The following is a summary of the Compugen Ltd. (CGEN) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Compugen reported Q2 2024 revenue of $6.7 million, a significant improvement compared to no revenue in Q2 2023.

• Cash position as of June 30, 2024, stood at approximately $92.3 million, up from $51.1 million as of December 31, 2023.

• Net loss of $2.1 million or $0.02 per basic and diluted share in Q2 2024, improved from a net loss of $9.3 million or $0.11 per basic and diluted share in Q2 2023.

Business Progress:

• FDA clearance for Phase I trial of COM503; initiation planned for Q4 2024 in solid tumors.

• AstraZeneca advances development of rilvegostomig, a PD-1 TIGIT bispecific drug derived from COM902.

• On track to report data from the COM701, COM902, and pembrolizumab triple combination study in platinum-resistant ovarian cancer patients in Q4 2024.

Opportunities:

• Significant potential revenue opportunity for Compugen arises from AstraZeneca's development of rilvegostomig with a target of over $5 billion in peak revenue.

• The nonresponsive tumor types and patient populations for PD-1 may benefit from the triple combination strategy of blocking PVRIG, TIGIT, and PD-1.

More details: Compugen IR

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