Compugen (CGEN) Q4 2025 earnings summary

Executive summary

• Extended cash runway into 2029 through a $65 million non-dilutive transaction with AstraZeneca, plus potential $25 million milestone at BLA acceptance and up to $195 million in total milestones.

• Leadership transition completed with Dr. Eran Ophir as CEO and Dr. Anat Cohen-Dayag as Executive Chair, supporting operational focus and strategic continuity.

• Advanced clinical programs for COM-701 (anti-PVRIG) and GS-0321 (anti-IL-18 BP, partnered with Gilead), with new trials initiated and global site expansion.

• Presented clinical updates for COM-701 and GS-0321 at major oncology conferences.

• AstraZeneca reported promising Phase 2 rilvegostomig data and is conducting 10+ ongoing Phase 3 trials.

Financial highlights

• Cash, cash equivalents, short-term deposits, and marketable securities totaled $145.6 million as of December 31, 2025, including a $65 million upfront payment from AstraZeneca.

• Reported Q4 2025 revenues of $67.3 million and full-year 2025 revenues of $72.8 million, up from $1.5 million and $27.9 million in 2024, driven by AstraZeneca and Gilead payments.

• R&D expenses for 2025 were $22.8 million, down from $24.8 million in 2024, reflecting lower clinical expenses from winding down prior trials, partially offset by new trial costs.

• Net profit for Q4 2025 was $56.8 million ($0.60/share), and for the year $35.3 million ($0.38/share), compared to net losses in 2024.

• No debt as of year-end 2025.

Outlook and guidance

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

• Interim analysis for the MAIA-ovarian COM-701 trial expected in Q1 2027, with potential for registration path depending on data.

• Continued execution of GS-0321 phase I trial and tracking AstraZeneca's rilvegostomig phase III program, with further Phase 1/2 data for rilvegostomig anticipated in 2026.