Compugen Ltd. Q3 FY2025 earnings call

Key Segments and Programs

• FcReduced TIGIT programs: COM902 is a clinical-stage Fc-reduced anti-TIGIT mAb, fully owned. Arcus Gilead's Phase III data expected in 2026 could benefit COM902. Rilfrogostomy (bispecific with AstraZeneca) has potential peak year revenue >$5B.
• FcReduced PVRIG: COM701 is fully owned, with ongoing trial in platinum-sensitive ovarian cancer. Pooled analysis at ESMO showed COM701 well tolerated in heavily pretreated platinum-resistant ovarian cancer.
• GS0321: License to Gilead, potential for $758M milestones and low double-digit royalties. Phase 1 trial progressing.

Q3 Progress

• Presented pooled analysis of COM701 Phase I trials at ESMO. Myo ovarian platform trial for COM701 progressing with sites in US, Israel, France. AstraZeneca's RILVA data at ESMO showed promising efficacy. GS0321 phase 1 trial progressing as planned.

Revenues for the third quarter of 2025 were approximately $1.9 million compared to approximately $17.1 million in the comparable period of 2024. R&D expenses for 2025 were approximately $5.8 million versus approximately $6.3 million in 2024. G&A expenses for 2025 were approximately $2.2 million versus approximately $2.6 million in 2024. The net loss for 2025 was approximately $6.98 million or $0.07 per basic and diluted share, compared to a net profit of approximately $1.28 million or $0.01 per basic and diluted share in 2024.

• Cash runway expected to fund operations into 2027.
• Mai trial interim analysis now estimated for Q1 2027.
• Arcus Gilead's Phase III readout in 2026 could impact COM902's potential.

• Clinical trial timelines and enrollment challenges affecting interim analysis timelines.
• Uncertainty in regulatory outcomes for COM701 and other programs.
• Dependence on partner performance (e.g., AstraZeneca, Gilead) and potential trial results.

Q: Just curious, the extension of the Maya interim analysis from guess the 2026 into the '7. Is that just predicated on enrollment timelines and kinda what you're seeing just from an accrual perspective?

A: Overall, factors like site opening, enrollment rates, and event accumulation determine interim analysis timelines. Most sites opened, including academic centers, and cash runway supports advancing the trial.

Q: I wonder if we could talk about the upcoming Arcus Gilead readout with Verteger in gastric because it could come early next year. I want to know what you're looking for.

A: This will be the first Phase III readout for an Fc-reduced anti-TIGIT antibody. Success would reflect on Fc-reduced vs Fc-active, but AstraZeneca's bispecific has advantages like cooperative binding and potential regulatory benefits.

Q: if you as we look forward to the interim update from my ovarian, could you remind us of any internal threshold or bar you're looking for from that interim with respect to efficacy?

A: The study is exploratory to determine effect size of COM701. An improvement of up to three months above placebo would be clinically meaningful.

Q: with Calm COM902, this would test to be an unpartnered actually reduced TIGIT antibody in the wake of new data coming up from the people we're watching on ARKIS and making read throughs here. So I know you've licensed the binder to your but does that still give you flexibility to partner nine zero two with a separate company?

A: We fully own COM902. No restrictions, can move forward in own trials; readouts in 2026 could drive interest.

Q: when we look at the tolerability profile of COM701, you know, how does that influence its potential use in combination therapies especially in some of the less immune inflamed tumors? And the other question is, when you saw the data from the pooled analysis presented at ESMO, There were some today three or higher treatment adverse ones about sixteen point seven percent or so. So how does how do you plan to improve that safety in combination therapy?

A: COM701 is extremely well tolerated as monotherapy. In combination, adverse events are in line with standard agents' labels. It's well-suited for combination with standard or novel agents.