Q2 2025 Compugen Ltd Earnings Call

Operator: Ladies and gentlemen, thank you for joining us today. Welcome to the COMPUGEN LTD Q2 2025 financial results conference call. At this time, all participants are in a listen-only mode. An audio webcast of this call is available in the investor section of Compugen's website, www.cgen.com. As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Vice President, Head of Investor Relations and Corporate Communications.

Ladies and gentlemen, thank you for joining us today. Welcome to the competition. LTD second quarter, 2025 Financial results conference call.

At this time, all participants are in a listen-only mode. An audio webcast of this call is available in the investor section of competence website www.cj.com.

As a reminder, today's call is being recorded.

Yvonne Naughton: Thank you, operator, and thank you all for joining us on the call today. Joining me from Compugen Ltd. for the prepared remarks are Dr. Anat Cohen, President and Chief Executive Officer, and David Silberman, Chief Financial Officer. Dr. Michelle Mahler, Chief Medical Officer, and Dr. Eran Ophir, Chief Scientific Officer, will join us for the Q&A. Before we begin, we would like to remind you that during this call, the company will make projections or forward-looking statements regarding future events, business outlook, development efforts, and their potential outcome, the company's discovery platform, anticipated progress and plans, results and timelines for our programs, financial and accounting-related matters, as well as statements regarding our cash position and cash runway. We wish to caution you that such statements reflect only the company's current beliefs, expectations, and assumptions, but actual results, performance, or achievements of the company may differ materially.

I would now like to introduce Ivonne Norton, vice president head of investor relations and corporate Communications.

Thank you, operator. And thank you all for joining us on the call today. Joining me from conference for the prepared. Remarks are Dr. Nako and Dak president, and chief executive officer and David Silverman. Chief Financial Officer Dr. Michelle. Meer chief medical officer and Dr. Orano Fair. Chief scientific officer will join us for the Q&A.

Before we begin, we would like to remind you that during this call the company may make projections for forward-looking statements regarding future events, business Outlook development efforts and their potential outcomes. The company's Discovery platform, anticipated progress and plans results in timelines for our programs financial and accounting related matters as well as statements regarding our cash position and cash Runway

Yvonne Naughton: These statements are subject to known and unknown risks and uncertainties, and we refer you to our SEC filing for more details on these risks, including the company's most recent annual report on Form 20-F. The company undertakes no obligation to update projections and forward-looking statements in the future. With that, I'll turn the call over to Anat.

We wish to caution you that for statements, reflect only the company's current beliefs expectations and assumptions but actual results performance are achievements of the company in the different materiality.

These statements are subject to known and unknown risks, and uncertainties, and we refer you to our SEC filing for more details on these risks, including the company's most recent on your report, on form 20f.

Anat Cohen-Dayag: Thank you, Yvonne, and a warm welcome to everyone joining our call today. Today marks my last quarterly call as President and CEO of Compugen Ltd., and I could not be prouder or more confident as I pass the leadership reins into the exceptional hands of Eran. I am excited at the opportunity to take on the newly created position of Executive Chair, where my focus will be on Compugen Ltd.'s corporate strategy and strategic collaboration. We believe this leadership combination provides a strong foundation for the company's next phase of growth. Before I provide an update on our progress in this quarter, I would like to first share some high-level reflections on the current landscape and why we believe Compugen Ltd. is well-positioned for future growth. Immunotherapy has been tremendously successful and is extending the life of many cancer patients, with Keytruda standing out as the top-selling drug.

The company undertakes, no obligation to update projections, and forward-looking statements in the future with that. I'll turn the call over to anat.

Thank you, van and a warm. Welcome to everyone joining our call today.

Today marks my last quarterly call as president, and CEO of confidence.

And I could not be prouder or more confident. As I passed the leadership brains into the exceptional hands of Iran.

I'm excited that the opportunity to take on the newly created position of executive. Chair. Were my focus will be on competence corporate strategy, and strategical operations.

