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- **Breakthrough TIGIT strategy**: Fc-reduced anti-TIGIT antibodies (COM902) show superior safety vs. Fc-active formats, with Phase III data expected 2026. 
- **$5B bispecific opportunity**: Rilvegostomig (AstraZeneca) in 11 Phase III trials targeting $5B peak sales. 
- **$758M cytokine potential**: GS-0321 (Gilead) IL-18BP program. 
- **2027 ovarian cancer readout**: MAIA-ovarian interim analysis. 
- **$86M cash runway**: Funds clinical trials until Q3 2027.

**【CEO Summary Section】**
- **Fc-reduced TIGIT strategy**: Highlighted COM902 as one of only two clinical-stage Fc-reduced anti-TIGIT antibodies, emphasizing safety and efficacy advantages over Fc-active formats (e.g., reduced T cell depletion, lower discontinuation rates in trials). 
- **Partnership with AstraZeneca**: Rilvegostomig (anti-PD-1/TIGIT bispecific) has 11 Phase III trials across lung, GI, and endometrial cancers, with AstraZeneca targeting >$5B peak sales. 
- **Pipeline progress**: 
  - COM701 (Fc-reduced anti-PVRIG) in MAIA-ovarian trial for platinum-sensitive ovarian cancer; interim analysis expected Q1 2027. 
  - GS-0321 (anti-IL-18BP) with Gilead, eligible for $758M milestones. 
- **Clinical updates**: Pooled COM701 Phase I data showed 16.7% grade 3+ AEs, no discontinuations; MAIA-ovarian trial sites activated in US, Israel, France. 

**【CFO Financial Commentary】**
- **Cash position**: $86M as of Q3 2025, with runway to Q3 2027. 
- **Revenue**: $1.9M (Q3 2025) vs. $17.1M (Q3 2024), driven by Gilead license milestones. 
- **Expenses**: R&D ($5.8M) and G&A ($2.2M) stable; net loss $6.98M. 

**【Q&A Key Highlights】**
- **MAIA-ovarian timeline**: Enrollment delays pushed interim analysis to Q1 2027; 3-month PFS improvement vs. placebo considered meaningful. 
- **Arcus/Gilead TIGIT trial**: Success would validate Fc-reduced approach; failure may highlight bispecific advantages (e.g., Rilvegostomig). 
- **COM902 partnership flexibility**: Fully owned, no restrictions on future collaborations. 
- **Safety profile**: COM701 well-tolerated as monotherapy; triplet combinations align with PD-1/L1 safety expectations.

Compugen Ltd. (CGEN) Q3 2025 Earnings Call Transcript

- **Leadership Evolution**: Anat Cohen-Dayag transitions to strategic role, with Eran Ophir leading operational execution.
- **Pipeline Momentum**: COM701 trial progressing in ovarian cancer, with potential $1B+ milestone/r royalty opportunities from AZN and Gilead partnerships.
- **Financial Resilience**: $93.9M cash runway into 2027, enabling clinical and pipeline investments.
- **Strategic Differentiation**: Fc-inactive TIGIT (COM902) and Unigen-derived targets position Compugen for novel immuno-oncology therapies.

**【CEO Summary Section】**
- **Leadership Transition**: Anat Cohen-Dayag transitions to Executive Chair, with Eran Ophir becoming CEO, positioning the company for growth through strategic collaborations and pipeline advancement.
- **Pipeline Progress**: 
  - **COM701**: First patient dosed in platinum-sensitive ovarian cancer trial; interim analysis planned for H2 2026. Targeting a 3-month PFS improvement over placebo.
  - **Rilvegostomig (AZN)**: AstraZeneca's Phase III expansion includes combination with ADCs; potential peak sales >$5B, with Compugen eligible for $170M milestones and mid-single-digit royalties.
  - **GS-0321 (Gilead)**: Phase I progressing as planned, leveraging anti-IL-18 mechanism for cancer treatment.
- **Financial Strength**: $93.9M cash as of Q2 2025, runway into 2027, supporting clinical trials and early-stage pipeline.

**【CFO Financial Commentary】**
- **Revenue**: $1.3M (Q2 2025) vs. $6.7M (Q2 2024), driven by Gilead license milestones.
- **Expenses**: R&D $5.6M, G&A $2.2M, net loss $7.3M (vs. $2.1M in Q2 2024).
- **Liquidity**: Solid balance sheet with no immediate funding needs, enabling strategic investments.

