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1. Company Snapshot

1.a. Company Description

Compugen Ltd., a clinical-stage therapeutic discovery and development company, researches, develops, and commercializes therapeutic and product candidates in Israel, the United States, and Europe.The company's immuno-oncology pipeline consists of COM701, an anti-PVRIG antibody that is in Phase I clinical study used for the treatment of solid tumors; COM902, a therapeutic antibody targeting TIGIT, which is in Phase I clinical study in patients with advanced malignancies as a monotherapy; Bapotulimab, a therapeutic antibody targeting ILDR2 that is in Phase I clinical study in patients with solid tumors; and AZD2936, a novel anti-TIGIT/PD-1 bispecific antibody, which is in Phase I/II clinical study in patients with advanced or metastatic non-small cell lung cancer.Its therapeutic pipeline also includes early-stage immuno-oncology programs focused primarily on myeloid targets.


The company has collaboration agreement with Bayer Pharma AG for the research, development, and commercialization of antibody-based therapeutics against the company's immune checkpoint regulators; Bristol-Myers Squibb to evaluate the safety and tolerability of COM701 in combination with Bristol-Myers Squibb's PD-1 immune checkpoint inhibitor Opdivo in patients with advanced solid tumors; and Johns Hopkins School of Medicine to evaluate novel T cell and myeloid checkpoint targets.It has license agreement with AstraZeneca for the development of bi-specific and multi-specific immuno-oncology antibody products; and research collaboration with Johns Hopkins University for myeloid.Compugen Ltd.


was incorporated in 1993 and is headquartered in Holon, Israel.

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1.b. Last Insights on CGEN

Compugen Ltd.'s recent performance was positively driven by advancements in its clinical-stage cancer immunotherapy pipeline. The company's COM701 Phase 1 data presented at ESMO 2025 showed clinical benefit in patients, informing the design of the ongoing MAIA-ovarian platform trial. Additionally, Compugen presented the Phase 1 trial design for GS-0321 (COM503), licensed to Gilead, and partnered with AstraZeneca on promising rilvegostomig results in NSCLC and bladder cancer. A solid financial position with a refined cash runway expected to fund operations into Q3 2027 further supports the company's growth prospects.

1.c. Company Highlights

2. Compugen's Q3 2025 Earnings: A Strong Foundation for Future Growth

Compugen reported revenues of $1.9 million for the quarter, a significant decline from $17.1 million in the same period last year. The company's R&D expenses were approximately $5.8 million, down from $6.3 million in 2024. The net loss was $6.98 million, or $0.07 per basic and diluted share, compared to a net profit of $1.28 million, or $0.01 per basic and diluted share, in 2024. The actual EPS of -$0.07 beat estimates of -$0.09, indicating a better-than-expected performance. Analysts estimate next year's revenue growth at 218.5%, suggesting a significant improvement in the company's financial performance.

Publication Date: Nov -25

📋 Highlights
  • TIGIT Drug Development Momentum:: Compugen's Fc reduced anti-TIGIT programs, including COM902, demonstrate improved immune activation and safety over Fc active antibodies.
  • AstraZeneca Partnership Value:: Collaboration on rilfrogonostomy has a potential $5 billion commercial opportunity, with Compugen retaining key ownership and flexibility in COM902 partnerships.
  • Financial Strength:: $86 million cash balance as of September 2025, funding operations through 2027, with over $1 billion in potential milestone royalties from partnerships.
  • Clinical Trial Progress:: Interim analysis of COM701 ovarian cancer trial (MYA) expected Q1 2027, with 40 patients in treatment vs. 20 placebo; seeking hazard ratio ≤0.7 for efficacy validation.
  • Revenue and R&D Expenses:: Q1 2025 revenue fell to $1.9M (vs. $17.1M prior year), with R&D costs at $5.8M, resulting in a $6.98M net loss (-$0.07/share) compared to $1.28M net profit in 2024.

Financial Highlights

The company's cash balance stood at approximately $86 million as of September 30, 2025, with a cash runway expected to fund its operating plans into 2027. Compugen has the potential to receive over $1 billion in milestone payments and royalties from its partnerships, providing a significant boost to its financials. As Eran Ophir, Compugen's CEO, noted, the company's deep expertise in tissue biology is gaining clinical momentum, particularly in the TIGIT drug development space.

Clinical Trials and Pipeline Progress

Compugen is advancing its COM701 platinum ovarian cancer trial, MYA ovarian, and expects to have an interim analysis in Q1 2027. The company is also progressing its partnership with AstraZeneca for the development of rilfrogostomy, a bispecific antibody with a potential commercial opportunity of over $5 billion. Additionally, Compugen's fully owned Fc reduced monoclonal anti-PVRIG antibody, COM701, has shown a tolerability profile with no discontinuations due to adverse events.

