Compugen Ltd. (CGEN) Earnings

Management highlights

- Leadership Updates * Formally welcomed new Head of Investor Relations and Corporate Communications Lindsay Trickett, who brings extensive relevant experience to lead investor engagement. - Lead Internal Program (COM701) * COM701 is a potential first-in-class antibody targeting PVRLG, a unique immune checkpoint differentiated from PD-1 and other established checkpoints, with demonstrated durable activity in heavily pre-treated platinum-resistant ovarian cancer. * The company initiated the MyaOvarian adaptive Phase 1/2 trial, testing COM701 as maintenance monotherapy vs placebo in relapsed platinum-sensitive ovarian cancer patients that responded to recent platinum-based chemotherapy. * All trial sites across the U.S., Israel, and France are open and actively enrolling, with interim PFS data expected by Q1 2027. Positive results could support a registration pathway for COM701 and enable expansion into earlier treatment lines and additional indications. - Partnered Programs * Partner AstraZeneca continues to advance RINVE (Riva Gosimid), a bispecific antibody asset, with 11 ongoing Phase 3 trials across multiple indications, including a recently opened gastric cancer trial in combination with an ADC. * AstraZeneca presented promising safety and antitumor activity data for RINVE in combination with an ADC, chemotherapy, and other treatments for HER2-positive gastric cancer at the 2026 ACR Annual Meeting, reinforcing confidence in its differentiated combination safety profile. * Additional RINVE clinical data is scheduled for presentation at the upcoming ASCO meeting, and CompuGen is eligible for up to $95 billion in future regulatory and commercial milestones plus mid-single-digit tiered royalties on sales; AstraZeneca estimates non-risk-adjusted peak annual revenue potential for RINVE of over $5 billion. * GF0321 (formerly CO503), a first-in-class anti-IL-18 binding protein antibody licensed to Gilead, is progressing on schedule in an ongoing Phase 1 dose-escalation trial. CompuGen has received $90 million to date and is eligible for up to $758 million in additional milestones plus double-digit tiered royalties. - Discovery Platform and Pipeline * Unigine, the company's AI-powered discovery platform, has discovered all of CompuGen's clinical assets (COM701, RINVE, GF0321). The company continues to invest in advancing early-stage immune-oncology programs focused on novel mechanisms of action. - Financial Position * Following a December 2025 $65 million non-dilutive royalty monetization transaction with AstraZeneca, the company has a cash runway expected to fund operations into 2029, providing full financial stability to advance its pipeline.

Guidance

- Cash runway is projected to fund all current operating plans into 2029, assuming no additional future cash inflows, allowing the company to advance the MyaOvarian COM701 trial, GF0321 clinical development, and early pipeline investment as planned. - Interim analysis for the MyaOvarian trial of COM701 in relapsed platinum-sensitive ovarian cancer is expected to deliver median PFS data in Q1 2027, and the company remains on track to meet this timeline. - Additional clinical data for AstraZeneca's RINVE will be presented at the upcoming ASCO meeting at the end of the current month, with further data releases expected throughout 2026.

Segment performance

CompuGen is a clinical-stage biotech company, and all revenue in the first quarter of 2026 came from milestone and upfront payment amortization from existing license agreements. Total revenue for Q1 2026 was $2.2 million, compared to $2.3 million in Q1 2025. Research and Development (R&D) expenses were $6.9 million in Q1 2026 (up from $5.8 million in Q1 2025), representing 75% of total operating expenses for the quarter. General and Administrative (G&A) expenses were $2.3 million in Q1 2026 (down from $2.4 million in Q1 2025), representing 25% of total operating expenses for the quarter. Net loss for Q1 2026 was $7.7 million, or $0.08 per basic and diluted share, compared to a net loss of $7.2 million, or $0.08 per share, in Q1 2025. As of March 31, 2026, the company held $134.9 million in cash, cash equivalents, and marketable securities.

Risks & headwinds

- All forward-looking statements regarding clinical trial results, development timelines, regulatory progress, and revenue potential are subject to known and unknown risks and uncertainties that could cause actual results to differ materially from current expectations, as detailed in the company's SEC Form 20-F filings. - Clinical development of novel immunotherapies carries inherent risk: trial results may not meet efficacy or safety benchmarks required for further development or regulatory approval. - The MyaOvarian trial is exploratory, and there is no guarantee that COM701 will meet the hypothesized efficacy benchmark of a 3-month improvement in median PFS relative to historical control data.

Analyst Q&A

• Q: What data will AstraZeneca present on Riva Gosimid at ASCO, and what benchmarks should investors focus on? /

  A: Two datasets will be presented. The first is from the I-SPI platform trial combining Riva Gosimid with a blockbuster ADC, where the key focus is demonstrating that Riva Gosimid's differentiated bispecific format is safely combinable with ADC therapies. The second is longer-term follow-up data from the Gemini hepatobiliary trial combining Riva Gosimid with chemotherapy, which will provide new insight on long-term efficacy and safety, with an ongoing Phase 3 trial already enrolling for this indication. Actual data is under embargo prior to ASCO, so expectations should be tempered. (301 characters)

• Q: Will future new candidates from the Unigine AI discovery platform be disclosed only when they are ready for clinical trial submission, similar to the IL-18 binding protein asset? /

  A: There is no fixed disclosure policy for early pipeline candidates. Disclosure timing depends on the specific asset, its stage of de-risking, and whether the company plans to advance it internally or out-license it, as was the case for the IL-18 asset, which was out-licensed at the clinical stage. Regardless of disclosure timing, the platform continues to generate innovative first-in-class candidates with novel mechanisms of action for immune-oncology. (317 characters)

• Q: Is the MyaOvarian COM701 trial stratified by PD-L1 status, and can interim data lead to trial design changes? /

  A: The trial is stratified by line of therapy (second vs third line), not PD-L1 status. Due to COM701's unique PVRLG biology, early data shows responses across both PD-L1 positive and negative ovarian cancer patients, so PD-L1 stratification is not required per current trial design. As an adaptive trial, interim data in Q1 2027 could lead to design changes, including adding new trial arms, with adjustments informed by the full data set and regulatory discussions ahead of any pivotal trial. (342 characters)

• Q: What is the MyaOvarian trial enrollment status, how many events are needed for interim analysis, and what efficacy benchmark is management targeting? /

  A: Enrollment is on track to meet the Q1 2027 interim analysis timeline, with high investigator engagement, though no specific enrollment update is provided at this time. The historical control median PFS for this patient population (untreated maintenance) is approximately 5.5 months, with a range of 3.8 to 5.8 months across prior studies. Management hypothesizes COM701 will deliver at least a 3-month improvement in median PFS to demonstrate meaningful single-agent activity. (325 characters)