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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