Q4 2025 Compugen Ltd Earnings Call

March 2, 2026

Operator: Ladies and gentlemen, thank you for joining us today. Welcome to Compugen's Q4 and full year 2025 results Conference Call. At this time, all participants are in 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. With us from the Compugen team are Dr. Eran Ophir, President and CEO, and David Silberman, Chief Financial Officer. Dr. Michelle Mahler, Chief Medical Officer, will join for the Q&A.

Speaker #2: 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. With us from the COMPUGEN team are Dr. Eran Ophir, President and CEO, and David Silberman, Chief Financial Officer.

Speaker #2: Dr. Michelle Mahler, Chief Medical Officer, will join for the Q&A. Before we begin, we would like to remind you that during this call, the company may 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, including disclosure of clinical data, financial and accounting-related matters, as well as statements regarding our cash position and cash runway.

Operator: Before we begin, we would like to remind you that during this call, the company may 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 program, including disclosure of clinical data, 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. Actual results, performance or achievements of the company may differ materially. These statements are subject to known and unknown risks and uncertainties. We refer to you our SEC filings 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.

Speaker #2: 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.

Operator: We wish to caution you that such statements reflect only the company's current beliefs, expectations and assumptions. Actual results, performance or achievements of the company may differ materially. These statements are subject to known and unknown risks and uncertainties. We refer to you our SEC filings 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.

Speaker #2: These statements are subject to known and unknown risk and uncertainties, and we refer to you, our SEC filings, for more details on these risks including the company's most recent annual report on Form 20F.

Speaker #2: The company undertakes no obligation to update projections and forward-looking statements in the future. With that, I now turn the call over to Eran. Thank you, Operator, and welcome to everyone joining our call today.

Operator: With that, I now turn the call over to Eran.

Eran Ophir: Thank you, operator, and welcome to everyone joining our call today. In today's call, I would like to highlight some of our key achievements in 2025 and outline our planned strategic priorities for 2026. During 2025, we made progress across our business scientifically, operationally, and financially, including the following key highlights. We extended our expected cash runway into 2029, assuming no further cash inflows through a non-dilutive transaction with AstraZeneca tied to Rilvev, their differentiated PD-1 TIGIT bispecific, the TIGIT component of which is derived from COM902, our fully owned Fc-reduced anti-TIGIT antibody. We also diversified our leadership team as I stepped into the CEO role in September 2025 and Eran transitioned to executive chair.

Speaker #2: In today's call, I would like to highlight some of our key achievements in 2025 and outline our planned strategic priorities for 2026. During 2025, we made progress across our business, scientifically, operationally, and financially, including the following key highlights.

Speaker #2: We extended our expected cash runway into 2029, assuming no further cash inflows, through a non-dilutive transaction with AstraZeneca, tied to Releve, their differentiated PD1 digit-by-specific, the digit component of which is derived from COM 902, our fully owned FC-reduced anti-digit antibody.

Speaker #2: We also diversified our leadership team as I stepped into the CEO role in September 2025, and I now transitioned to executive chair. On a clinical side, we advanced our clinical programs initiating new clinical trials with our wholly owned potential first-in-class anti-PVRG COM 701 and our potential first-in-class anti-IL-18 binding protein antibody GS0321, licensed to Gilead.

Eran Ophir: On the clinical side, we advanced our clinical programs, initiating new clinical trials with our wholly owned potential first-in-class anti-PVRIG COM701, and our potential first-in-class anti-IL-18 binding protein antibody GS-0321 licensed to Gilead. We also advanced our clinical footprints, opening sites in the US, Israel, and France in our COM701 clinical trials. In addition, we presented clinical updates at ESMO and SITC conferences for COM701 and GS-0321 respectively. Let me elaborate on each of these highlights, starting with the most recent update, our December 2025 strategic transaction with our partner, AstraZeneca, where we monetize a small portion of our future Rilvev royalties to AstraZeneca.

Speaker #2: We also advanced our clinical footprints, opening sites in the US, Israel, and France in our COM701 clinical trial. In addition, we presented clinical updates at the ESMO and CITC conferences for COM701 and GS0321, respectively.

Speaker #2: So let me elaborate on each of these highlights, starting with the most recent update, our December 2025 strategic transaction with our partner, AstraZeneca, where we monetized a small portion of our future Releve royalties to AstraZeneca, this deal is important today and for the long term because it added 65 million in upfront non-dilutive capital from AstraZeneca, extended our expected cash runway into 2029.

