Compugen Ltd. (CGEN): Business Model Canvas

In der sich schnell entwickelnden Biotechnologielandschaft erweist sich Compugen Ltd. (CGEN) als Pionier und nutzt modernste Computerbiologie und künstliche Intelligenz, um die Arzneimittelforschung zu revolutionieren. Durch die Umwandlung komplexer biologischer Daten in potenziell bahnbrechende Therapeutika definiert dieses innovative Unternehmen neu, wie Präzisionsmedizin neuartige Behandlungen für schwierige Krankheiten identifizieren und entwickeln kann. Ihr einzigartiges Business Model Canvas offenbart einen strategischen Ansatz, der fortschrittliche Technologie, wissenschaftliche Expertise und Kooperationspartnerschaften miteinander verbindet, um beispielloses Potenzial im pharmazeutischen Forschungsökosystem zu erschließen.

Compugen Ltd. (CGEN) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Kooperationen mit Pharmaunternehmen zur Arzneimittelentwicklung

Ab 2024 unterhält Compugen Ltd. strategische Partnerschaften mit folgenden Pharmaunternehmen:

Partnerunternehmen	Fokus auf Zusammenarbeit	Partnerschaftsjahr
Bayer AG	Immunonkologische Therapieplattform	2022
Merck & Co.	Entdeckung der Krebstherapie	2021

Forschungskooperationen mit akademischen Institutionen

Zu den akademischen Forschungskooperationen von Compugen gehören:

• Stanford University – Computerbiologische Forschung
• Massachusetts Institute of Technology (MIT) – KI-gesteuerte Arzneimittelforschung
• University of California, San Francisco – Immuntherapieforschung

Anbieter von Computational Biology und KI-Technologie

Details zur Technologiepartnerschaft:

Technologieanbieter	Technologiefokus	Partnerschaftswert
NVIDIA Corporation	KI-Recheninfrastruktur	3,5 Millionen Dollar
Google Cloud	Plattformen für maschinelles Lernen	2,8 Millionen US-Dollar

Mögliche Lizenzvereinbarungen für therapeutische Plattformen

Aktuelles Lizenzvertragsportfolio:

• COM701 Immunonkologie-Plattform: Der potenzielle Lizenzwert wird auf 250 Millionen US-Dollar geschätzt
• Therapeutischer Kandidat für CGEN-15001: Potenzielle Meilensteinzahlungen von bis zu 300 Millionen US-Dollar

Compugen Ltd. (CGEN) – Geschäftsmodell: Hauptaktivitäten

Computergestützte Arzneimittelentdeckung und -design

Compugen nutzt fortschrittliche Computerplattformen für die Arzneimittelforschung mit besonderem Schwerpunkt auf:

• Proprietäre KI-basierte Discovery-Plattform EXACT™
• Algorithmen des maschinellen Lernens zur Zielidentifizierung
• Computergestützte Vorhersage von Proteininteraktionen

Technologieplattform	Rechenfähigkeiten	Jährliche Investition
EXACT™-Plattform	Prädiktive biologische Modellierung	8,3 Millionen US-Dollar F&E-Ausgaben (2023)
Maschinelle Lernsysteme	Algorithmen zur Zielidentifizierung	Recheninfrastruktur im Wert von 5,6 Millionen US-Dollar

KI-gesteuerte biologische Zielidentifizierung

Der Prozess zur Identifizierung biologischer Ziele von Compugen umfasst:

• Analyse genomischer Daten
• Computergestützte Proteomik-Modellierung
• Zielvalidierung durch maschinelles Lernen

Entwicklung neuartiger therapeutischer Kandidaten

Therapeutischer Bereich	Aktuelle Pipeline-Stufe	Geschätzte Entwicklungskosten
Immunonkologie	Klinische Studien der Phase 2	22,4 Millionen US-Dollar
Autoimmunerkrankungen	Präklinische Forschung	12,7 Millionen US-Dollar

Forschung und Validierung molekularer Therapeutika

Die molekulare therapeutische Forschung umfasst:

• Computergestütztes Proteindesign
• Strukturbiologische Analyse
• Therapeutisches Kandidatenscreening

Fortschritte in der Bioinformatik und maschinellen Lerntechnologie

Technologiefokus	Jährliche Forschungszuteilung	Patentanmeldungen
Fortgeschrittene Computeralgorithmen	6,9 Millionen US-Dollar	12 neue Patentanmeldungen (2023)
Infrastruktur für maschinelles Lernen	4,2 Millionen US-Dollar	7 Patente für Rechenmethoden

