Compugen Ltd. (CGEN): BCG Matrix [Dec-2025 Updated]

You're looking at a clinical-stage biotech whose entire valuation hinges on pipeline execution, not current sales, given its trailing twelve months revenue is just $6.9 million. As we map Compugen Ltd. (CGEN) onto the Boston Consulting Group Matrix for late 2025, we see a fascinating split: a solid financial base of $86.1 million in cash acting as a temporary Cash Cow, while the future rests on Stars like the partnered Rilvegostomig and high-stakes Question Marks like COM701. This analysis cuts through the noise to show you exactly where the company is investing its runway and which assets are currently draining resources, so you can see the near-term risk profile clearly.

Background of Compugen Ltd. (CGEN)

Compugen Ltd. (CGEN) is a clinical-stage cancer immunotherapy company. You'll find them headquartered in Holon, Israel, with additional offices in San Francisco, CA. The company's core strength lies in its broadly applicable predictive computational discovery platform, which they call Unigen™, powered by Artificial Intelligence and Machine Learning. Compugen uses this system to identify novel drug targets and biological pathways for developing new cancer immunotherapies. The company's shares trade on both the Nasdaq and the Tel Aviv Stock Exchange under the ticker symbol CGEN.

The pipeline features two main proprietary product candidates currently in Phase 1 development. The first is COM701, a potential first-in-class anti-PVRIG antibody, which is also the only Fc reduced monoclonal anti-PVRIG antibody in the clinic. This asset is currently being evaluated in the MAIA-ovarian platform trial for patients with relapsed platinum sensitive ovarian cancer. The second proprietary asset is COM902, a potential best-in-class antibody targeting TIGIT, which is also in Phase 1 monotherapy clinical study for advanced malignancies.

Compugen Ltd. also advances its programs through significant external partnerships. With AstraZeneca, they have rilvegostomig, an Fc-reduced PD-1/TIGIT bispecific antibody, where the TIGIT component comes from COM902. This partner program is notably in Phase 3 development, with AstraZeneca expanding it to ten Phase 3 trials across several cancer types. Furthermore, Compugen has a license agreement with Gilead for GS-0321, a potential first-in-class anti-IL-18 binding protein antibody, which is also progressing through a Phase 1 trial.

Financially, as of September 30, 2025, Compugen Ltd. held approximately $86.1 million in cash, cash equivalents, short-term bank deposits, and marketable securities. The company reported having no debt, and this balance was expected to fund operating plans into the third quarter of 2027, excluding any potential future cash inflows from milestones or royalties. For the third quarter ended September 30, 2025, the company reported revenues of approximately $1.9 million, compared to $17.1 million in the same period of 2024. This resulted in a net loss for the quarter of approximately $6.98 million, or $0.07 per basic and diluted share.

The overall market valuation reflects its clinical-stage status. As of late October 2025, the market capitalization for Compugen Ltd. stood at $168.4 million. You should note that the revenue recognition for the company is heavily dependent on milestone payments from its partners, which can cause significant quarter-to-quarter fluctuations, as seen between Q3 2024 and Q3 2025. Finance: draft next quarter's cash burn projection by end of the week.

Compugen Ltd. (CGEN) - BCG Matrix: Stars

The Star quadrant represents Compugen Ltd.'s highest potential assets, characterized by leading market share in rapidly expanding therapeutic areas and requiring significant investment to maintain growth momentum. These assets are the primary focus for reinvestment of cash flow.

Rilvegostomig, the PD-1/TIGIT bispecific antibody partnered with AstraZeneca, is the prime example of a Star. This asset is currently being evaluated across ten Phase 3 trials by AstraZeneca, spanning indications such as lung, gastrointestinal, and endometrial cancers as of the first quarter of 2025. The TIGIT component of rilvegostomig is derived from Compugen Ltd.'s own clinical-stage anti-TIGIT antibody, COM902.

The financial structure supporting this high-growth asset includes significant potential upside for Compugen Ltd. The partnership with AstraZeneca, alongside the Gilead agreement, provides a combined potential for over $1 billion in future milestone payments and royalties. Specifically for the AstraZeneca collaboration, Compugen Ltd. remains eligible for up to an aggregate milestone amount of $200 million tied to development, regulatory, and commercial goals for the first product, in addition to tiered royalties on future sales. The TIGIT component derived from COM902 specifically included $30.5 million in milestone payments, which have already been received by Compugen Ltd. as of August 2025.

To sustain this high-growth pipeline, Compugen Ltd. maintains a solid financial footing. As of September 30, 2025, the company reported approximately $86.1 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities. This balance is expected to fund operating plans into the third quarter of 2027 without factoring in any additional cash inflows. This cash runway is essential for continued investment in the Star programs and the underlying discovery engine.

The Unigen™ computational platform serves as the engine validating the company's ability to generate future Stars. This platform is validated by the Big Pharma deals mentioned. Furthermore, Compugen Ltd.'s fully owned pipeline asset, COM701, showed encouraging data from pooled Phase 1 trials presented at ESMO 2025, demonstrating a median progression-free survival of 10.5 months in heavily pretreated platinum resistant ovarian cancer patients who derived clinical benefit.

Key financial and pipeline metrics related to the Star assets:

• Number of Rilvegostomig Phase 3 trials by AstraZeneca: ten
• Total potential milestones from AstraZeneca and Gilead partnerships: over $1 billion
• Maximum potential development/regulatory milestones from AstraZeneca for the first product: $200 million
• Milestone payments already received for the COM902 TIGIT component: $30.5 million
• Cash on hand as of September 30, 2025: $86.1 million
• Expected cash runway to fund operations: into Q3 2027

The commitment to these high-growth assets is reflected in the ongoing investment required, which aligns with the BCG tenet of investing heavily in Stars to secure future Cash Cow status.

