Compugen ( (CGEN) ) has released its Q3 earnings. Here is a breakdown of the information Compugen presented to its investors.
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Compugen Ltd. is a clinical-stage cancer immunotherapy company, pioneering computational target discovery to identify new drug targets and biological pathways for developing cancer immunotherapies. The company released its financial results for the third quarter of 2024, highlighting significant progress in its clinical trials and solid financial performance.
Compugen reported impressive clinical data for its COM701, showing promising anti-tumor activity with a good safety profile, and announced plans to initiate a trial for relapsed ovarian cancer in 2025. Financially, the company reported $17.1 million in revenues for the quarter, marking a significant improvement from no revenues in the previous year, largely due to milestone payments from Gilead and AstraZeneca.
The company also highlighted a strong balance sheet, with approximately $113.2 million in cash and cash equivalents, and no debt. R&D expenses decreased to $6.3 million from $8.3 million in the previous year, contributing to a net profit of $1.3 million, compared to a net loss of $9.9 million for the same period last year.
Looking ahead, Compugen is set to initiate a Phase 1 trial for COM503 in solid tumors by the end of 2024 and launch an adaptive platform trial for COM701 in 2025. The company’s robust cash position is expected to support its operations into 2027, as it anticipates reaching significant clinical milestones.