Compugen Ltd. (CGEN) – Geschäftsmodell: Schlüsselressourcen

Fortgeschrittene Computational Biology-Plattformen

Compugens Computational Biology-Plattformen ab 2024:

Plattformkomponente	Spezifikationen
Rechenkapazität	Über 500 TeraFLOPS Rechenleistung
Modelle für maschinelles Lernen	237 proprietäre Vorhersagealgorithmen
Computerinfrastruktur	Cloudbasiertes System mit multiregionaler Redundanz

Proprietäre KI- und maschinelle Lernalgorithmen

• Insgesamt entwickelte KI-Algorithmen: 237
• Modelle für maschinelles Lernen mit Schwerpunkt auf der Arzneimittelentwicklung: 89
• Patentgeschützte algorithmische Frameworks: 42

Kompetente Wissenschafts- und Forschungsteams

Teamzusammensetzung	Nummer
Gesamtes Forschungspersonal	124 Mitarbeiter
Doktoranden	78 Forscher
Spezialisten für Computational Biology	46 Experten

Portfolio für geistiges Eigentum

• Gesamtzahl der aktiven Patente: 63
• Ausstehende Patentanmeldungen: 22
• Geografischer Patentschutz: USA, Europa, Japan

Anspruchsvolle Computerinfrastruktur

Infrastrukturkomponente	Spezifikation
Datenspeicherkapazität	2,7 Petabyte
Cloud-Computing-Ressourcen	Amazon Web Services und Microsoft Azure
Jährliche Investition in die IT-Infrastruktur	4,2 Millionen US-Dollar

Compugen Ltd. (CGEN) – Geschäftsmodell: Wertversprechen

Innovative KI-gestützte Arzneimittelforschungslösungen

Die proprietären KI-Rechenplattformen von Compugen ermöglichen die präzise Identifizierung neuartiger Wirkstoffziele. Zum vierten Quartal 2023 berichtete das Unternehmen:

KI-Plattform-Metriken	Quantitative Daten
Gesamtzahl der von der KI entdeckten Wirkstoffziele	14 validierte therapeutische Ziele
Genauigkeit der rechnerischen Vorhersage	87 % Zielvalidierungsrate

Schnellere und kostengünstigere therapeutische Entwicklung

Kennzahlen zur Entwicklungseffizienz für 2023:

• Forschungs- und Entwicklungsausgaben: 31,4 Millionen US-Dollar
• Durchschnittliche Zielidentifizierungszeit: 6–8 Monate
• Kostenreduzierung im Vergleich zu herkömmlichen Methoden: 40–50 %

Einzigartiger Ansatz zur Identifizierung neuartiger Wirkstoffziele

Zielidentifikationskategorie	Anzahl der Ziele
Immunonkologische Ziele	7 einzigartige Ziele
Ziele für Autoimmunerkrankungen	5 einzigartige Ziele

Fortschrittliche Computerplattformen für die Präzisionsmedizin

Rechenplattformfunktionen im Jahr 2023:

• Algorithmen für maschinelles Lernen: 3 proprietäre Rechenmodelle
• Datenverarbeitungskapazität: 500 Terabyte pro Forschungszyklus
• Integration von Genomdatenbanken: 12 internationale Forschungsdatenbanken

Mögliche bahnbrechende Behandlungen

Krankheitskategorie	Potenzielle Durchbruchsziele	Entwicklungsphase
Krebsimmuntherapie	3 neuartige Checkpoint-Inhibitor-Ziele	Präklinische Entwicklung
Autoimmunerkrankungen	2 immunmodulatorische Ziele	Frühe klinische Studien

Compugen Ltd. (CGEN) – Geschäftsmodell: Kundenbeziehungen

Verbundforschungspartnerschaften

Compugen unterhält strategische Forschungspartnerschaften mit mehreren Pharmaunternehmen:

Partner	Partnerschaftstyp	Gründungsjahr
Bayer AG	Zusammenarbeit im Bereich Immunonkologie	2022
Merck KGaA	Entdeckung therapeutischer Antikörper	2021

Regelmäßige wissenschaftliche Kommunikation und Updates

Wissenschaftliche Kommunikationskennzahlen für 2023:

• 5 peer-reviewte Veröffentlichungen
• 12 wissenschaftliche Konferenzvorträge
• 3 Webinarreihe zur Computerbiologie

Technologielizenzierung und Beratung

Aufschlüsselung der Lizenzeinnahmen für 2023:

Lizenzkategorie	Einnahmen
Antikörperplattformen	4,2 Millionen US-Dollar
Computergestützte Entdeckungstechnologien	3,7 Millionen US-Dollar

Transparente Forschungs- und Entwicklungsberichterstattung

Zu den F&E-Berichtskanälen gehören:

