Compugen (CGEN) Q4 2025 earnings summary

Executive summary

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

• Leadership transition with Dr. Eran Ophir appointed President and CEO in September 2025 and Dr. Anat Cohen-Dayag as Executive Chair.

• Advanced clinical programs for COM-701 and GS-0321, with new trials initiated and global site expansion.

• Presented clinical updates for COM701 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, and investments totaled $145.6M as of December 31, 2025, including a $65M upfront payment from AstraZeneca.

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

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

• R&D expenses for 2025 were $22.8M, down from $24.8M in 2024; G&A expenses were $8.9M, down from $9.4M.

• No debt as of year-end 2025.

Outlook and guidance

• Cash runway expected to fund operations into 2029, supporting ongoing and new clinical trials.

• Interim analysis for the MAIA-ovarian COM-701 trial expected in Q1 2027.

• Further Phase 1/2 clinical data for rilvegostomig anticipated in 2026.

• Continued investment in early-stage pipeline and computational discovery platform.