HOLON, Israel–Compugen Ltd. reported third-quarter 2026 revenue of $3.8 million, approximately double the $1.9 million recorded a year earlier, as the biotechnology company advanced its cancer immunotherapy pipeline and prepared for several clinical milestones in 2027.
The clinical-stage company, which uses artificial intelligence and computational biology to identify cancer drug targets, also reported a narrower quarterly net loss and confirmed that its existing cash reserves are expected to fund operations into 2029.
Compugen’s net loss declined to $5.8 million, or $0.06 per share, compared with $7 million, or $0.07 per share, during the third quarter of 2025.
Research and development expenses remained relatively unchanged at $5.8 million, while general and administrative expenses increased slightly to $2.3 million from $2.2 million a year earlier.
As of September 30, 2026, the company held approximately $117.5 million in cash, cash equivalents, short-term bank deposits and marketable securities.
Compugen said its financial position provides sufficient resources to support ongoing clinical programs and early-stage drug discovery activities into 2029, excluding potential additional payments from pharmaceutical partners.
“During the third quarter, we continued to advance COM701 and GS-0321 in the clinic, as well as build the next generation of our pipeline,” said Eran Ophir, Ph.D., President and Chief Executive Officer of Compugen. “MAIA-ovarian is now fully enrolled, and we remain on track to report results by the end of the first quarter of 2027. We are also excited to see partner AstraZeneca continue to progress rilvegostomig, with Phase 3 high-level trial results from ARTEMIDE-Biliary01 anticipated in the second half of 2027. In addition, we introduced UnigenX™, which expands our discovery capabilities into novel tumor-associated antigens, that could enable specific tumor targeting of potent therapeutic modalities such as T cell engagers. With cash runway expected into 2029, we believe we are well positioned to execute on our strategy and look forward to 2027, which we expect to be a data-rich year.”
One of the company’s most closely watched programs is COM701, an experimental antibody targeting PVRIG, an immune checkpoint involved in regulating the body’s response to cancer.
Compugen has completed enrollment in the MAIA-ovarian clinical trial, which is evaluating COM701 as a maintenance treatment for patients with relapsed platinum-sensitive ovarian cancer.
The randomized, placebo-controlled study enrolled 62 patients, with participants assigned in a 2:1 ratio to receive either COM701 or placebo.
The trial focuses on patients with second- or third-line relapsed ovarian cancer, a population with limited approved maintenance treatment options.
Compugen expects to report results by the end of the first quarter of 2027.
The company plans to assess multiple measures of treatment effectiveness, including the duration of disease control, differences in outcomes between the treatment and placebo groups, and the proportion of patients remaining progression-free after six months.
The clinical significance of maintaining disease control in recurrent ovarian cancer was also highlighted during a Compugen investor event in October by Yeku, MD, a researcher affiliated with Harvard Medical School and Massachusetts General Hospital.
The discussion emphasized the importance of extending the interval between platinum-based chemotherapy treatments while balancing effectiveness, tolerability and future treatment options for patients with recurrent disease.
Another major component of Compugen’s pipeline is rilvegostomig, an investigational bispecific antibody being developed by AstraZeneca.
The treatment targets two immune checkpoint proteins, PD-1 and TIGIT, with the TIGIT component derived from Compugen’s COM902 antibody.
Under its licensing agreement with AstraZeneca, Compugen remains eligible to receive up to $195 million in additional regulatory and commercial milestone payments, along with tiered royalties on potential future sales.
AstraZeneca is evaluating rilvegostomig across 12 ongoing Phase 3 clinical trials involving several cancers, including non-small cell lung cancer, biliary tract cancer and gastric cancer.
In September 2026, AstraZeneca reported initial overall survival findings from its Phase 2 ARTEMIDE-01 trial involving patients with PD-L1-positive non-small cell lung cancer who had not previously received checkpoint inhibitor therapy or chemotherapy.
The company said median overall survival compared favorably with historical treatment outcomes, although comparisons with historical controls do not establish superiority over other therapies.
Compugen now expects high-level results from AstraZeneca’s Phase 3 ARTEMIDE-Biliary01 trial during the second half of 2027.
The study is evaluating rilvegostomig in combination with chemotherapy against chemotherapy alone in approximately 760 patients with biliary tract cancer who remain at risk of recurrence following surgery intended to cure the disease.
Compugen is also advancing GS-0321, formerly known as COM503, through a licensing partnership with Gilead Sciences.
GS-0321 is an investigational antibody targeting interleukin-18 binding protein, a molecule involved in regulating immune system activity.
The treatment is designed to enhance the body’s immune response against cancer while potentially overcoming limitations associated with administering cytokines directly.
The drug remains in an ongoing Phase 1 dose-escalation trial.
Compugen has received $90 million in gross payments from Gilead under the licensing agreement and could receive up to $758 million in additional milestone payments, along with royalties on future product sales.
Beyond its clinical-stage programs, Compugen is expanding its artificial intelligence-driven drug discovery platform to identify new cancer treatment targets.
The company’s Unigen platform integrates computational predictions with biological testing and clinical research to identify proteins involved in immune regulation.
The technology contributed to the identification of TIGIT, PVRIG and IL-18 binding protein as therapeutic targets, all of which have advanced into clinical development.
In October, Compugen introduced UnigenX, an expansion of its discovery platform designed to identify tumor-associated antigens and combinations of targets that could support more selective cancer immunotherapies.
The initiative focuses partly on developing targets for T-cell engagers, a class of therapies designed to bring immune cells into close contact with cancer cells and stimulate an antitumor response.
Compugen said the expanded platform could help identify new treatment candidates capable of directing immune activity toward tumors while potentially limiting effects on healthy tissue.
The company plans to use these capabilities to build its next generation of immuno-oncology treatments.
Third-quarter revenue was primarily associated with the recognition of portions of payments received through Compugen’s licensing agreement with Gilead, including upfront and investigational new drug milestone payments.
With its ovarian cancer trial fully enrolled, multiple partnered programs advancing through clinical development and additional drug discovery capabilities under development, Compugen expects 2027 to bring several potentially important clinical updates.
However, the company’s experimental therapies remain under investigation, and their safety and effectiveness will need to be established through ongoing and future clinical trials before they can receive regulatory approval.
