Compugen Ltd. Q2 FY2025 earnings call

• Leadership: Anat Cohen-Dayag is transitioning to Executive Chair, with Eran taking over as CEO, providing a strong foundation for growth.
• Immunotherapy Landscape: Recognizes unmet medical needs in cancer treatment, with Compugen leveraging Unigen AI/ML-powered platform.
• Pipeline Progress:
  • COM701: First patient dosed in MAIA-ovarian maintenance trial, sites opened in US and Israel, plans to share interim analysis in H2 2026, and ESMO presentation of pooled analysis of Phase I trials in platinum-resistant ovarian cancer.
  • TIGIT: AstraZeneca's rilvegostomig (derived from Compugen's COM902) has ongoing Phase III trials, with potential commercial opportunity over $5B, and ASCO/ESMO data presented.
  • GS-0321: Phase I trial progressing as planned.
• Balance Sheet: $93.9 million cash at end of June 2025, with cash runway into 2027.

For the second quarter of 2025, revenues were approximately $1.3 million. R&D expenses were approximately $5.6 million, G&A expenses were approximately $2.2 million for both Q2 2025 and 2024. Net loss was approximately $7.3 million or $0.08 per basic and diluted share in Q2 2025, compared to a net loss of approximately $2.1 million or $0.02 per basic and diluted share in Q2 2024. There are no distinct product segments detailed in terms of revenue contribution as the focus is on overall company performance.

• Cash runway into 2027 to fund operating plans.
• Plan to advance COM701 platinum-sensitive ovarian cancer trial and GS-0321 clinical progression.

Q: Related to platinum-sensitive ovarian cancer trial patient enrollment and ESMO presentation A: Michelle Mahler stated they have opened sites in US and Israel, are actively enrolling with high investigator enthusiasm, and the ESMO presentation will focus on characterizing efficacy and safety of COM701 in prior studies Q: About TROPION-PanTumor 03 in bladder A: Anat Cohen-Dayag said AstraZeneca didn't guide on what would be presented at ESMO for this study, but mentioned ASCO data on rilvegostomig in non-small cell lung cancer and hepatobiliary tract Q: About Merck's Phase III in ovarian and Unigen pipeline A: Michelle Mahler noted Merck's study is in platinum-resistant patients, different from Compugen's platinum-sensitive focus; Eran Ophir mentioned work ongoing on Unigen platform to bring more immuno-oncology assets but prefers not to disclose too many details currently Q: About COM701 interim analysis and enrollment A: Michelle Mahler explained the study is an adaptive trial design, interim analysis planned for H2 2026 to evaluate futility and effect size, and the study will be fully enrolled