**【Q&A Highlights】**
- **COM701 Enrollment**: Sites active in U.S. and Israel; enrollment on track, with focus on safety and durability in maintenance setting.
- **ESMO Presentation**: Pooled Phase I data to highlight efficacy and biomarkers, supporting broader ovarian cancer potential.
- **TIGIT Landscape**: Differentiated Fc-inactive approach (COM902) positions Compugen for future TIGIT-PD-1 combinations.
- **Pipeline Visibility**: Unigen platform generating novel targets; early-stage programs to be disclosed selectively to maintain competitive edge.

Compugen (CGEN)-6 Aug 25-2025 Q2 Earnings call transcript

- **Leadership Transition**: New CEO Eran Ophir takes over, positioning Compugen for growth in immuno-oncology.
- **Pipeline Momentum**: 
  - COM701 ovarian cancer trial enrolling 60 patients; interim data H2 2026.
  - AstraZeneca's rilvegostomig (COM902-derived) in 10 Phase 3 trials with $5B+ peak sales potential.
- **TIGIT Outlook**: Fc-inactive antibodies (Arcus, AZ) have safety edge; Phase 3 success could validate TIGIT class.
- **Financial Strength**: $103.7M cash runway to 2027; no debt, no immediate funding needs.
- **Key Catalysts**: COM701 PFS improvement >3 months, TIGIT Phase 3 readouts, rilvegostomig combo trials.

**【CEO Opening Remarks】**
- **Leadership Transition**: Anat Cohen-Dayag steps down as CEO to become Executive Chair, with Eran Ophir taking over as CEO. Paul Sekhri steps down as Board Chair after 8 years.
- **Pipeline Progress**: 
  - COM701 anti-PVRIG antibody trial in platinum-sensitive ovarian cancer (60 patients) begins dosing. Interim analysis expected H2 2026.
  - TIGIT landscape: Fc-inactive antibodies (e.g., AstraZeneca's rilvegostomig) show safety advantages; Phase 3 success could validate TIGIT as drug class.
  - AstraZeneca's rilvegostomig (COM902-derived) now in 10 Phase 3 trials across lung, gastric, and endometrial cancers. AZ estimates >$5B peak sales potential.
  - GS-0321 (anti-IL18BP) Phase 1 trial progressing as planned.
- **Cash Runway**: $103.7M cash as of Q1 2025, funding operations into 2027 without additional inflows.

**【CFO Financial Update】**
- **Revenue**: Q1 2025: $2.3M (vs $2.6M in Q1 2024), driven by Gilead license milestones.
- **Expenses**: 
  - R&D: $5.8M (down 10% YoY)
  - G&A: $2.4M (flat YoY)
- **Net Loss**: $7.2M (unchanged YoY), $0.08 per share.

**【Key Q&A Highlights】**
1. **Competitive Landscape**:
   - Merck's KEYNOTE-B96 success in platinum-resistant ovarian cancer: COM701's maintenance therapy could complement PD-1 in platinum-sensitive setting. 3+ month PFS improvement vs placebo would be meaningful.
   - TIGIT Failures: Roche's SKYSCRAPER-01 failure likely due to Fc-active toxicity, not lack of efficacy. Fc-inactive TIGITs (Arcus, AstraZeneca) have better tolerability and durability potential.
2. **Strategic Combinations**:
   - PD-1/VEGF bispecifics + PVRIG: VEGF's anti-angiogenic effects may enhance PVRIG's immune infiltration. Fc-inactive TIGIT preferred for combination safety.
   - COM701 activity seen in both PD-L1+ and PD-L1- ovarian cancer patients, suggesting PVRIG-mediated mechanism.

Compugen Ltd. (CGEN) Q1 2025 Earnings Call Transcript

- **COM701 Milestone**: Phase II trial for ovarian cancer maintenance therapy initiated in Q2 2025, targeting 3-month PFS improvement vs. placebo (6-month benchmark). Interim data in H2 2026.
- **TIGIT Bispecific Success**: AstraZeneca's rilvegostomig in 7 Phase III trials; Compugen eligible for mid-single-digit royalties on sales and $15M+ milestones.
- **IL-18 Breakthrough**: GS-0321 Phase I trial underway; $60M upfront + $30M milestone from Gilead for first-in-class IL-18 binding protein therapy.
- **Financial Strength**: $103.3M cash runway into 2027; 2024 net loss narrowed to $14.2M (vs. $18.8M in 2023).