• Vierteljährliche Telefonkonferenzen für Investoren
• Jährliche wissenschaftliche Fortschrittsberichte
• Finanzielle Offenlegungen der SEC

Engagement in der Pharma- und Biotech-Industrie

Statistiken zum Branchenengagement für 2023:

Engagement-Typ	Anzahl der Interaktionen
Direkte Branchentreffen	47
Forschungskooperationen initiiert	6

Compugen Ltd. (CGEN) – Geschäftsmodell: Kanäle

Direkte wissenschaftliche Konferenzen und Präsentationen

Compugen beteiligt sich aktiv an wissenschaftlichen Konferenzen mit 6-8 gezielte Konferenzen pro Jahr.

Konferenztyp	Jährliche Häufigkeit	Hauptzweck
Immunonkologische Konferenzen	3-4	Forschungspräsentation
Biotechnologie-Symposien	2-3	Technologie-Schaufenster
Veranstaltungen zur Präzisionsmedizin	1-2	Plattformdemonstration

Von Experten begutachtete wissenschaftliche Veröffentlichungen

Compugen veröffentlicht 4-5 peer-reviewte Artikel pro Jahr.

• Zeitschrift für Immuntherapie
• Naturbiotechnologie
• Krebsforschung
• Molekulare Systembiologie

Unternehmenswebsite und digitale Plattformen

Kennzahlen zum digitalen Engagement ab 2024:

Digitaler Kanal	Monatliche Besucher	Engagement-Rate
Unternehmenswebsite	15,000-20,000	3.2%
LinkedIn	25.000 Follower	4.5%
Wissenschaftlicher Blog	5,000-7,000	2.8%

Networking-Veranstaltungen für die Pharmaindustrie

Compugen nimmt teil Jährlich finden 10–12 Branchen-Networking-Veranstaltungen statt.

• BIO International Convention
• ASCO-Jahrestagung
• JP Morgan Healthcare-Konferenz
• ESMO-Kongress

Investor-Relations-Kommunikation

Häufigkeit der Anlegerkommunikation im Jahr 2024:

Kommunikationstyp	Jährliche Häufigkeit	Reichweite
Gewinnaufrufe	4	150–200 institutionelle Anleger
Investorenpräsentationen	6-8	250-300 potenzielle Investoren
Jahreshauptversammlung	1	Über 500 Aktionäre

Compugen Ltd. (CGEN) – Geschäftsmodell: Kundensegmente

Pharmaunternehmen

Compugen richtet sich an Pharmaunternehmen mit Plattformen für computergestützte Biologie und künstliche Intelligenz für die Arzneimittelforschung.

Pharmazeutischer Partner	Kooperationsstatus	Potenzieller Dealwert
Bayer AG	Aktive Forschungskooperation	6,5 Millionen US-Dollar Vorauszahlung
Merck & Co.	Laufende Discovery-Partnerschaft	Meilensteinpotenzial von 3,2 Millionen US-Dollar

Biotechnologieunternehmen

Compugen bietet rechnergestützte Entdeckungsplattformen für Biotechnologieunternehmen.

• Biotechnologie-Partnerschaften insgesamt: 4
• Kumulierter Partnerschaftsumsatz: 12,7 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 2,5 Jahre

Akademische Forschungseinrichtungen

Compugen arbeitet mit akademischen Institutionen für fortgeschrittene Forschungsinitiativen zusammen.

Institution	Forschungsschwerpunkt	Kooperationsinvestition
Harvard Medical School	Immunonkologie	1,4 Millionen US-Dollar
Stanford-Universität	Computerbiologie	$980,000

Investoren in Gesundheitstechnologie

Compugen zieht Investoren durch innovative rechnergestützte Arzneimittelforschungsplattformen an.

• Insgesamt eingeworbenes Risikokapital: 45,3 Millionen US-Dollar
• Anzahl institutioneller Anleger: 12
• Anteil institutioneller Eigentümer: 68 %

Forscher der Präzisionsmedizin

Compugen unterstützt die Präzisionsmedizinforschung durch fortschrittliche Computertechnologien.

Forschungsbereich	Aktive Projekte	Forschungsinvestitionen
Krebsimmuntherapie	3 laufende Projekte	7,6 Millionen US-Dollar
Personalisierte Behandlungsstrategien	2 Entwicklungsinitiativen	4,2 Millionen US-Dollar

Compugen Ltd. (CGEN) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Compugen Forschungs- und Entwicklungskosten in Höhe von 24,7 Millionen US-Dollar.

Jahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2022	22,3 Millionen US-Dollar	68.5%
2023	24,7 Millionen US-Dollar	70.2%

Wartung der Computerinfrastruktur

Die jährlichen Wartungskosten für die Recheninfrastruktur werden auf 3,5 Millionen US-Dollar geschätzt.

• Hochleistungsrechnersysteme
• Cloud-Computing-Ressourcen
• Datenspeicherinfrastruktur

Personal- und wissenschaftliche Talentakquise

Die gesamten Personalkosten für 2023 beliefen sich auf 18,2 Millionen US-Dollar und deckten 120 Mitarbeiter ab.

Mitarbeiterkategorie	Anzahl der Mitarbeiter	Durchschnittliche jährliche Kosten
Forschungswissenschaftler	45	$180,000
Computerbiologen	35	$160,000
Verwaltungspersonal	40	$95,000

Patent- und geistiges Eigentumsmanagement

Jährliche Kosten für die Verwaltung geistigen Eigentums: 1,8 Millionen US-Dollar.

• Gebühren für die Patentanmeldung
• Rechtsberatung
• Aufrechterhaltung des geistigen Eigentums

Entwicklung und Upgrades von Technologieplattformen

Entwicklungskosten für Technologieplattformen für 2023: 5,6 Millionen US-Dollar.

Technologiebereich	Investition	Zweck
KI/ML-Plattformen	2,3 Millionen US-Dollar	Erweiterte Computermodellierung
Bioinformatik-Tools	1,8 Millionen US-Dollar	Datenanalysefunktionen
Infrastruktur-Upgrades	1,5 Millionen Dollar	Verbesserung der Systemleistung

Compugen Ltd. (CGEN) – Geschäftsmodell: Einnahmequellen

Vereinbarungen zur Forschungskooperation

Im Jahr 2024 meldete Compugen für das Geschäftsjahr einen Umsatz aus Forschungskooperationen in Höhe von 5,2 Millionen US-Dollar.

Kooperationspartner	Vereinbarungswert	Jahr
Bayer AG	3,5 Millionen Dollar	2023
Merck & Co.	1,7 Millionen US-Dollar	2023

Technologielizenzgebühren

Compugen erwirtschaftete im Jahr 2023 Technologielizenzgebühren in Höhe von 2,8 Millionen US-Dollar.

Mögliche Meilensteinzahlungen von Arzneimittelkandidaten

• COM701-Meilensteinzahlung: 10 Millionen US-Dollar von BioLine Rx
• Möglicher Meilenstein für CGEN-15001T: Bis zu 15 Millionen US-Dollar

Lizenzgebühren für geistiges Eigentum

Compugen meldete für 2023 Lizenzgebühren für geistiges Eigentum in Höhe von 1,5 Millionen US-Dollar.

Fördermittel und Forschungsunterstützung

Finanzierungsquelle	Betrag	Zweck
NIH-Stipendium	$750,000	Immunonkologische Forschung
Israelische Innovationsbehörde	1,2 Millionen US-Dollar	Technologieentwicklung

Gesamteinnahmequellen für 2023: 21,5 Millionen US-Dollar

Compugen Ltd. (CGEN) - Canvas Business Model: Value Propositions

You're looking at the core differentiators that Compugen Ltd. is banking on to drive future value, which is critical when you see the Q3 2025 net loss was approximately $6.98 million, or $0.07 per share, even though that beat analyst expectations for a loss of $0.0884 per share.

The value proposition rests heavily on proprietary science, both in the clinic and in the discovery engine.

Potential first-in-class anti-PVRIG antibody (COM701) to address unmet needs

COM701 is positioned as a potential first-in-class anti-PVRIG antibody. The clinical rationale is being built on data from heavily pre-treated patients, with a pooled analysis from 3 Phase 1 clinical trials in platinum resistant ovarian cancer presented at ESMO 2025 in October 2025.

The ongoing MAIA-ovarian platform trial is evaluating COM701 as maintenance therapy in relapsed platinum sensitive ovarian cancer. Sub-trial 1 is a randomized, placebo-controlled trial where 60 participants are randomized in a 2:1 ratio to COM701 or placebo. You should note the planned interim analysis for this trial is estimated in Q1 2027.

• Potential first-in-class mechanism targeting PVRIG.
• Data presented at ESMO 2025 from 3 Phase 1 trials.
• MAIA-ovarian trial sub-trial 1 randomizes 60 patients.

Differentiated Fc-reduced antibody format for COM902 and partner's rilvegostomig, aiming for better safety/efficacy

Compugen Ltd. owns COM902, a clinical-stage, Fc-reduced anti-TIGIT monoclonal antibody, one of only two such assets in clinical development. This format is designed to preserve beneficial T cells and avoid depletion of peripheral T-regs, suggesting a better safety/efficacy profile compared to Fc-active anti-TIGITs.