Eran Ophir: This deal is important today and for the long term because it added $65 million in upfront non-dilutive capital from AstraZeneca, extend our expected cash runway into 2029. It provides an additional $25 million at the next milestone payment, which is BLA acceptance, and thereby increases our total remaining milestones to up to $195 million from $170 million previously. We retain the majority of our royalty interest, leaving our economics fundamentally intact. Both before and after the deal, we remain eligible for up to mid-single-digit tiered royalties from rilvegostomig sales. We believe this deal allowed us to unlock value today to continue advancing our innovative immuno-oncology pipeline, including COM701, GS-0321, and our early stage pipeline. It allows us to reach both internal and partner catalysts.

Speaker #2: It provides an additional $25 million at the next milestone payment, which is BLA acceptance, and thereby increases our total remaining milestones to up to $195 million, from $70 million previously.

Speaker #2: And we retained the majority of our royalty interests, leaving our economics fundamentally intact, so both before and after the deal, we remain eligible for up to mid-single-digit tiered royalties from Releve sales.

Speaker #2: We believe this deal allowed us to unlock value today to continue advancing our innovative immuno-oncology pipeline, including COM 701, GS0321, and our early-stage pipeline, and it allows us to reach both internal and partnered catalysts.

Speaker #2: All of this without compromising our long-term upside in Releve, a potentially multi-billion dollar asset. And to put this into context, Releve is being advanced by AstraZeneca in a broad late-stage development program, including 10 active phase 3 trials.

Eran Ophir: All of this without compromising our long-term upside in Rilve, a potentially multi-billion dollar asset. To put this into context, Rilve is being advanced by AstraZeneca in a broad late-stage development program, including 10 active phase III trials. AstraZeneca previously estimated a non-risk adjusted peak annual revenue potential of more than $5 billion for Rilve. Next, let me briefly touch on the leadership transition. I'm excited and privileged to have had the opportunity to step into the role of president and CEO in September 2025. With Anat now serving as Executive Chair, we believe we have a leadership structure that combines operational focus and strategic continuity, a strong foundation for Compugen next phase of growth. Turning now to clinical execution, starting with COM701.

Speaker #2: AstraZeneca previously estimated a non-risk-adjusted peak annual revenue potential of more than $5 billion for Releve. Next, let me briefly touch on the leadership transition.

Speaker #2: I'm excited and privileged to have had the opportunity to step into the role of President and CEO in September 2025. With Anat now serving as Executive Chair, we believe we have a leadership structure that combines operational focus and strategic continuity.

Speaker #2: A strong foundation for Compugen's next phase of growth. Turning now to clinical execution, starting with COM701. In the MYO-ovarian clinical trial, in platinum-sensitive ovarian cancer, we initiated dosing and expanded our trial footprint globally by opening trial sites in the US, France, and Israel.

Eran Ophir: In the MAIA-ovarian clinical trial, in platinum sensitive ovarian cancer, we initiated dosing and expanded our trial footprint globally by opening trial sites in the US, France, and in Israel. I also want to highlight the data represented at ESMO last year from the COM701 pooled analysis of phase I clinical data in platinum-resistant ovarian cancer. The pooled analysis demonstrated that COM701 was well-tolerated and showed consistent durable responses in patients with heavily pre-treated platinum-resistant ovarian cancer, particularly in those without liver metastasis, representing patients with lower disease burden and potentially less immunosuppressive tumor microenvironments. We believe this data support the rationale for advancing COM701 in the earlier line settings as maintenance therapy in platinum sensitive ovarian cancer. These programs underscore our commitment to pioneering innovative biology.

Speaker #2: I also want to highlight the data we presented at ESMO last year from the COM701 pooled analysis of Phase I clinical data in platinum-resistant ovarian cancer.

Speaker #2: The pooled analysis demonstrated that COM 701 was well tolerated and showed consistent durable responses in patients with heavily pre-treated platinum-resistant ovarian cancer, particularly in those without liver metastasis, representing patients with lower disease burden and potentially less immunosuppressive tumor microenvironment.

Speaker #2: We believe this data supports the rationale for advancing COM701 in earlier-line settings as maintenance therapy in platinum-sensitive ovarian cancer. These programs underscore our commitment to pioneering innovative biology.

Speaker #2: Regarding GS0321, our partnered program with Gilead, we initiated dosing in a phase one dose escalation and expansion trial and subsequently presented a trial in progress update at CITCI.

