Compugen Reports Second Quarter 2025 Results
Rhea-AI Summary
Compugen (NASDAQ: CGEN) reported Q2 2025 financial results and provided corporate updates. The company dosed its first patient in the MAIA-ovarian platform trial evaluating COM701 as maintenance therapy for platinum-sensitive ovarian cancer. Revenue was $1.3 million, down from $6.7 million in Q2 2024, with a net loss of $7.3 million.
The company maintains a strong financial position with $93.9 million in cash and equivalents, expected to fund operations into 2027. Partner AstraZeneca is advancing rilvegostomig with ten active Phase 3 trials, with upcoming data presentations at ESMO 2025. Additionally, Compugen will present pooled analysis from three Phase 1 trials of COM701 in platinum-resistant ovarian cancer at ESMO 2025.
The company announced leadership changes, with Dr. Eran Ophir taking over as CEO and current CEO Dr. Anat Cohen-Dayag transitioning to Executive Chair in September 2025.Positive
- Strong cash position of $93.9 million with runway into 2027
- Partner AstraZeneca advancing rilvegostomig program with 10 active Phase 3 trials
- Potential revenue stream from mid-single digit tiered royalties on future rilvegostomig sales
- First patient dosed in MAIA-ovarian platform trial
- No debt on balance sheet
Negative
- Revenue decreased to $1.3 million from $6.7 million in Q2 2024
- Net loss increased to $7.3 million from $2.1 million year-over-year
- Leadership transition could create temporary organizational uncertainty
Insights
Compugen reports strong pipeline progress with clinical trials and partnerships while maintaining runway into 2027, despite quarterly revenue decline.
Compugen's Q2 2025 results showcase important progress across their immuno-oncology portfolio, particularly with their lead candidate COM701. The initiation of the MAIA-ovarian platform trial represents a significant advancement, testing COM701 as maintenance therapy in platinum-sensitive ovarian cancer patients. This strategic move into the maintenance setting could potentially expand COM701's market opportunity beyond the heavily-pretreated platinum-resistant population.
The financial picture shows a company effectively managing its resources. With
The company's partnership with AstraZeneca on rilvegostomig (containing Compugen's COM902 TIGIT component) represents a substantial potential value driver. AstraZeneca's ambitious development program with ten active Phase 3 trials positions rilvegostomig as a potential cornerstone immunotherapy. The mid-single digit tiered royalties Compugen would receive on future sales could translate to meaningful revenue if rilvegostomig gains approval and commercial traction.
The upcoming leadership transition, with Dr. Eran Ophir taking over as CEO and current CEO Dr. Cohen-Dayag moving to Executive Chair, appears to be a planned evolution rather than a disruptive change. This structured transition suggests organizational stability while the company executes on its clinical and partnership strategies.
The R&D expense reduction to
Compugen's immuno-oncology pipeline shows clinical progress with COM701 maintenance therapy and AstraZeneca's aggressive development of their TIGIT bispecific.
The initiation of the MAIA-ovarian platform trial represents a significant strategic advancement for Compugen's lead asset COM701. The first patient dosing in the maintenance therapy setting for platinum-sensitive ovarian cancer patients is particularly noteworthy because maintenance therapies can provide extended clinical benefit with potentially more favorable toxicity profiles compared to active treatment regimens. This approach could differentiate COM701 in the competitive landscape of ovarian cancer treatments.
The planned pooled analysis of COM701 data from three Phase 1 trials in platinum-resistant ovarian cancer at ESMO 2025 will be crucial for understanding the drug's efficacy profile in this difficult-to-treat population. Platinum-resistant ovarian cancer represents a significant unmet need with limited effective treatment options, and consistent signals of activity across multiple trials would strengthen COM701's development rationale.
AstraZeneca's extensive development program for rilvegostomig (incorporating Compugen's TIGIT technology) is particularly impressive. The bispecific antibody's unique cooperative binding mechanism targeting both PD-1 and TIGIT simultaneously represents an elegant approach to potentially overcome resistance to first-generation checkpoint inhibitors. The extensive Phase 3 program (ten active trials) demonstrates AstraZeneca's confidence in this approach.
The upcoming data presentations at ESMO 2025 for rilvegostomig in NSCLC and bladder cancer in combination with TROP2-ADC Datroway will be particularly important. These combinations represent the evolving paradigm in immuno-oncology where checkpoint inhibition is paired with targeted cytotoxic delivery via antibody-drug conjugates. Early encouraging data presented at ASCO suggests this approach may enhance immune response while delivering potent cytotoxics to tumor cells.
The progression of GS-0321 (COM503), a potential first-in-class anti-IL18BP antibody licensed to Gilead, adds another dimension to Compugen's pipeline. IL-18 binding protein (IL18BP) neutralizes IL-18, an important immunostimulatory cytokine. By blocking IL18BP, GS-0321 could potentially restore beneficial IL-18 activity within the tumor microenvironment, representing a novel immune activation mechanism distinct from traditional checkpoint inhibition.