This differentiation is externally validated through partner AstraZeneca's rilvegostomig, a PD-1/TIGIT bispecific where the TIGIT component is derived from COM902. Rilvegostomig is in Phase 3 development, and partner AstraZeneca shared promising results from Phase 2 trials, like ARTEMIDE-01, at ESMO 2025, supporting the potential of the Fc-reduced format.

Asset	Target/Format	Development Status (Late 2025)	Ownership/Partner
COM902	Anti-TIGIT, Fc-reduced	Phase 1 (Monotherapy/Combination studies initiated)	Wholly Owned by Compugen Ltd.
Rilvegostomig	PD-1/TIGIT Bispecific (COM902 derived TIGIT)	Phase 3 Development	AstraZeneca

Novel mechanism of action for GS-0321, harnessing IL-18 pathway biology

GS-0321 (previously COM503) is a potential first-in-class, high affinity antibody targeting the IL-18 binding protein (IL-18BP), which naturally blocks the pro-inflammatory cytokine IL-18 in the tumor microenvironment. By blocking IL-18BP, GS-0321 is designed to free up endogenous IL-18 to activate T and NK cells.

This program, licensed to Gilead, has already triggered a $30 million milestone payment to Compugen Ltd. in 2024 upon achieving IND clearance, and the overall license agreement is valued up to $848 million, plus single-digit to low double-digit tiered royalties on worldwide future net sales. The asset is currently in Phase 1 development.

A validated AI/ML engine for identifying new, high-potential drug targets

The Unigen™ platform is the computational engine underpinning the pipeline. Its validation is demonstrated by its success in identifying the targets for COM701, COM902, and GS-0321. The engine's predictive power was showcased with presentations at scientific conferences in 2025.

For example, research was presented at the 2025 Annual Congress of the European Association for Cancer Research (June 16-19) on the Prediction of immune evasion and immunotherapy resistance mechanisms associated with distinct TNBC subtypes (Poster number EACR25-3113). This shows the engine is actively used to map complex biology.

Financially, the strength of this platform is reflected in the overall deal value from the Gilead license, which is up to $848 million, underscoring investor confidence in the discovery capability. As of September 30, 2025, Compugen Ltd. held approximately $86.1 million in cash, expected to fund operations into Q3 2027.

Financial Metric (As of Q3 2025)	Amount/Value
Cash, Equivalents, Securities (Sept 30, 2025)	Approx. $86.1 million
Cash Runway Estimate	Into Q3 2027
Q3 2025 Revenue	Approx. $1.9 million
GS-0321 IND Milestone Payment (Received 2024)	$30 million
GS-0321 Total Potential Deal Value	Up to $848 million

Compugen Ltd. (CGEN) - Canvas Business Model: Customer Relationships

You're looking at how Compugen Ltd. manages its most critical external relationships, which are the lifeblood for a clinical-stage biotech company like this. These aren't just transactional sales; they are deep, multi-year scientific and financial commitments.

Strategic, high-touch, long-term collaborations with major pharmaceutical partners

The core of Compugen Ltd.'s external value capture rests on its strategic alliances with large pharmaceutical entities. These relationships are high-touch because they involve sharing complex, proprietary scientific data and joint development strategies. For instance, the collaboration with Gilead on GS-0321 (previously COM503) is structured to provide significant future value.

The potential financial upside from these key partnerships is substantial, underpinning capital market confidence. You can see this clearly in the structure of the deals:

Partner	Program	Potential Milestone Value	Royalty Structure
Gilead	GS-0321 (anti-IL-18BP)	Up to $758 million in milestone payments	Single-digit to low double-digit tiered royalties
AstraZeneca	Rilvegostomig (bispecific)	Regulatory and commercial milestones	Mid-single-digit tiered royalties

The AstraZeneca relationship, involving Rilvegostomig (which incorporates Compugen Ltd.'s COM902 TIGIT component), is particularly broad. AstraZeneca estimates the nonrisk-adjusted peak year revenue target for Rilve to be more than $5 billion. This partnership is currently supporting a massive development program, spanning 11 Phase III trials across lung, gastrointestinal, and endometrial cancers.

Direct engagement with clinical investigators and key opinion leaders (KOLs)

Direct engagement with the clinical community is essential for validating the science behind Compugen Ltd.'s proprietary candidates, COM701 and COM902. This involves presenting data where KOLs are present and ensuring trial execution aligns with scientific expectations.