Eran Ophir: Regarding GS-0321, our partnered program with Gilead, we initiated dosing in a phase I dose escalation and expansion trial, and subsequently presented the trial in progress update at SITC. Overall, we believe that our achievements in 2025 set the stage for continued execution in 2026, which transitions me nicely to our 2026 strategic priorities, which include the continued execution of the MAIA-ovarian adaptive trial. The first sub-trial is a randomized trial comparing COM701 monotherapy to placebo in the maintenance settings of platinum sensitive ovarian cancer, a setting where there is a significant unmet medical need and no current standard of care. We are on track to have an interim analysis in Q1, 2027. This data could lead to maintenance monotherapy path to registration and for a potential backbone for...

Speaker #2: Overall, we believe that our achievements in 2025 set the stage for continued execution in 2026. Which transitions me nicely to our 2026 strategic priorities, which include the continued execution of the myo-ovarian adaptive trial.

Speaker #2: The first subtrial is a randomized trial comparing COM 701 monotherapy to placebo in the maintenance settings of platinum-sensitive ovarian cancer, a settings where there is a significant unmet medical need and no current standard of care.

Speaker #2: We are on track to have an interim analysis in Q1 2027. This data could lead to maintenance monotherapy past registration and for a potential backbone for drug.

Speaker #2: We're also enabling the clinical development plan across ovarian cancer lines of treatment and in other indications where clinical signals were seen for COM701. In parallel, we're executing on our Phase 1 trial with GS0321, where, as a reminder, the first patient was dosed in January 2025.

Eran Ophir: While also enabling clinical development plan across ovarian cancer lines of treatment and in other indications where clinical signals were seen for COM701. In parallel, we're executing on our phase I trial with GS-0321. Where, as a reminder, the first patient was dosed in January 2025. GS-0321 is our potential first-in-class anti-IL-18 binding protein antibody licensed to Gilead. We believe that the key differentiator of GS-0321 is that it is not a cytokine, but an antibody harnessing cytokine biology for the treatment of cancer. It's new and a cool mechanism, and based on preclinical data, this approach may offer advantages on both safety, and efficacy. Gilead has already paid $60 million upfront and an additional $30 million when it successfully achieved IND clearance.

Speaker #2: GS0321 is our potential first-in-class anti-IL-18 binding protein antibody licensed to Gilead. We believe that a key differentiator of GS0321 is that it is not a cytokine but an antibody harnessing cytokine biology for the treatment of cancer.

Speaker #2: Its new and cool mechanism, and based on preclinical data, this approach may offer advantages on both safety and efficacy. Gilead has already paid $60 million upfront and an additional $30 million when it successfully achieved IND clearance, and is eligible to receive up to an additional $758 million in future milestones and single-digit to low double-digit tiered royalties.

Eran Ophir: We're eligible to receive up to additional $758 million in future milestones and single-digit to low double-digit tiered royalties. The ongoing phase 1 constitutes two parts. Part 1, dose escalation, and Part 2, dose expansion. In addition, we continue to track our partner, AstraZeneca's progress very closely as they execute on their broad phase 3 Rilve program. Given the recent history in the TIGIT field, it's worth taking a moment to explain why we maintain confidence. For us, the answer is clear. Antibody format matters, and clinical and combination strategy matters. Let me explain. On formats, Rilve is an anti-PD-1/TIGIT bispecific antibody that has the reduced Fc functionality.

Speaker #2: The ongoing phase one constitutes two parts. Part one: dose escalation. And part two: dose expansion. In addition, we continue to track our partner AstraZeneca's progress very closely as they execute on their broad Phase 3 RELEVE program.

Speaker #2: Given the recent history in the trigid field, it's worth taking a moment to explain why we maintain confidence. For us, the answer is clear.

Speaker #2: Antibody format matters. And clinical and combination strategy matters. So let me explain. On format, Releve is an anti-PD-1 trigid bispecific antibody that has a reduced FC functionality.

Speaker #2: This design delivers coordinated inhibition of both PD-1 and trigid on the same immunoeffector cells with cooperative binding resulting in greater efficacy than anti-PD-1 plus anti-trigid single ID combinations when tested in ex vivo patients derived models of non-small cell line cancer.

