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01/10 19:10
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Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
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.
Cash Balance As of September 30, 2025, the cash balance was approximately $86 million. This is not compared year-over-year, but it is noted that subsequent to the quarter, approximately 0.8 million shares were sold through the company's ATM facility, contributing to net proceeds of approximately $1.6 million.
Revenues Revenues for the third quarter of 2025 were approximately $1.9 million, compared to approximately $17.1 million for the same period in 2024. This significant decrease is attributed to the recognition of respective portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead in the prior year.
R&D Expenses R&D expenses for the third quarter of 2025 were approximately $5.8 million, compared to approximately $6.3 million in the third quarter of 2024. This represents a slight decrease, which aligns with the company's planned expenditures.
G&A Expenses G&A expenses for the third quarter of 2025 were approximately $2.2 million, compared to approximately $2.6 million for the same period in 2024. This decrease reflects cost management efforts.
Net Loss For the third quarter of 2025, the net loss was approximately $6.98 million or $0.07 per basic and diluted share, compared to a net profit of approximately $1.28 million or $0.01 per basic and diluted share in the third quarter of 2024. The shift from profit to loss is primarily due to the significant decrease in revenues.
Fc reduced anti-TIGIT programs: COM902 is one of the only 2 clinical stage Fc reduced anti-TIGIT monoclonal antibodies currently in clinical development. Positive Phase III data from Arcus/Gilead with the only other known Fc reduced anti-TIGIT monoclonal antibody is expected in 2026 and could be a real catalyst for COM902.
Rilvegostomig: AstraZeneca's Fc reduced anti-PD-1 TIGIT bispecific with the TIGIT component derived from COM902. AstraZeneca estimates nonrisk-adjusted peak year revenue target of more than $5 billion. Broad development program spans 11 Phase III trials across various cancers.
COM701: Fully owned Fc reduced monoclonal anti-PVRIG antibody in the clinic. Positive data in ongoing MAIA-ovarian platform trial could support broader clinical development for platinum-sensitive ovarian cancer.
GS-0321: Potential first-in-class anti-IL-18 binding protein antibody licensed to Gilead. Represents a novel antibody approach for cancer treatment. Compugen eligible for $758 million in milestone payments and single-digit to low double-digit tiered royalties.
AstraZeneca partnership: Potential commercial opportunity for Rilvegostomig with AstraZeneca estimating over $5 billion in peak year revenue. Broad development program across multiple cancers.
Gilead partnership: GS-0321 program provides potential for over $1 billion in milestone payments plus royalties.
Cash position: As of September 30, 2025, approximately $86 million in cash, cash equivalents, and investments. Cash runway expected to fund operations into Q3 2027.
Revenue: Third quarter 2025 revenue was $1.9 million, compared to $17.1 million in the same period in 2024, reflecting recognition of portions of payments from Gilead license agreement.
Focus on Fc reduced formats: Compugen emphasizes the advantages of Fc reduced formats in their programs, citing better safety and efficacy profiles compared to Fc active formats.
AI/ML-powered discovery engine: Compugen's AI/ML-powered discovery engine is delivering innovative research programs, aiming for breakthroughs rather than incremental therapies.
Safety concerns with Fc active anti-TIGIT antibodies: High rates of discontinuation due to adverse events in Phase II and Phase III trials, impacting treatment administration and outcomes.
Dependence on Fc reduced anti-TIGIT programs: Success of COM902 and other Fc reduced programs is contingent on positive data readouts, with key results not expected until 2026.
Financial sustainability: Cash runway is projected only until Q3 2027, with limited revenue generation and reliance on milestone payments and royalties.
Regulatory and clinical trial risks: Ongoing trials like MAIA-ovarian and GS-0321 face uncertainties in achieving positive outcomes and regulatory approvals.
Market competition: Compugen's success depends on differentiation in a competitive market, particularly against other Fc reduced anti-TIGIT programs.
Partnership reliance: Significant reliance on partnerships with AstraZeneca and Gilead for milestone payments and royalties, which are subject to their success in clinical trials.
Fc reduced anti-TIGIT programs: COM902 is one of the only two clinical-stage Fc reduced anti-TIGIT monoclonal antibodies currently in development. Positive Phase III data from Arcus/Gilead with the only other known Fc reduced anti-TIGIT monoclonal antibody is expected in 2026, which could act as a catalyst for COM902.
Rilvegostomig (Rilve): AstraZeneca's Fc reduced anti-PD-1 TIGIT bispecific, derived from COM902, has a potential commercial opportunity with a non-risk-adjusted peak year revenue target of over $5 billion. AstraZeneca is conducting 11 Phase III trials across various cancers, aiming for Rilve to replace PD-1/PD-L1 therapies and serve as a backbone for future combination treatments.
COM701 (Fc-reduced PVRIG): The ongoing MAIA-ovarian platform trial is evaluating COM701 as maintenance therapy in platinum-sensitive ovarian cancer. Interim analysis is expected in Q1 2027, with potential to address significant unmet needs in this area.
GS-0321 (anti-IL-18 binding protein antibody): Licensed to Gilead, this program represents a novel approach to cancer treatment. Compugen is eligible for $758 million in milestone payments and single-digit to low double-digit tiered royalties. The Phase I trial is progressing as planned.
Cash runway and financial outlook: The company has a cash runway expected to fund operations into Q3 2027, supporting the progression of COM701, GS-0321, 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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