Compugen Reports Third Quarter 2026 Results

Compugen expects ovarian cancer trial results by the end of Q1 2027 and partner Phase 3 results in H2 2027.

Rhea-AI Summary

Compugen (CGEN) reported higher third-quarter 2026 revenue and a narrower net loss while completing enrollment in its MAIA-ovarian cancer trial. Revenue rose to $3.821 million from $1.891 million a year earlier. Net loss narrowed to $5.800 million, or $0.06 per share, from $6.979 million, or $0.07 per share.

MAIA-ovarian enrolled 62 patients, with Compugen expecting results by the end of Q1 2027. High-level results from AstraZeneca's Phase 3 ARTEMIDE-Biliary01 trial of rilvegostomig are anticipated in H2 2027. The Gilead-licensed GS-0321 Phase 1 trial continues, and Compugen introduced UnigenX to expand discovery into tumor-associated antigens. Cash, deposits and marketable securities totaled approximately $117.5 million at September 30, 2026. Compugen expects these balances to fund operating plans into 2029 without additional cash inflows.

20 points · 2 major

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0 major · 9 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.AstraZeneca license eligibility includes up to $195 million in additional milestones and up to mid-single-digit tiered royalties. 1.1× market cap
• Major point. Forward-looking: it has not happened yet and may not happen.Gilead license eligibility includes up to $758 million in additional milestones and single-digit to low-double-digit tiered royalties. 4.1× market cap
• Moderate pointQ3 revenue increased to $3.821 million from $1.891 million in 2025.
• Moderate pointQ3 net loss narrowed to $5.800 million, or $0.06 per share, from $6.979 million, or $0.07.
• Moderate pointQ3 gross profit rose to $1.421 million from $0.241 million a year earlier.
• Moderate pointQ3 operating loss narrowed to $6.846 million from $7.893 million a year earlier.
• Moderate pointNine-month revenue increased to $8.599 million from $5.432 million in 2025.
• Moderate pointNine-month gross profit reached $1.681 million, versus a $0.283 million loss a year earlier.
• Moderate pointNine-month net loss narrowed to $20.475 million, or $0.22 per share, from $21.502 million, or $0.23.
• Moderate pointNine-month operating loss narrowed to $24.700 million from $24.717 million a year earlier.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Cash-related balances of approximately $117.5 million are expected to fund operations into 2029 without additional inflows.
• Moderate point. Forward-looking: it has not happened yet and may not happen.MAIA-ovarian completed enrollment of 62 patients; Compugen expects results by the end of Q1 2027.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Rilvegostomig Phase 3 ARTEMIDE-Biliary01 high-level results are anticipated in H2 2027.

7 minor points

• Minor pointQ3 financial and other income increased to $1.054 million from $0.954 million a year earlier.
• Minor pointNine-month financial and other income rose to $4.245 million from $3.269 million a year earlier.
• Minor pointRilvegostomig development spans 12 ongoing Phase 3 trials across multiple cancer indications.
• Minor pointCompugen reported Phase 2 rilvegostomig median overall survival compared favorably with historical controls.
• Minor pointGS-0321's ongoing Phase 1 dose-escalation trial continues to advance.
• Minor pointGilead gross payments received total $90 million under the GS-0321 license agreement.
• Minor point. Forward-looking: it has not happened yet and may not happen.UnigenX expansion is intended to support next-generation early-stage pipeline discovery through tumor-associated antigens.

Negative

• Moderate pointShareholders' equity declined to $83.363 million at September 30, 2026, from $102.731 million at December 31, 2025.
• Minor pointQ3 cost of revenues increased to $2.400 million from $1.650 million a year earlier.
• Minor pointQ3 research and development expenses rose to $5.842 million from $5.800 million a year earlier.
• Minor pointQ3 general and administrative expenses rose to $2.275 million from $2.195 million a year earlier.
• Minor pointQ3 marketing and business development expenses rose to $0.150 million from $0.139 million a year earlier.

4 minor points

• Minor pointNine-month cost of revenues increased to $6.918 million from $5.715 million a year earlier.
• Minor pointNine-month research and development expenses increased to $19.087 million from $17.214 million a year earlier.
• Minor pointNine-month general and administrative expenses rose to $6.831 million from $6.801 million a year earlier.
• Minor pointNine-month marketing and business development expenses rose to $0.463 million from $0.419 million a year earlier.

News Explained

Gilead’s $90 million is reported as received; the further milestone and royalty amounts disclosed are potential future receipts, not current cash.

In its third-quarter update, Compugen reports gross payments totaling $90 million received under its Gilead license and eligibility for up to $758 million in additional milestones, plus tiered royalties; the further amounts are potential future receipts, not cash reported as received.

