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    CGEN
    Earnings call· Jun 2026(Q2 FY26)

    COMPUGEN Q2 FY26 earnings call CGEN

    Aug 3, 2026 Source

    Executive summary

    Compugen Q2 FY26 — Pipeline and Partnership Progress

    Compugen reported steady progress across its clinical pipeline and partnerships in Q2 FY26, highlighted by the MAIA-ovarian trial advancing towards interim analysis and AstraZeneca's continued investment in rilvogostamig with new Phase III trials and positive ASCO data. The company maintains a strong financial position with a cash runway into 2029, supporting ongoing clinical development and early-stage discovery efforts. While the placebo arm PFS estimate for MAIA-ovarian was adjusted, management remains confident in the trial's design and potential for clear clinical conclusions.

    Highlights

    5

    • MAIA-ovarian trial for COM701 is on track for interim analysis by Q1 2027.

    • AstraZeneca initiated a 12th Phase III trial for rilvogostamig in high-risk muscle-invasive urothelial carcinoma.

    • New data for rilvogostamig at ASCO showed 16.8 months overall survival in hepatobiliary cancer, compared to historical trials of less than 13 months.

    • Collaboration with Gilead on GS-0321 continues to progress as planned, with $90 million received in milestones to date.

    • Cash, cash equivalents, short-term bank deposits, and marketable securities totaled $125.3 million as of June 30, 2026, providing a runway into 2029.

    Concerns

    1

    • The estimated median progression-free survival for the placebo control arm in the MAIA-ovarian trial has been revised down to approximately 4 months, from a historical 5.5 months, based on emerging external data.

    Guidance & targets

    8
    CategoryTargetConfidence
    MAIA-ovarian interim analysis
    Interim analysis with median progression-free survival data
    high materiality
    High
    Rilvegostamig peak year revenue potential
    Over $5 billion
    high materiality
    Medium
    Rilvegostamig future milestones
    $195 million
    medium materiality
    High
    Rilvegostamig royalties
    Mid-single-digit
    medium materiality
    High
    GS-0321 additional milestones
    Up to $758 million
    medium materiality
    High
    GS-0321 royalties
    Single digits to low double-digit tiered
    medium materiality
    High
    Cash runway
    Into 2029
    high materiality
    High
    Rilvegostamig Phase III results
    After '27, meaning '28
    high materiality
    Medium

    Operational metrics

    9
    Cash, cash equivalents, short-term bank deposits and investment in marketable securities
    $125.3 million
    As of June 30, 2026

    Balance at the end of Q2 FY26.

    Revenue
    $2.6 millionvs $1.3 million in Q2 FY25
    Q2 FY26

    Reflects recognition of portions of upfront and IND milestone payments from Gilead license agreement.

    R&D expenses
    $6.3 millionvs $5.6 million in Q2 FY25
    Q2 FY26

    In line with plans.

    G&A expenses
    $2.3 millionvs $2.2 million in Q2 FY25
    Q2 FY26

    Compared to prior year.

    Net loss
    $7 millionvs $7.3 million in Q2 FY25
    Q2 FY26

    Improvement in net loss year-over-year.

    Net loss per basic and diluted share
    $0.07vs $0.08 in Q2 FY25
    Q2 FY26

    Improvement in net loss per share year-over-year.

    MAIA-ovarian placebo arm median PFS estimate
    Approximately 4 monthsvs 5.5 months historical
    Current estimate

    Revised estimate for the median progression-free survival of the placebo control group in the MAIA-ovarian trial.

    Rilvegostamig overall survival (GEMINI study)
    16.8 monthsvs less than 13 months historical
    GEMINI study

    First overall survival data result from rilvegostamig, presented at 2026 ASCO Annual Meeting.

    GS-0321 milestones received to date
    $90 million
    To date

    Milestones received from Gilead for GS-0321.

    Industry KPIs

    4
    MetricValueDetails
    Pipeline read out calendarMAIA-ovarian interim analysis by Q1 2027; Rilvegostamig Phase III results after '27
    Peak long term sales guidanceOver $5 billionUSD
    Clinical trial efficacy safety data16.8 monthsmonths
    Collaboration milestone royalty revenue$90M received from Gilead; $195M future milestones from AZ; up to $758M additional milestones from GileadUSD

    Deals & partnerships

    2
    AstraZenecaLicensing of TIGIT component for rilvegostamig (PD-1-TIGIT bispecific antibody)Eligible for future milestones of $195 million and up to mid-single-digit royalties

    Compugen is eligible for future milestones and royalties tied to rilvegostamig progress and success.

    GileadLicensing of GS-0321 (anti-IL-13 binding protein antibody)$90 million received so far; eligible for up to $758 million in additional milestones plus single digits to low double-digit tiered royalties

    GS-0321 represents a novel antibody approach to harness cytokine biology for the treatment of cancer.

