• Cash Balance: Approximately $103.3 million as of December 31, 2024.
• Revenue: $1.5 million for Q4 2024; $27.9 million for the full year 2024.
• R&D Expenses: $5.9 million for Q4 2024; $24.8 million for the full year 2024.
• G&A Expenses: $2.2 million for Q4 2024; $9.4 million for the full year 2024.
• Net Loss: $6.1 million for Q4 2024; $14.2 million for the full year 2024.
• Cash Runway: Expected to last into 2027.

• Warning! GuruFocus has detected 3 Warning Signs with CGEN.

Release Date: March 04, 2025

For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Positive Points

• Compugen Ltd (NASDAQ:CGEN) presented encouraging data for COM701, showing durable responses and good tolerability in platinum-resistant ovarian cancer patients.
• The company plans to advance COM701 as a maintenance treatment for platinum-sensitive ovarian cancer, targeting a less competitive landscape.
• AstraZeneca's initiation of seven Phase 3 trials with rilvegostomig, derived from Compugen's COM902, represents a significant potential revenue source.
• Compugen Ltd (NASDAQ:CGEN) received a $30 million milestone payment from Gilead for GS-0321's FDA IND clearance, validating their discovery and development capabilities.
• The company maintains a solid financial position with a cash runway expected to last into 2027, supporting their strategic priorities and clinical advancements.

Negative Points

• Compugen Ltd (NASDAQ:CGEN) reported a net loss of approximately $14.2 million for the year ended December 31, 2024.
• Revenues for 2024 decreased compared to 2023, with $27.9 million reported versus $33.5 million in the previous year.
• The TIGIT antibody class faced skepticism due to several setbacks and program discontinuations in 2024.
• The ovarian cancer study is exploratory and not powered to detect significant improvements, which may limit its impact.
• There is uncertainty regarding the timeline and outcomes of AstraZeneca's Phase 3 trials, which could affect future revenue streams.

Q & A Highlights

Q: Can you confirm whether rilvegostomig will be included in AstraZeneca's Phase 3 study design for the B7-H4 DCPSAM? A: Anat Cohen-Dayag, President and CEO, stated that they cannot comment on anything not publicly disclosed by AstraZeneca. However, they are pleased with the progress of the seven pivotal trials AstraZeneca has initiated, which include testing rilvegostomig in various combinations.

Q: Can we expect any near-term data from AstraZeneca that could clarify the contribution to efficacy for the TIGIT part? A: Anat Cohen-Dayag mentioned that AstraZeneca plans to present data in 2025 from the combination of rilvegostomig with ADCs. Previous data from rilvegostomig in non-small cell lung cancer and gastric cancer have shown promising efficacy and safety profiles.

Q: What is the design of the ovarian study, and how is it powered to show PFS hazard ratio? A: Michelle Mahler, Chief Medical Officer, explained that the study is an exploratory Phase 1B study, not powered for a full pivotal trial. It uses Bayesian statistics to evaluate the probability of a more than three-month improvement in progression-free survival (PFS) compared to placebo.

Q: Is there interest in evaluating GS-0321 in hematologic malignancies, possibly in combination with rituximab? A: Eran Ophir, VP of Research, stated that while hematological applications are interesting, the current focus is on solid tumors where they have observed unique activity in the tumor microenvironment.

Q: What triggers the interim analysis in the platinum-sensitive ovarian cancer study, and is there a predefined futility threshold? A: Michelle Mahler explained that the interim analysis is triggered by a combination of event rate and follow-up duration. There is a futility boundary, and Bayesian statistics will be used to assess the probability of a three-month improvement in PFS.

For the complete transcript of the earnings call, please refer to the full earnings call transcript.