Compugen Ltd. (CGEN): Canvas del Modelo de Negocio [Actualizado en Ene-2025]

En el paisaje en rápida evolución de la biotecnología, Compugen Ltd. (CGEN) surge como una fuerza pionera, aprovechando la biología computacional de vanguardia e inteligencia artificial para revolucionar el descubrimiento de drogas. Al transformar datos biológicos complejos en posibles terapéuticos innovadores, esta empresa innovadora está redefiniendo cómo la medicina de precisión puede identificar y desarrollar nuevos tratamientos para enfermedades desafiantes. Su lienzo de modelo de negocio único revela un enfoque estratégico que entrelaza la tecnología avanzada, la experiencia científica y las asociaciones colaborativas para desbloquear el potencial sin precedentes en el ecosistema de investigación farmacéutica.

Compugen Ltd. (CGEN) - Modelo de negocio: asociaciones clave

Colaboraciones estratégicas con compañías farmacéuticas para el descubrimiento de fármacos

A partir de 2024, Compugen Ltd. mantiene asociaciones estratégicas con las siguientes compañías farmacéuticas:

Empresa asociada	Enfoque de colaboración	Año de asociación
Bayer AG	Plataforma terapéutica inmuno-oncología	2022
Merck & Co.	Descubrimiento terapéutico del cáncer	2021

Asociaciones de investigación con instituciones académicas

Las colaboraciones de investigación académica de Compugen incluyen:

• Universidad de Stanford - Investigación de biología computacional
• Instituto de Tecnología de Massachusetts (MIT) - Descubrimiento de drogas impulsado por IA
• Universidad de California, San Francisco - Investigación de inmunoterapia

Proveedores de biología computacional y tecnología de IA

Detalles de la asociación tecnológica:

Proveedor de tecnología	Enfoque tecnológico	Valor de asociación
Nvidia Corporation	Infraestructura computacional de IA	$ 3.5 millones
Google Cloud	Plataformas de aprendizaje automático	$ 2.8 millones

Posibles acuerdos de licencia para plataformas terapéuticas

Portafolio de acuerdo de licencia actual:

• Plataforma de inmuno-oncología COM701: Valor de licencia potencial estimado en $ 250 millones
• Candidato terapéutico CGEN-15001: Pagos potenciales de hitos de hasta $ 300 millones

Compugen Ltd. (CGEN) - Modelo de negocio: actividades clave

Descubrimiento y diseño de drogas computacionales

Compugen utiliza plataformas computacionales avanzadas para el descubrimiento de fármacos, con un enfoque específico en:

• Propietario de Discovery Platform Exact ™ basado en IA
• Algoritmos de aprendizaje automático para la identificación del objetivo
• Predicción computacional de interacciones proteicas

Plataforma tecnológica	Capacidades computacionales	Inversión anual
Plataforma exacta ™	Modelado biológico predictivo	Gastos de I + D de $ 8,3 millones (2023)
Sistemas de aprendizaje automático	Algoritmos de identificación de objetivos	Infraestructura computacional de $ 5.6 millones

Identificación biológica biológica impulsada por IA

El proceso de identificación biológica del objetivo biológico de Compugen implica:

• Análisis de datos genómicos
• Modelado computacional proteómico
• Validación del objetivo de aprendizaje automático

Desarrollo de nuevos candidatos terapéuticos

Área terapéutica	Etapa de tubería actual	Costo de desarrollo estimado
Inmuno-oncología	Ensayos clínicos de fase 2	$ 22.4 millones
Enfermedades autoinmunes	Investigación preclínica	$ 12.7 millones

Investigación y validación de la terapéutica molecular

La investigación terapéutica molecular implica:

• Diseño de proteínas computacionales
• Análisis de biología estructural
• Detección de candidatos terapéuticos

Avance de la tecnología bioinformática y de aprendizaje automático

Enfoque tecnológico	Asignación de investigación anual	Solicitudes de patentes
Algoritmos computacionales avanzados	$ 6.9 millones	12 nuevas solicitudes de patentes (2023)
Infraestructura de aprendizaje automático	$ 4.2 millones	7 Patentes de método computacional

Compugen Ltd. (CGEN) - Modelo de negocio: recursos clave

Plataformas avanzadas de biología computacional

Plataformas de biología computacional de Compugen a partir de 2024:

Componente de la plataforma	Presupuesto
Capacidad computacional	Más de 500 Teraflops Potencia de procesamiento
Modelos de aprendizaje automático	237 algoritmos predictivos patentados
Infraestructura computacional	Sistema basado en la nube con redundancia múltiple

Algoritmos de AI y aprendizaje automático patentado

• Algoritmos totales de IA desarrollados: 237
• Modelos de aprendizaje automático centrados en el descubrimiento de fármacos: 89
• Marcos algorítmicos protegidos por patentes: 42