Under its AstraZeneca license, Compugen is eligible for up to $195 million in additional regulatory and commercial milestone payments, plus up to mid-single-digit tiered royalties on future sales.

Key Figures

Cash and investments: $117.5 million Cash runway: Into 2029 Revenue: $3.8 million vs. $1.9 million +5 more

Cash and investments

$117.5 million

As of September 30, 2026

Cash runway

Into 2029

Expected to fund operating plans; excludes additional cash inflows

Revenue

$3.8 million vs. $1.9 million

Third quarter 2026 vs. third quarter 2025

Net loss

$5.8 million vs. $7.0 million

Third quarter 2026 vs. third quarter 2025

MAIA-ovarian enrollment

62 patients

Trial fully enrolled; randomized two to one to COM701 or placebo

MAIA-ovarian results timing

By the end of Q1 2027

Company remains on track to report trial results

AstraZeneca milestone eligibility

Up to $195 million

Additional regulatory and commercial milestone payments

Gilead milestone eligibility

Up to $758 million

Additional milestone payments under the license agreement

Previous Earnings Reports

2 past events · Latest: Aug 03

Same Type 2 events

1. Aug 03

   quarterly results

   24h Move

   +1.3%

   Reported $2.6M quarterly revenue and $7.0M net loss; MAIA interim analysis remained expected by Q1 2027.

2. Nov 10

   quarterly results

   24h Move

   +3.1%

   Reported $1.9M Q3 revenue and $6.98M net loss; MAIA-ovarian was still enrolling.

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

Key Terms

bispecific antibody, overall survival, dose-escalation, investigational new drug

4 terms

bispecific antibody medical

"Rilvegostomig is an AstraZeneca-owned 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.

overall survival medical

"AstraZeneca reported the first overall survival data from the Phase 2 ARTEMIDE-01 trial"

Overall survival is the average or median length of time patients remain alive after starting a treatment or entering a clinical study, measured regardless of cause of death. Investors care because it is a clear, hard measure of a therapy’s real-world benefit — like timing how long a new battery actually runs — and strong improvements in overall survival can drive regulatory approval, market adoption and revenue potential.

dose-escalation medical

"The ongoing Phase 1 dose-escalation trial is continuing to advance."

Dose-escalation is the part of an early-stage clinical trial where researchers gradually increase a drug’s dose in small groups of participants to find the safest and most effective amount. Think of it like turning up the volume slowly to find the sweet spot: investors watch these results closely because they reveal safety risks, potential effectiveness, and how quickly a drug can move to later trials or approval, all of which affect the development timeline and commercial prospects.

investigational new drug regulatory

"recognition of portions of both the upfront payment and the investigational new drug milestone payment"

An investigational new drug is a medication that is still being tested in clinical trials to determine if it is safe and effective for treating a specific condition. For investors, it represents a potential breakthrough that could lead to a new treatment and significant financial gains if successful, but also carries risks since it has not yet been approved for widespread use.

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MAIA-ovarian fully enrolled; results expected by end of Q1 2027

Phase 3 rilvegostomig high-level results from partner AstraZeneca anticipated in H2 2027 from ARTEMIDE-Biliary01 trial

UnigenX™ designed to expand AI-powered discovery engine into tumor-associated antigens for targeted immune activation modalities

Cash runway expected into 2029

HOLON, Israel, Nov. 9, 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, today reported financial results for the third quarter of 2026 and provided a corporate update.

"During the third quarter, we continued to advance COM701 and GS-0321 in the clinic, as well as build the next generation of our pipeline," said Eran Ophir, Ph.D., President and Chief Executive Officer of Compugen. "MAIA-ovarian is now fully enrolled, and we remain on track to report results by the end of the first quarter of 2027. We are also excited to see partner AstraZeneca continue to progress rilvegostomig, with Phase 3 high-level trial results from ARTEMIDE-Biliary01 anticipated in the second half of 2027. In addition, we introduced UnigenX™, which expands our discovery capabilities into novel tumor-associated antigens, that could enable specific tumor targeting of potent therapeutic modalities such as T cell engagers. With cash runway expected into 2029, we believe we are well positioned to execute on our strategy and look forward to 2027, which we expect to be a data-rich year."

COM701

Compugen has completed enrollment in its MAIA-ovarian, its global, 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. The Company remains on track to report results by the end of the first quarter of 2027.

The blinded trial enrolled 62 patients randomized two to one to receive either COM701 or placebo. MAIA-ovarian was designed to evaluate COM701 in a setting with no approved maintenance treatment option and significant unmet need.

At Compugen's October 5, 2026, virtual key opinion leader event, Dr. Yeku of Harvard Medical School and Massachusetts General Hospital discussed the importance of extending the platinum-free interval in patients with relapsed platinum-sensitive ovarian cancer, the limitations of currently available maintenance options and the need to balance efficacy, tolerability and treatment sequencing.