We believe this leadership combination provides a strong foundation for the company's next phase of growth.

Before I provide an update on our progress in this quarter, I'd like to First share some high-level Reflections on the current landscape. And why we believe competent is well positioned for future growth.

Anat Cohen-Dayag: However, significant unmet medical needs persist with many patients still lacking effective treatment options. As a result, we are seeing a shift in how immunotherapy is being approached, driven by a focus on novel mechanisms of actions, innovative combinations, and new modalities aimed at enhancing efficacy and safety across multiple cancer types. This is precisely where Compugen Ltd.'s differentiated approach aims to create significant value. We are leveraging Unigene, a validated AI/ML-powered computational target discovery platform, to identify novel mechanisms to activate the immune system against cancer. In addition, we are advancing our pipeline of differentiated immune oncology therapies with the goal to transform patient outcomes and deliver meaningful clinical and commercial impact.

Ly successful and is extending the lives of many cancer patients with Citrus standing out as the top selling drug.

However,

significant unmet medical needs persist with many patients still lacking effective treatment options.

As a result, we're seeing a shift in how immunotherapy is being approached.

Driven by a focus on novel mechanisms of actions, Innovative combinations, and new modalities aimed at enhancing efficacy and safety across multiple cancer types.

This is precisely where confidence differentiated approach aims to create significant value.

We're leveraging unigine. A validated AI MLP powered computational. Target Discovery platform.

To identify novel, mechanisms to activate the immune system against cancer.

In addition, we're advancing our pipeline of differentiated immuno-oncology Therapies.

Anat Cohen-Dayag: In the clinic, we have our potential first-in-class immune checkpoint inhibitor, COM701, in addition to validating partnerships with the potential for a total of over $1 billion in milestone payments and tiered royalties on future sales, with both AstraZeneca on bispecific ribavirus and Gilead on anti-R18 binding protein GS-0321. We have a solid balance sheet with $93.9 million in cash at the end of June 2025 and expected cash runway into 2027. With our leadership expansion, a strategically differentiated pipeline, and operational focus, we believe that Compugen Ltd. is well-positioned to capitalize on potential growth opportunities ahead. Now, turning to the progress we have made this quarter, we continue to advance our immune oncology clinical and early-stage pipeline programs, starting with our potential first-in-class anti-PCR IgA antibody, COM701. The first patient was dosed in our ovarian, our maintenance immunotherapy trial in platinum-sensitive ovarian cancer.

With the goal to transform patient outcomes and deliver meaningful clinical and Commercial impact.

In the clinic, we have our potential first-in-class in checkpoint, inhibitor com 7001.

In addition to validating Partnerships with the potential, for a total of over 1 billion dollars in Milestone, payments, and tears, royalties on future sales.

With both Astra zenica on Vice Pacific, Rail the customers and Gilead on, Auntie Ally team, buying protein, GS 0321.

We have a solid balance sheet with 93.9 million in cash at the end of June 2025 and expected cash Runway into 2027.

With our leadership expansion, a strategically differentiated Pipeline and operational Focus. We believe that competition is, well, positioned to capitalize on potential growth opportunities ahead.

Now, turning to the progress, we have made this quarter.

We continue to advance our immune oncology clinical and early stage pipeline programs.

Starting with our potential first-in-class entity. Pcrg antibody, come 7001.

Anat Cohen-Dayag: We continue to make progress, opening sites across the U.S. and Israel, and we aim to share interim analysis from this subtrial in the second half of 2026. As a reminder, this is the first subtrial of our adaptive platform trial, comparing COM701 maintenance therapy to placebo in 60 patients with relapsed platinum-sensitive ovarian cancer. There is an unmet medical need with no standard of care treatment options for this patient population, progressing post-PARP inhibitors and/or bevacizumab, or who are not candidates for such treatments. We have observed increased competition in this space, primarily from drug candidates evaluated in the platinum-resistant ovarian cancer setting. This reflects the recognized and significant need to improve treatment options for these patients. In this earlier stage population, platinum-sensitive ovarian cancer, safety becomes an even more critical consideration, along with efficacy, which in the maintenance setting aims specifically on delaying time to disease progression.