**【CEO Summary Section】**
- **COM701 Development Update**: Initiated adaptive Phase II trial in Q2 2025 to evaluate COM701 as maintenance therapy in platinum-sensitive ovarian cancer (n=60). Interim analysis expected in H2 2026 with 3-month PFS improvement target vs. placebo (6-month benchmark). Positive data may support single-agent registration and combination trials.
- **TIGIT Antibody (COM902) Collaboration**: AstraZeneca's rilvegostomig (PD-1/TIGIT bispecific) in Phase III across 7 indications, including NSCLC and gastric cancer. Compugen eligible for mid-single-digit royalties on future sales and $15M+ milestones.
- **IL-18 Binding Protein (GS-0321) Progress**: Phase I trial initiated in Q4 2024, with first patient dosed in January 2025. $60M upfront + $30M IND milestone from Gilead; potential for first-in-class oncology therapy targeting tumor microenvironment.
- **Pipeline & Cash Runway**: $103.3M cash as of Dec 2024, supporting operations into 2027. Focus on COM701, GS-0321, and early-stage programs from Unigen platform.

**【CFO Financial Update】**
- **Revenue**: $27.9M for 2024 (vs. $33.5M in 2023), driven by $60M Gilead upfront + $30M IND milestone. AstraZeneca contributed $15M in clinical milestones.
- **Expenses**: R&D down 28% to $24.8M (vs. $34.5M in 2023) due to GS-0321 cost allocation. G&A stable at $9.4M. Net loss narrowed to $14.2M (vs. $18.8M in 2023).
- **Cash Flow**: No debt; $103.3M cash as of Dec 2024. 2025 runway supports COM701 trial, GS-0321 Phase I, and R&D investments.

**【Q&A Highlights】**
- **COM701 Trial Design**: Adaptive Bayesian stats with 3-month PFS improvement threshold. Enrollment expected to be rapid due to lack of alternatives for platinum-sensitive ovarian cancer patients ineligible for PARP/ bev.
- **GS-0321 Expansion**: Focused on solid tumors given tumor microenvironment specificity, but hematologic malignancy potential acknowledged.
- **AstraZeneca Collaboration**: 7 Phase III trials underway; rilvegostomig combo with ADCs expected to share data in 2025. No visibility on trial readouts beyond 2026.


Compugen (CGEN)-4 Mar 25-2024 Q4 Earnings call transcript

Compugen (CGEN)-12 Nov 24-2024 Q3 Earnings call transcript

Compugen (CGEN)-6 Aug 24-2024 Q2 Earnings call transcript

Compugen (CGEN)-20 May 24-2024 Q1 Earnings call transcript

- **Gilead Deal Milestone**: $60 million upfront payment with potential $848 million total value for COM503.
- **Clinical Momentum**: COM701 combination trials show 20% ORR in ovarian cancer and liver metastasis patient focus in MSS-CRC.
- **Financial Strength**: $51.1 million cash position with extended runway to 2027, driven by strategic R&D investments.

**【Management Opening Remarks】**
- CEO Anat Cohen-Dayag highlighted 2023 achievements, including a $60 million upfront payment from Gilead for COM503, Phase III trial initiation with AstraZeneca, and extended cash runway into 2027.
- CFO Alberto Sessa reported a solid financial position with $51.1 million in cash as of December 2023, driven by non-dilutive funding and strategic investments in clinical development.

**【CEO Commentary】**
- **Gilead Deal**: Total potential value of $848 million for COM503, with IND clearance expected in H2 2024 and Phase I initiation post-clearance.
- **Clinical Progress**: COM701 combination trials in platinum-resistant ovarian cancer (20% ORR) and MSS-CRC (70% liver metastasis patients), with plans for 2024 data presentations at medical conferences.
- **Strategic Priorities**: Accelerating clinical trials, enhancing computational discovery platforms, and exploring partnerships for COM701 and COM902 combinations.

**【CFO Financial Commentary】**
- **Revenue**: $33.5 million for Q4 2023, up 343% YoY, driven by milestone payments and licensing revenue.
- **Expenses**: R&D expenses increased to $34.5 million for 2023, reflecting investments in early-stage programs.
- **Cash Position**: $51.1 million as of Q4 2023, with extended runway to 2027.

**【Q&A Highlights】**
- **Biomarker Strategy**: Focus on PVRIG pathway for patient selection, with plans for assay development and companion diagnostics in platinum-resistant ovarian cancer trials.
- **Partnership Opportunities**: Exploring collaborations for COM701 and COM902 in challenging indications like MSS-CRC and NSCLC, leveraging unique IO combinations and translational data.

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