Eran Ophir: This design delivers coordinated inhibition of both PD-1 and TIGIT on the same immuno effector cells with cooperative binding, resulting in greater efficacy than anti-PD-1 plus anti-TIGIT single added combinations when tested in ex vivo patients derived models of non-small cell lung cancer. In addition, this format using reduced Fc functionality may reduce the unwanted depletion of immuno effector cells and maintain a favorable safety profile. On clinical strategy, AstraZeneca's trials are designed differently from some other companies' TIGIT trials and also include novel combinations like ADCs that have not been tested thus far. To summarize, our confidence in Rilve is based on its differentiation, a different drug format, and a different clinical trial and combination strategy. Lastly, turning to our early stage pipeline.

Speaker #2: In addition, this format using reduced FC functionality may reduce the unwanted depletion of immunoeffector cells and maintain a favorable safety profile. On clinical strategy, AstraZeneca's trials are designed differently from some other companies' trigid trials and also include novel combinations like ADCs that have not been tested thus far.

Speaker #2: So, to summarize, our confidence in Releve is based on its differentiation, a different drug format, and a different clinical trial and combination strategy. Lastly, turning to our early-stage pipeline—with our current cash runway expected into 2029—2026 will be a year of continued focus on our early-stage pipeline, which is managed by the largest team within Compugen.

Eran Ophir: With our current cash runway expected into 2029, 2026 will be a year of continued focus on our early stage pipeline, which is managed by the largest team within Compugen. Unigen is the AI machine learning-based computational engine that generated COM701, COM902, and GS-0321, and we remain committed to investing in this differentiated discovery platform. Stepping back, let me summarize where we are today. We have a unique positioning, solid financial outlook that enable us to continue and leverage our computational drug target discovery engine to deliver the next generation of novel immune oncology assets. We have a clinical pipeline grounded in potential first-in-class immune oncology science, and we have two validating partnerships with AstraZeneca and Gilead, representing approximately up to $1 billion in potential milestones plus royalties.

Speaker #2: Unigen is the AI, machine learning-based computational engine that generated COM701, COM902, and GS0321, and we remain committed to investing in this differentiated discovery platform.

Speaker #2: So stepping back, let me summarize where we are today. We have a unique positioning: solid financial outlook, that enabled us to continue and leverage our computational drug target discovery engine to deliver the next generation of novel immuno-oncology assets.

Speaker #2: We have a clinical pipeline grounded in potential first-in-class immuno-oncology science, and we have two validating partnerships with AstraZeneca and Gilead representing approximately up to $1 billion in potential milestones plus royalties.

Speaker #2: And our team is consistently striving to deliver at the highest levels. I am incredibly proud of what our team has delivered, and equally excited about the opportunities ahead.

Eran Ophir: Our team is consistently striving to deliver at the highest levels. I am incredibly proud of what our team has delivered and equally excited about the opportunities ahead. Thank you to everyone at Compugen for your dedication. With that, let me turn it over to David Silberman for the financial update before we open the call for questions.

Speaker #2: Thank you to everyone at COMPUGEN for dedication. With that, let me turn it over to David for the financial update before we open the call for questions.

Speaker #1: Thanks, Eran. I am pleased to say that we are advancing in 2026 with a solid balance sheet. Cash runway, assuming no further cash inflows, is expected to fund our operating plans into 2029, and we anticipate using this runway as planned to advance our COM701 platinum-sensitive ovarian cancer trial MyO-OVarian and to support the progression of GS-0321 in the clinic, together with continued investment in our early-stage pipeline.

David Silberman: Thanks, Eran Ophir. I am pleased to say that we're advancing in 2026 with a solid balance sheet. Cash runway, assuming no further cash inflows, is expected to fund our operating plans into 2029. We anticipate using this runway as planned to advance our COM701 platinum-sensitive ovarian cancer trial, MAIA-ovarian, 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 31 December 2025, we had approximately $145.6 million in cash equivalents, short-term bank deposits, and investment in marketable securities. The cash balance at the end of 2025 included the $65 million upfront payment from AstraZeneca for the monetization of a small portion of rilvegostomig future royal deals.

Speaker #1: Going into the details, I will start with our cash balance. As of December 31, 2025, we had approximately $145.6 million in cash equivalents short-term bank deposits and investment in marketable securities.

Speaker #1: The cash balance at the end of 2025 included the $65 million upfront payment from AstraZeneca for the monetization of a small portion of Releve Gossamer future royalties.

Speaker #1: On the revenues front, we reported approximately $67.3 million in revenues for the fourth quarter of 2025 and approximately $72.8 million for the year ended December 31, 2025, compared to approximately $1.5 million and $27.9 million in revenues for each of the comparable periods in 2024.