The first patient for those in my ovarian maintenance immunotherapy trial in platinum-sensitive ovarian cancer.

We continue to make progress opening sites across the US and Israel and we aim to share interim analysis from this sub trial in the second half of 2026.

as a reminder, this is the first sub trial of our adaptive, platform trial comparing cam, 71 maintenance, therapy to Placebo in 60 patients with relapse Platinum, sensitive ovarian cancer,

There is an unmet medical need with no standards of care treatment options for this patient population, progressing postpartum Inhibitors and or the VAB or who are not candidates for such treatments.

We have observed increased competition in this space primarily from drug candidates evaluated in the Platinum resistant, ovarian, cancer setting.

This reflects the recognized and significant need to improve treatment options for these patients.

Anat Cohen-Dayag: We believe that advancing COM701 in the maintenance setting of platinum-sensitive ovarian cancer represents a compelling opportunity to demonstrate its potential advantage in terms of durability of response and tolerability. As previously communicated, we view a three-month improvement over the median progression-free survival of the placebo as clinically meaningful. Positive data from this trial could support a broader clinical development program aimed at addressing a significant unmet medical need. At ESMO this year, we plan to present a pooled analysis of our three previously reported phase one trials, reflecting clinical benefits of COM701 as monotherapy and in combination in patients with heavily pretreated platinum-resistant ovarian cancer. This data forms part of our rationale to advance COM701 in our ongoing platinum-sensitive ovarian cancer adaptive platform trial. Moving next to the TIGIT landscape, despite failure in the TIGIT space, it is notable that some companies are advancing differentiated TIGIT programs.

In this earlier stage population, Platinum sensitive ovarian cancer. Safety becomes an even more critical consideration along with efficacy which in the maintenance setting and specifically on delaying time to disease progression.

We believe that advancing cam 71 in the maintenance setting of platinum, sensitive ovarian cancer represents a compelling opportunity to demonstrate its potential advantage in terms of durability of response and tolerability.

As previously communicated with your 3 months, improvement over the median progression, free survival of the placebo as clinically meaningful.

Positive data from this trial, could support a broader clinical development program aimed at addressing a significant unmet medical need.

this data from part of our rationale to advance cam 71 in our ongoing Platinum sensitive, ovarian cancer adaptive, platform, trial,

Moving next to the digit landscape.

Anat Cohen-Dayag: For example, Arcus Gilead is advancing an Fc inactive anti-TIGIT program. In addition, AstraZeneca is advancing rilvegoprit, which is an Fc-reduced anti-PD-1 TIGIT bispecific, the TIGIT component of which is derived from Compugen Ltd.'s COM902. AstraZeneca has specifically designed and engineered rilvegoprit with a unique mechanism of action to harness cooperative binding of both PD-1 and TIGIT to drive enhanced immune responses. We have consistently advocated that Fc inactive antibodies may serve as the better antibody format for targeting TIGIT by providing a potential safety advantage in certain patient populations, which could support a potential efficacy advantage due to patient durability on study treatment. We believe that successful phase 3 data would validate TIGIT antibodies as a drug class, change the market sentiment, and open new opportunities for Compugen Ltd. as one of the few companies that have an Fc inactive clinical stage TIGIT antibody, COM902.

Despite failures in the digit space, it is notable that some companies are advancing differentiated TD programs.

For example, Aus Gilead is advancing an F inactive entity program.

In addition, AstroZen is advancing with the custom-made, which is an FD-reduced NPD1 digit device specific. The digit component of which is derived from Competent Cam 902.

Astra has been specifically designed and engineered with the gothic.

With a unique mechanism of action. To harness Cooperative binding of both pd1 and digit to drive, enhanced immune responses.

