Compugen Ltd. (CGEN): Modelo de Negócios Canvas [Jan-2025 Atualizado]

Na paisagem em rápida evolução da biotecnologia, a Compugen Ltd. (CGEN) surge como uma força pioneira, alavancando a biologia computacional de ponta e a inteligência artificial para revolucionar a descoberta de medicamentos. Ao transformar dados biológicos complexos em potenciais terapêuticas inovadoras, esta empresa inovadora está redefinindo como a medicina de precisão pode identificar e desenvolver novos tratamentos para doenças desafiadoras. Seu modelo de negócios exclusivo Canvas revela uma abordagem estratégica que entrelaça a tecnologia avançada, a experiência científica e as parcerias colaborativas para desbloquear potencial sem precedentes no ecossistema de pesquisa farmacêutica.

Compugen Ltd. (CGEN) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com empresas farmacêuticas para descoberta de medicamentos

A partir de 2024, a Compugen Ltd. mantém parcerias estratégicas com as seguintes empresas farmacêuticas:

Empresa parceira	Foco de colaboração	Ano de parceria
Bayer AG	Plataforma terapêutica imuno-oncológica	2022
Merck & Co.	Descoberta terapêutica do câncer	2021

Parcerias de pesquisa com instituições acadêmicas

As colaborações de pesquisa acadêmica da Compugen incluem:

• Universidade de Stanford - Pesquisa de Biologia Computacional
• Instituto de Tecnologia de Massachusetts (MIT) - Descoberta de medicamentos orientada pela IA
• Universidade da Califórnia, São Francisco - Pesquisa de Imunoterapia

Provedores de biologia computacional e tecnologia de IA

Detalhes da parceria de tecnologia:

Provedor de tecnologia	Foco em tecnologia	Valor da parceria
Nvidia Corporation	AI Infraestrutura computacional	US $ 3,5 milhões
Google Cloud	Plataformas de aprendizado de máquina	US $ 2,8 milhões

Possíveis acordos de licenciamento para plataformas terapêuticas

Portfólio de contrato de licenciamento atual:

• Plataforma de imuno-oncologia COM701: Valor potencial de licenciamento estimado em US $ 250 milhões
• CGEN-15001 Candidato terapêutico: Potenciais pagamentos marcantes de até US $ 300 milhões

Compugen Ltd. (CGEN) - Modelo de negócios: Atividades -chave

Descoberta e design de medicamentos computacionais

A Compugen utiliza plataformas computacionais avançadas para descoberta de medicamentos, com foco específico em:

• Plataforma de descoberta de IA, baseada em IA, exato ™ baseado em IA Exact ™
• Algoritmos de aprendizado de máquina para identificação de destino
• Previsão computacional de interações proteicas

Plataforma de tecnologia	Capacidades computacionais	Investimento anual
Plataforma Exact ™	Modelagem biológica preditiva	US $ 8,3 milhões de despesas de P&D (2023)
Sistemas de aprendizado de máquina	Algoritmos de identificação de destino	Infraestrutura computacional de US $ 5,6 milhões

Identificação do alvo biológico orientado pela IA

O processo de identificação do alvo biológico do Compugen envolve:

• Análise de dados genômicos
• Modelagem computacional proteômica
• Aprendizado de máquina Validação alvo

Desenvolvimento de novos candidatos terapêuticos

Área terapêutica	Estágio atual do pipeline	Custo estimado de desenvolvimento
Imuno-oncologia	Ensaios clínicos de fase 2	US $ 22,4 milhões
Doenças autoimunes	Pesquisa pré -clínica	US $ 12,7 milhões

Pesquisa e validação de terapêutica molecular

A pesquisa terapêutica molecular envolve:

• Projeto de proteína computacional
• Análise de Biologia Estrutural
• Triagem de candidatos terapêuticos

Avanço de tecnologia de bioinformática e aprendizado de máquina

Foco em tecnologia	Alocação de pesquisa anual	Aplicações de patentes
Algoritmos computacionais avançados	US $ 6,9 milhões	12 novos pedidos de patente (2023)
Infraestrutura de aprendizado de máquina	US $ 4,2 milhões	7 Patentes de método computacional

Compugen Ltd. (CGEN) - Modelo de negócios: Recursos -chave

Plataformas avançadas de biologia computacional

Plataformas de biologia computacional da Compugen a partir de 2024:

Componente da plataforma	Especificações
Capacidade computacional	Mais de 500 teraflops de processamento de poder
Modelos de aprendizado de máquina	237 algoritmos preditivos proprietários
Infraestrutura computacional	Sistema baseado em nuvem com redundância multi-region

Algoritmos proprietários de IA e aprendizado de máquina

• Algoritmos totais de IA desenvolvidos: 237
• Modelos de aprendizado de máquina focados na descoberta de medicamentos: 89
• Estruturas algorítmicas protegidas por patentes: 42