David Silberman: On the revenues front, we reported approximately $67.3 million in revenues for the Q4 of 2025 and approximately $72.8 million for the year ended 31 December 2025, compared to approximately $1.5 million and $27.9 million in revenues for each of the comparable periods in 2024. Revenues for 2025 include the upfront payment of $65 million from AstraZeneca and a portion of the upfront payment and the IND milestone payment from the license agreement with Gilead, while the revenues for 2024 reflect a portion of the upfront payment and the IND milestone payment from the license agreement with Gilead and the $5 million clinical milestone payment from AstraZeneca. Moving to expenses.

Speaker #1: Revenues for 2025 include the upfront payment of $65 million from AstraZeneca and a portion of the upfront payment and the IND milestone payment from the license agreement with Gilead while the revenues for 2024 reflect a portion of the upfront payment and the IND milestone payment from the license agreement with Gilead and the $5 million clinical milestone payment from AstraZeneca.

Speaker #1: Moving to expenses, R&D expenses for the fourth quarter of 2025 and for the year ended December 31, 2025, were approximately $5.5 million and $22.8 million respectively, compared with approximately $5.9 million and $24.8 million for the comparable periods in 2024.

David Silberman: R&D expenses for Q4 2025 and for the year ended 31 December 2025 were approximately $5.5 million and $22.8 million, respectively, compared with approximately $5.9 million and $24.8 million for the comparable periods in 2024. The decrease in 2025 was mainly due to lower clinical expenses resulting from winding down prior clinical trials, partially offset by an increase in clinical expenses related to the MAIA-ovarian trial initiated in 2025. Our GN expenses for Q4 2025 and for the year ended 31 December 2025 were approximately $2.1 million and $8.9 million, respectively, compared with approximately $2.2 million and $9.4 million for the comparable periods in 2024. On net profit.

Speaker #1: The decrease in 2025 was mainly due to lower clinical expenses resulting from winding down prior clinical trials, partially offset by an increase in clinical expenses related to the myo-ovarian trial initiated in 2025.

Speaker #1: Our G&A expenses for the fourth quarter of 2025 and for the year ended December 31, 2025, were approximately $2.1 million and $8.9 million, respectively, compared with approximately $2.2 million and $9.4 million for the comparable periods in 2024.

Speaker #1: Finally, on net profit, for the fourth quarter of 2025, we reported a net profit of approximately $56.8 million or approximately $0.60 per basic and diluted share, compared to a net loss of approximately $6.1 million or approximately $0.07 per basic and diluted share in the comparable period of 2024.

David Silberman: For Q4 2025, we reported a net profit of approximately $56.8 million or approximately $0.60 per basic and diluted share, compared to a net loss of approximately $6.1 million or approximately $0.07 per basic and diluted share in the comparable period of 2024. Net profit for the year ended 31 December 2025 was approximately $35.3 million or approximately $0.38 per basic and diluted share, compared with a net loss of approximately $14.2 million or approximately $0.16 per basic and diluted share in the comparable period of 2024. With that, I will hand over to the operator to open the call for questions.

Speaker #1: Net profit for the year ended December 31, 2025, was approximately $35.3 million, or approximately $0.38 per basic and diluted share, compared with a net loss of approximately $14.2 million, or approximately $0.16 per basic and diluted share in the comparable period of 2024.

Speaker #1: With that, I will hand over to the operator to open the call for questions.

Speaker #2: Thank you. Ladies and gentlemen, at this time, we will begin to question and answer session. If you have a question, please press star one.

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 leave the handset before pressing the numbers. Please stand by while we poll for your questions. The first question is from Daina Graybosch of Leerink Partners. Please go ahead.

Speaker #2: 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.

Speaker #2: Please stand by while we pull for your questions. The first question is from Diana Greyburt, of Learning Partners. Please go ahead.

Speaker #3: Hi, this is Rabeeb on for Dana. First question I would have is, can you help us level set on what to expect in the 1Q27 update with COM 701 in terms of what we expect to see in that update?

Eran Ophir: Hi, this is Rahi Rab on for Daina Graybosch. First question I would have is, can you help us level set on what to expect in the Q1 2027 update with COM701 in terms of what we expect to see in that update? The follow-up to that is, can you help us understand the timeline and what is required for that path to registration that you mentioned in the call? Thank you.