    Risks & headwinds

    1
    Uncertainty in placebo arm median PFS for MAIA-ovarian trialCurrent

    Revised estimate to approximately 4 months from historical 5.5 months, based on recent European studies showing 2.8 months.

    Mitigation: The trial has an internal randomized controlled placebo arm, allowing for direct comparison. Management will assess the totality of the data to draw conclusions about clinical activity.

    What to watch in Q3 FY26

    4

    MAIA-ovarian interim analysis

    By Q1 2027
    CurrentPlacebo arm median PFS estimated at ~4 months
    TargetClinically meaningful success (PFS of at least 6 months for COM701 arm)

    Why it matters

    This is the key near-term catalyst for COM701, potentially informing a registration path and broader development in ovarian cancer.

    We anticipate the interim analysis with median progression-free survival data by the first quarter of 2027.

    Q&A highlights

    5

    What is known about the patient population in the cited trials that led to the revised 4-month PFS assumption for the MAIA-ovarian placebo arm, and what is the confidence level in this new estimate?

    The two European trials (Dova, OREO) included more heavily pretreated patients with liver metastases, resulting in a 2.8-month median PFS. The 4-month estimate for MAIA-ovarian's placebo arm is an adjustment between historical data (5.5 months) and these new findings. Management emphasizes the internal randomized control arm will provide definitive comparison.

    “So due to this, these patients were actually more heavily pretreated than our MAIA-ovarian trial. And their placebo control arm had a median PFS of 2.8 months. We anticipate that the actual benchmark is somewhere in between the historical data sets, which we took from the original registration trials for the PARP inhibitors, which was approximately 5.5 months and these new updated trials who have a similar patient population. And therefore, we've adjusted it to approximately 4 months.”

    asked by Stephen Willey · answered by Michelle Mahler

    2 min read5 chapters

    Detailed Narrative

    01

    MAIA-ovarian Trial Progress and Expectations

    Compugen's MAIA-ovarian trial, evaluating COM701 as maintenance monotherapy in platinum-sensitive ovarian cancer, is progressing towards an interim analysis with median progression-free survival (PFS) data by Q1 2027. The company presented a trial progress poster at ESMO, highlighting the strong biological rationale for COM701. Based on recent external clinical trials, the estimated median PFS for the placebo control arm has been adjusted to approximately 4 months, down from a historical 5.5 months. Clinically meaningful success is defined as COM701 extending PFS to at least 6 months, which would delay transition to platinum-resistant disease and potentially inform a registration path.

    02

    AstraZeneca Partnership Updates for Rilvegostamig

    AstraZeneca continues to advance rilvegostamig, a PD-1-TIGIT bispecific antibody, adding a 12th Phase III trial in high-risk muscle-invasive urothelial carcinoma, combining it with their TROP2 ADC, Data. New data presented at the 2026 ASCO Annual Meeting from the GEMINI study in hepatobiliary cancer showed 16.8 months overall survival, compared to historical trials of less than 13 months, supporting its potential as an immuno-oncology backbone. AstraZeneca's sustained investment reflects ongoing confidence, with rilvegostamig having a non-risk-adjusted peak year revenue potential of over $5 billion, and Compugen eligible for $195 million in future milestones and mid-single-digit royalties.

    03

    Gilead Partnership for GS-0321

    The Phase I dose escalation trial for GS-0321, an anti-IL-13 binding protein antibody licensed to Gilead, is progressing as planned. This asset represents a novel approach to cytokine biology for cancer treatment. Compugen has received $90 million from Gilead to date and is eligible for up to $758 million in additional milestones, plus single-digit to low double-digit tiered royalties. The trial is currently dose escalating in both monotherapy and combination with a PD-1 inhibitor, with backfill cohorts and an expansion phase underway.

    04

    UNIGEN Discovery Platform and Early Pipeline

    Compugen's UNIGEN machine learning-powered computational discovery platform continues to fuel its early pipeline. The platform, refined over a decade, focuses on identifying novel drug targets and biological pathways to activate the immune system against cancer. UNIGEN has previously discovered the targets for COM701, COM902, and GS-0321, and the company remains committed to leveraging this technology for future immuno-oncology innovations.

    05

    Financial Performance and Outlook

    For Q2 FY26, Compugen reported revenues of $2.6 million, up from $1.3 million in Q2 FY25, primarily from the Gilead license agreement. R&D expenses were $6.3 million, and G&A expenses were $2.3 million. The net loss for the quarter was $7 million, or $0.07 per share, an improvement from $7.3 million, or $0.08 per share, in Q2 FY25. The company ended the quarter with $125.3 million in cash and equivalents, providing a cash runway into 2029, assuming no further cash inflows.

    AI-generated summary of the company’s earnings call. Not investment advice.