Compugen Ltd. Q1 FY2025 earnings call

• Leadership Transitions: Anat Cohen-Dayag becomes Executive Chair, Eran Ophir takes over as CEO; Paul Sekhri steps down as Chair.
• Pipeline Progress:
  • COM701: Initiated first sub trial in relapsed platinum sensitive ovarian cancer, with plan to share interim analysis in H2 2026; believes 3-month improvement in PFS vs placebo is clinically meaningful.
  • TIGIT Landscape: Fc-inactive anti-TIGIT may have safety advantage; AstraZeneca's rilvegostomig (using Compugen's COM902) has multiple Phase 3 trials.
  • GS-0321: Phase 1 trial progressing as planned.
  • Early-stage Pipeline: Focus on first-in-class drugs and novel mechanisms for anticancer immunity.

As of March 31, 2025, Compugen had approximately $103.7 million in cash, cash equivalents, short-term bank deposits and investments in marketable securities. Revenues for the first quarter of 2025 were approximately $2.3 million compared to approximately $2.6 million in the comparable period of 2024. R&D expenses for Q1 2025 were approximately $5.8 million vs. $6.4 million in Q1 2024. G&A expenses were approximately $2.4 million for both Q1 2025 and 2024. Net loss for Q1 2025 was approximately $7.2 million or $0.08 per basic and diluted share, similar to the net loss of approximately $7.3 million or $0.08 per share in Q1 2024.

Compugen's cash runway is expected to fund operating plans into 2027, including advancing the COM701 platinum sensitive ovarian cancer trial and supporting the progression of GS-0321 in the clinic along with investment in the early-stage research pipeline.

Q: Daina Graybosch asked about Merck's KEYNOTE-B96 success and its impact on Compugen's ovarian cancer strategy.

A: Michelle Mahler stated the study in platinum resistant ovarian cancer is in an earlier stage, and Compugen's COM701 study in platinum sensitive opens opportunities for combination.

Q: Rohan Mathur inquired about tumor microenvironment data collection in the COM701 study and clinically meaningful PFS benefit.

A: Anat Cohen-Dayag mentioned they will collect tumor microenvironment data but didn't detail further, and stated a 3-month improvement in PFS vs placebo is clinically meaningful.

Q: Asthika Goonewardene asked about COM701 activity in PD-L1 positive patients and PD-1 VEGF bispecifics.

A: Eran Ophir discussed COM701's activity in PD-L1 positive and negative patients, and VEGF's synergy with PVRIG biology, noting Fc-inactive TIGITs may be preferable in combinations.