Compugen (CGEN) Q1 2026 earnings summary

Executive summary

• 2026 is a pivotal year with progress on strategic priorities, including advancing the COM701 clinical program and partnerships with AstraZeneca and Gilead.

• MAIA-ovarian adaptive platform trial for COM701 is enrolling patients in the US, Israel, and France, targeting platinum-sensitive ovarian cancer, with interim analysis expected by Q1 2027.

• AstraZeneca's rilvegostomig program is advancing with 11 phase III trials, promising data presented at AACR 2026, and additional data expected at ASCO 2026.

• Gilead's GS-0321 (anti-IL-18 BP antibody) phase I trial is progressing, with significant milestone and royalty potential.

• Cash runway is expected to fund operations into 2029, with no debt and recent non-dilutive capital from AstraZeneca.

Financial highlights

• Cash, cash equivalents, short-term deposits, and marketable securities totaled $134.9 million as of March 31, 2026.

• Q1 2026 revenue was $2.2 million, slightly down from $2.3 million in Q1 2025, mainly from Gilead license agreement milestones.

• R&D expenses rose to $6.9 million in Q1 2026 from $5.8 million in Q1 2025, mainly due to increased clinical and drug supply costs.

• G&A expenses were $2.3 million in Q1 2026, down from $2.4 million in Q1 2025.

• Net loss for Q1 2026 was $7.7 million ($0.08 per share), compared to $7.2 million ($0.08 per share) in Q1 2025.

Outlook and guidance

• Cash runway is expected to fund operations into 2029, supporting ongoing clinical trials and early-stage pipeline investments.

• Interim analysis for the MAIA-ovarian trial is planned for Q1 2027, with potential trial adjustments based on data and regulatory engagement.

• Continued advancement of partnered and proprietary immuno-oncology pipeline programs.

• Additional clinical data on rilvegostomig expected at upcoming ASCO meeting.