We've consistently advocated that FC. Inactive antibodies may serve as the better antibody format for targeting digit by providing a potential safety advantage. In certain patients populations, which could support a potential efficiency Advantage, due to patients durability on study treatment.

We believe that successive phase 3 data would validate digit antibodies as a drug class.

Anat Cohen-Dayag: Clinically, we continue to believe that TIGIT PD-1 blockade in combination with the PDRIG inhibitor may expand the use of TIGIT PD-1 to less inflamed PD-L1 load tumors, and positive TIGIT PD-1 data may present additional opportunities for us. In addition, earlier this year, our partner AstraZeneca initiated their 10th phase 3 clinical trial with rilvegoprit. At ASCO this year, AstraZeneca presented encouraging early data from trials evaluating rilvegoprit in combination with the ADC, Dato-DXd in non-small cell lung cancer, and in combination with chemotherapy in hepatobiliary cancer. This data, along with the data presented at the World Conference on Lung Cancer and ESMO last year, highlights rilvegoprit as a potential IO backbone to future drug combinations.

change the market sentiment and open new opportunities for confidence is 1 of the few companies that have an FTE, inactive clinical stage TT antibody, common 902

Clinically, we continue to believe that tgp1 blockade in combination with the pvid inhibitor, May expand the use of tgp1 to less inflamed, pdl1 low tumors.

And positive tgp1 data may present additional opportunities for us.

in addition earlier this year, our partner acts as aneka initiated their 10th phase 3 clinical trial with with the customer

At ASCO this year astroica presented, encouraging early data from trials, evaluating results of gastam in combination, with the ADC data DxD in nosal and cancer.

And in combination with chemotherapy in hepatobiliary cancer.

this data along with the data presented at the World Conference of Lan cancer and as well last year,

Anat Cohen-Dayag: Coming up at ESMO this October, AstraZeneca plans to present longer-term follow-up data evaluating rilvegoprit monotherapy in non-small cell lung cancer as a poster presentation and first data in bladder cancer in combination with Dato-DXd as a mini oral session. The potential commercial opportunity for rilvegoprit is substantial, with AstraZeneca estimating non-risk-adjusted peak year revenues target of more than $5 billion. AstraZeneca's broad development strategy for rilvegoprit to replace existing PD-1, PD-L1 inhibitors represents a significant potential revenue source for us as we are eligible for both future milestone payments and meet single-digit tiered royalties on future sales. To date, we have received milestone payments of $30.5 million and remain eligible to receive up to $170 million in regulatory and commercial milestone payments. Moving next to GS-0321, formerly known as COM701, our potential first-in-class anti-PVRIG binding protein antibody licensed to Gilead.

highlights with the customer as a potential IO backbone to Future drug combinations.

Coming up at esmo, this October.

Astrozen plans to present longer term, follow-up data, evaluating real. The goes to make monotherapy in NFL cell and cancer as opposed to presentation.

And First Data in bladder, cancer in combination with data DxD, as a mini oral session.

The potential commercial opportunity for real regard to make is substantial with Dr. Estimating non-risk, adjusted PQ Revenue Target of more than 5 billion dollars.

As tenacious broad development strategy, for with regards to make to replace existing pd1 pdl1 inhibitors.

Represents a significant potential Revenue. Source for us is where eligible for both future months on payments and meet single digit tiered royalties on future sales.

Today, we have received Milestone payments of 30.5 million.

And remain eligible to receive up to 170 million in Regulatory and Commercial Mass on payments.

Anat Cohen-Dayag: GS-0321 represents a novel approach to harness PVRIG pathway biology for the treatment of cancer, potentially overcoming the limitations presented by administration of therapeutic cytokines. The Phase 1 trial is progressing as planned. Finally, beyond our clinical stage programs, we remain committed to advancing our extensive and differentiated early-stage pipeline, focused on potential first-in-class drugs and novel mechanisms of actions designed to activate the immune system against cancer. With a diverse pipeline and strong focus on execution in 2025, we believe Compugen Ltd. is well-positioned for growth. Of course, none of this would be possible without our highly committed, talented team here at Compugen Ltd., who continuously performs at the highest levels of excellence. With that, I will hand over to David for the financial update before we open the floor for Q&A.