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- First patient dosed in MAIA-ovarian platform trial of COM701 maintenance therapy in patients with platinum sensitive ovarian cancer in July 2025
- Pooled analysis from three previously reported Phase 1 trials of COM701 in platinum resistant ovarian cancer to be presented at ESMO 2025
- Recruitment ongoing in Phase 1 trial of GS-0321 (COM503) a potential first-in-class anti-IL18BP antibody licensed to Gilead
- Partner AstraZeneca plans to share updated rilvegostomig data from Phase 2 ARTEMIDE-01 in NSCLC and first data from Phase 2 TROPION-PanTumor03 in bladder cancer at ESMO 2025
- Solid financial position with cash runway expected to fund operations into 2027
HOLON,
"We continued to advance our immuno-oncology (IO) clinical and early-stage pipeline programs," said Anat Cohen-Dayag, Ph.D., President and CEO of Compugen. "We dosed the first patient in MAIA-ovarian, our global adaptive platform trial evaluating COM701 as a single agent for maintenance therapy in patients with relapsed platinum sensitive ovarian cancer (sub-trial 1). In addition, we are looking forward to presenting a pooled analysis of previously presented data from our three Phase 1 trials evaluating COM701 in heavily pretreated platinum resistant ovarian cancer at ESMO 2025 in October. We are also progressing the Phase 1 trial for GS-0321 a potential first-in-class anti-IL18BP antibody licensed to Gilead."
Dr. Cohen-Dayag continued, "We are excited to see the progress our partner AstraZeneca is making with its rilvegostomig program, with ten active Phase 3 trials. Rilvegostomig is an Fc reduced PD-1/TIGIT bispecific antibody, the TIGIT component of which is derived from our COM902, and which AstraZeneca has specifically designed and engineered with a unique mechanism of action to harness co-operative binding of both PD-1 and TIGIT to drive enhanced immune responses. At ASCO in June this year, AstraZeneca presented encouraging early data from trials evaluating rilvegostomig in combination with TROP2 ADC, Datroway, in NSCLC and in combination with chemotherapy in hepatobiliary cancer. The totality of this data along with data presented in 2024 highlight rilvegostomig as a potential IO backbone for future drug combinations. At the upcoming ESMO 2025 conference, AstraZeneca plans to share follow up data from ARTEMIDE-01 in NSCLC as a poster presentation and first data from TROPION-PanTumor03 in bladder cancer as a mini oral session. AstraZeneca's broad development strategy for rilvegostomig to replace existing PD(L)-1 inhibitors represents a significant potential revenue source for Compugen as we are eligible for both future milestone payments and mid-single digit tiered royalties on future sales."
Dr. Cohen-Dayag added, "Our solid financial position with a cash runway expected to fund operations into 2027 allows us to advance our pipeline of differentiated IO therapies and to leverage Unigen™ - our validated AI/ML-powered computational target discovery platform to discover novel mechanisms to activate the immune system against cancer. I look forward to transitioning leadership to Dr. Eran Ophir in September and the opportunity of stepping into the newly established role of Executive Chair. With this enhanced leadership expansion, a strategically differentiated pipeline and operational focus, Compugen is well positioned for growth."
Next Planned Milestones
- ESMO 2025: poster presentation of a pooled analysis of three Phase 1 trials from previously presented data evaluating COM701 in heavily pretreated platinum resistant ovarian cancer
- ESMO 2025: Compugen's partner, AstraZeneca, plans to present:
- updated data from Phase 2 ARTEMIDE-01 evaluating rilvegostomig in metastatic NSCLC as a poster presentation
- first data from TROPION-PanTumor03 evaluating rilvegostomig in combination with TROP 2 ADC Datroway in bladder cancer as a mini oral session
- H2 2026: data from projected interim analysis of single agent COM701 sub-trial 1 as maintenance therapy in relapsed platinum sensitive ovarian cancer
Second Quarter 2025 Financial Highlights
Cash: As of June 30, 2025, Compugen had approximately
Compugen expects that its cash and cash-related balances will be sufficient to fund its operating plans into 2027. This does not include any cash inflows. The Company has no debt.
