Compugen (CGEN) Oppenheimer 36th Annual Healthcare Life Sciences Conference summary

Pipeline and clinical development updates

• COM701 targets PVRIG, a novel checkpoint, showing promise in less inflamed tumors like ovarian cancer, with durable responses in platinum-resistant patients and a focus shifting to earlier, platinum-sensitive settings.

• The MAIA study is a randomized, placebo-controlled trial in platinum-sensitive ovarian cancer, aiming to prolong progression-free survival by at least three months over historical controls, with interim analysis expected in Q1 2027.

• COM701’s efficacy is linked to patient selection, with better outcomes observed when excluding those with liver metastasis; about 40% clinical benefit and 10.5 months PFS in last-line patients.

• Patients in the MAIA study are typically platinum and bevacizumab-exposed, with low tumor burden and no prior PD-1 exposure.

• Enrollment delays were due to slower-than-expected site openings, but all major sites in the US, France, and Israel are now active.

Industry landscape and partnerships

• Few competitors are targeting PVRIG, with Compugen leading clinical development and being first to run a randomized trial.

• The AstraZeneca partnership centers on rilvegostomig, a TIGIT/PD-1 bispecific antibody, with 11 phase III trials ongoing and a differentiated approach using Fc-reduced format and combination strategies.

• AstraZeneca’s trial designs leverage biomarker-driven patient selection and innovative ADC combinations, aiming for higher efficacy and safety.

• Compugen retains mid-single-digit royalties on rilvegostomig, with up to $195 million in milestones and a potential BLA milestone in 2028.

• The Gilead partnership for GS-0321, an IL-18BP antibody, includes $90 million received to date and eligibility for up to $758 million in milestones and low double-digit royalties.

Financial and strategic outlook

• Monetization of future royalties from AstraZeneca provided $65 million upfront and $25 million for the next milestone, while retaining the majority of royalty interests.

• Financial stability from partnerships supports ongoing investment in early pipeline and computational discovery efforts.

• New IND-enabling programs and target selections are in progress, with announcements expected as assets mature and are validated.

• The early pipeline is focused on novel biologies, leveraging the computational engine for flexibility and innovation.

• No specific conference presentations are planned at this time, but future updates are anticipated as data matures.