Moving next to gs03 to 1 formerly known. As Khan 543 are potential first in class anti binding protein antibody licensed to Gilead.

GS 0321 represents a novel approach to harness, highlighting pathway biology for the treatment of cancer. Potentially overcoming the limitations presented by administration of therapeutic type accounts.

The Phase 1 trial is progressing as planned.

Actions designed to activate the immune system against cancer.

with a diverse Pipeline and strong, focus on execution in 2025,

We Believe confident is well, positioned for growth.

Of course, none of this would be possible without our highly committed. Talented team here at competent who continuously performs at the highest levels of Excellence.

David Silberman: Thank you, Anat. I am pleased to say that we are advancing in 2025 with a solid balance sheet. Cash runway, assuming no further cash inflows, is expected to fund our operating plans into 2027. We are anticipating using this runway to advance our COM701 platinum-sensitive ovarian cancer trial and to support the progression of GS-0321 in the clinic, together with continued investment in our early-stage pipeline. Going into the details, I will start with our cash balance. As of June 30, 2025, we had approximately $93.9 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities. Revenues for the second quarter of 2025 were approximately $1.3 million, compared to approximately $6.7 million of revenue for the comparable period in 2024.

With that, I will hand over to David for the financial update before we open the floor for Q&A.

Thank you, Annette. I am pleased to say that we are advancing in 2025, with a solid balance sheet, cash, Runway assuming no further. Cash inflows is expected to fund our operating plans in 22027, and we anticipate using this Runway to advance our cam 71 Platinum, sensitive ovarian, cancer trial, and to support the progression of gs03 to1 in the clinic together with continued investment. In our early stage pipeline,

Going into the details, I will start with our cash balance.

As of June 30th 2025, we had approximately 93.9 million in cash, cash equivalents short-term Bank, deposits and investments in marketable securities.

David Silberman: The revenues for the second quarter of 2025 reflect the recognition of portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead, while in the second quarter of 2024, they reflect portions of the upfront payment from the license agreement with Gilead and the clinical milestone from the license agreement with AstraZeneca. Expenses for the second quarter of 2025 were in line with our plans. R&D expenses for the second quarter of 2025 were approximately $5.6 million, compared to approximately $6.2 million in the second quarter of 2024. Our G&A expenses for both the second quarters of 2025 and 2024 were approximately $2.2 million.

Revenues for the second quarter of 2025 were approximately 1.3 million compared to approximately 6.7 million of revenue for the comparable period in 2024.

The revenues for the second quarter of 2025 reflect the recognition of portions of both The Upfront payment and the AMD Milestone payment from the license agreement with Gilead while in the second quarter of 2024. They reflect portion of The Upfront payment from the license agreement with Gilead and the clinical Milestone from the license agreement with Astro.

Expenses for the second quarter of 2025 were in line with our plans.

David Silberman: For the second quarter of 2025, our net loss was approximately $7.3 million or $0.08 per basic and diluted share, compared to a net loss of approximately $2.1 million or $0.02 per basic and diluted share in the second quarter of 2024. With that, I will hand over to the operator to open the call for questions.

R&D expenses for the second quarter of 2025 were approximately 5.6 million compared to approximately 6.2 million dollars in the second quarter of 2024. Our DNA expenses for both the second quarter of 2025 and 2024 were approximately 2.2 million

Operator: Thank you. Ladies and gentlemen, at this time, we will begin the question and answer session. If you have a question, please press star one. If you wish to decline from the polling process, please press star two. If you are using speaker equipment, kindly lift the handset before pressing the numbers. Please stand by while we poll for your questions. The first question will be from Stephen Willey from Stifel. Please go ahead.

