with AstraZeneca:

• $65 million upfront payment and $25 million added to the next potential milestone payment upon BLA acceptance, for a small portion of Compugen's existing royalty interest in rilvegostomig
• Compugen retains the majority of its future royalties and remains eligible for tiered royalties of up to mid-single digits on future sales and potential future regulatory and commercial milestones of up to $195 million (amount includes the $25 million stated above)

Compugen currently expects that its current cash balances will be sufficient to fund its operating plans into 2029. The Company has no debt.

Revenues: Compugen reported approximately $67.3 million in revenues for the fourth quarter of 2025 and approximately $72.8 million in revenues for the year ended December 31, 2025, compared to approximately $1.5 million in revenues for the fourth quarter of 2024 and approximately $27.9 million in revenues for the year ended December 31, 2024. The revenues for 2025 include the upfront payment of $65 million from AstraZeneca and the portion of the upfront payment and the IND milestone payment from the license agreement with Gilead, while the revenues for 2024 reflect the portion of the upfront payment and the IND milestone payment from the license agreement with Gilead and the $5 million clinical milestone payment from AstraZeneca.

Cost of Revenues for the fourth quarter and year ended December 31, 2025, were approximately $3.5 million and $9.3 million, respectively, compared with approximately $0.7 million and $7.9 million for the respective comparable periods in 2024. Cost of revenues for 2025 represents the cost of Phase 1 activities related to the license agreement with Gilead and royalties to the Israeli Innovation Authority (IIA) in connection with Compugen's revenues from AstraZeneca, while cost of revenues for 2024 represents the cost of IND and Phase 1 activities related to the license agreement with Gilead and royalties to the IIA in connection with Compugen's revenues from AstraZeneca, offset by royalty reversal in 2024 due to exemption received from the Israeli Innovation Authority from the requirement to pay royalties on income derived from potential sales associated with products related to IL-18BP.

R&D expenses for the fourth quarter and year ended December 31, 2025, decreased to approximately $5.5 million and $22.8 million, respectively, compared with approximately $5.9 million and $24.8 million for the comparable periods in 2024, respectively. The decrease in 2025 was mainly due to lower clinical expenses resulting from winding down prior clinical trials, partially offset by an increase in clinical expenses related to MAIA-ovarian trial initiated in 2025.

G&A expenses for the fourth quarter ended December 31, 2025, were approximately $2.1 million compared with approximately $2.2 million for the comparable period in 2024, and the G&A expenses for the year ended December 31, 2025, were approximately $8.9 million compared with approximately $9.4 million for the comparable period in 2024.

Net Income / Loss: During the fourth quarter of 2025, Compugen reported a net profit of approximately $56.8 million, or approximately 60 cents per basic and diluted share, compared to a net loss of approximately $6.1 million, or approximately 7 cents per basic and diluted share in the comparable period of 2024. Net profit for the year ended December 31, 2025, was approximately $35.3 million, or approximately 38 cents per basic and diluted share, compared with a net loss of approximately $14.2 million, or approximately 16 cents per basic and diluted share in the comparable period in 2024.

Full financial tables are included below.

