The following is a summary of the Compugen Ltd. (CGEN) Q4 2023 Earnings Call Transcript:

Financial Performance:

• Compugen had approximately $51.1 million in cash, cash equivalents, restricted cash, and cash investments as of December 31, 2023, down from $83.7 million at the end of 2022.

• They reported revenues of approximately $33.5 million for Q4 and for the full year 2023, a substantial increase from $7.5 million reported during the same periods in 2022.

• Research and development expenses increased to $10.9 million in Q4 2023 and $34.5 million for the full year, compared to $7.3 million and $30.6 million respectively in 2022.

• Compugen also reported a net profit of $9.7 million for Q4 2023, improving from a net loss of $3.1 million in Q4 2022. However, the full-year net loss for 2023 stands at $18.8 million.

Business Progress:

• Compugen successfully secured non-dilutive funding through various collaborations in 2023 and lengthened its cash runway, which is now sufficient to support operations until 2027.

• The company is debt-free and prioritizes financial discipline.

• The company expects to boost its operations further thanks to an upcoming milestone payment from Gilead for COM503 IND clearance.

• The year's revenues were bolstered by an upfront payment from a licensing agreement with Gilead and clinical milestones achieved through a partnership with AstraZeneca.

• The company's cash run rate reflects its planned development of clinical assets along with continued investment in innovative early pipeline.

More details: Compugen IR

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