Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the second quarter ended June 30, 2024. The company reported revenues of approximately $6.7 million, primarily from a portion of the upfront payment from its license agreement with Gilead and a clinical milestone from its agreement with AstraZeneca. This marks a significant increase from the same period in 2023, where no revenues were reported. Compugen also highlighted a solid balance sheet with cash reserves of $92.3 million, expected to fund operations into 2027. The company achieved FDA IND clearance for COM503, triggering a $30 million milestone payment from Gilead, subject to a 15% withholding tax. Compugen is on track to present data from its COM701 + COM902 + pembrolizumab study in platinum-resistant ovarian cancer and to initiate a Phase...Show More

Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the second quarter ended June 30, 2024. The company reported revenues of approximately $6.7 million, primarily from a portion of the upfront payment from its license agreement with Gilead and a clinical milestone from its agreement with AstraZeneca. This marks a significant increase from the same period in 2023, where no revenues were reported. Compugen also highlighted a solid balance sheet with cash reserves of $92.3 million, expected to fund operations into 2027. The company achieved FDA IND clearance for COM503, triggering a $30 million milestone payment from Gilead, subject to a 15% withholding tax. Compugen is on track to present data from its COM701 + COM902 + pembrolizumab study in platinum-resistant ovarian cancer and to initiate a Phase 1 trial for COM503 in Q4 2024. AstraZeneca, a partner of Compugen, is advancing the development of rilvegostomig, with a non-risk-adjusted peak year revenue target of over $5 billion. Compugen is eligible for future milestones and mid-single-digit tiered royalty payments from this asset. The company's net loss for the quarter was approximately $2.1 million, or $0.02 per share, a decrease from a net loss of $9.3 million, or $0.11 per share, in the same period last year.