Equipos científicos e investigadores calificados

Composición del equipo	Número
Personal de investigación total	124 empleados
Titulares de doctorado	78 investigadores
Especialistas en biología computacional	46 expertos

Cartera de propiedades intelectuales

• Patentes activas totales: 63
• Solicitudes de patentes pendientes: 22
• Cobertura de patentes geográficas: Estados Unidos, Europa, Japón

Infraestructura computacional sofisticada

Componente de infraestructura	Especificación
Capacidad de almacenamiento de datos	2.7 petabytes
Recursos de computación en la nube	Amazon Web Services y Microsoft Azure
Inversión anual de infraestructura de TI	$ 4.2 millones

Compugen Ltd. (CGEN) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de descubrimiento de fármacos con IA

Las plataformas computacionales de IA patentadas de Compugen permiten la identificación de nuevos objetivos de drogas con precisión. A partir del cuarto trimestre de 2023, la compañía informó:

Métricas de plataforma de IA	Datos cuantitativos
Total de objetivos de drogas descubiertos de IA	14 objetivos terapéuticos validados
Precisión de predicción computacional	Tasa de validación objetivo del 87%

Desarrollo terapéutico más rápido y rentable

Métricas de eficiencia de desarrollo para 2023:

• Gastos de investigación y desarrollo: $ 31.4 millones
• Tiempo promedio de identificación del objetivo: 6-8 meses
• Reducción de costos en comparación con los métodos tradicionales: 40-50%

Enfoque único para identificar nuevos objetivos de drogas

Categoría de identificación de objetivos	Número de objetivos
Objetivos inmuno-oncológicos	7 objetivos únicos
Objetivos de enfermedad autoinmune	5 objetivos únicos

Plataformas computacionales avanzadas para medicina de precisión

Capacidades de la plataforma computacional en 2023:

• Algoritmos de aprendizaje automático: 3 modelos computacionales patentados
• Capacidad de procesamiento de datos: 500 terabytes por ciclo de investigación
• Integración de bases de datos genómicas: 12 bases de datos internacionales de investigación

Posibles tratamientos innovadores

Categoría de enfermedades	Posibles objetivos de avance	Etapa de desarrollo
Inmunoterapia con cáncer	3 nuevos objetivos de inhibidor de punto de control	Desarrollo preclínico
Trastornos autoinmunes	2 objetivos inmunomoduladores	Ensayos clínicos tempranos

Compugen Ltd. (CGEN) - Modelo de negocio: relaciones con los clientes

Asociaciones de investigación colaborativa

Compugen mantiene asociaciones de investigación estratégica con múltiples compañías farmacéuticas:

Pareja	Tipo de asociación	Año establecido
Bayer AG	Colaboración inmuno-urbana	2022
Merck KGAA	Descubrimiento de anticuerpos terapéuticos	2021

Comunicación científica y actualizaciones regulares

Métricas de comunicación científica para 2023:

• 5 publicaciones revisadas por pares
• 12 Presentaciones de conferencias científicas
• 3 series de seminarios web sobre biología computacional

Licencias y consultas de tecnología

Desglose de ingresos de licencias para 2023:

Categoría de licencias	Ganancia
Plataformas de anticuerpos	$ 4.2 millones
Tecnologías de descubrimiento computacional	$ 3.7 millones

Informes de investigación y desarrollo transparentes

Los canales de informes de I + D incluyen:

• Llamadas de conferencia trimestralmente de inversores
• Informes anuales de progreso científico
• Revelaciones financieras de la SEC

Compromiso con industrias farmacéuticas y biotecnológicas

Estadísticas de participación de la industria para 2023:

Tipo de compromiso	Número de interacciones
Reuniones directas de la industria	47
Se iniciaron colaboraciones de investigación	6

Compugen Ltd. (CGEN) - Modelo de negocio: canales

Conferencias y presentaciones científicas directas

Compugen participa activamente en conferencias científicas con 6-8 conferencias dirigidas anualmente.

Tipo de conferencia	Frecuencia anual	Propósito principal
Conferencias inmuno-oncológicas	3-4	Presentación de investigación
Simposios de biotecnología	2-3	Exhibición de tecnología
Eventos de medicina de precisión	1-2	Demostración de plataforma

Publicaciones científicas revisadas por pares

Compugen publica 4-5 artículos revisados ​​por pares anualmente.

• Revista de inmunoterapia
• Biotecnología de la naturaleza
• Investigación del cáncer
• Biología de sistemas moleculares

Sitio web corporativo y plataformas digitales

Métricas de compromiso digital a partir de 2024:

Canal digital	Visitantes mensuales	Tasa de compromiso
Sitio web corporativo	15,000-20,000	3.2%
LinkedIn	25,000 seguidores	4.5%
Blog científico	5,000-7,000	2.8%

Eventos de redes de la industria farmacéutica

Compugen asiste 10-12 Eventos de redes de la industria anualmente.

