Compugen Reports Second Quarter 2026 Results

Rhea-AI Summary

Compugen (NASDAQ/TASE: CGEN) reported Q2 2026 revenues of $2.6 million, up from $1.3 million in Q2 2025, mainly from recognition of Gilead license payments. Net loss was $7.0 million (‑$0.07 per share) versus $7.3 million (‑$0.08) a year earlier. R&D expenses rose to $6.3 million, G&A expenses were stable at $2.3 million.

As of June 30, 2026, Compugen held $125.3 million in cash, deposits and marketable securities, reported no debt, and expects its cash runway to fund operations into 2029. The COM701 MAIA‑ovarian trial is progressing with a median PFS interim analysis expected by Q1 2027. Partner AstraZeneca reported first overall survival data for rilvegostomig in biliary tract cancer, and Gilead‑partnered GS‑0321 Phase 1 continues as planned.

Positive

• Revenue doubled to $2.6M in Q2 2026 from $1.3M in Q2 2025
• Net loss slightly improved to $7.0M from $7.3M year over year
• Cash, deposits and securities totaled $125.3M with no debt as of June 30, 2026
• Cash runway expected to fund operations into 2029
• COM701 MAIA‑ovarian interim PFS readout anticipated by Q1 2027
• First overall survival data for partner drug rilvegostomig showed 16.8‑month median OS

Negative

• Gross loss of $0.1M in Q2 2026 versus $0.4M a year earlier
• Operating loss widened to $8.8M from $8.4M year over year
• R&D expenses increased to $6.3M from $5.6M in Q2 2025
• Total operating expenses rose to $8.7M from $8.0M year over year
• Shareholders’ equity declined to $88.7M from $102.7M at December 31, 2025

Market Context

Tag-specific earnings history showed a 6.28% average move across 5 events. That record frames this u...

Analysis

Tag-specific earnings history showed a 6.28% average move across 5 events. That record frames this update alongside its cash runway and pipeline milestones; active shelf capacity and recent Net Selling remain relevant financing risks.

Key Figures

Median overall survival: 16.8 months Phase 3 trials: 12 ongoing trials Cash and investments: $125.3 million +5 more

8 metrics

Median overall survival 16.8 months GEMINI-Hepatobiliary study versus less than 13 months historically

Phase 3 trials 12 ongoing trials Rilvegostomig late-stage program

Cash and investments $125.3 million As of June 30, 2026

Cash runway 2029 Expected funding horizon for operating plans

Revenue $2.6 million Q2 2026 versus $1.3 million in Q2 2025

R&D expenses $6.3 million Q2 2026 versus $5.6 million in Q2 2025

Net loss $7.0 million Q2 2026 versus $7.3 million in Q2 2025

Net loss per share $0.07 Basic and diluted, Q2 2026 versus $0.08 in Q2 2025

Previous Earnings Reports

5 past events · Latest: May 18 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 18	Q1 earnings report	Positive	+4.0%	Cash runway, trial progress, and partnered programs accompanied first-quarter results.
Mar 02	Q4 earnings report	Positive	+24.3%	AstraZeneca monetization, year-end cash, and full-year profitability supported the quarterly update.
Nov 10	Q3 earnings report	Positive	+3.1%	Durable COM701 responses and partnership milestones accompanied third-quarter financial results.
Aug 06	Q2 earnings report	Neutral	+0.0%	MAIA-ovarian initiation offset lower revenue and a quarterly net loss.
May 19	Q1 earnings report	Positive	+0.0%	Trial initiation and AstraZeneca program expansion accompanied quarterly financial results.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings reactions were positive in three events, neutral in one, and divergent from the announcement sentiment in one.

