Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the fourth quarter and full year of 2023 on March 5, 2024. The company reported a net profit of $9.7 million for the fourth quarter, a significant improvement from a net loss of $3.1 million in the same period of the previous year. Full-year revenues soared to $33.5 million, largely due to a $60 million upfront payment from Gilead Sciences for licensing COM503, a preclinical antibody program, and a $10 million milestone payment from AstraZeneca. Compugen's R&D expenses increased to $34.5 million for the year, reflecting its investment in advancing its pipeline. The company highlighted its partnership with Gilead on a preclinical immuno-oncology program and expects multiple data readouts in 2024 from its diversified...Show More

Compugen Ltd., a clinical-stage cancer immunotherapy company, announced its financial results for the fourth quarter and full year of 2023 on March 5, 2024. The company reported a net profit of $9.7 million for the fourth quarter, a significant improvement from a net loss of $3.1 million in the same period of the previous year. Full-year revenues soared to $33.5 million, largely due to a $60 million upfront payment from Gilead Sciences for licensing COM503, a preclinical antibody program, and a $10 million milestone payment from AstraZeneca. Compugen's R&D expenses increased to $34.5 million for the year, reflecting its investment in advancing its pipeline. The company highlighted its partnership with Gilead on a preclinical immuno-oncology program and expects multiple data readouts in 2024 from its diversified portfolio. Compugen also anticipates a cash runway extending into 2027, with a solid balance sheet reported at $51.1 million in cash and equivalents as of December 31, 2023. The company is on track for an IND submission for COM503 in the second half of 2024, with Phase 1 study initiation following IND clearance. Additionally, Compugen is progressing with its COM701 triple combination strategy, with data expected from studies in the first and fourth quarters of 2024. AstraZeneca is advancing rilvegostomig, derived from Compugen's COM902, into Phase 3 development in biliary tract cancer, with further data expected in the second half of 2024.