Compugen Ltd. (CGEN) - BCG Matrix: Cash Cows

You're looking at the financial bedrock that lets Compugen Ltd. operate without immediate external pressure. In the BCG framework, this strong liquidity position acts as the internal Cash Cow, even if the underlying products are still in development.

The current cash, cash equivalents, and marketable securities balance is approximately $86.1 million as of September 30, 2025. This solid balance sheet acts as a financial cash cow, expected to fund operations into Q3 2027 without needing further inflows, assuming no additional cash inflows.

Here's a quick look at the liquid resources supporting this runway:

Past upfront and milestone payments from Gilead and AstraZeneca are the primary source of non-dilutive funding, a defintely critical lifeline. These deals provide a foundation that clinical-stage companies rarely achieve. For instance, the Gilead agreement included an upfront payment of $60 million and a subsequent $30 million IND clearance milestone payment, both received by the end of 2024.

The structure of these partnership cash injections is key to understanding this cash position:

• Gilead GS-0321 upfront payment: $60 million.
• Gilead GS-0321 IND milestone payment: $30 million.
• AstraZeneca milestone payments received to date (from anti-TIGIT license): $40.5 million.
• Total potential future milestones from Gilead and AstraZeneca partnerships: Over $1 billion.

Compugen has no debt on its balance sheet, which is a rare and strong position for a clinical-stage company. This lack of interest expense or mandatory principal repayment means the existing cash is consumed only by operating plans, not servicing liabilities.

Compugen Ltd. (CGEN) - BCG Matrix: Dogs

You're looking at the assets that aren't pulling their weight, the ones tying up capital without generating meaningful returns. In the context of Compugen Ltd.'s portfolio as of late 2025, the Dogs quadrant is populated by assets that, while perhaps scientifically interesting, show low market traction or are overshadowed by better-positioned pipeline candidates.

The fully owned COM902 (anti-TIGIT) asset fits this profile. It's a Phase 1 asset, but its potential is largely subsumed by the more advanced, partnered Rilvegostomig, which is already in Phase 3 development with AstraZeneca. When you have a late-stage, partnered asset leveraging your early-stage tech, the standalone early-stage asset becomes a candidate for minimization or divestiture, frankly. It's a classic case of a low-share, low-growth internal project when a superior, externalized version exists.

The financial reality for Compugen Ltd. reinforces this view of low-performing segments. The Trailing Twelve Months (TTM) revenue is only $6.90 million, which represents a steep decline of -88.47% year-over-year. This sharp drop suggests that the revenue spikes from prior milestone achievements have passed, leaving a low, non-milestone-driven revenue base. Expensive turn-around plans here are unlikely to yield the necessary market share growth to justify continued heavy investment.

Consider the recent quarterly burn. Compugen Ltd. reported a net loss of approximately $6.98 million in Q3 2025. This consistent cash burn is primarily required for R&D on the higher-potential assets, meaning resources directed toward Dogs are diluting the runway for Stars or Question Marks. The Q3 2025 revenue was only $1.9 million, which clearly shows the unit isn't self-sustaining.

Here's a quick look at how the recent financials illustrate the cash drain versus the low top-line contribution:

Also, you have to account for the early-stage, undisclosed research programs. These are the true resource consumers that haven't yet been validated by a partner or advanced into the clinic. They are, by definition, low-priority consumers of capital until they show a clear path to market or partnership.

The assets falling into the Dogs category for Compugen Ltd. based on low current revenue contribution and high internal resource competition include:

• COM902 (anti-TIGIT) Phase 1 asset.
• Early-stage, unpartnered research programs.
• Any internal development efforts not directly feeding into the partnered Gilead or AstraZeneca assets.

Compugen Ltd. (CGEN) - BCG Matrix: Question Marks

These parts of the business operate in the high-growth immuno-oncology market but currently hold zero market share across the entire proprietary pipeline. They are significant cash consumers, as evidenced by the $5.8 million in Research & Development expenses reported for the third quarter of 2025. This investment is necessary to advance these speculative, high-reward assets toward potential commercialization.

The strategy here is clearly one of heavy investment to rapidly gain market share, or face the risk of these programs becoming Dogs if development stalls or fails to show sufficient promise. The company's financial position as of September 30, 2025, showed approximately $86.1 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities, which is projected to fund operations into the third quarter of 2027, supporting this investment phase.

The primary Question Marks requiring this capital deployment are detailed below:

• COM701 (anti-PVRIG) is a fully owned, potential first-in-class antibody.
• GS-0321 (anti-IL-18BP), licensed to Gilead, is in Phase 1.
• The entire proprietary pipeline demands capital to prove its value in a growing market.

The financial drain is clear when looking at the bottom line; the net loss for the third quarter of 2025 was approximately $6.98 million, or $0.07 per basic and diluted share.

The most critical near-term binary event for the lead asset, COM701, is tied to the MAIA-ovarian trial:

• The MAIA-ovarian trial is evaluating COM701 maintenance therapy in platinum sensitive ovarian cancer.
• The trial is enrolling patients across the U.S., Israel, and France.
• The key interim analysis for this trial is estimated for the first quarter of 2027.

Here's a quick look at the key Question Mark assets and their current status as of late 2025:

The GS-0321 program, while licensed, still requires capital support to progress through Phase 1, but it offers substantial potential upside, with Compugen eligible to receive $758 million in milestone payments and single-digit to low double-digit tiered royalties upon success. The entire portfolio is betting on rapid clinical validation to shift these assets from cash-consuming Question Marks to revenue-generating Stars.