Equipes científicas e de pesquisa qualificadas

Composição da equipe	Número
Pessoal de pesquisa total	124 funcionários
Titulares de doutorado	78 pesquisadores
Especialistas em biologia computacional	46 especialistas

Portfólio de propriedade intelectual

• Total de patentes ativas: 63
• Aplicações de patentes pendentes: 22
• Cobertura de patente geográfica: Estados Unidos, Europa, Japão

Infraestrutura computacional sofisticada

Componente de infraestrutura	Especificação
Capacidade de armazenamento de dados	2.7 Petabytes
Recursos de computação em nuvem	Amazon Web Services e Microsoft Azure
Investimento anual de infraestrutura de TI	US $ 4,2 milhões

Compugen Ltd. (CGEN) - Modelo de negócios: proposições de valor

Soluções inovadoras de descoberta de medicamentos movidas a IA

As plataformas computacionais de IA proprietárias da Compugen permitem a identificação de novos alvos de medicamentos com precisão. A partir do quarto trimestre 2023, a empresa informou:

Métricas da plataforma da AI	Dados quantitativos
Total de metas de drogas descobertas de IA	14 alvos terapêuticos validados
Precisão de previsão computacional	87% Taxa de validação -alvo

Desenvolvimento terapêutico mais rápido e econômico

Métricas de eficiência de desenvolvimento para 2023:

• Despesas de pesquisa e desenvolvimento: US $ 31,4 milhões
• Tempo médio de identificação-alvo: 6-8 meses
• Redução de custos em comparação aos métodos tradicionais: 40-50%

Abordagem única para identificar novos alvos de drogas

Categoria de identificação de destino	Número de alvos
Metas de imuno-oncologia	7 alvos únicos
Alvos de doenças autoimunes	5 alvos únicos

Plataformas computacionais avançadas para medicina de precisão

Recursos de plataforma computacional em 2023:

• Algoritmos de aprendizado de máquina: 3 modelos computacionais proprietários
• Capacidade de processamento de dados: 500 terabytes por ciclo de pesquisa
• Integração do banco de dados genômico: 12 bancos de dados internacionais de pesquisa

Potenciais tratamentos inovadores

Categoria de doença	Possíveis alvos de avanço	Estágio de desenvolvimento
Imunoterapia contra o câncer	3 novos alvos inibidores de ponto de verificação	Desenvolvimento pré -clínico
Distúrbios autoimunes	2 alvos imunomoduladores	Ensaios clínicos iniciais

Compugen Ltd. (CGEN) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias de pesquisa colaborativa

A Compugen mantém parcerias estratégicas de pesquisa com várias empresas farmacêuticas:

Parceiro	Tipo de parceria	Ano estabelecido
Bayer AG	Colaboração imuno-oncologia	2022
Merck kgaa	Descoberta de anticorpos terapêuticos	2021

Comunicação científica regular e atualizações

Métricas de comunicação científica para 2023:

• 5 publicações revisadas por pares
• 12 apresentações da conferência científica
• 3 séries de webinar em biologia computacional

Licenciamento e consulta de tecnologia

Receita de licenciamento para 2023:

Categoria de licenciamento	Receita
Plataformas de anticorpos	US $ 4,2 milhões
Tecnologias de descoberta computacional	US $ 3,7 milhões

Relatórios transparentes de pesquisa e desenvolvimento

Os canais de relatórios de P&D incluem:

• Chamadas trimestrais de conferência de investidores
• Relatórios anuais de progresso científico
• Sec divulgações financeiras

Engajamento com indústrias farmacêuticas e biotecnológicas

Estatísticas de engajamento do setor para 2023:

Tipo de engajamento	Número de interações
Reuniões diretas do setor	47
Colaborações de pesquisa iniciadas	6

Compugen Ltd. (CGEN) - Modelo de negócios: canais

Conferências e apresentações científicas diretas

Compugen participa ativamente de conferências científicas com 6-8 Conferências direcionadas anualmente.

Tipo de conferência	Frequência anual	Propósito primário
Conferências de imuno-oncologia	3-4	Apresentação de pesquisa
Simpósios de biotecnologia	2-3	Vitrine de tecnologia
Eventos de Medicina de Precisão	1-2	Demonstração da plataforma

Publicações científicas revisadas por pares

O Compugen publica 4-5 artigos revisados ​​por pares anualmente.

• Jornal de Imunoterapia
• Biotecnologia da natureza
• Pesquisa sobre câncer
• Biologia de Sistemas Moleculares

Site corporativo e plataformas digitais

Métricas de engajamento digital em 2024:

Canal digital	Visitantes mensais	Taxa de engajamento
Site corporativo	15,000-20,000	3.2%
LinkedIn	25.000 seguidores	4.5%
Blog científico	5,000-7,000	2.8%

Eventos de rede da indústria farmacêutica

Compugen participa 10-12 Eventos de rede da indústria anualmente.