Rabib Chaudhury: Hi, this is Rahi Rab on for Daina Graybosch. First question I would have is, can you help us level set on what to expect in the Q1 2027 update with COM701 in terms of what we expect to see in that update? The follow-up to that is, can you help us understand the timeline and what is required for that path to registration that you mentioned in the call? Thank you.

Speaker #3: And then the follow-up to that is, can you help us understand the timeline and what is required for that path to registration that you mentioned in the call?

Speaker #3: Thank you.

Speaker #4: Michelle, do you want to take it?

David Silberman: Michelle, do you want to take it?

Speaker #5: Sure. I'm happy to take it. Thanks for the question. So the current trial is an adaptive trial design, and we anticipate that there will be data maturation in Q1 of 2027.

Michelle Mahler: Sure. I'm happy to take it. Thanks for the question. The current trial is an adaptive trial design, and we anticipate that there will be data maturation in Q1 2027. Regarding the timeline and what will be required for registration, it's gonna really depend on the totality of the data. We are planning for success and would have to consider other subsequent plans or trials which we're still in discussion and not at this point in time ready to disclose.

Speaker #5: And regarding the timeline and what will be required for registration, it's going to really depend on the totality of the data. And we are planning for success and would have to consider other subsequent plans or trials which we are still in discussion with.

Speaker #5: Not at this point in time ready to disclose.

Speaker #4: Yeah, I think we can say high level, as we said in the past, that there are a few opportunities here. I mean, one is to continue if the data indeed is has meaningful clinical it can continue to pass forward the tracing and the monotherapy.

Eran Ophir: Yeah, I think we can say high level, as we said in the past, that there are a few opportunities here. I mean, one is to continue if the data indeed is has meaningful clinical clinically, it can continue to fast forward the treatment monotherapy. It can open a path for combination strategies in that population. Of course, because we know that we are seeing it also in pro and under indication, a positive monotherapy signal in this trial also open many other options. I guess our first steps will be in that specific population following a positive result.

Speaker #4: It can open a path for a combination strategies in that population. And of course, because we know that we had signal also in PROC and under indication, positive monotherapy signal in this trial also opened many other options.

Speaker #4: But I guess our first steps would be in that specific population following a positive readout.

Speaker #2: The next question is from Josh Nickerson of Stifel. Please go ahead.

Operator: The next question is from Stephen Willey of Stifel. Please go ahead.

Speaker #6: Hey, team. This is Josh on for Steve. Could you just remind us of the cadence of potential outlying milestones for Releve Gossaming, and maybe just provide some color on the next trigger for a milestone payment upcoming?

[Analyst] (Stifel): Hey, team, this is Josh on for Steve. Could you just remind us the cadence of potential outlying milestones for rilvegostimig and maybe just provide some color on the next trigger for a milestone payment upcoming? Thank you.

Josh Nickerson: Hey, team, this is Josh on for Steve. Could you just remind us the cadence of potential outlying milestones for rilvegostimig and maybe just provide some color on the next trigger for a milestone payment upcoming? Thank you.

Speaker #6: Thank you.

Speaker #4: David, do you want to take it?

Eran Ophir: David, do you want to take it?

Speaker #7: Yeah, sure. Hi, Josh. Thank you for the question. Yeah, as a reminder, so we did the deal with AstraZeneca in December, and we disclosed our next milestone will be BLA acceptance on which we will be entitled to an additional $25 million.

David Silberman: Yeah, sure. Hi, Josh. Thank you for the question. Yeah, as a reminder, we did the deal with AstraZeneca in December, and we disclosed that our next milestone will be BLA acceptance, on which we will be entitled to an additional $25 million on top of what we're already entitled to. Going forward, we'll still be entitled to $195 million in milestone from AstraZeneca on the rilvegostimig deal.

Speaker #7: On top of what we are already entitled to. So, going forward, we will still be entitled to $195 million in milestones from AstraZeneca on the Relevé Gossamer deal.

Operator: We're having some technical issues. Just a moment, please. Eran, can you hear us?

Speaker #5: We're having some technical issues. Just a moment, please.

Speaker #2: Ivan, can you hear us?

Speaker #4: Absolutely.

Eran Ophir: Absolutely.

Speaker #2: Okay. So maybe the speaker just disconnected. We'll move to the next question. The next question is from Swayampakula Ramakanta of HC Wellwrite. Please go ahead.