• Convención BiO International
• Reunión anual de ASCO
• Conferencia de atención médica de JP Morgan
• Congreso de ESMO

Comunicaciones de relaciones con los inversores

Frecuencia de comunicación de los inversores en 2024:

Tipo de comunicación	Frecuencia anual	Alcanzar
Llamadas de ganancias	4	150-200 inversores institucionales
Presentaciones de inversores	6-8	250-300 inversores potenciales
Reunión anual de accionistas	1	500+ accionistas

Compugen Ltd. (CGEN) - Modelo de negocio: segmentos de clientes

Compañías farmacéuticas

Compugen apunta a compañías farmacéuticas con biología computacional y plataformas de inteligencia artificial para el descubrimiento de fármacos.

Socio farmacéutico	Estado de colaboración	Valor potencial de acuerdo
Bayer AG	Colaboración de investigación activa	Pago por adelantado de $ 6.5 millones
Merck & Co.	Asociación de descubrimiento en curso	$ 3.2 millones de potencial hito

Empresas de biotecnología

Compugen proporciona plataformas de descubrimiento computacional para compañías de biotecnología.

• Asociaciones totales de biotecnología: 4
• Ingresos de asociación acumulativa: $ 12.7 millones
• Duración promedio de la asociación: 2.5 años

Instituciones de investigación académica

Compugen colabora con instituciones académicas para iniciativas de investigación avanzadas.

Institución	Enfoque de investigación	Inversión de colaboración
Escuela de Medicina de Harvard	Inmuno-oncología	$ 1.4 millones
Universidad de Stanford	Biología computacional	$980,000

Inversores de tecnología de salud

Compugen atrae a los inversores a través de plataformas innovadoras de descubrimiento de fármacos computacionales.

• Capital de riesgo total recaudado: $ 45.3 millones
• Número de inversores institucionales: 12
• Porcentaje de propiedad institucional: 68%

Investigadores de medicina de precisión

Compugen apoya la investigación de medicina de precisión a través de tecnologías computacionales avanzadas.

Dominio de la investigación	Proyectos activos	Inversión de investigación
Inmunoterapia con cáncer	3 proyectos en curso	$ 7.6 millones
Estrategias de tratamiento personalizadas	2 Desarrollo de iniciativas	$ 4.2 millones

Compugen Ltd. (CGEN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Compugen reportó gastos de investigación y desarrollo de $ 24.7 millones.

Año	Gastos de I + D	Porcentaje de gastos operativos totales
2022	$ 22.3 millones	68.5%
2023	$ 24.7 millones	70.2%

Mantenimiento de la infraestructura computacional

Costos anuales de mantenimiento de la infraestructura computacional estimados en $ 3.5 millones.

• Sistemas informáticos de alto rendimiento
• Recursos de computación en la nube
• Infraestructura de almacenamiento de datos

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 18.2 millones, que cubren 120 empleados.

Categoría de empleado	Número de empleados	Costo anual promedio
Investigar científicos	45	$180,000
Biólogos computacionales	35	$160,000
Personal administrativo	40	$95,000

Gestión de Patentes e Properencias Intelectuales

Costos anuales de administración de propiedad intelectual: $ 1.8 millones.

• Tarifas de presentación de patentes
• Consulta legal
• Mantenimiento de la propiedad intelectual

Desarrollo y actualización de la plataforma tecnológica

Gastos de desarrollo de la plataforma de tecnología para 2023: $ 5.6 millones.

Área tecnológica	Inversión	Objetivo
Plataformas ai/ml	$ 2.3 millones	Modelado computacional avanzado
Herramientas bioinformáticas	$ 1.8 millones	Capacidades de análisis de datos
Actualizaciones de infraestructura	$ 1.5 millones	Mejora del rendimiento del sistema

Compugen Ltd. (CGEN) - Modelo de negocio: flujos de ingresos

Acuerdos de colaboración de investigación

A partir de 2024, Compugen informó ingresos por colaboración de investigación de $ 5.2 millones para el año fiscal.

Socio de colaboración	Valor de acuerdo	Año
Bayer AG	$ 3.5 millones	2023
Merck & Co.	$ 1.7 millones	2023

Tarifas de licencia de tecnología

Compugen generó $ 2.8 millones en tarifas de licencia de tecnología en 2023.

Pagos potenciales de hitos de los candidatos a las drogas

• Pago de hito de COM701: $ 10 millones de Bioline RX
• CGEN-15001T Mito potencial: hasta $ 15 millones

Regalías de propiedad intelectual

Compugen reportó $ 1.5 millones en regalías de propiedad intelectual para 2023.

Subvimiento de financiación y apoyo de investigación

Fuente de financiación	Cantidad	Objetivo
Nih subvención	$750,000	Investigación de inmuno-oncología
Autoridad de innovación de Israel	$ 1.2 millones	Desarrollo tecnológico

Flujos de ingresos totales para 2023: $ 21.5 millones

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.