Compugen reports Q3 EPS 1c, consensus 10c

Reports Q3 revenue $17.1M, consensus $17.86M. Compugen (CGEN) expects that its cash and cash related balances will be sufficient to fund its current operating plans into 2027. “A highlight of Q3 was the presentation of our validating COM701, COM902, pembrolizumab combination data in heavily pre-treated platinum resistant ovarian cancer (PROC) patients at SITC last week,” said CEO Anat Cohen-Dayag. “We are highly encouraged that this study confirms previously presented data supporting COM701 mediated durable responses with a good tolerability profile in advanced heavily pre-treated patients…In addition, since there is no established treatment for these women, targeting this patient population to evaluate COM701’s single agent activity and as a potential backbone for future combination treatments, presents a regulatory and commercial opportunity…Since the median progression free survival of these patients is around 6 months, and this is a less competitive space than PROC for enrollment, we project having data from the interim analysis of sub-study 1 in the second half of 2026. In Q3 2024, we received a $30M milestone payment from our partner Gilead following achieving FDA IND clearance for COM503, a differentiated antibody approach to harness cytokine biology for cancer therapeutics. We are on track to initiate a Phase 1 clinical trial for COM503 in advanced solid tumors, in Q4 2024.”