Compugen Ltd.

For Q2 2026, Compugen reported revenue of approximately $2.6 million versus approximately $1.3 million in Q2 2025. R&D expense was approximately $6.3 million versus $5.6 million a year ago, G&A expense 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 approximately $7.3 million, or $0.08 per share, last year. Cash, cash equivalents, short-term bank deposits and marketable securities totaled approximately $125.3 million at June 30, 2026. Management said cash runway, assuming no further cash inflows, is expected to fund operating plans into 2029. Forward-looking milestones include MAIA-ovarian interim analysis with median PFS data by Q1 2027; GS-0321 continues in Phase I dose escalation; and AstraZeneca’s Phase III rilvegostomig results are expected after 2027, with no change to the stated milestone terms from the new trial addition.

Eran Ophir framed the quarter as one of “steady advancement” across the portfolio, with the company’s science and partnerships both moving forward. He emphasized MAIA-ovarian as a differentiated, exploratory trial in a high-unmet-need maintenance setting, and said the most important question will be the actual randomized data versus placebo rather than any single assumption about the control arm. He also highlighted AstraZeneca’s continued investment in rilvegostomig and Gilead’s continued progress on GS-0321 as signs that the platform is generating meaningful partnered programs.

David Silberman emphasized financial flexibility, saying Compugen finished the first half of 2026 with a solid balance sheet and cash runway into 2029, assuming no further cash inflows. He cited about $125.3 million in cash and investments as of June 30, 2026. On the quarter, revenue was approximately $2.6 million, driven by recognition of portions of the Gilead upfront and IND milestone payment; R&D was approximately $6.3 million and G&A approximately $2.3 million, with net loss at approximately $7 million, or $0.07 per share.

Analysts focused on three main areas: whether MAIA’s readout could come before year-end, how confident management is in the revised about 4-month placebo assumption, and whether biomarker work could sharpen the readout. Management said the Q1 2027 timing remains unchanged, explained the 4-month estimate was based on more heavily pretreated European maintenance trials with placebo PFS of 2.8 months, and noted there is no specific biomarker selection strategy beyond clinical characteristics such as excluding liver metastases. Questions on GS-0321 centered on whether dose-escalation data might be presented before expansion; management declined specifics but said mono and PD-1 combination dose escalation, backfill, and likely expansion are all moving forward as planned. On FDA interactions for MAIA, management said there has not yet been a meeting, but the trial was designed with FDA guidance and Project FrontRunner principles in mind.