For the second quarter of 2025, our net loss was approximately 7.3 million or 8 cents per basic and diluted share compared to a net loss of approximately 2.1 million or 2 cents per basic and diluted share in the second quarter of 2024 with that. I will end over to the operator to open the call for questions.

Thank you, ladies and gentlemen. At this time, we will begin the question and answer session. If you have a question, please press star 1, if you wish to decline from the polling process, please press star 2.

If you are using speaker equipment, kindly lift, the handset, before pressing the numbers.

Please stand by while we pause for your questions.

The first question will be from Steven Wy.

From.

People.

Please go ahead.

Stephen Willey: Good morning. This is Stephen Willey from Stifel. Thank you for taking our question. We just have two questions. The first one is related to platinum-sensitive ovarian cancer trial. Can you please just briefly provide an overall general comment on the ongoing dynamics of patient enrollment? I do not remember if you guys have actually communicated how many sites you guys are planning to activate. I guess what I am trying to ask you is what proportion of those sites are currently active so far? The second question is related to the ESMO presentation. I understand that you guys are planning on presenting a pooled data analysis. What do you think investors should focus on that presentation? Would this presentation actually include any biomarker data analysis? Thank you.

Good morning. This is Julian for Steve. Thank you for taking our questions. So, we are, we just have 2 from us. Um, the first 1 is, uh, related to platinum sensitive over in cancer. Uh, trial. Can you please, uh, just briefly, like more like a overall um, uh, General comment on the ongoing dynamics of patient, involvement. And I don't remember if you guys have, uh, actually communicated, how many sites you guys are planning to activate. And I guess what I'm trying to, um, ask you, is that what maybe like, uh, what portion of those sites are currently active, um, so far? And um, second question, is related to the asthma.

Presentation. Um, I understand that you guys are, uh, planning on presenting a post data analysis. What do you think? Investors should focus on, um, that presentation? And would you, uh, would this presentation actually include any biomarker data analysis. Thank you.

Michelle Mahler: Thank you. Michelle, would you like to ask this question? Yes, I will be happy to answer those questions. At this point in time, we have not disclosed the number of sites that we are using for the trial, but we have open sites in both the U.S. and in Israel. We are actively enrolling with a high level of investigator enthusiasm. We do have aggressive timelines and plans, and we are working to continue to meet those. Regarding the question on what should be focused on with respect to our presentation at EFMO, one of the things that we were trying to focus on was understanding deeper about the patients that had had a response on our prior studies. By pooling it, it gives us the opportunity to try and characterize more about the efficacy and the safety. More of that information will be presented during EFMO.

Um, thank you Michelle. Would you like this question?

Uh, you know, we have aggressive timelines and and plans and our we're working to continue to meet those.

Um, regarding the question on what should be focused on with respect to our presentation at some asmo, the, what are the things that we were trying to focus on was understand deeper about the patients that had had a response on our prior studies. So by pulling it, it gives us the opportunity to try and characterize more about the efficacy and the safety and, um, you know, more of that, uh, information will be presented uh, during asthma.

Operator: Okay. Stephen, are you with us?

Okay. Stephen, are you with us?

Leland Gershell: Hello?

Operator: Yes, please. The next question is from Leland Gershell from Oppenheimer. Go ahead, please.

Hello.

Yes, please.

The next question is from, uh,

Leland Gershell: Hey, thanks for taking our questions. Congrats on all the progress. I just wanted to ask, as we look forward to the upcoming reveal on the Tropion pan tumor 03 in bladder, which would be potentially opening that as another development indication for further advancement. Do you know what we expect to see? Will it be complete response data, durability data? What do you envision as the potential for the program to maybe move into further development and have a follow-up? Thank you.

Leland. Gershel from Oppenheimer. Go ahead, please.

Hey, uh, thanks for taking our questions. Uh, congrats on all the progress. Um, not just just wanted to, um, ask as we look forward to the upcoming, uh, reveal on the tion pain tumor 03.

in bladder, um which would be, you know, potentially opening that

As a another development indication, uh, for further advancement. Um do you know what? We expect to see will it be complete with response data durability?

