Compugen Reports First Quarter 2024 Results
- Enrollment completed and on track to present data from COM701 + COM902 + pembrolizumab platinum resistant ovarian cancer study in Q4 2024
- Data from COM701 + COM902 + pembrolizumab study in microsatellite stable colorectal cancer with liver metastases planned to be presented at ASCO 2024 annual meeting
- On track to submit IND for COM503 in the second half of 2024 with preparation for Phase 1 study well advanced
- Partner, AstraZeneca, progressed rilvegostomig into second Phase 3 trial in nonsquamous NSCLC;
eligible for development milestone payments for this second indicationCompugen - Solid balance sheet with extended cash runway expected to fund operations into 2027
"I am proud of our continued progress across our pipeline in the first quarter of 2024, and planned catalyst rich 2024 ahead of us," said
Upcoming Expected Milestones
COM701 +COM902 + pembrolizumab proof-of-concept studies
- Microsatellite stable colorectal cancer – ASCO poster presentation,
June 1, 2024 - Platinum resistant ovarian cancer - planned data presentation 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
First Quarter 2024 Financial Highlights
Cash: As of
Revenue:
R&D expenses for the first quarter of 2024 were approximately
G&A expenses for the first quarter of 2024 were approximately
Net loss for the first quarter of 2024 was approximately
Full financial tables are included below.
Conference Call and Webcast Information
About Compugen
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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2024 |
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2023 |
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Unaudited |
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Unaudited |
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Revenues |
2,559 |
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- |
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Cost of revenues |
2,102 |
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- |
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Gross profit |
457 |
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- |
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Operating expenses |
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Research and development expenses |
6,410 |
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7,445 |
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Marketing and business development expenses |
91 |
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116 |
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General and administrative expenses |
2,448 |
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2,573 |
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Total operating expenses |
8,949 |
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10,134 |
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Operating loss |
8,492 |
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10,134 |
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Financial and other income, net |
1,228 |
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808 |
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Loss before taxes on income |
7,264 |
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9,326 |
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Taxes on income |
3 |
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13 |
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Net loss |
7,267 |
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9,339 |
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Basic and diluted net loss per ordinary share |
(0.08) |
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(0.11) |
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Weighted average number of ordinary shares used in computing |
89,505,618 |
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86,624,643 |
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CONDENSED CONSOLIDATED BALANCE SHEETS DATA |
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2024 |
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2023 |
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Unaudited |
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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 |
69,052 |
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39,308 |
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Investment in marketable securities |
32,260 |
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11,742 |
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Trade receivables |
- |
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61,000 |
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Other accounts receivable and prepaid expenses |
4,259 |
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2,529 |
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Total current assets |
105,571 |
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114,579 |
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Non-current assets |
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Long-term prepaid expenses |
934 |
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1,233 |
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Severance pay fund |
2,994 |
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2,977 |
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Operating lease right to use asset |
3,083 |
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1,329 |
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Property and equipment, net |
1,120 |
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1,216 |
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Total non-current assets |
8,131 |
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6,755 |
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Total assets |
113,702 |
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121,334 |
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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 |
13,434 |
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14,485 |
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Short-term deferred revenues |
10,755 |
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11,149 |
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Current maturity of operating lease liability |
441 |
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632 |
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Total current liabilities |
24,630 |
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26,266 |
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Non-current liabilities |
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Long-term deferred revenues |
23,228 |
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25,392 |
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Long-term operating lease liability |
2,684 |
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719 |
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Accrued severance pay |
3,484 |
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3,398 |
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Total non-current liabilities |
29,396 |
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29,509 |
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Total shareholders' equity |
59,676 |
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65,559 |
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Total liabilities and shareholders' equity |
113,702 |
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121,344 |
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View original content:https://www.prnewswire.com/news-releases/compugen-reports-first-quarter-2024-results-302149941.html
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