Conference Call and Webcast Information
The Company will hold a conference call today, March 2, 2026, at 8:30 AM ET to review its fourth quarter and full year 2025 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 its broadly applicable AI/ML powered computational discovery platform (Unigen^™) to identify novel drug targets and biological pathways for developing cancer immunotherapies. Compugen has two differentiated Fc-reduced programs targeting TIGIT: COM902, a fully owned Fc-reduced high affinity anti-TIGIT antibody in Phase 1 development and rilvegostomig, an Fc-reduced PD-1/TIGIT bispecific antibody in Phase 3 development by AstraZeneca through a license agreement for the development of bispecific and multispecific antibodies. The TIGIT component of rilvegostomig is derived from COM902. In Phase 1 development Compugen has COM701, a potential first-in-class anti-PVRIG Fc-reduced antibody and GS-0321 (previously COM503), a potential first-in-class, high affinity anti-IL-18 binding protein antibody, licensed to Gilead. In addition, the Company's therapeutic pipeline of early-stage immuno-oncology programs consists of research programs aiming to address new mechanisms to activate the immune system against cancer. 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 the milestones and expectations under the agreement; statements regarding interim analysis timing; and statements to the effect that our cash and cash-related balances are expected to fund our operating plans into 2029. 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: clinical development involves a lengthy and expensive process, with an uncertain outcome and we may encounter substantial delays or even an inability to begin clinical trials for any specific product or may not be able to conduct or complete our trials on the timelines we expect; 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:
Investor relations
Email: ir@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				Year Ended,
	December 31,				December 31,
	2025		2024		2025		2024
	Unaudited		Unaudited
Revenues	67,332		1,471		72,764		27,864
Cost of revenues	3,536		675		9,251		7,930
Gross profit	63,796		796		63,513		19,934
Operating expenses
Research and development expenses	5,543		5,911		22,757		24,810
Marketing and business development expenses	120		167		539		576
General and administrative expenses	2,090		2,201		8,891		9,439
Total operating expenses	7,753		8,279		32,187		34,825
Operating profit (loss)	56,043		(7,483)		31,326		(14,891)
Financial and other income, net	802		1,370		4,071		5,182
Profit (loss) before taxes on income	56,845		(6,113)		35,397		(9,709)
Tax expense (income)	-		4		54		4,522
Net profit (loss)	56,845		(6,117)		35,343		(14,231)
Basic and diluted net profit (loss) per ordinary share	0.60		(0.07)		0.38		(0.16)
Weighted average number of ordinary shares used in computing basic net profit (loss) per share	94,304,508		89,538,891		93,425,341		89,528,031
Weighted average number of ordinary shares used in computing diluted net profit (loss) per share	94,712,039		89,538,891		93,815,083		89,528,031

 

 

COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
	December 31,		December 31,
	2025		2024
ASSETS
Current assets
Cash and cash equivalents	90,597		18,229
Short-term bank deposits	45,759		61,397
Investment in marketable securities	9,284		23,629
Other accounts receivable and prepaid expenses	2,382		2,742
Total current assets	148,022		105,997
Non-current assets
Restricted long-term bank deposit	410		343
Long-term prepaid expenses	1,293		1,888
Severance pay fund	3,643		3,072
Operating lease right to use asset	2,521		2,843
Property and equipment, net	681		852
Total non-current assets	8,548		8,998
Total assets	156,570		114,995
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Trade payables	2,353		1,838
Short-term deferred revenues	10,970		9,632
Current maturity of operating lease liability	521		448
Accrued expenses	5,676		5,168
Employees and related accruals	3,050		3,074
Total current liabilities	22,570		20,160
Non-current liabilities
Long-term deferred revenues	24,943		34,045
Long-term operating lease liability	2,439		2,464
Accrued severance pay	3,887		3,412
Total non-current liabilities	31,269		39,921
Total shareholders' equity	102,731		54,914
Total liabilities and shareholders' equity	156,570		114,995

 

View original content:https://www.prnewswire.com/news-releases/compugen-reports-fourth-quarter-and-full-year-2025-results-302700864.html

SOURCE Compugen Ltd.

FAQ

How much cash did Compugen (CGEN) report at year‑end 2025?

Compugen reported approximately $145.6 million in cash and equivalents at December 31, 2025. According to the company, this balance includes the $65 million upfront payment received from AstraZeneca for royalty monetization.

What did the AstraZeneca transaction mean for Compugen (CGEN) finances?

Compugen received a $65 million upfront payment for a small portion of rilvegostomig royalties. According to the company, the deal also adds $25 million toward a next milestone and preserves majority future royalties and tiered payments.

What were Compugen's (CGEN) revenue and net income for full‑year 2025?

Compugen reported full‑year 2025 revenue of $72.8 million and net income of $35.3 million. According to the company, 2025 revenues include the AstraZeneca upfront and Gilead license payments.

When is Compugen's (CGEN) MAIA‑ovarian interim analysis expected?

The company expects an interim analysis of the MAIA‑ovarian trial in Q1 2027. According to the company, pooled COM701 data supported the rationale for MAIA‑ovarian and enrollment expanded in 2025 across multiple countries.

What clinical programs did Compugen (CGEN) advance in 2025?

Compugen initiated dosing in the wholly owned COM701 MAIA‑ovarian trial and advanced GS‑0321 Phase 1 with Gilead. According to the company, global trial footprint expanded across the U.S., Israel and France in 2025.

Does Compugen (CGEN) expect additional milestone or royalty payments?

Compugen remains eligible for future tiered royalties and up to $195 million in regulatory and commercial milestones. According to the company, it retained the majority of future royalties after the monetization transaction.