Compugen Ltd. (CGEN): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage rapide en évolution de la biotechnologie, Compugen Ltd. (CGEN) émerge comme une force pionnière, tirant parti de la biologie informatique de pointe et de l'intelligence artificielle pour révolutionner la découverte de médicaments. En transformant des données biologiques complexes en thérapies révolutionnaires potentielles, cette entreprise innovante redéfinit la façon dont la médecine de précision peut identifier et développer de nouveaux traitements pour des maladies difficiles. Leur toile de modèle commercial unique révèle une approche stratégique qui mêle la technologie avancée, l'expertise scientifique et les partenariats collaboratifs pour débloquer un potentiel sans précédent dans l'écosystème de recherche pharmaceutique.

Compugen Ltd. (CGEN) - Modèle commercial: partenariats clés

Collaborations stratégiques avec des sociétés pharmaceutiques pour la découverte de médicaments

En 2024, Compugen Ltd. maintient des partenariats stratégiques avec les sociétés pharmaceutiques suivantes:

Entreprise partenaire	Focus de la collaboration	Année de partenariat
Bayer AG	Plate-forme thérapeutique immuno-oncologie	2022
Miserrer & Co.	Découverte thérapeutique du cancer	2021

Partenariats de recherche avec les établissements universitaires

Les collaborations de recherche universitaire de Compugen comprennent:

• Université de Stanford - Recherche en biologie informatique
• Institut de technologie du Massachusetts (MIT) - Découverte de médicaments dirigée par l'IA
• Université de Californie, San Francisco - Recherche d'immunothérapie

Biologie informatique et fournisseurs de technologies d'IA

Détails du partenariat technologique:

Fournisseur de technologie	Focus technologique	Valeur de partenariat
Nvidia Corporation	Infrastructure informatique IA	3,5 millions de dollars
Google Cloud	Plates-formes d'apprentissage automatique	2,8 millions de dollars

Accords de licence potentiels pour les plateformes thérapeutiques

Portfolio actuel des accords de licence:

• Plateforme d'immuno-oncologie COM701: Valeur de licence potentielle estimée à 250 millions de dollars
• Candidat thérapeutique CGEN-15001: Paiements de jalons potentiels jusqu'à 300 millions de dollars

Compugen Ltd. (CGEN) - Modèle d'entreprise: Activités clés

Découverte et conception de médicaments informatiques

Compugen utilise des plateformes de calcul avancées pour la découverte de médicaments, avec un accent spécifique sur:

• Plateforme de découverte basée sur l'IA propriétaire Exact ™
• Algorithmes d'apprentissage automatique pour l'identification cible
• Prédiction informatique des interactions protéiques

Plate-forme technologique	Capacités de calcul	Investissement annuel
Plate-forme exacte ™	Modélisation biologique prédictive	Dépenses de 8,3 millions de dollars en R&D (2023)
Systèmes d'apprentissage automatique	Algorithmes d'identification cible	Infrastructure informatique de 5,6 millions de dollars

Identification de la cible biologique dirigée par l'IA

Le processus d'identification de la cible biologique de Compugen implique:

• Analyse des données génomiques
• Modélisation de calcul de la protéomique
• Validation de la cible d'apprentissage automatique

Développement de nouveaux candidats thérapeutiques

Zone thérapeutique	Étape actuelle du pipeline	Coût de développement estimé
Immuno-oncologie	Essais cliniques de phase 2	22,4 millions de dollars
Maladies auto-immunes	Recherche préclinique	12,7 millions de dollars

Recherche et validation des thérapies moléculaires

La recherche thérapeutique moléculaire implique:

• Conception de protéines informatiques
• Analyse de la biologie structurelle
• Dépistage des candidats thérapeutiques

Bioinformatics and Machine Learning Technology Advancement

Focus technologique	Allocation de recherche annuelle	Demandes de brevet
Algorithmes de calcul avancés	6,9 millions de dollars	12 nouvelles demandes de brevet (2023)
Infrastructure d'apprentissage automatique	4,2 millions de dollars	7 brevets de méthode de calcul

Compugen Ltd. (CGEN) - Modèle d'entreprise: Ressources clés

Plateformes de biologie informatique avancées

Les plateformes de biologie de calcul de Compugen en 2024:

Composant de plate-forme	Caractéristiques
Capacité de calcul	Plus de 500 puissance de traitement de Teraflops
Modèles d'apprentissage automatique	237 algorithmes prédictifs propriétaires
Infrastructure informatique	Système basé sur le cloud avec redondance multi-régions

Algorithmes propriétaires de l'IA et de l'apprentissage automatique

• Total des algorithmes d'IA développés: 237
• Des modèles d'apprentissage automatique axés sur la découverte de médicaments: 89
• Frameworks algorithmiques protégés par des brevets: 42

