Compugen's 2025 Q1 Earnings Call: Unpacking Key Contradictions in Ovarian Cancer Trials

Study design and patient population in ovarian cancer, biomarker understanding for COM701, PARP inhibitor use for stratification, clinical benefit expectations in platinum-resistant ovarian cancer are the key contradictions discussed in Compugen Ltd.'s latest 2025Q1 earnings call.



Leadership Transition:
- Compugen announced a leadership transition with Anat Cohen-Dayag assuming the role of Executive Chair and Eran Ophir taking over as President and CEO.
- This change is part of a strategic move to ensure a solid foundation for the company's next phase of growth, following a successful period with Dr. Cohen-Dayag at the helm.

Pipeline and Clinical Progress:
- Compugen continues to advance its early-stage and clinical immuno-oncology pipeline, with an emphasis on potential first-in-class drugs and novel mechanisms of action.
- The company is focusing on ironing out regulatory approvals and expanding upon its successful collaborations, notably with AstraZeneca for rilvegostomig, a PD-1 TIGIT bispecific.

Financial Performance and Cash Position:
- Compugen reported $2.3 million in revenue for the first quarter of 2025, compared to approximately $2.6 million in the same period of 2024.
- Despite the slight decrease, the company maintains a strong cash position of approximately $103.7 million as of March 31, 2025, providing a runway into 2027.

Clinical Trial Advancements:
- Compugen initiated the first sub-trial of its adaptive platform trial for COM701, a potential first-in-class anti-PVRIG antibody, in relapsed platinum-sensitive ovarian cancer patients.
- The study aims to evaluate COM701 maintenance therapy compared to placebo, focusing on women with no available treatment options in an area of unmet medical need.

TIGIT and TIGIT PD-1 Blockade:
- Compugen continues to believe in the potential of TIGIT PD-1 blockade, especially when combined with a PVRIG inhibitor, to expand its use to less inflamed PD-L1 low tumors.
- Despite Phase 3 failures, the company remains optimistic about the potential success of upcoming Phase 3 trials for Fc-inactive anti-TIGIT antibodies, which could validate the TIGIT antibodies as a drug class and open new opportunities.