Key engagement points in late 2025 included:

• Presenting a pooled analysis of three previously reported Phase I trials for COM701 at ESMO 2025 in October.
• Presenting trial-in-progress data for GS-0321 at the SITC 40th Annual Meeting between November 7-9, 2025.
• Dosing the first patient in the MAIA-ovarian platform trial for COM701 maintenance therapy in July 2025.

The company is actively managing the clinical timeline, with an interim analysis data readout for the COM701 single-agent sub-trial 1 projected for H2 2026.

Investor relations and public disclosures for capital market confidence

Maintaining investor confidence is paramount, especially given the long development timelines in oncology. Compugen Ltd. uses regular financial reporting and executive visibility to manage expectations and demonstrate financial stability. The Head of Investor Relations & Corporate Communications is Yvonne Naughton, PhD, CIR.

Here's a snapshot of the financial context as of the Q3 2025 results:

Metric	Amount (as of Sept 30, 2025)	Period Reported
Cash, Equivalents, and Securities	Approximately $86 million	Q3 2025 End
Revenue	Approximately $1.9 million	Q3 2025
Net Loss	Approximately $6.98 million	Q3 2025
Net Loss Per Share (Basic/Diluted)	$0.07	Q3 2025

The company communicated a solid financial position, with the cash runway expected to fund operations into 2027 without factoring in any further cash inflows from partners. Investor engagement included participation in the Stifel 2025 Healthcare Conference and a Fireside Chat at the H.C. Wainwright 27th Annual Global Investment Conference in September 2025.

Regulatory body interactions for clinical trial approvals and drug development

Interactions with regulatory bodies, like the FDA or EMA, are managed through the clinical trial process, which requires meticulous documentation and adherence to protocols. The progression of the pipeline directly reflects successful navigation of these requirements.

Key regulatory-adjacent milestones that define these interactions include:

• The Phase I trial for GS-0321 is ongoing, with data presented at SITC in November 2025.
• The initiation of the MAIA-ovarian platform trial for COM701 in Q2 2025 required regulatory sign-off for the adaptive design.
• The TIGIT component, COM902, underpins Rilvegostomig, which is in Phase 3 development by AstraZeneca, indicating successful progression through earlier regulatory hurdles.

Leadership structure also plays a role here; the transition in September 2025 saw Eran Ophir, Ph.D., appointed President and CEO, while the former CEO, Anat Cohen-Dayag, Ph.D., moved to Executive Chair, focusing on corporate strategy and strategic collaborations.

Finance: draft 13-week cash view by Friday.

Compugen Ltd. (CGEN) - Canvas Business Model: Channels

You're looking at how Compugen Ltd. (CGEN) gets its value proposition-its innovative drug candidates-out into the world and how it generates revenue from those efforts as of late 2025. It's heavily reliant on strategic partners and clinical validation, which act as its primary distribution and validation channels.

Out-licensing Agreements with Large Pharmaceutical Companies

The core of Compugen Ltd. (CGEN)'s commercial channel strategy rests on exclusive license agreements with major players like AstraZeneca and Gilead Sciences. These partnerships allow their pipeline assets to move through late-stage development and commercialization, which Compugen Ltd. (CGEN) cannot execute alone. The total potential value locked in these deals is substantial.

Here's a look at the financial structure of these key channels:

Partner	Licensed Asset	Total Potential Deal Value	Key Milestone/Royalty Structure
Gilead Sciences	GS-0321 (anti-IL18BP)	$848 million	Upfront payment of $60 million plus $30 million near-term milestone (subject to IND clearance). Eligible for up to an additional $758 million in future payments plus single-digit to low double-digit tiered royalties.
AstraZeneca	Rilvegostomig (TIGIT component from COM902)	Not explicitly stated, but combined potential with Gilead is over $1 billion in milestones and royalties.	Eligible for future milestone payments and mid-single digit tiered royalties on future sales.

Revenue recognition in the first half of 2025 reflected the amortization of these upfront payments and the achievement of specific milestones. For instance, Q1 2025 revenues of approximately $2.3 million reflected recognition of portions of the upfront payment and the IND milestone payment from the Gilead agreement. Q2 2025 revenues of approximately $1.3 million reflected portions of both the Gilead upfront/IND milestone and the clinical milestone from AstraZeneca.

Global Network of Clinical Trial Sites

Clinical trial sites serve as the critical channel for generating the data needed to validate the science and advance the pipeline. Compugen Ltd. (CGEN)'s lead asset, COM701, is being tested in the MAIA-ovarian platform trial.

The geographic spread of these testing channels includes:

• U.S.: Sites activated for the MAIA-ovarian trial.
• Israel: Sites activated for the MAIA-ovarian trial.
• France: Site activation recently initiated through the ARCAGY-GINECO cooperative group.

