Compugen Reports Fourth Quarter and Full Year 2023 Results
- Partnership with Gilead on preclinical immuno-oncology program further validates
computational discovery, research, and development capabilitiesCompugen 's - Catalyst rich 2024 expected with multiple data readouts and updates planned from
Compugen's diversified portfolio - Solid balance sheet with extended cash runway expected to fund operations into 2027
"Our accomplishments in 2023 position us well for an exciting future," said
Upcoming Expected Milestones:
COM701 +COM902 + pembrolizumab proof-of-concept studies
- Microsatellite stable colorectal cancer - data in the first half of 2024
- Platinum resistant ovarian cancer - on track to complete enrolment of at least 20 patients in the first quarter of 2024, and data in the fourth quarter of 2024
COM503 (Licenced to Gilead,
- IND submission in the second half of 2024 with subsequent initiation of the Phase 1 study following IND clearance
Rilvegostomig (AstraZeneca's PD-1/TIGIT bispecific, TIGIT component derived from COM902)
- Data in the second half of 2024 from Phase 1/2 ARTEMIDE-01 trial in advanced/metastatic NSCLC and Phase 2b GEMINI-HBP trial in hepatobiliary cancer
Fourth Quarter and Full Year 2023 Financial Highlights
Cash:
As of
Revenues:
R&D expenses for the fourth quarter and year ended
G&A expenses for the fourth quarter and year ended
Net Income / Loss: During the fourth quarter of 2023,
Full financial tables are included below.
Conference Call and Webcast Information
The Company will hold a conference call today,
About
Compugen is a clinical-stage therapeutic discovery and development company utilizing its broadly applicable predictive computational discovery capabilities to identify new drug targets and biological pathways for developing cancer immunotherapies. Compugen has developed two proprietary product candidates: COM701, a potential first-in-class anti-PVRIG antibody and COM902, a potential best-in-class antibody targeting TIGIT for the treatment of solid tumors.
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of
Company contact:
Head of Investor Relations and Corporate Communications
Email: ir@cgen.com
Tel: +1 (628) 241-0071
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
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Three Months Ended |
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Year Ended, |
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2023 |
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2022 |
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2023 |
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2022 |
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Unaudited |
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Unaudited |
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Revenues |
33,459 |
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7,500 |
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33,459 |
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7,500 |
Cost of revenues |
2,004 |
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975 |
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2,004 |
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975 |
Gross profit |
31,455 |
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6,525 |
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31,455 |
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6,525 |
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Operating expenses |
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Research and development expenses |
10,928 |
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7,327 |
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34,472 |
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30,648 |
Marketing and business development expenses |
61 |
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191 |
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244 |
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932 |
General and administrative expenses |
2,482 |
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2,536 |
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9,731 |
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10,319 |
Total operating expenses |
13,471 |
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10,054 |
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44,447 |
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41,899 |
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Operating income (loss) |
17,984 |
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(3,529) |
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(12,992) |
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(35,374) |
Financial and other income, net |
735 |
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495 |
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3,208 |
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1,738 |
Income (loss) before taxes on income |
18,719 |
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(3,034) |
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(9,784) |
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(33,636) |
Taxes on income |
9,006 |
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58 |
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8,970 |
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58 |
Net income (loss) |
9,713 |
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(3,092) |
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(18,754) |
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(33,694) |
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Basic and diluted net income (loss) per |
0.11 |
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(0.04) |
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(0.21) |
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(0.39) |
Weighted average number of ordinary shares |
88,415,382 |
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86,624,643 |
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87,633,298 |
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86,555,628 |
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CONDENSED CONSOLIDATED BALANCE SHEETS DATA |
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2023 |
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2022 |
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ASSETS |
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Current assets |
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Cash, cash equivalents, short-term bank deposits and restricted cash |
39,308 |
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83,708 |
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Investment in marketable securities |
11,742 |
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- |
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Trade receivables |
61,000 |
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- |
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Other accounts receivable and prepaid expenses |
2,529 |
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2,417 |
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Total current assets |
114,579 |
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86,125 |
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Non-current assets |
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Long-term prepaid expenses |
1,233 |
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1,899 |
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Severance pay fund |
2,977 |
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2,794 |
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Operating lease right to use asset |
1,329 |
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1,826 |
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Property and equipment, net |
1,216 |
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1,532 |
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Total non-current assets |
6,755 |
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8,051 |
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Total assets |
121,334 |
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94,176 |
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LIABILITIES AND SHAREHOLDERS EQUITY |
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Current liabilities |
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Other accounts payable, accrued expenses and trade payables |
14,485 |
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10,981 |
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Short-term deferred revenues |
11,149 |
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- |
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Current maturity of operating lease liability |
632 |
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613 |
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Short-term deferred participation in R&D expenses |
- |
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325 |
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Total current liabilities |
26,266 |
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11,919 |
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Non-current liabilities |
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Long-term deferred revenues |
25,392 |
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- |
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Long-term operating lease liability |
719 |
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1,312 |
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Accrued severance pay |
3,398 |
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3,265 |
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Total non-current liabilities |
29,509 |
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4,577 |
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Total shareholders' equity |
65,559 |
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77,680 |
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Total liabilities and shareholders' equity |
121,344 |
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94,176 |
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View original content:https://www.prnewswire.com/news-releases/compugen-reports-fourth-quarter-and-full-year-2023-results-302079674.html
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