Data. Uh, what, what do you envision? Um, as the potential for uh the program to maybe move into uh further development and then the follow up, thank you.

Michelle Mahler: Thank you, Leland. AstraZeneca did not guide into what they're going to present at EFMO for this study or for the other study. We cannot comment on their behalf. Just to remind that at ASCO, they presented data for non-small cell lung cancer and also for hepatobiliary tract. The data was encouraging to see the potential for ribavirin to serve as an IO backbone as part of combinations. The data in bladder is going to be in combination with ADC. We are waiting as well. We are looking forward to see the data. We cannot have guidance instead of AC.

thank you, lean and

Leland Gershell: Got it. Okay. Look forward to that. If you could just remind us of what you see as a market opportunity in the platinum-sensitive maintenance setting for COM701. Thank you.

We're going to present the testimonial, but this idea or for the other study. So obviously we cannot comment on their behalf. So I just remind that, you know, I asked for their presented data for not considering cancer. And also for Hepatitis B trap, the data that's showing, uh, you know, it was encouraging to see that the potential for really the gospel make to serve and I hope back bonus, parts of the combination, the data and bladder is going to be in combination with ADC, we're waiting as well. We're looking forward to see the data and but we cannot have guidance. And instead of AC,

Okay, look forward to to that. And then if you could just remind us um of what you see as as a market opportunity in the uh Platinum sensitive maintenance setting for 71. Thank you.

Michelle Mahler: Michelle, would you like to do that? The initial opportunity is based on patients who are in second line or third line requiring maintenance. The study is requiring patients who have received previously at least two prior lines of platinum chemotherapy. Those patients who are eligible for PARP inhibitors or BIV must have received those to be able to come onto the clinical trial. This brings us to a mix between both patients who would be eligible for maintenance in both second and third line. That is approximately 8,000 to 12,000 patients based on epidemiology data that is available. I think the other point to highlight is in the event that single agent COM701 works in maintenance, it opens an avenue for us to also combine with other combinations and go after a much broader ovarian cancer patient population.

Yeah, Shannon good luck to do that.

Yeah. So the initial opportunity is based on patients who are in second line, um, or third line, requiring maintenance, the study is requiring patients, who have not who have received previously at least 2 prior lines of platinum chemotherapy and those patients who are eligible for parp Inhibitors or Bev must have received those to be able to come onto the clinical trial. So this brings us to a mix between both patients, who would be eligible for maintenance in both second and third line and that's approximately 8 to 12,000 patients, um, based on, you know, epidemiology data that's available. I think the other point to highlight is in the event that single agents. 701 Works in maintenance. It opens an Avenue for us to also combine with other combinations and go up.

Michelle Mahler: I think the initial opportunity might seem limited, but the step that we are taking gives potential for the broader population.

After a much broader um ovarian cancer patient population. So I think the initial opportunity might seem limited but the steps that we will take that we are taking gives potential for the broader population.

Leland Gershell: Terrific. Great. Thank you for taking our question.

Terrific. Great. Thank you for taking our questions.

Operator: Next question will be from Daina Graybosch from Leerink Partners.

Next question will be from Dana greybush from lying partners.

Leland Gershell: Hey, guys. Thanks for the question. You got Bill on for Dana. Just a couple for me. What expectations do you have from Merck's successful Phase 3 in ovarian, and how does that change your current approach? The second question is, your current clinical assets provide pretty good validation of your e-engine platform's ability to identify targets. Can you give us a sense of what's coming down the pipeline and when we may expect to hear some details? Thank you.

Down the pipeline and 1, we may expect to hear some details. Thank you.