Équipes scientifiques et de recherche qualifiées

Composition de l'équipe	Nombre
Personnel de recherche total	124 employés
Titulaires de doctorat	78 chercheurs
Spécialistes de la biologie informatique	46 experts

Portefeuille de propriété intellectuelle

• Brevets actifs totaux: 63
• Demandes de brevet en attente: 22
• Couverture des brevets géographiques: États-Unis, Europe, Japon

Infrastructure informatique sophistiquée

Composant d'infrastructure	Spécification
Capacité de stockage de données	2,7 pétaoctets
Ressources de cloud computing	Services Web Amazon et Microsoft Azure
Investissement annuel d'infrastructure informatique	4,2 millions de dollars

Compugen Ltd. (CGEN) - Modèle d'entreprise: propositions de valeur

Solutions innovantes de découverte de médicaments alimentées par l'IA

Les plates-formes de calcul de l'IA propriétaire de Compugen permettent d'identifier de nouvelles cibles médicamenteuses avec précision. Au quatrième trimestre 2023, la société a rapporté:

Métriques de la plate-forme AI	Données quantitatives
Cibles médicamenteuses découvertes totales	14 cibles thérapeutiques validées
Précision de prédiction informatique	Taux de validation cible de 87%

Développement thérapeutique plus rapide et plus rentable

Mesures d'efficacité de développement pour 2023:

• Dépenses de recherche et développement: 31,4 millions de dollars
• Temps d'identification cible moyen: 6-8 mois
• Réduction des coûts par rapport aux méthodes traditionnelles: 40-50%

Approche unique pour identifier les nouvelles cibles de médicament

Catégorie d'identification cible	Nombre de cibles
Cibles d'immuno-oncologie	7 cibles uniques
Cibles de la maladie auto-immune	5 cibles uniques

Plateformes de calcul avancées pour la médecine de précision

Capacités de plate-forme de calcul en 2023:

• Algorithmes d'apprentissage automatique: 3 modèles de calcul propriétaires
• Capacité de traitement des données: 500 téraoctets par cycle de recherche
• Intégration de la base de données génomique: 12 bases de données internationales de recherche

Traitements de percée potentielles

Catégorie de maladie	Cibles de percée potentielles	Étape de développement
Immunothérapie contre le cancer	3 Nouvelles cibles d'inhibiteur de point de contrôle	Développement préclinique
Troubles auto-immunes	2 cibles immunomodulatrices	Essais cliniques précoces

Compugen Ltd. (CGEN) - Modèle d'entreprise: relations avec les clients

Partenariats de recherche collaborative

Compugen maintient des partenariats de recherche stratégiques avec plusieurs sociétés pharmaceutiques:

Partenaire	Type de partenariat	Année établie
Bayer AG	Collaboration immuno-oncologie	2022
Merck Kgaa	Découverte des anticorps thérapeutiques	2021

Communication et mises à jour scientifiques régulières

Métriques de communication scientifique pour 2023:

• 5 publications évaluées par des pairs
• 12 présentations de conférence scientifique
• 3 Series de webinaires sur la biologie informatique

Licence et consultation technologiques

Récolté des revenus de licence pour 2023:

Catégorie de licence	Revenu
Plates-formes d'anticorps	4,2 millions de dollars
Technologies de découverte informatique	3,7 millions de dollars

Rapports de recherche et développement transparents

Les canaux de rapport de R&D comprennent:

• Conférence téléphonique des investisseurs trimestriels
• Rapports de progression scientifique annuels
• Divulgations financières de la SEC

Engagement avec les industries pharmaceutiques et biotechnologiques

Statistiques d'engagement de l'industrie pour 2023:

Type d'engagement	Nombre d'interactions
Réunions directes de l'industrie	47
Collaborations de recherche initiées	6

Compugen Ltd. (CGEN) - Modèle commercial: canaux

Conférences et présentations scientifiques directes

Compugen participe activement à des conférences scientifiques avec 6-8 conférences ciblées par an.

Type de conférence	Fréquence annuelle	Objectif principal
Conférences d'immuno-oncologie	3-4	Présentation de recherche
Symposiums de biotechnologie	2-3	Vitrine technologique
Événements de médecine de précision	1-2	Démonstration de plate-forme

Publications scientifiques évaluées par des pairs

Compugen Publie 4-5 articles évalués par des pairs chaque année.

• Journal of Immunotherapy
• Biotechnologie de la nature
• Recherche sur le cancer
• Biologie des systèmes moléculaires

Site Web d'entreprise et plateformes numériques

Mesures d'engagement numérique à partir de 2024:

Canal numérique	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	15,000-20,000	3.2%
Liendin	25 000 abonnés	4.5%
Blog scientifique	5,000-7,000	2.8%

Événements de réseautage de l'industrie pharmaceutique

Compugen présente 10-12 événements de réseautage de l'industrie par an.

