Compugen Ltd. (CGEN): Business Model Canvas [Dec-2025 Updated]

You're analyzing a clinical-stage biotech, Compugen Ltd., that's placing a massive bet on artificial intelligence to revolutionize cancer treatment, which is definitely a high-risk, high-reward proposition. Honestly, the core of their business model isn't just the science; it's the strategic partnerships that de-risk the expensive clinical phases. As of September 30, 2025, they held about $86.1 million in cash, and their Q3 revenue was $1.9 million, mostly from recognizing upfront fees from those big pharma deals. The real prize lies in the potential for over $1 billion in future milestones and royalties from assets partnered with giants like AstraZeneca and Gilead. So, if you want to see the precise structure that supports this AI-driven pipeline and its reliance on external validation, check out the full Business Model Canvas below.

Compugen Ltd. (CGEN) - Canvas Business Model: Key Partnerships

You're looking at the core value creation engine for Compugen Ltd. (CGEN) right now, which is heavily weighted on strategic alliances with big pharma. These partnerships de-risk the pipeline by transferring late-stage development and commercial costs to partners, while Compugen Ltd. retains backend economics.

The collaboration with AstraZeneca (AZN) centers on rilvegostomig, their PD-1/TIGIT bispecific antibody, where the TIGIT component comes from Compugen Ltd.'s clinical-stage anti-TIGIT antibody, COM902. As of late 2025, AstraZeneca's broad development strategy has expanded rilvegostomig into eleven Phase 3 trials across indications like lung, gastrointestinal, and endometrial cancers.

The financial triggers from this deal are concrete. Compugen Ltd. received a $10 million milestone payment following the dosing of the first patient in the ARTEMIDE-Bil01 Phase 3 trial, and an additional $5 million milestone payment was triggered by the start of the second Phase 3 trial, TROPION-Lung10. To date, Compugen Ltd. has received $35.5 million in upfront and milestone payments from AstraZeneca for this program. For the first product indication, Compugen Ltd. remains eligible for up to an aggregate milestone amount of $200 million in development, regulatory milestones, plus tiered royalties on future sales.

The Gilead (GILD) partnership covers GS-0321 (previously COM503), a potential first-in-class anti-IL-18 binding protein antibody, which is currently in Phase 1 development, with Compugen Ltd. handling the required pre-clinical and Phase 1 studies. This deal has already delivered significant non-dilutive capital. Gilead paid an upfront sum of $60 million and a subsequent $30 million milestone upon IND clearance. In 2024 alone, Compugen Ltd. received $76.5 million in upfront and milestone payments from Gilead (after tax withholding).

When you look at the scale of execution, the partners are committing serious resources to clinical trials. For example, the ARTEMIDE-Bil01 trial was expected to recruit about 750 subjects in over 20 countries, and the TROPION-Lung10 trial projected enrollment of approximately 675 patients in over 14 countries. This level of activity suggests heavy reliance on established CROs and major academic centers for trial execution.

Here's a quick math breakdown of the known financial components from these two major deals as of late 2025:

The overall financial opportunity from these key partnerships is substantial. Compugen Ltd. has validated partnerships with AstraZeneca and Gilead that together provide the potential for over $1 billion in total milestone payments plus royalties.

The execution of the pipeline through partners is also reflected in Compugen Ltd.'s balance sheet. As of September 30, 2025, the company held approximately $86.1 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities, with an expected cash runway into the third quarter of 2027, assuming no further cash inflows.

You can see the utilization of these partnerships in the revenue recognition:

• Revenues for the third quarter ended September 30, 2025, were approximately $1.9 million.
• These Q3 2025 revenues reflect recognition of portions of both the upfront payment and the IND milestone payment from the license agreement with Gilead.
• The company's total recognized revenue for 2024 was $27.9 million.

Compugen Ltd. (CGEN) - Canvas Business Model: Key Activities

You're looking at the core engine driving Compugen Ltd.'s value, which is heavily weighted toward internal discovery and external validation through big pharma partnerships. Here's the quick math on what they're actively doing as of late 2025.

Research and Development (R&D) of novel immuno-oncology drug candidates

Compugen Ltd. dedicates significant resources to its internal pipeline, which is a direct output of its computational platform. For the third quarter of 2025, R&D expenses were approximately $5.8 million, a slight decrease from the approximately $6.3 million spent in the third quarter of 2024. This spending supports advancing proprietary assets like COM701 and the early-stage pipeline programs aiming to find new ways to activate the immune system against cancer. To be fair, the R&D spend is controlled; in the second quarter of 2025, R&D was about $5.6 million, down from $6.2 million the year prior. The company maintains a solid financial position, with a cash balance of approximately $86 million as of September 30, 2025, giving them a refined cash runway expected to fund operating plans into the third quarter of 2027, assuming no further cash inflows. They carry no financial debt. That runway is crucial for funding these ongoing discovery and development efforts.

