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01/10 19:13
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call summary indicates mixed signals. Financial performance shows a decline in revenue but improved net loss, while the cash runway is solid. Product development is progressing, but leadership transition and competitive pressures pose risks. The Q&A reveals cautious optimism regarding strategic opportunities and ongoing trials. Given the absence of a market cap, the stock's reaction is uncertain, aligning with a neutral sentiment.
Cash Balance Approximately $103.7 million as of March 31, 2025, with no year-over-year change mentioned.
Revenue Approximately $2.3 million for Q1 2025, down from approximately $2.6 million in Q1 2024, reflecting the recognition of portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead.
R&D Expenses Approximately $5.8 million for Q1 2025, down from approximately $6.4 million in Q1 2024, indicating a reduction in spending.
G&A Expenses Approximately $2.4 million for both Q1 2025 and Q1 2024, showing no change year-over-year.
Net Loss Approximately $7.2 million or $0.08 per share for Q1 2025, compared to a net loss of approximately $7.3 million or $0.08 per share in Q1 2024, indicating a slight improvement in net loss.
COM701: Initiated the first sub trial of our adaptive platform trial comparing COM701 maintenance therapy to placebo in 60 patients with relapsed platinum sensitive ovarian cancer.
GS-0321: Progressing Phase 1 trial of GS-0321, a potential first-in-class anti-IL18BP antibody licensed to Gilead.
rilvegostomig: AstraZeneca's rilvegostomig, derived from COM902, has a potential peak year revenue target of over $5 billion.
TIGIT space: AstraZeneca has initiated three additional Phase 3 trials in lung, gastric, and endometrial cancers for rilvegostomig.
Cash Position: As of March 31, 2025, cash balance was approximately $103.7 million, supporting operations into 2027.
R&D Expenses: R&D expenses for Q1 2025 were approximately $5.8 million, down from $6.4 million in Q1 2024.
Leadership Transition: Anat Cohen-Dayag transitioned to Executive Chair, with Eran Ophir appointed as new CEO.
Focus on Immuno-Oncology: Continuing to advance early-stage and clinical immuno-oncology pipeline, with a strong focus on execution in 2025.
Leadership Transition Risk: The transition of leadership from Anat Cohen-Dayag to Eran Ophir may pose risks related to continuity and strategic direction during the change.
Clinical Trial Risks: The company is advancing its clinical trials, particularly for COM701 and GS-0321, which carry inherent risks of failure or delays in achieving positive results.
Competitive Pressures: The landscape for TIGIT antibodies is competitive, with multiple companies facing failures in clinical trials, which could impact market sentiment and opportunities for Compugen.
Regulatory Risks: The evolving regulatory environment for clinical trials and drug approvals may present challenges that could affect the company's development timelines.
Financial Risks: The company has a cash runway into 2027, but any unforeseen expenses or lack of additional cash inflows could jeopardize ongoing projects.
Market Risks: The potential commercial opportunity for rilvegostomig is substantial, but market acceptance and competition from existing therapies could impact revenue projections.
Leadership Transition: Anat Cohen-Dayag transitions to Executive Chair, handing over CEO role to Eran Ophir, ensuring a solid foundation for the company's next phase of growth.
Clinical Pipeline Advancement: Advancing COM701 in maintenance therapy for platinum sensitive ovarian cancer, with interim analysis expected in H2 2026.
TIGIT Antibody Development: Positioning as one of the few companies with an Fc-inactive clinical stage TIGIT antibody, with potential opportunities linked to AstraZeneca's ongoing Phase 3 trials.
GS-0321 Development: Progressing Phase 1 trial of GS-0321, a potential first-in-class anti-IL18BP antibody licensed to Gilead.
Early Stage Pipeline Focus: Commitment to advancing a diverse early stage pipeline aimed at enhancing anticancer immunity.
Cash Runway: Cash runway expected to fund operations into 2027, supporting clinical trials and early stage research.
Q1 2025 Revenue: Revenues for Q1 2025 were approximately $2.3 million, a slight decrease from $2.6 million in Q1 2024.
R&D Expenses: R&D expenses for Q1 2025 were approximately $5.8 million, down from $6.4 million in Q1 2024.
Net Loss: Net loss for Q1 2025 was approximately $7.2 million, consistent with the prior year.
Cash Balance: As of March 31, 2025, Compugen had approximately $103.7 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities.
Net Loss: For the first quarter of 2025, the net loss was approximately $7.2 million or $0.08 per basic and diluted share.
The earnings call reveals significant challenges: declining revenues, a shift from profit to loss, and reliance on partnerships and milestone payments. Safety concerns with anti-TIGIT antibodies and competition in the market add risks. The Q&A section highlights uncertainties in trial timelines and outcomes, further dampening sentiment. Despite potential opportunities with COM902 and a cash runway until 2027, the overall financial and strategic outlook suggests a negative market reaction.
The earnings call presents several concerns: declining revenue and increased net loss, reliance on milestone payments, and negative market sentiment in the TIGIT space. The Q&A section highlighted management's reluctance to provide details, adding uncertainty. Despite a solid cash balance, the financial outlook is weak, with decreased revenue and increased competition in the ovarian cancer treatment market. These factors suggest a negative sentiment, likely leading to a stock price decline of -2% to -8% over the next two weeks.
The earnings call presents a mixed picture. While there are positive developments, such as the partnership with AstraZeneca and a strong cash runway, there are also concerns like missed earnings expectations, leadership transition risks, and revenue decline. The Q&A section highlights management's cautious approach, particularly in providing specific details, which may not inspire strong investor confidence. Given the lack of clear catalysts for a significant price movement and the balanced pros and cons, a neutral sentiment is justified.
The earnings call summary indicates mixed signals. Financial performance shows a decline in revenue but improved net loss, while the cash runway is solid. Product development is progressing, but leadership transition and competitive pressures pose risks. The Q&A reveals cautious optimism regarding strategic opportunities and ongoing trials. Given the absence of a market cap, the stock's reaction is uncertain, aligning with a neutral sentiment.
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