Compugen reported Q2 2024 financial results, highlighting FDA clearance of COM503 IND which triggered a $30 million milestone payment from Gilead. The company recorded revenues of $6.7 million and reduced net loss to $2.1 million compared to $9.3 million in Q2 2023. Cash position stood at $92.3 million as of June 30, 2024, expected to fund operations into 2027.The company remains on track to present data from COM701 + COM902 + pembrolizumab study in platinum resistant ovarian cancer in Q4 2024. Previous data showed encouraging results with 20% overall response rate and durable responses lasting over 16 months. Additionally, partner AstraZeneca is advancing rilvegostomig development with a projected non-risk-adjusted peak year revenue target exceeding $5 billion.R&D expenses decreased to $6.2 million from $7.8 million year-over-year, while G&A expenses slightly reduced to $2.2 million. The company plans to initiate a Phase 1 trial for COM503 as monotherapy and in combination with zimberelimab in advanced solid tumors in Q4 2024.

Compugen reported Q2 2024 financial results, highlighting FDA clearance of COM503 IND which triggered a $30 million milestone payment from Gilead. The company recorded revenues of $6.7 million and reduced net loss to $2.1 million compared to $9.3 million in Q2 2023. Cash position stood at $92.3 million as of June 30, 2024, expected to fund operations into 2027.The company remains on track to present data from COM701 + COM902 + pembrolizumab study in platinum resistant ovarian cancer in Q4 2024. Previous data showed encouraging results with 20% overall response rate and durable responses lasting over 16 months. Additionally, partner AstraZeneca is advancing rilvegostomig development with a projected non-risk-adjusted peak year revenue target exceeding $5 billion.R&D expenses decreased to $6.2 million from $7.8 million year-over-year, while G&A expenses slightly reduced to $2.2 million. The company plans to initiate a Phase 1 trial for COM503 as monotherapy and in combination with zimberelimab in advanced solid tumors in Q4 2024.