In evaluating the MAIA-ovarian trial, Compugen intends to consider the totality of the data, including the magnitude and durability of separation between the COM701 and placebo arms and the proportion of patients remaining progression-free at six months. COM701 has the potential to serve as an important maintenance option for patients with relapsed platinum sensitive ovarian cancer who currently have very limited therapeutic alternatives.

Rilvegostomig

Rilvegostomig is an AstraZeneca-owned PD-1/TIGIT bispecific antibody whose TIGIT component is derived from Compugen's COM902. Compugen is eligible to receive up to $195 million in additional regulatory and commercial milestone payments, as well as up to mid-single- digit tiered royalties on future sales, under its license agreement with AstraZeneca.

In September 2026, AstraZeneca reported the first overall survival data from the Phase 2 ARTEMIDE-01 trial in first-line, checkpoint inhibitor- and chemotherapy-naïve patients with PD-L1-positive non-small cell lung cancer. Median overall survival compared favorably with historical controls.

The Phase 3 high-level results from the clinical trial ARTEMIDE-Biliary01 studying rilvegostomig are now anticipated in the second half of 2027. ARTEMIDE-Biliary01 is assessing rilvegostomig plus investigator's choice of chemotherapy compared to chemotherapy only as adjuvant treatment in 760 participants with biliary tract cancer who are at risk of recurrence after resection with curative intent. Rilvegostomig is being evaluated in 12 ongoing Phase 3 trials across indications including non-small cell lung cancer, biliary tract cancer and gastric cancer.

GS-0321

GS-0321, formerly known as COM503, is a potential first-in-class anti-IL-18 binding protein antibody licensed to Gilead. The program is designed to harness cytokine biology for the treatment of cancer while potentially overcoming limitations associated with direct cytokine administration.

The ongoing Phase 1 dose-escalation trial is continuing to advance.

Compugen has received gross payments totaling $90 million from Gilead under the license agreement and is eligible to receive up to $758 million in additional milestone payments, plus tiered royalties ranging from single digits to low double digits.

Early Pipeline

Unigen™ is Compugen's AI-powered discovery engine for identifying novel immuno-oncology drug targets by connecting computational prediction, biological validation and clinical learning. Unigen™ has enabled the discovery of TIGIT, PVRIG and IL-18BP as drug targets, which have all progressed to clinical stage.

At its October 5, 2026, investor event, Compugen introduced UnigenX™, a strategic expansion into targeted immune activation modalities such as T cell engagers, which can identify single targets and target pairs. Compugen intends to apply UnigenX™ to discover novel tumor-associated antigens that could enable more selective immune targeting of tumor cells.

This expanded capability is intended to support the next generation of Compugen's early-stage pipeline.

Third Quarter 2026 Financial Highlights

• Cash: As of September 30, 2026, Compugen had approximately $117.5 million in cash, cash equivalents, short-term bank deposits and investments in marketable securities. Compugen expects its cash and cash-related balances to be sufficient to fund its operating plans into 2029. This does not include any additional cash inflows.
• Revenues for the third quarter of 2026 were approximately $3.8 million, compared with approximately $1.9 million for the comparable period in 2025. Revenues in the third quarters of 2026 and 2025 reflect the recognition of portions of both the upfront payment and the investigational new drug milestone payment under the license agreement with Gilead.
• Research and development expenses were approximately $5.8 million for each of the third quarters of 2026 and 2025.
• General and administrative expenses for the third quarter of 2026 were approximately $2.3 million, compared with approximately $2.2 million in the third quarter of 2025.
• Net loss for the third quarter of 2026 was approximately $5.8 million, or $0.06 per basic and diluted share, compared with a net loss of approximately $7.0 million, or $0.07 per basic and diluted share, in the third quarter of 2025.

Conference Call and Webcast Information

The Company will hold a conference call today, November 9, 2026, at 8:30 AM ET to review its third 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-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. These forward-looking statements are based on the current beliefs, expectations and assumptions of Compugen.

Forward-looking statements can be identified by terminology such as "will," "may," "expects," "anticipates," "believes," "potential," "plans," "goal," "estimate," "likely," "should," "confident," "intends" and similar expressions 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 expected timing of data from MAIA-ovarian and ARTEMIDE-Biliary01; the potential clinical activity, benefits and development opportunities for COM701; assumptions regarding progression-free survival in the placebo arm of MAIA-ovarian; AstraZeneca's advancement of rilvegostomig and the expected reporting of additional clinical data; the advancement of the Phase 1 trial for Gilead-partnered GS-0321; potential milestone and royalty payments under Compugen's agreements with AstraZeneca and Gilead; the potential of Unigen™ and UnigenX™ to identify novel targets and support future pipeline programs; and Compugen's expectation that its cash and cash-related balances will be sufficient to fund its operating plans into 2029.