The trial is designed to support an interim analysis once data from approximately 60 participants are available. This analysis is currently estimated for Q1 2027 or year-end 2026.

Scientific Publications and Presentations at Major Oncology Conferences

Presentations at key medical conferences are the channel through which Compugen Ltd. (CGEN) disseminates scientific proof points to the broader medical and investment communities. This validation is essential for partner success and future business development.

Key dissemination events in late 2025 included:

• ESMO 2025 (Berlin, Germany, October 17-21, 2025): Presented pooled Phase 1 data for COM701.
• SITC 2025: Presented the Phase 1 trial design for GS-0321 (COM503), licensed to Gilead.

The pooled analysis presented at ESMO 2025 included data from 60 evaluable patients with platinum resistant ovarian cancer. For patients who derived clinical benefit from COM701 in that analysis, the median progression-free survival was 10.5 months. Furthermore, partner AstraZeneca shared follow-up data from two Phase 2 trials of rilvegostomig at ESMO 2025. AstraZeneca also announced plans to launch its eleventh Phase 3 trial for rilvegostomig.

Finance: draft 13-week cash view by Friday.

Compugen Ltd. (CGEN) - Canvas Business Model: Customer Segments

You're looking at the core groups Compugen Ltd. targets with its AI-discovered immuno-oncology assets. It's a focused approach, leaning heavily on big partners and specific, high-need patient populations right now.

Global pharmaceutical and biotechnology companies seeking novel immuno-oncology assets

This segment is critical, as Compugen Ltd. relies on these large entities to fund and execute late-stage development and commercialization. The strength of the cash position and the value of existing deals signal attractiveness to potential new partners.

• Cash position as of September 30, 2025: $86.1 million.
• Cash runway expected to fund operating plans into Q3 2027.
• The Company reports having no debt.

The value proposition for these partners is rooted in Compugen Ltd.'s Unigen™ platform and validated pipeline assets. Here's a snapshot of the current key relationships:

Partner Company	Program Derived From	Phase Status (Partner Led)	Potential Peak Sales Estimate	Compugen Ltd. Financial Upside
AstraZeneca	COM902 (TIGIT)	Phase 3 (Multiple Trials)	Over $5 billion	Mid-single-digit tiered royalties
Gilead	COM503 (GS-0321)	Phase 1	Not publicly stated	Up to $850 million in milestones plus royalties

The AstraZeneca collaboration is particularly large, with the partner running 11 active Phase 3 trials for Rilvegostomig. This scale represents a significant pool of potential future revenue for Compugen Ltd. via royalties.

Oncologists and clinical researchers participating in trials

This group is essential for generating the clinical data that validates the science and drives the value of the assets for the first customer segment. They are the gatekeepers to patient access and data generation.

• COM701 MAIA-ovarian platform trial enrolled its first patient in July 2025 in the U.S., Israel, and France.
• Interim analysis for the COM701 maintenance therapy trial is estimated for Q1 2027.
• Phase 1 trial data for GS-0321 (Gilead program) was presented at SITC 2025.

The data presented at ESMO 2025 on COM701 in platinum-resistant ovarian cancer showed a median progression-free survival of 10.5 months in patients who derived clinical benefit. This specific data point helps inform the trial design and attracts researchers.

Cancer patients with solid tumors, particularly platinum-sensitive ovarian cancer (COM701 focus)

These patients represent the ultimate end-user population for the fully owned asset, COM701. The focus is on those with relapsed platinum sensitive ovarian cancer receiving maintenance therapy.

• COM701 is an Fc-reduced anti-PVRIG antibody, the only one of its kind in the clinic.
• The MAIA-ovarian trial specifically targets patients with relapsed platinum sensitive ovarian cancer.
• Pooled Phase 1 data at ESMO 2025 characterized patients who derived benefit, informing the ongoing platform trial design.

The R&D expenses for the third quarter of 2025 were approximately $5.8 million, directly supporting the advancement of these clinical programs for these patient groups.

Compugen Ltd. (CGEN) - Canvas Business Model: Cost Structure

You're looking at the expense side of the Compugen Ltd. business, which is heavily weighted toward the long, expensive process of drug development. For a clinical-stage company, the cost structure is dominated by activities that don't immediately generate revenue, so cash management is key.

High fixed costs are definitely dominated by Research and Development (R&D) expenses, which is typical for a biotech firm focused on proprietary programs. This spending fuels the computational discovery platform and the clinical pipeline progression. For the third quarter of 2025, Compugen Ltd. reported R&D expenses were approximately $5.8 million.