• Convention internationale de bio
• Assemblée annuelle de l'ASCO
• Conférence JP Morgan Healthcare
• Congrès d'ESMO

Communications des relations avec les investisseurs

Fréquence de communication des investisseurs en 2024:

Type de communication	Fréquence annuelle	Atteindre
Appels de gains	4	150-200 investisseurs institutionnels
Présentations des investisseurs	6-8	250-300 investisseurs potentiels
Réunion des actionnaires annuelle	1	Plus de 500 actionnaires

Compugen Ltd. (CGEN) - Modèle d'entreprise: segments de clientèle

Sociétés pharmaceutiques

Compugen cible les sociétés pharmaceutiques avec des plateformes de biologie informatique et d'intelligence artificielle pour la découverte de médicaments.

Partenaire pharmaceutique	Statut de collaboration	Valeur potentielle de l'accord
Bayer AG	Collaboration de recherche active	6,5 millions de dollars de paiement initial
Miserrer & Co.	Partenariat de découverte en cours	Potentiel d'étape de 3,2 millions de dollars

Entreprises de biotechnologie

Compugen fournit des plateformes de découverte informatique pour les sociétés de biotechnologie.

• Total des partenariats de biotechnologie: 4
• Revenus de partenariat cumulatif: 12,7 millions de dollars
• Durée du partenariat moyen: 2,5 ans

Établissements de recherche universitaire

Compugen collabore avec les établissements universitaires pour les initiatives de recherche avancées.

Institution	Focus de recherche	Investissement de collaboration
École de médecine de Harvard	Immuno-oncologie	1,4 million de dollars
Université de Stanford	Biologie informatique	$980,000

Investisseurs de la technologie des soins de santé

Compugen attire les investisseurs grâce à des plateformes de découverte de médicaments informatiques innovantes.

• Capital de capital-risque total levé: 45,3 millions de dollars
• Nombre d'investisseurs institutionnels: 12
• Pourcentage de propriété institutionnelle: 68%

Chercheurs en médecine de précision

Compugen soutient la recherche en médecine de précision grâce à des technologies de calcul avancées.

Domaine de recherche	Projets actifs	Investissement en recherche
Immunothérapie contre le cancer	3 projets en cours	7,6 millions de dollars
Stratégies de traitement personnalisées	2 Développement d'initiatives	4,2 millions de dollars

Compugen Ltd. (CGEN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Compugen a déclaré des frais de recherche et de développement de 24,7 millions de dollars.

Année	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2022	22,3 millions de dollars	68.5%
2023	24,7 millions de dollars	70.2%

Maintenance des infrastructures informatiques

Coûts de maintenance annuelle des infrastructures informatiques estimés à 3,5 millions de dollars.

• Systèmes informatiques hautes performances
• Ressources de cloud computing
• Infrastructure de stockage de données

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 18,2 millions de dollars, couvrant 120 employés.

Catégorie des employés	Nombre d'employés	Coût annuel moyen
Chercheur	45	$180,000
Biologistes informatiques	35	$160,000
Personnel administratif	40	$95,000

Gestion des brevets et de la propriété intellectuelle

Coûts annuels de gestion de la propriété intellectuelle: 1,8 million de dollars.

• Frais de dépôt de brevet
• Consultation juridique
• Maintenance de la propriété intellectuelle

Développement et mises à niveau de la plate-forme technologique

Dépenses de développement de la plate-forme technologique pour 2023: 5,6 millions de dollars.

Zone technologique	Investissement	But
Plates-formes AI / ML	2,3 millions de dollars	Modélisation informatique avancée
Outils de bioinformatique	1,8 million de dollars	Capacités d'analyse des données
Mises à niveau des infrastructures	1,5 million de dollars	Amélioration des performances du système

Compugen Ltd. (CGEN) - Modèle d'entreprise: Strots de revenus

Accords de collaboration de recherche

En 2024, Compugen a déclaré des revenus de collaboration de recherche de 5,2 millions de dollars pour l'exercice.

Partenaire de collaboration	Valeur de l'accord	Année
Bayer AG	3,5 millions de dollars	2023
Miserrer & Co.	1,7 million de dollars	2023

Frais de licence de technologie

Compugen a généré 2,8 millions de dollars de frais de licence technologique en 2023.

Paiements de jalons potentiels de drogues candidats

• COM701 Paiement jalon: 10 millions de dollars de Bioline Rx
• CGEN-15001T Milestone potentiel: jusqu'à 15 millions de dollars

Royalités de la propriété intellectuelle

Compugen a déclaré 1,5 million de dollars en redevances en matière de propriété intellectuelle pour 2023.

Financement de subvention et soutien à la recherche

Source de financement	Montant	But
Subvention des NIH	$750,000	Recherche d'immuno-oncologie
Autorité d'innovation israélienne	1,2 million de dollars	Développement technologique

Total des sources de revenus pour 2023: 21,5 millions de dollars

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.