Compugen Ltd. develops cancer immunotherapy programs using its AI/ML-powered Unigen computational discovery capabilities to identify drug targets and biological pathways. News about CGEN commonly covers clinical and preclinical immuno-oncology programs, including COM701, COM902, rilvegostomig and GS-0321, as well as updates tied to immune-checkpoint targets such as PVRIG, TIGIT and IL-18 binding protein.
Recurring company developments include quarterly and annual financial results, corporate updates, scientific conference presentations, clinical data disclosures, partnership activity with AstraZeneca and Gilead, royalty and license arrangements, and board or leadership changes. Compugen's ordinary shares trade on Nasdaq and the Tel Aviv Stock Exchange under the ticker CGEN.
Compugen (Nasdaq: CGEN) reported its Q1 2024 financials, highlighting key clinical advancements and financials. The company completed enrollment for its COM701 + COM902 + pembrolizumab study in platinum-resistant ovarian cancer, with data expected in Q4 2024. Data from its study on MSS CRC with liver metastases will be presented at ASCO 2024. Plans to file an IND for COM503 in H2 2024 are on track. Compugen's partner, AstraZeneca, advanced rilvegostomig to a second Phase 3 trial in NSCLC.
Financially, Compugen had $101.3 million in cash as of Mar 31, 2024, up from $51.1 million at the end of 2023, bolstered by payments from Gilead and AstraZeneca. The company reported $2.6 million in revenue for Q1 2024 and reduced net loss to $7.3 million, compared to $9.3 million in Q1 2023. R&D and G&A expenses also saw a decline. The cash runway is expected to fund operations into 2027.
Compugen has published a peer-reviewed paper in Cancer Immunology Research, highlighting the unique biology of PVRIG and its therapeutic potential. PVRIG, discovered by Compugen, is expressed on stem-like T cells in dendritic cell-rich niches in tumors. The study shows that blocking PVRIG, combined with anti-TIGIT and anti-PD-1 therapies, can induce immune infiltration in non-inflamed tumors, potentially overcoming resistance to immunotherapy. Phase 1 trials of COM701, an antibody targeting PVRIG, demonstrated durable clinical responses and a favorable safety profile in typically non-responsive cancer types.
Compugen has appointed David Silberman as its new Chief Financial Officer, effective August 15, 2024, succeeding Alberto Sessa. Silberman joins from Oramed Pharmaceuticals, bringing over 15 years of finance experience, including 10 years in the healthcare and biotech industries. He has held strategic roles at Teva Pharmaceutical Industries and Grant Thornton Fahn Kanne Control Management. Compugen's CEO, Anat Cohen-Dayag, expressed confidence in Silberman's ability to drive value for shareholders and patients. Silberman is enthusiastic about joining at a time of significant growth potential, citing Compugen's innovative assets and strategic partnerships.
Compugen (Nasdaq: CGEN) will release its first quarter 2024 financial results on May 20, 2024. The company, focusing on cancer immunotherapy and computational target discovery, will host a conference call to review the results and provide a corporate update.
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