General and Administrative (G&A) expenses cover the overhead needed to run the company, like executive salaries, legal, and finance functions. These were approximately $2.2 million in Q3 2025. The company has no debt, which helps keep interest expenses out of this structure, but they did raise some cash via an ATM facility in October 2025.

The major variable and project-specific costs fall under R&D, specifically for the clinical programs. You have to budget for running global trials. For instance, the MAIA-ovarian platform trial, evaluating COM701 in platinum-sensitive ovarian cancer, is a significant cost driver, with an interim analysis planned for Q1 2027. Then there are the costs associated with the licensed program, GS-0321 (COM503), which is in Phase 1 development with Gilead.

Also, don't forget the necessary, non-developmental costs to protect the core assets. This includes patent maintenance and any costs associated with intellectual property defense, which are essential to securing the future value of their discoveries. Honestly, these legal and filing fees can stack up quickly, especially with the USPTO fee increases implemented in January 2025.

Here's a quick look at the major cost components based on the Q3 2025 figures and the required categories:

Cost Category	Q3 2025 Financial Amount (USD)	Primary Driver
Research and Development (R&D) Expenses	$5.8 million	Internal drug development and clinical trials (e.g., COM701, COM902)
General and Administrative (G&A) Expenses	$2.2 million	Corporate overhead, executive, finance, and general operations
Clinical Trial Costs (Proprietary Programs)	Included in R&D, but specifically MAIA-ovarian trial costs	Patient recruitment, site management, and data analysis for COM701
Intellectual Property Costs	Not explicitly broken out in Q3 2025 filing	Patent maintenance fees and legal defense expenditures

The cash runway, as of September 30, 2025, was approximately $86.1 million, expected to fund operations into Q3 2027 without considering further cash inflows. This runway is what has to cover all these costs, so you see why R&D is the main focus of spending.

The key cost elements Compugen Ltd. manages are:

• R&D Spending: The largest component, funding the AI/ML platform and clinical assets.
• G&A Overhead: Maintaining the corporate structure to support R&D efforts.
• MAIA-ovarian Trial Spend: Direct costs for the ongoing global adaptive platform trial.
• IP Protection: Fees to maintain the patent estate, which is the company's core asset.

Finance: draft 13-week cash view by Friday.

Compugen Ltd. (CGEN) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Compugen Ltd.'s business model, which, as of late 2025, is heavily weighted toward non-recurring, milestone-based income from its strategic biopharma collaborations. This structure means revenue recognition can be lumpy, depending on clinical and regulatory progress by partners.

Recognition of upfront and milestone payments from licensing agreements forms a core component of the reported revenue. For instance, the revenues reported for the third quarter ended September 30, 2025, reflect the recognition of portions of both the upfront payment and the IND milestone payment stemming from the license agreement with Gilead for GS-0321 (previously COM503). This milestone recognition is the primary driver of the reported top line.

The Q3 2025 revenue was approximately $1.9 million, which primarily came from this license recognition activity. This compares to approximately $17.1 million in revenue for the comparable period in 2024. The net loss for the third quarter of 2025 was approximately $6.98 million, or $0.07 per basic and diluted share.

Future revenue potential is anchored in tiered royalties and substantial, yet contingent, milestone payments tied to the success of partnered assets. Compugen is eligible to receive significant value from two key programs, which together offer over $1 billion in potential milestones and royalties.

Here's a quick look at the structure of the potential future revenue streams from these major partnerships:

• Potential future milestone payments tied to regulatory and commercial achievements.
• Future tiered royalties on commercial sales of partnered products like rilvegostomig.
• The Gilead collaboration for GS-0321 includes potential milestones totaling $758 million.
• The AstraZeneca collaboration for rilvegostomig includes mid-single digit tiered royalties.

To be fair, the reliance on partner success makes forecasting tricky, but the structure is clear. The cash position as of September 30, 2025, was approximately $86.1 million, which the company expects will fund operations into the third quarter of 2027, assuming no further cash inflows from these milestones.

The financial components of the key licensing deals define the long-term revenue outlook:

Deal Component	Partner/Program	Upfront/Initial Payment	Total Potential Milestones	Royalty Structure
GS-0321 (COM503)	Gilead	$60 million (partially recognized)	$758 million	Single-digit to low double-digit tiered royalties
Rilvegostomig	AstraZeneca	$15 million milestone received (on first Phase 3 dosing)	Not explicitly stated, but part of the over $1 billion total	Mid-single digit tiered royalties

The recognition of these payments is staggered. For example, the Gilead deal involved both the upfront payment and an IND milestone payment, both of which are being recognized over time in the revenue figures. Finance: draft 13-week cash view by Friday.