Clinical trial execution for proprietary assets like COM701 (MAIA-ovarian trial)

The execution of the MAIA-ovarian platform trial for COM701, the potential first-in-class anti-PVRIG antibody, is a primary internal activity. You'll want to track the progress here closely. The first patient was dosed in July 2025 for sub-trial 1, which evaluates COM701 as a single agent for maintenance therapy in patients with relapsed platinum sensitive ovarian cancer. This is a global randomized placebo-controlled trial involving 60 patients randomized in a 2:1 ratio to COM701 or placebo. The interim analysis for this sub-trial is now estimated for the first quarter of 2027, pushed back from the earlier projection of the second half of 2026. Furthermore, pooled analysis data from three prior Phase 1 trials in platinum resistant ovarian cancer, presented at ESMO 2025, showed a median progression-free survival of 10.5 months in patients who derived clinical benefit. Honestly, the benchmark for progression-free survival in this setting is historically around six months, so that data informs the trial design.

Here are the key metrics for the COM701 program as of late 2025:

• COM701 Trial Status: MAIA-ovarian sub-trial 1 is enrolling.
• Patient Count: Total of 60 patients planned for sub-trial 1.
• Interim Analysis Estimate: Now projected for Q1 2027.
• Prior Data Point: Median PFS of 10.5 months in PROC patients who benefited.

Leveraging the proprietary Unigen AI/ML computational discovery platform

The Unigen platform is the foundation, validating the company's approach by delivering clinical candidates. It's an Artificial Intelligence and Machine Learning-powered system used to identify new drug targets and biological pathways. This platform is considered validated because it has produced multiple proprietary candidates currently in clinical development, including COM701 and COM902, as well as the GS-0321 program licensed to Gilead. The platform's output directly feeds the pipeline, which is how they aim to discover novel mechanisms to activate the immune system against cancer.

Managing and supporting partner-led Phase 3 trials (e.g., AstraZeneca's rilvegostomig)

A significant activity involves managing the relationship and supporting the development of assets licensed out, which provides near-term revenue recognition and future royalty potential. The rilvegostomig program, where the TIGIT component is derived from Compugen Ltd.'s COM902, is a prime example. As of the third quarter of 2025, partner AstraZeneca has ten active Phase 3 trials for rilvegostomig, with an eleventh expected to launch. AstraZeneca shared promising data from two Phase 2 trials (ARTEMIDE-01 in NSCLC and TROPION-PanTumor03 in bladder cancer) at ESMO 2025. Compugen Ltd. is eligible for future milestone payments and mid-single digit tiered royalties on future sales from this program. Separately, the GS-0321 (anti-IL18BP) program, licensed to Gilead, is in Phase 1, and Compugen Ltd. is eligible to receive up to $758 million in milestone payments plus royalties.

Here's a snapshot of the partner-driven value drivers:

The revenue recognition from these deals was evident in the third quarter of 2025, which reported approximately $1.9 million in revenues, reflecting recognition of portions of the upfront and IND milestone payments from the Gilead agreement.

Compugen Ltd. (CGEN) - Canvas Business Model: Key Resources

You're looking at the core assets that power Compugen Ltd.'s strategy right now, as we stand in late 2025. These aren't just ideas; they are the tangible and intangible things the business absolutely needs to function and create value.

The financial foundation is solid, giving the company breathing room to execute on its pipeline. As of September 30, 2025, Compugen Ltd. held approximately $86.1 million in cash, cash equivalents, short-term bank deposits, and investment in marketable securities. That balance, without factoring in any future cash inflows, is projected to fund the operating plan into the third quarter of 2027. To be fair, they did raise a small amount in October 2025-about 0.8 million shares sold via the ATM facility brought in net proceeds of approximately $1.6 million, which adds a little buffer.

The engine driving much of the discovery work is the proprietary Unigen AI/ML computational discovery platform. This is the core technology Compugen Ltd. uses to identify novel drug targets and biological pathways for developing cancer immunotherapies. It's unproven clinically at scale, but it's the source of their differentiated pipeline assets.

The clinical-stage pipeline represents the most immediate value drivers, grounded in data presented as recently as ESMO 2025. These assets are the direct output of the Unigen platform and the basis for major collaboration agreements.

The intellectual property portfolio is monetized through significant partnerships, which are critical resources themselves. These deals provide validation and non-dilutive funding potential.

• Partnerships with AstraZeneca and Gilead offer over $1 billion in potential milestone payments and royalties.
• The COM902 license to AstraZeneca included $30.5 million in milestone payments already received, with up to $200 million total remaining milestones.
• The IP covers novel immune checkpoint targets and antibodies derived from the Unigen platform.

Here's a quick look at the financial structure supporting these resources:

• Cash, Cash Equivalents, and Marketable Securities (as of 9/30/2025): $86.1 million.
• Cash Runway Projection: Into Q3 2027 (without new inflows).
• October 2025 ATM Proceeds: $1.6 million net.
• Q3 2025 R&D Expenses: Approximately $5.8 million.

Finance: draft 13-week cash view by Friday.

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.

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.

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:

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:

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:

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:

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:

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:

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.