Revenue: Compugen reported approximately
R&D expenses for the second quarter of 2025 were approximately
G&A expenses were approximately
Net loss for the second quarter of 2025 was approximately
Full financial tables are included below
Conference Call and Webcast Information
The Company will hold a conference call today, August 6, 2025, at 8:30 AM ET to review its second quarter 2025 results. To access the conference call by telephone, please dial 1-866-744-5399 from
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 presenting a pooled analysis of previously presented data from Phase 1 trials evaluating COM701 in heavily pretreated platinum resistant ovarian cancer at ESMO 2025 in October; statements regarding the potential capabilities of GS-0321, a potential first-in-class anti-IL18BP antibody licensed to Gilead; statements regarding the progress of AstraZeneca with its rilvegostomig program; statements regarding the timing of any data announcement by AstraZeneca regarding two ongoing Phase 2 rilvegostomig trials (including the ASCO 2025 presentation); statements regarding the capability of rilvegostomig to replace existing PD(L)-1 inhibitors; statements regarding rilvegostomig as a significant potential revenue source for Compugen, and Compugen's potential receipt of future milestone payments and mid-single-digit tiered royalties on future sales; statements to the effect that our cash and cash-related balances will be sufficient to fund our operating plans into 2027; 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 and discover novel mechanisms to activate the immune system against cancer; and statements regarding our upcoming leadership changes and our belief that the upcoming leadership changes position the Company for growth. 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
About Compugen
Compugen is a clinical-stage therapeutic discovery and development company utilizing its broadly applicable predictive AI/ML powered computational discovery platform (Unigen™) to identify new drug targets and biological pathways for developing cancer immunotherapies. Compugen has two proprietary product candidates in Phase 1 development: COM701, a potential first-in-class anti-PVRIG antibody and COM902, a potential best-in-class antibody targeting TIGIT for the treatment of solid tumors. Rilvegostomig, a PD-1/TIGIT bispecific antibody where the TIGIT component is derived from Compugen's clinical stage anti-TIGIT antibody, COM902, is in Phase 3 development by AstraZeneca through a license agreement for the development of bispecific and multispecific antibodies. GS-0321 (previously COM503), a potential first-in-class, high affinity anti-IL-18 binding protein antibody, which is in Phase 1 development is 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 is headquartered in
Company contact:
Yvonne Naughton, Ph.D.
Vice President, Head of Investor Relations and Corporate Communications
Email: ir@cgen.com
Tel: +1 (628) 241-0071
COMPUGEN LTD. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
( | |||||||
Three Months Ended | Six Months Ended, | ||||||
June 30, | June 30, | ||||||
2025 | 2024 | 2025 | 2024 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
Revenues | 1,257 | 6,702 | 3,541 | 9,261 | |||
Cost of revenues | 1,665 | 1,552 | 4,065 | 3,654 | |||
Gross profit | (408) | 5,150 | (524) | 5,607 | |||
Operating expenses | |||||||
Research and development expenses | 5,641 | 6,183 | 11,414 | 12,593 | |||
Marketing and business development | 141 | 157 | 280 | 248 | |||
General and administrative expenses | 2,239 | 2,222 | 4,606 | 4,670 | |||
Total operating expenses | 8,021 | 8,562 | 16,300 | 17,511 | |||
Operating loss | (8,429) | (3,412) | (16,824) | (11,904) | |||
Financial and other income, net | 1,070 | 1,300 | 2,315 | 2,528 | |||
Loss before taxes on income | (7,359) | (2,112) | (14,509) | (9,376) | |||
Tax benefit (expense) | 17 | (11) | (14) | (14) | |||
Net loss | (7,342) | (2,123) | (14,523) | (9,390) | |||
Basic and diluted net loss per ordinary share | (0.08) | (0.02) | (0.16) | (0.10) | |||
Weighted average number of ordinary | 93,526,884 | 89,531,937 | 92,917,554 | 89,518,778 | |||
COMPUGEN LTD. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS DATA | ||||
( | ||||
June 30, | December 31, | |||
2025 | 2024 | |||
Unaudited | ||||
ASSETS | ||||
Current assets | ||||
Cash and cash equivalents | 6,467 | 18,229 | ||
Short-term bank deposits | 58,535 | 61,397 | ||
Investment in marketable securities | 28,875 | 23,629 | ||
Other accounts receivable and prepaid expenses | 3,765 | 2,742 | ||
Total current assets | 97,642 | 105,997 | ||
Non-current assets | ||||
Restricted long-term bank deposit | 371 | 343 | ||
Long-term prepaid expenses | 1,738 | 1,888 | ||
Severance pay fund | 3,257 | 3,072 | ||
Operating lease right to use asset | 2,678 | 2,843 | ||
Property and equipment, net | 839 | 852 | ||
Total non-current assets | 8,883 | 8,998 | ||
Total assets | 106,525 | 114,995 | ||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||
Current liabilities | ||||
Other accounts payable, accrued expenses and trade payables | 9,567 | 10,080 | ||
Short-term deferred revenues | 10,545 | 9,632 | ||
Current maturity of operating lease liability | 471 | 448 | ||
Total current liabilities | 20,583 | 20,160 | ||
Non-current liabilities | ||||
Long-term deferred revenues | 29,592 | 34,045 | ||
Long-term operating lease liability | 2,499 | 2,464 | ||
Accrued severance pay | 3,595 | 3,412 | ||
Total non-current liabilities | 35,686 | 39,921 | ||
Total shareholders' equity | 50,256 | 54,914 | ||
Total liabilities and shareholders' equity | 106,525 | 114,995 | ||
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SOURCE Compugen Ltd.