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01/10 19:09
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Cash Balance $93.9 million as of June 30, 2025, with a cash runway expected to fund operations into 2027. This reflects a solid financial position.
Revenue $1.3 million for Q2 2025, a decrease from $6.7 million in Q2 2024. The decline is due to differences in milestone payments and upfront payments recognized from agreements with Gilead and AstraZeneca.
R&D Expenses $5.6 million for Q2 2025, a decrease from $6.2 million in Q2 2024. The reduction aligns with planned expenses.
G&A Expenses $2.2 million for both Q2 2025 and Q2 2024, showing no year-over-year change.
Net Loss $7.3 million for Q2 2025, compared to $2.1 million in Q2 2024. The increase in net loss is attributed to lower revenues in Q2 2025.
COM701: First patient dosed in MAIA-ovarian trial for platinum-sensitive ovarian cancer. Interim analysis expected in H2 2026. Aims to address unmet medical need with no standard of care for patients progressing post PARP inhibitors or bevacizumab.
rilvegostomig: AstraZeneca advancing rilvegostomig with potential commercial opportunity of over $5 billion in peak year revenues. Compugen eligible for milestone payments and royalties.
GS-0321: Phase I trial progressing as planned. Represents a novel approach to harness IL-18 pathway biology for cancer treatment.
TIGIT landscape: Potential for TIGIT antibodies to expand use in less inflamed PD-L1 low tumors. AstraZeneca advancing rilvegostomig in multiple trials, including Phase III.
Cash position: $93.9 million in cash as of June 2025, with expected runway into 2027.
Revenue: Q2 2025 revenue of $1.3 million, down from $6.7 million in Q2 2024 due to differences in milestone payments.
Leadership transition: Anat Cohen-Dayag transitioning to Executive Chair role, focusing on corporate strategy and collaborations. Eran Ophir to take over as CEO.
Increased competition in ovarian cancer treatment: The company faces increased competition in the platinum-resistant ovarian cancer treatment space, which could impact the market potential of its COM701 therapy.
Safety and efficacy challenges: In the maintenance setting for platinum-sensitive ovarian cancer, safety and efficacy are critical considerations, which could pose challenges in demonstrating the advantage of COM701.
Dependence on milestone payments and royalties: The company relies on milestone payments and royalties from partnerships with AstraZeneca and Gilead, which are subject to the success of their respective programs.
TIGIT program market sentiment: Failures in the TIGIT space have created negative market sentiment, which could impact the perception and potential of Compugen's TIGIT-related programs.
Revenue decline: Revenues for Q2 2025 were significantly lower compared to Q2 2024, reflecting a decline in milestone payments and upfront payments from partnerships.
Cash runway dependency: The company’s cash runway is dependent on no further cash inflows, which could limit its ability to fund operations beyond 2027 if additional funding is not secured.
COM701 Clinical Development: The first patient was dosed in the MAIA-ovarian trial for platinum-sensitive ovarian cancer. Interim analysis from this sub-trial is expected in the second half of 2026. Positive data could support a broader clinical development program.
TIGIT Landscape and COM902: AstraZeneca is advancing rilvegostomig, a TIGIT bispecific derived from Compugen's COM902, with a potential commercial opportunity of over $5 billion in peak year revenues. Compugen is eligible for milestone payments and royalties. Successful Phase III data could validate TIGIT antibodies as a drug class and open new opportunities for Compugen.
GS-0321 Development: The Phase I trial for GS-0321, an anti-IL-18 binding protein antibody licensed to Gilead, is progressing as planned.
Cash Runway and Financial Plans: The company has a cash runway expected to fund operations into 2027, supporting the COM701 trial, GS-0321 progression, and early-stage pipeline investments.
The selected topic was not discussed during the call.
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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