Operator: Okay. Maybe the speaker just disconnected. We'll move to the next question. The next question is from Swayam Pakula Ramacanta of H.C. Wainwright. Please go ahead.

Speaker #8: Thank you. This is R.K. from HC Wellwrite. Good morning, Ivan. So, trying to think through the ovarian trial—previously, you had stated you will have some interim analysis done in the second half of 2026.

RK: Thank you. This is RK from H.C. Wainwright. Good morning, Eran. Trying to think through the ovarian trial, you know, previously you had stated you will have the interim analysis done in the second half of 2016. Now it's moved to Q1 of 2027. I'm just trying to understand the shift. Is it more because you're adding additional centers, or is it because, you know, you see a slower accumulation of events than what you initially modeled for?

Ramakanth Swayampakula: Thank you. This is RK from H.C. Wainwright. Good morning, Eran. Trying to think through the ovarian trial, you know, previously you had stated you will have the interim analysis done in the second half of 2016. Now it's moved to Q1 of 2027. I'm just trying to understand the shift. Is it more because you're adding additional centers, or is it because, you know, you see a slower accumulation of events than what you initially modeled for?

Speaker #8: Now it's moved to the first quarter of 2027. I'm just trying to understand the shift: is it more because you're adding additional centers, or is it because you see a slower accumulation of events than what you initially modeled for?

Speaker #4: Yeah. Thanks, RK. So we reported that shift already in the previous quarter, and the reason back then was a bit slower. By the way, it was not only COMPUGEN issue, but again, for us, it was a bit slower opening of the major academical US sites.

Eran Ophir: Yeah. Thanks, RK. We reported that shift already in the previous quarter, and the reason back then was a bit slower. By the way, it was not only Compugen issue, but again, for us it was a bit slower opening of the major academic US sites, which we're very glad that now all of them are open. Actually, now all the sites are open. All 28 sites are open. We mitigate for that. We are gladly we were approached by the ARCAGY-GINECO group, which are actually have experience in very, in that specific patient population. They approached us to contribute to the study. Gladly, they joined as well. We now have all the sites open, fully on track to have the readout in Q1 2027.

Speaker #4: We were very glad that now all of them are open. Actually, now all the sites are open, all 28 sites are open. We mitigated for that.

Speaker #4: We are glad we were approached by the Arcadia Gynico Group, which are actually have experience in very in that specific patient population. And they approached us to contribute to the study.

Speaker #4: So gladly, they joined as well. Now have all the sites open, fully on track to have the readout in Q1 2027. Obviously, like in any trial, we need to see that the events are accumulating as expected.

Eran Ophir: Obviously, like in any trial, we need to see that the events are accumulating as expected. Other than that, everything is on track. They will continue to be in Q1 2027 as we report also in the last quarter. No change this quarter for that.

Speaker #4: But other than that, everything is on track, and we continue to be in Q1 2027, as we reported also in the last quarter. So, no change in this quarter for that.

Speaker #8: Okay, thanks for that. And then, in terms of the AstraZeneca relationship, obviously the recent monetization speaks to the alignment—the deep alignment—that AstraZeneca wants to have with the drug.

RK: Okay. Thanks for that. Then in terms of the AstraZeneca relationship, obviously the recent monetization speaks to the alignment, to the deep alignment that AstraZeneca wants to have with the drug. Are there any discussions of expanding the use of the COM902 derived TIGIT in an additional multi-specific formats, you know, within the AstraZeneca portfolio?

Ramakanth Swayampakula: Okay. Thanks for that. Then in terms of the AstraZeneca relationship, obviously the recent monetization speaks to the alignment, to the deep alignment that AstraZeneca wants to have with the drug. Are there any discussions of expanding the use of the COM902 derived TIGIT in an additional multi-specific formats, you know, within the AstraZeneca portfolio?

Speaker #8: Are there any discussions of expanding the use of the COM902-derived TGET in an additional multi-specific format within the AstraZeneca portfolio?

Speaker #4: So, AstraZeneca controlling Releve Gossaming, we don't discuss with them their own plans. I mean, we did see recently—and this is, again, I think, illustrating the commitment for the program.

Eran Ophir: AstraZeneca controlling rilpagostimig, we don't discuss with them their own plans. I mean, we did see recently they, and this is again, I think, illustrating the commitment for the program. We did see recently a new phase III trial now in gastric in combination with CLDN18.2 ADC, which is now in ClinicalTrials.gov. This would be when it's activated, the 11th phase III trial. They are expanding Rivaroxaban. It's not specifically COM902, but Rivaroxaban, which contains COM902. For COM902 specifically, we fully own it, and obviously it's a different opportunity that you can leverage in other collaborations, probably AstraZeneca, with the Rivaroxaban, they will move with that one and not with COM902.

