Compugen (CGEN) Q2 2026 earnings summary

Executive summary

• Achieved steady progress across clinical programs and partnerships in Q2 2026, with key trials advancing on schedule.

• MAIA-ovarian trial for COM701 in platinum-sensitive ovarian cancer is progressing, with interim analysis expected by Q1 2027.

• AstraZeneca expanded rilvegostomig program to 12 phase III trials, with new data supporting efficacy and safety, including first overall survival data in biliary tract cancer.

• Collaboration with Gilead on GS-0321 continues as planned, with ongoing phase I dose-escalation.

• Cash runway expected to fund operations into 2029, with no debt.

Financial highlights

• Cash, cash equivalents, short-term deposits, and marketable securities totaled $125.3 million as of June 30, 2026.

• Q2 2026 revenue was $2.6 million, up from $1.3 million in Q2 2025, reflecting recognition of Gilead license payments.

• R&D expenses were $6.3 million in Q2 2026, compared to $5.6 million in Q2 2025; G&A expenses were $2.3 million, up slightly from $2.2 million.

• Net loss for Q2 2026 was $7 million ($0.07 per share), compared to $7.3 million ($0.08 per share) in Q2 2025.

• Gross profit for Q2 2026 was negative $92,000, compared to negative $408,000 in Q2 2025.

Outlook and guidance

• Interim analysis for MAIA-ovarian trial expected by Q1 2027; no change in guidance despite shorter placebo PFS.

• Phase III readouts for rilvegostomig expected after 2027, per AstraZeneca guidance.

• Cash position expected to fund operations into 2029, excluding additional inflows.