• Convenção Bio Internacional
• Reunião Anual da ASCO
• Conferência de Saúde JP Morgan
• Congresso Esmo

Comunicações de Relações com Investidores

Frequência de comunicação do investidor em 2024:

Tipo de comunicação	Frequência anual	Alcançar
Chamadas de ganhos	4	150-200 investidores institucionais
Apresentações de investidores	6-8	250-300 investidores em potencial
Reunião Anual dos Acionistas	1	500 mais de acionistas

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

Empresas farmacêuticas

A Compugen tem como alvo empresas farmacêuticas com biologia computacional e plataformas de inteligência artificial para descoberta de medicamentos.

Parceiro farmacêutico	Status de colaboração	Valor potencial de negócios
Bayer AG	Colaboração de pesquisa ativa	Pagamento antecipado de US $ 6,5 milhões
Merck & Co.	Parceria em andamento	Potencial de US $ 3,2 milhões

Empresas de biotecnologia

A Compugen fornece plataformas de descoberta computacional para empresas de biotecnologia.

• Parcerias totais de biotecnologia: 4
• Receita de parceria cumulativa: US $ 12,7 milhões
• Duração média da parceria: 2,5 anos

Instituições de pesquisa acadêmica

O Compugen colabora com instituições acadêmicas para iniciativas de pesquisa avançada.

Instituição	Foco na pesquisa	Investimento de colaboração
Escola de Medicina de Harvard	Imuno-oncologia	US $ 1,4 milhão
Universidade de Stanford	Biologia Computacional	$980,000

Investidores em tecnologia da saúde

A Compugen atrai investidores por meio de plataformas inovadoras de descoberta de medicamentos computacionais.

• Capital de risco total levantado: US $ 45,3 milhões
• Número de investidores institucionais: 12
• Porcentagem de propriedade institucional: 68%

Pesquisadores de Medicina de Precisão

O Compugen suporta a pesquisa em medicina de precisão por meio de tecnologias computacionais avançadas.

Domínio de pesquisa	Projetos ativos	Investimento em pesquisa
Imunoterapia contra o câncer	3 projetos em andamento	US $ 7,6 milhões
Estratégias de tratamento personalizadas	2 Iniciativas em desenvolvimento	US $ 4,2 milhões

Compugen Ltd. (CGEN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Compugen relatou despesas de pesquisa e desenvolvimento de US $ 24,7 milhões.

Ano	Despesas de P&D	Porcentagem do total de despesas operacionais
2022	US $ 22,3 milhões	68.5%
2023	US $ 24,7 milhões	70.2%

Manutenção da infraestrutura computacional

Os custos anuais de manutenção da infraestrutura computacional estimados em US $ 3,5 milhões.

• Sistemas de computação de alto desempenho
• Recursos de computação em nuvem
• Infraestrutura de armazenamento de dados

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 18,2 milhões, cobrindo 120 funcionários.

Categoria de funcionários	Número de funcionários	Custo médio anual
Cientistas de pesquisa	45	$180,000
Biólogos computacionais	35	$160,000
Equipe administrativo	40	$95,000

Gestão de propriedades patentes e intelectuais

Custos anuais de gestão da propriedade intelectual: US $ 1,8 milhão.

• Taxas de arquivamento de patentes
• Consulta legal
• Manutenção da propriedade intelectual

Desenvolvimento de plataformas de tecnologia e atualizações

Despesas de desenvolvimento da plataforma de tecnologia para 2023: US $ 5,6 milhões.

Área de tecnologia	Investimento	Propósito
Plataformas AI/ML	US $ 2,3 milhões	Modelagem computacional avançada
Ferramentas de bioinformática	US $ 1,8 milhão	Recursos de análise de dados
Atualizações de infraestrutura	US $ 1,5 milhão	Aprimoramento do desempenho do sistema

Compugen Ltd. (CGEN) - Modelo de negócios: fluxos de receita

Acordos de colaboração de pesquisa

Em 2024, a Compugen relatou receita de colaboração de pesquisa de US $ 5,2 milhões no ano fiscal.

Parceiro de colaboração	Valor do acordo	Ano
Bayer AG	US $ 3,5 milhões	2023
Merck & Co.	US $ 1,7 milhão	2023

Taxas de licenciamento de tecnologia

A Compugen gerou US $ 2,8 milhões em taxas de licenciamento de tecnologia em 2023.

Potenciais pagamentos marcantes de candidatos a drogas

• COM701 Pagamento de marco: US $ 10 milhões da Bioline RX
• CGEN-15001T Milestão potencial: até US $ 15 milhões

Royalties de propriedade intelectual

A Compugen registrou US $ 1,5 milhão em royalties de propriedade intelectual para 2023.

Conceder financiamento e suporte de pesquisa

Fonte de financiamento	Quantia	Propósito
NIH Grant	$750,000	Pesquisa de imuno-oncologia
Autoridade de Inovação de Israel	US $ 1,2 milhão	Desenvolvimento de Tecnologia

Fluxos totais de receita para 2023: US $ 21,5 milhões

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.