Key Terms

pd-1, tigit, bispecific antibody, adaptive platform trial

4 terms

pd-1 medical

"other checkpoints such as PD-1 and TIGIT"

PD-1 is a protein found on certain immune cells that acts like a brake, signaling the immune system to slow down and avoid damaging healthy tissue. Drugs that block PD-1 release that brake so immune cells can better attack cancer cells; because such therapies can produce large clinical benefits, regulatory approvals, trial outcomes, pricing and market uptake for PD-1 drugs can materially affect a drugmaker’s prospects and investor returns.

tigit medical

"other checkpoints such as PD-1 and TIGIT"

A immune checkpoint protein found on certain white blood cells that acts like a brake on the body’s immune response; when it binds its partner molecules it reduces immune attack on abnormal cells. It matters to investors because drugs that block this protein are being developed as cancer immunotherapies, and clinical trial results, regulatory decisions, or partnership news about such drugs can materially affect the value of companies working in oncology.

bispecific antibody medical

"Rilvegostomig is a PD-1/TIGIT bispecific antibody"

A bispecific antibody is a specially designed protein that can attach to two different targets at the same time. Think of it as a custom-made connector that brings two things together—such as a disease cell and an immune system component—helping the body fight illnesses more effectively. For investors, understanding bispecific antibodies is important because they represent innovative therapies that could lead to new treatments and potentially lucrative market opportunities.

adaptive platform trial medical

"its sponsored, randomized, placebo-controlled adaptive platform trial"

An adaptive platform trial is a flexible clinical study design that tests multiple treatments at once and adjusts which drugs, doses, or patient groups are pursued as results come in. Think of it like a single kitchen testing several recipes and quickly favoring the ones that work while dropping or changing the others — this can speed development, cut costs, and reduce risk for investors by identifying winners and failures faster than traditional one-at-a-time trials.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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COM701 MAIA-ovarian trial progressing as planned with median progression-free survival data from the interim analysis expected by Q1 2027

Trial-in-progress poster on MAIA-ovarian presented at the ESMO Gynaecological Cancers Congress 2026, reinforcing the biological and clinical rationale for evaluating COM701 in platinum-sensitive ovarian cancer

Partner AstraZeneca presented new data at ASCO 2026, including the first overall survival readout from the GEMINI-Hepatobiliary study in first-line biliary tract cancer

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, Aug. 3, 2026 /PRNewswire/ -- Compugen Ltd. (NASDAQ: CGEN) (TASE: CGEN), a clinical-stage cancer immunotherapy company and a pioneer in computational drug target discovery powered by AI/ML, today reported financial results for the second quarter of 2026 and provided a corporate update.

"Q2 2026 reflects continued execution across the business," said Eran Ophir, Ph.D., President and CEO of Compugen. "Our MAIA-ovarian trial in platinum-sensitive ovarian cancer remains on track for the interim analysis with median progression-free survival data expected by the first quarter of 2027, which would mark a potential inflection point for COM701 in a patient population with a significant unmet need. Our partnered programs also advanced during the quarter, with AstraZeneca initiating an additional Phase 3 trial with rilvegostomig and presenting new rilvegostomig data at ASCO 2026, and the Gilead-partnered GS-0321 Phase 1 trial progressing as planned. With cash runway expected into 2029, we believe we are well positioned to advance our immuno-oncology pipeline."

COM701

Compugen continues to advance MAIA-ovarian, its sponsored, randomized, placebo-controlled adaptive platform trial evaluating COM701, a potential first-in-class anti-PVRIG antibody, as maintenance monotherapy in patients with second- and third-line relapsed platinum-sensitive ovarian cancer, a setting with no approved treatment option. The Company anticipates the interim analysis with median progression-free survival data by the first quarter of 2027.

During the quarter, Compugen presented a trial-in-progress poster on MAIA-ovarian at the ESMO Gynaecological Cancers Congress in Copenhagen. The poster underscored the strong biological and clinical rationale for evaluating COM701 in this population, including the differentiated biology of the PVRIG pathway versus other checkpoints such as PD-1 and TIGIT, its high expression in ovarian cancer, and the durable responses previously observed with COM701 as mono- and combination therapy in heavily pre-treated platinum-resistant patients. The Company believes that clear prolongation of PFS in these patients versus placebo could inform a registration path for COM701 and establish it as a potential backbone for drug combinations. Clinically meaningful success could also enable a broader clinical development plan across earlier and later lines of ovarian cancer and other indications where clinical signals were previously observed.