Michelle Mahler: I guess I'll just take the first one and then around related to the second question. Okay, great. So for the Merck study, it's exciting that they were able to demonstrate that with adding a checkpoint inhibitor to patients' regimen, that there's both a PFS and overall survival advantage. Of course, we haven't seen the data. What I would like to highlight, though, is the Merck study is focused in platinum-resistant patients. So it gives us some hints to potential activity or seeing activity in the earlier lines of treatment. But keep in mind, it is a different patient population to where we're going because the patients that we're evaluating in our study are platinum sensitive. It doesn't specifically change our approach at this point in time.

Yeah, I guess I guess we have to take the first 1 and then around we relate to the second person.

Okay, great. So for the Merc study it's uh exciting that they were able to demonstrate that with adding um a checkpoint inhibitor to patients regimen that there's both a PFS and overall survival advantage. Of course, we haven't seen the data. What I would like to highlight though is the most study is focused in Platinum, resistance patients. So it gives us some hints um to potential um activity. We're seeing activity in the earlier, um, lines of treatment but keep in mind, it is a different patient population to where we are going, because the patients that we're evaluating in our study are Platinum, sensitive.

Michelle Mahler: It's just nice to see that there is still potential for checkpoint inhibitors in the right kind of patient population and the right kind of combination. I hand back to Anat and Eran about the other question.

Um so it doesn't specifically change our Approach at this point in time. It's just uh it's uh nice to see that. Uh there is still potential for checkpoint Inhibitors in in the right kind of patient population and the right kind of combination.

Eran Ophir: Thanks, Michelle. For the early pipeline, we are using our Unigene, our validated potential platform that yielded COM701 and COM902. We work hard to bring more assets. For many reasons, including competitive ones, we prefer not to disclose too many details to keep the assets to ourselves at this point in time. This is a work ongoing and our quintessential platform, which is validated by the assets we already brought, is working hard to bring more assets in different ways in immuno-oncology.

I hand back to, uh, Anna and they run about the other question.

So for the early pipeline, so indeed we're using our unigine, our validated potential platform, that yielded a PG and comparable 3 and we work hard to bring more assets for many reasons, including competitive ones. We prefer not to disclose too many details to keep the assets for services at this point in time but definitely um this is work ongoing and potential platform which is validated by the assets were already. Brought is working hard to bring more assets in different demos

in the middle on College.

Leland Gershell: Got it. Thank you.

Got it. Thank you.

Operator: Next question will be from Charles Wallace from HCW. Go ahead, Charles.

Leland Gershell: Hi. Thanks for taking my question. On COM701 and the global maintenance ovarian study, can you provide some more color on the interim analysis that you have planned for the second half of 2026? Do you expect at this time that the study will be fully enrolled? Thank you.

Next question, will be from Charles Wallace. From hcw. Go ahead, Charles

Hi, thanks for taking my question. Um, on cam, 7001 in the global maintenance, ovarian study, can you provide some more color on the interim analysis that you have planned for the second half of 26? And do you expect at this time that the study will be fully enrolled?

Michelle Mahler: To explain again, the study is an adaptive trial design. Because we are looking for a three-month improvement, we still believe that the interim analysis would happen as we have already previously guided in terms of the second half of 2026. The study will be fully enrolled. The interim analysis is to evaluate both utility and also allow us to characterize the magnitude of effect size for COM701.

Thank you.

Okay. So, um

Just to explain again. So this the study is, um, is a adaptive trial design. And, um, because we're looking for a 3 months Improvement, we still believe that the interim analysis would happen. Um, as we've already, um, previously guided in terms of, uh,

Second, half of 2026. Yes, the study will be fully enrolled. Um, and uh, the interim analysis is to evaluate for futility. And, uh, also allow us to characterize magnitude of effect size for um, Khan 7001.

Leland Gershell: All right. Thanks for taking my question.

All right, thanks for taking my question.

Operator: Okay. This concludes the Q&A session and Compugen Ltd.'s investor conference call. Thank you for your participation. You may go ahead and disconnect.

Okay. This concludes the Q&A session and confusions investor conference call. Thank you for your participation. You may go ahead and disconnect.

Goodbye.