Valuation and Growth Prospects

With a P/S Ratio of 6.72 and an EV/EBITDA of -7.75, Compugen's valuation suggests that the market is pricing in significant growth prospects. The company's ROE of -34.77% and ROIC of -29.91% indicate that it is still in an investment phase, with a focus on R&D and pipeline development. As the company advances its clinical trials and partnerships, investors will be watching for signs of progress and potential catalysts for growth.

Outlook and Conclusion

Compugen's COM902 program, a reduced TIGIT antibody, is expected to generate interest in the TIGIT space, particularly with potential readouts in 2026. The company's financials, pipeline progress, and valuation metrics all suggest that Compugen is well-positioned for future growth, with a strong foundation in computational drug target discovery and a clear strategy for advancing its clinical trials and partnerships.

3. NewsRoom

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Compugen Ltd. (CGEN) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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Compugen (CGEN) Reports Q3 Loss, Lags Revenue Estimates

Nov -10

Source: zacks.com

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Compugen Reports Third Quarter 2025 Results

Nov -10

Source: prnewswire.com

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Compugen to Participate in Stifel 2025 Healthcare Conference

Nov -04

Source: prnewswire.com

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Compugen to Release Third Quarter 2025 Results on Monday, November 10, 2025

Oct -27

Source: prnewswire.com

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Compugen to Present Pooled Analysis of COM701 in Three Phase 1 Trials in Patients with Platinum Resistant Ovarian Cancer at ESMO 2025

Oct -13

Source: prnewswire.com

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Compugen to Present at SITC 2025

Oct -06

Source: prnewswire.com

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Compugen to Present at the H.C. Wainwright 27th Annual Global Investment Conference

Aug -28

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.00%)

6. Segments

Therapeutic Products

Expected Growth: 12.0%

Compugen Ltd.'s Therapeutic Products segment growth of 12.0% is driven by increasing demand for immunotherapy and cancer treatments, strategic partnerships, and advancements in computational biology and AI-powered drug discovery. Additionally, growing investments in R&D and expanding product pipelines contribute to the segment's rapid growth.

7. Detailed Products

IT Products

Compugen offers a wide range of IT products from leading manufacturers, including desktops, laptops, servers, storage, and networking equipment.

Managed Services

Compugen's managed services provide 24/7 monitoring, maintenance, and support for IT systems, ensuring maximum uptime and efficiency.

Cloud Services

Compugen offers a range of cloud services, including infrastructure as a service (IaaS), platform as a service (PaaS), and software as a service (SaaS).

Cybersecurity Solutions

Compugen's cybersecurity solutions provide advanced threat protection, vulnerability assessment, and incident response services.

Professional Services

Compugen's professional services provide expert consulting, implementation, and integration services for IT projects.

Data Center Solutions

Compugen's data center solutions provide design, build, and management services for data centers, including virtualization and consolidation.

8. Compugen Ltd.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Compugen Ltd. is medium due to the presence of alternative IT solutions and services provided by other companies.

Bargaining Power Of Customers

The bargaining power of customers is high due to the large number of customers and the availability of alternative IT solutions, giving them the power to negotiate prices and services.

Bargaining Power Of Suppliers

The bargaining power of suppliers is low due to the company's strong relationships with its suppliers and the availability of alternative suppliers in the market.

Threat Of New Entrants

The threat of new entrants is medium due to the moderate barriers to entry in the IT industry, including the need for significant capital investment and expertise.

Intensity Of Rivalry

The intensity of rivalry is high due to the presence of several established players in the IT industry, leading to a competitive market with high rivalry among companies.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.02%
Debt Cost 3.95%
Equity Weight 97.98%
Equity Cost 17.57%
WACC 17.30%
Leverage 2.06%

11. Quality Control: Compugen Ltd. passed 4 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Basilea Pharmaceutica

A-Score: 5.4/10

Value: 5.4

Growth: 8.1

Quality: 8.2

Yield: 0.0

Momentum: 5.5

Volatility: 5.3

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Gubra

A-Score: 4.5/10

Value: 6.8

Growth: 2.4

Quality: 9.9

Yield: 5.0

Momentum: 2.5

Volatility: 0.3

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Hyloris Pharma

A-Score: 3.8/10

Value: 6.2

Growth: 6.2

Quality: 3.9

Yield: 0.0

Momentum: 5.0

Volatility: 1.3

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Compugen

A-Score: 3.8/10

Value: 6.8

Growth: 7.4

Quality: 4.4

Yield: 0.0

Momentum: 4.0

Volatility: 0.0

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BioArctic

A-Score: 3.2/10

Value: 1.5

Growth: 2.6

Quality: 9.9

Yield: 0.0

Momentum: 5.0

Volatility: 0.3

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MediWound

A-Score: 2.9/10

Value: 6.0

Growth: 3.3

Quality: 3.3

Yield: 0.0

Momentum: 3.5

Volatility: 1.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

1.51$

Current Price

1.51$

Potential

-0.00%

Expected Cash-Flows