These forward-looking statements involve known and unknown risks and uncertainties that may cause Compugen's actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by such statements. Among these risks are that clinical trials of product candidates that Compugen or its collaborators may develop may fail to satisfactorily demonstrate safety and efficacy to applicable regulatory authorities; Compugen or its collaborators may incur additional costs or experience delays in completing, or ultimately be unable to complete, the development and commercialization of product candidates; Compugen's business model is substantially dependent on 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 therapeutic discovery is based on proprietary computational discovery capabilities that remain subject to scientific and clinical validation; general market, political and economic conditions in the countries in which Compugen operates, including Israel, may adversely affect its business; and Compugen may not be able to discover and develop additional product candidates or products of commercial value.

These and other risks are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission, as well as other documents that may subsequently be filed by Compugen with the SEC.

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				Nine Months Ended
	September 30,				September 30,
	2026		2025		2026		2025
	Unaudited		Unaudited		Unaudited		Unaudited
Revenues	3,821		1,891		8,599		5,432
Cost of revenues	2,400		1,650		6,918		5,715
Gross profit (loss)	1,421		241		1,681		(283)
Operating expenses
Research and development expenses	5,842		5,800		19,087		17,214
Marketing and business development expenses	150		139		463		419
General and administrative expenses	2,275		2,195		6,831		6,801
Total operating expenses	8,267		8,134		26,381		24,434
Operating loss	(6,846)		(7,893)		(24,700)		(24,717)
Financial and other income, net	1,054		954		4,245		3,269
Loss before taxes on income	(5,792)		(6,939)		(20,455)		(21,448)
Tax benefit (expense)	(8)		(40)		(20)		(54)
Net loss	(5,800)		(6,979)		(20,475)		(21,502)
Basic and diluted net loss per ordinary share	(0.06)		(0.07)		(0.22)		(0.23)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	94,768,232		93,538,565		94,655,052		93,124,558

 

 

 

COMPUGEN LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS DATA
(U.S. dollars, in thousands)
	September 30,		December 31,
	2026		2025
	Unaudited
ASSETS
Current assets
Cash and cash equivalents	7,061		90,597
Short-term bank deposits	95,194		45,759
Investment in marketable securities	15,273		9,284
Other accounts receivable and prepaid expenses	3,247		2,382
Total current assets	120,775		148,022
Non-current assets
Restricted long-term bank deposit	456		410
Long-term prepaid expenses	1,321		1,293
Severance pay fund	4,009		3,643
Operating lease right to use asset	2,299		2,521
Property and equipment, net	674		681
Total non-current assets	8,759		8,548
Total assets	129,534		156,570
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Trade payables	1,369		2,353
Short-term deferred revenues	12,846		10,970
Current maturity of operating lease liability	613		521
Accrued expenses	6,475		5,676
Employees and related accruals	3,353		3,050
Total current liabilities	24,656		22,570
Non-current liabilities
Long-term deferred revenues	15,183		24,943
Long-term operating lease liability	2,177		2,439
Accrued severance pay	4,155		3,887
Total non-current liabilities	21,515		31,269
Total shareholders' equity	83,363		102,731
Total liabilities and shareholders' equity	129,534		156,570

 

View original content:https://www.prnewswire.com/news-releases/compugen-reports-third-quarter-2026-results-302933203.html

SOURCE Compugen Ltd.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Compugen's third-quarter 2026 revenue and net loss?

Compugen reported revenue of $3.821 million and a net loss of $5.800 million, or $0.06 per basic and diluted share. A year earlier, revenue was $1.891 million and net loss was $6.979 million, or $0.07 per share.

When does Compugen expect MAIA-ovarian results?

Compugen expects MAIA-ovarian results by the end of the first quarter of 2027. Enrollment is complete, with 62 patients in the blinded trial evaluating COM701 as maintenance monotherapy in relapsed platinum-sensitive ovarian cancer.

How will Compugen evaluate the MAIA-ovarian trial data?

Compugen intends to assess the totality of the data, including the magnitude and durability of separation between the COM701 and placebo groups and the proportion of patients remaining progression-free at six months. Patients were randomized two to one to COM701 or placebo.

What is AstraZeneca's ARTEMIDE-Biliary01 trial testing?

ARTEMIDE-Biliary01 compares rilvegostomig plus investigator-selected chemotherapy with chemotherapy alone after surgery in 760 participants with biliary tract cancer at risk of recurrence. The Phase 3 trial evaluates treatment following resection performed with curative intent.

What generated Compugen's third-quarter 2026 revenue?

Third-quarter 2026 revenue reflected recognition of portions of the Gilead upfront payment and investigational new drug milestone payment. Third-quarter 2025 revenue reflected recognition of portions of those same payments under the license agreement.