Compugen Ltd.

For Q2 2026, revenue was approximately $2.6 million versus approximately $1.3 million in Q2 2025, reflecting recognition of portions of the upfront payment and IND milestone from the Gilead license. R&D expense was approximately $6.3 million versus $5.6 million a year ago, G&A was approximately $2.3 million versus $2.2 million, and net loss was approximately $7 million, or $0.07 per basic and diluted share, versus a net loss of approximately $7.3 million, or $0.08 per share, in Q2 2025. Cash, cash equivalents, short-term bank deposits and marketable securities were approximately $125.3 million at June 30, 2026. Management said runway, assuming no further cash inflows, is expected to fund operating plans into 2029, supporting MAIA-ovarian, GS-0321, and the early pipeline.

Eran Ophir framed the quarter as one of “steady advancement” across the company, with the science progressing in clinic and partnerships on strong footing. He highlighted MAIA-ovarian as the key wholly owned program, emphasizing the unmet need in platinum-sensitive ovarian cancer and the rationale for evaluating COM701 as maintenance monotherapy. On partnered programs, he pointed to AstraZeneca’s continued expansion of rilvegostomig and Gilead’s ongoing GS-0321 development as evidence of sustained external validation, while stressing a disciplined, data-driven approach.

David Silberman said the company finished the first half of 2026 with a solid balance sheet and financial flexibility. He cited approximately $125.3 million in cash, cash equivalents, short-term bank deposits and marketable securities as of June 30, 2026, and said that assuming no further cash inflows, runway should last into 2029. He also reported Q2 revenue of approximately $2.6 million, R&D of approximately $6.3 million, G&A of approximately $2.3 million, and a net loss of approximately $7 million, noting expenses were in line with plan and that revenue reflected recognition from the Gilead agreement.

Analysts focused heavily on MAIA-ovarian and whether recent external ovarian cancer data justify the revised assumption of roughly 4 months for the placebo arm. Management said the new estimate is based on recent European maintenance studies with similar but somewhat more heavily pretreated populations, but stressed that the trial is blinded and the key readout is the randomized comparison of COM701 versus placebo. Questions also centered on GS-0321 timing and whether dose escalation data might be presented before expansion; management said the program is moving forward as planned but it is still early for disclosure, and on AstraZeneca’s rilvegostomig program, where management said the new Phase III trial does not change the existing milestone schedule and formal Phase III results are expected after 2027.