Rilvegostomig

Rilvegostomig is a PD-1/TIGIT bispecific antibody being advanced by Compugen's partner AstraZeneca, the TIGIT component of which is derived from Compugen's fully owned COM902 program. At the 2026 ASCO Annual Meeting, AstraZeneca presented an updated analysis from the GEMINI-Hepatobiliary study of rilvegostomig in combination with chemotherapy in the first-line setting. This was the first overall survival readout for rilvegostomig, with median overall survival of 16.8 months, versus less than 13 months in historical first-line biliary tract cancer trials. The data showed encouraging efficacy together with a manageable safety profile in a setting of high unmet need, while longer follow-up and randomized data from the ongoing Phase 3 trial will ultimately be needed to validate these findings. AstraZeneca continues to advance rilvegostomig across its broad late-stage program in 12 ongoing Phase 3 trials, including the recently initiated trial of rilvegostomig in combination with Datroway in urothelial carcinoma.

GS-0321

GS-0321, formerly known as COM503, is a potential first-in-class anti-IL-18 binding protein antibody licensed to Gilead that represents a novel antibody approach to harness cytokine biology for the treatment of cancer, potentially overcoming the limitations of direct cytokine administration. The ongoing Phase 1 dose-escalation trial continues to progress as planned.

Early Pipeline

Compugen continues to leverage Unigen™, its AI/ML-powered computational discovery platform, to identify novel drug targets and biological pathways grounded in human disease biology.  Unigen has already discovered the targets of COM701, COM902, and GS-0321 and we remain committed to identifying and advancing the next generation of immuno-oncology innovation.

Second Quarter 2026 Financial Highlights

• Cash: As of June 30, 2026, Compugen had approximately $125.3 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.
• Revenues for the second quarter of 2026 were approximately $2.6 million, compared to approximately $1.3 million for the comparable period in 2025. Revenues in the second quarters of 2026 and 2025 reflect the recognition of portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead.
• R&D expenses for the second quarter of 2026 were approximately $6.3 million, compared to approximately $5.6 million in the second quarter of 2025.
• G&A expenses for the second quarter of 2026 were approximately $2.3 million, compared to approximately $2.2 million in the second quarter of 2025.
• Net loss for the second quarter of 2026 was approximately $7.0 million, or $0.07 per basic and diluted share, compared to a net loss of approximately $7.3 million, or $0.08 per basic and diluted share, in the second quarter of 2025.

Full financial tables are included below.

Conference Call and Webcast Information

The Company will hold a conference call today, August 3, 2026, at 8:30 AM ET to review its second 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 COM701, rilvegostomig and GS-0321 (previously COM503). COM701, a potential first-in-class anti-PVRIG antibody, is currently being evaluated in a blinded randomized ovarian cancer adaptive platform trial 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, Compugen's anti-TIGIT antibody, is being developed by AstraZeneca pursuant to an exclusive license agreement between Compugen 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 Compugen is conducting. In addition, Compugen has an early-stage immuno-oncology pipeline that 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 data at the interim analysis by Q1 2027; statements regarding the biological and clinical rationale for evaluating COM701 in platinum-sensitive ovarian cancer and the potential of clear prolongation of PFS in these patients versus placebo to inform a registration path, serve as a backbone for combinations; statements regarding the potential clinical meaningful success of the MAIA-Ovarian trial to enable a broader clinical development across ovarian cancer and other indications; statements regarding AstraZeneca's advancement of its rilvegostomig program; statements regarding the advancement of Phase 1 trial for Gilead-partnered GS-0321; statements to the effect that our cash and cash-related balances will be sufficient 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: 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				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
	Unaudited		Unaudited		Unaudited		Unaudited
Revenues	2,602		1,257		4,778		3,541
Cost of revenues	2,694		1,665		4,518		4,065
Gross profit (loss)	(92)		(408)		260		(524)
Operating expenses
Research and development expenses	6,308		5,641		13,245		11,414
Marketing and business development expenses	179		141		313		280
General and administrative expenses	2,258		2,239		4,556		4,606
Total operating expenses	8,745		8,021		18,114		16,300
Operating loss	(8,837)		(8,429)		(17,854)		(16,824)
Financial and other income, net	1,838		1,070		3,191		2,315
Loss before taxes on income	(6,999)		(7,359)		(14,663)		(14,509)
Tax benefit (expense)	(7)		17		(12)		(14)
Net loss	(7,006)		(7,342)		(14,675)		(14,523)
Basic and diluted net loss per ordinary share	(0.07)		(0.08)		(0.16)		(0.16)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	94,640,696		93,526,884		94,598,696		92,917,554

