Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the first quarter of 2024 on May 20, 2024. The company reported a solid balance sheet with $101.3 million in cash and equivalents, bolstered by a $60 million upfront payment from Gilead for the licensing of COM503 and a $10 million milestone payment from AstraZeneca. Compugen expects its cash reserves to fund operations into 2027, not accounting for any additional partner inflows. The company's revenue for the quarter was $2.6 million, primarily from the Gilead upfront payment. R&D expenses decreased to $6.4 million from $7.4 million in the same period last year, while G&A expenses slightly decreased to $2.4 million. The net loss for the quarter was $7.3 million, or $0.08 per share, an improvement from a net...Show More

Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the first quarter of 2024 on May 20, 2024. The company reported a solid balance sheet with $101.3 million in cash and equivalents, bolstered by a $60 million upfront payment from Gilead for the licensing of COM503 and a $10 million milestone payment from AstraZeneca. Compugen expects its cash reserves to fund operations into 2027, not accounting for any additional partner inflows. The company's revenue for the quarter was $2.6 million, primarily from the Gilead upfront payment. R&D expenses decreased to $6.4 million from $7.4 million in the same period last year, while G&A expenses slightly decreased to $2.4 million. The net loss for the quarter was $7.3 million, or $0.08 per share, an improvement from a net loss of $9.3 million, or $0.11 per share, in the first quarter of 2023. Compugen also provided updates on its pipeline, including the completion of enrollment for a study on ovarian cancer, with data expected in Q4 2024, and preparations for a Phase 1 study of COM503. AstraZeneca has advanced rilvegostomig, a drug derived from Compugen's COM902, into a second Phase 3 trial for nonsquamous NSCLC. The company plans to present data from its colorectal cancer study at the ASCO annual meeting in June 2024.