Summary by Moomoo AI
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