 

COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars in thousands)
	June 30,		December 31,
	2026		2025
	Unaudited
ASSETS
Current assets
Cash and cash equivalents	10,280		90,597
Short-term bank deposits	75,338		45,759
Investment in marketable securities	39,682		9,284
Accounts receivable	680		-
Other accounts receivable and prepaid expenses	3,429		2,382
Total current assets	129,409		148,022
Non-current assets
Restricted long-term bank deposit	448		410
Long-term prepaid expenses	1,314		1,293
Severance pay fund	4,082		3,643
Operating lease right to use asset	2,422		2,521
Property and equipment, net	690		681
Total non-current assets	8,956		8,548
Total assets	138,365		156,570
LIABILITIES AND SHAREHOLDERS EQUITY
Current liabilities
Trade payables	2,155		2,353
Short-term deferred revenues	11,456		10,970
Current maturity of operating lease liability	623		521
Accrued expenses	5,255		5,676
Employees and related accruals	3,144		3,050
Total current liabilities	22,633		22,570
Non-current liabilities
Long-term deferred revenues	20,360		24,943
Long-term operating lease liability	2,400		2,439
Accrued severance pay	4,238		3,887
Total non-current liabilities	26,998		31,269
Total shareholders' equity	88,734		102,731
Total liabilities and shareholders' equity	138,365		156,570

 

View original content:https://www.prnewswire.com/news-releases/compugen-reports-second-quarter-2026-results-302841059.html

SOURCE Compugen Ltd.

FAQ

How did Compugen (CGEN) perform financially in Q2 2026?

Compugen reported Q2 2026 revenues of $2.6 million and a net loss of $7.0 million. According to Compugen, revenues mainly reflect recognition of Gilead license payments, while R&D expenses increased to $6.3 million and operating loss reached $8.8 million.

What is Compugen’s cash runway and liquidity position as of June 30, 2026?

Compugen held $125.3 million in cash, cash equivalents, short-term bank deposits and marketable securities as of June 30, 2026. According to Compugen, this cash position, with no debt, is expected to fund its operating plans into 2029, excluding additional inflows.

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

COM701 is being evaluated in the MAIA-ovarian randomized maintenance trial in platinum-sensitive ovarian cancer. According to Compugen, the study is progressing as planned, with an interim analysis of median progression-free survival expected by the first quarter of 2027.

What new data were reported for AstraZeneca-partnered rilvegostomig in 2026?

At ASCO 2026, AstraZeneca presented updated GEMINI-Hepatobiliary data for rilvegostomig plus chemotherapy, showing 16.8 months median overall survival. According to Compugen, this compares to less than 13 months in historical first-line biliary tract cancer trials, with manageable safety reported.

How is Gilead-partnered GS-0321 progressing in clinical development?

GS-0321, a potential first-in-class anti-IL-18 binding protein antibody, is in an ongoing Phase 1 dose-escalation trial. According to Compugen, this trial continues to progress as planned, evaluating GS-0321 as a novel way to harness cytokine biology in cancer treatment.

How did Compugen’s 2026 year-to-date results compare with 2025?

For the first six months of 2026, revenues were $4.8 million versus $3.5 million in 2025, and net loss was $14.7 million versus $14.5 million. According to Compugen, total operating expenses increased to $18.1 million from $16.3 million year over year.

What are the key clinical assets in Compugen’s immuno-oncology pipeline?

Compugen’s pipeline includes COM701 (anti-PVRIG antibody), rilvegostomig (PD-1/TIGIT bispecific with a component from COM902), and GS-0321 (anti-IL-18 binding protein antibody). According to Compugen, these programs target novel immune pathways discovered using its Unigen AI/ML platform.