The following is a summary of the Compugen Ltd. (CGEN) Q1 2024 Earnings Call Transcript:
Financial Performance:
Compugen reported a cash balance of approximately $101.3 million as of Q1 2024, including a $60 million upfront payment from Gilead and a $10 million milestone payment from AstraZeneca.
The company posted Q1 2024 revenue of $2.6 million.
R&D expenses and G&A expenses for Q1 2024 were $6.4 million and $2.4 million respectively, down from Q1 2023.
The reported net loss for Q1 2024 was $7.3 million or $0.08 per basic and diluted share.
Business Progress:
Compugen has made commendable advancements in their pipeline, with expectations for multiple readouts in 2024 including COM701, COM902, and a potential IND submission for COM503.
Compugen strategically partners with other companies, receiving upfront and milestone payments, and expecting more in the future.
The company prioritizes treatments for ovarian and colorectal cancers based on risk profiles and resource allocation, and is considering other indication strategies for endometrial, breast, and non-small cell lung cancers.
Compugen plans to share PVRL2 or biomarker data for future study enrichment plans, with a current focus on patients with high H scores of PVRL2.
More details: Compugen IR
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