Speaker #4: We did see recently a new phase three trial now in gastric in combination with Clodinate 3.2 ADC, which is now in clinicaltrials.gov. So this would be, when it's activated, the 11th phase three trial.

Speaker #4: So they are expanding Releve Gossaming. It's not specifically COM902, but Releve Gossaming, which contains COM902. For COM902 specifically, we fully own it. And obviously, it's a different opportunity that you can leverage in other collaborations probably AstraZeneca with the Releve Gossaming that will move with that one and not with COM902.

Speaker #8: Okay. And then the last question from me is on the O321. In terms of the data that's expected, would that be in any of the medical conferences or where would we see that data?

RK: Okay. The last question from me is on the GS-0321. You know, you, in terms of the data that's expected, you know, would that be in any of the medical conferences or where would be that data? Will we see more than just initial safety?

Ramakanth Swayampakula: Okay. The last question from me is on the GS-0321. You know, you, in terms of the data that's expected, you know, would that be in any of the medical conferences or where would be that data? Will we see more than just initial safety?

Speaker #8: And will we see more than just initial safety?

Speaker #4: So we initiated—the first patient was dosed at the beginning of 2025. By our agreement with Gilead, obviously, when we report data, it has to be fully aligned with them.

Eran Ophir: You know, we initiated the first patient with those at the beginning of 2025. By our agreement with Gilead, obviously when we report data, it has to be fully aligned with them. For now, we don't have guidelines, but typically, and also I think what Gilead will do themselves, is to report it in a scientific conference and typically it will include activity plus safety. For now we are not making any commitment because it will need to be in alignment with Gilead.

Speaker #4: For now, we don't have guidelines. But typically, and also, I think what Gilead will do themselves is to report it at a scientific conference.

Speaker #4: And typically, it will include activity plus safety. But for now, we are not making any commitment because it will need to be in alignment with Gilead.

Speaker #8: Thank you. Thanks for taking all my questions.

RK: Thank you. Thanks for taking all my questions.

Ramakanth Swayampakula: Thank you. Thanks for taking all my questions.

Speaker #4: Thank you, RK.

Eran Ophir: Thank you, Arkane.

Speaker #2: The next question is from Leland Gershel of Oppenheimer. Please go ahead.

Operator: The next question is from Leland Gershell of Oppenheimer. Please go ahead.

Speaker #4: Hey, good morning. Thanks for taking our question. Aaron, just wondering, as we await the update on 701 in about a year from now, first quarter of 2027, just want to ask what you may plan to be presenting at the various oncology meetings this year—ESMO, SITC, and so forth.

Leland Gershell: Hey, good morning. Thanks for taking our question. I'm just wondering, as we await the update on COM701, in, you know, about a year from now, Q1 2027, just want to ask what you may plan to be presenting at the various oncology meetings this year, you know, ESMO, SITC, and so forth. Can you give us a flavor of what we might see out of Compugen through 2026? Thank you.

Speaker #4: Can you give us a flavor of what we might see out of Compugen through 2026? Thank you.

Speaker #6: So overall, from what we currently disclose, and obviously, along the year, we might update it, from what we currently disclose, we put the Gilead has just mentioned, we don't have any specific guidelines, but it could be a long medical conference along the year.

Eran Ophir: Overall, from what we currently disclose, and obviously along the year we might update it, from what we currently disclose, we, for the Gilead has just mentioned, we don't have any specific guidelines, but it could go along medical conference along the year. AstraZeneca, and again, it's AstraZeneca program and AstraZeneca decision, but they do have some clinical readouts this year, and they might report it in some of the scientific conference. They didn't disclose yet when. This is basically what we disclose for this year, and obviously next year would be the MAIA study readout, which is an important one.

Speaker #6: AstraZeneca, and again, it's AstraZeneca program and AstraZeneca decision, but they do have some clinical readouts this year, and they might report it in some of the scientific conference.

Speaker #6: They didn't disclose yet when. And this is basically what we disclose for this year. And obviously, next year would be the Maya study readout, which is an important one.

Speaker #8: Great. Thank you.

Leland Gershell: Great. Thank you.

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

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