Compugen Reports Q1 2026 Financial Results, Provides Pipeline Update
Compugen reported a Q1 2026 net loss of $7.7 million with approximately $134.9 million in cash, expecting runway into 2029. The COM701 MAIA-ovarian trial is enrolling across the U.S., Israel, and France, with interim analysis expected by Q1 2027. Partner AstraZeneca is advancing rilvegostomig across 11 Phase 3 trials.
Compugen Ltd. (NASDAQ: CGEN) reported financial results for the first quarter of 2026 and provided a corporate update, highlighting progress across its immuno-oncology pipeline and a solid financial position.
The company reported a net loss of approximately $7.7 million, or $0.08 per basic and diluted share, for Q1 2026, compared with a net loss of approximately $7.2 million, or $0.08 per share, in the same period of 2025. Revenue for the quarter was approximately $2.2 million, down slightly from approximately $2.3 million in Q1 2025. Research and development expenses rose to approximately $6.9 million from approximately $5.8 million, driven by increased clinical costs related to the MAIA-ovarian trial and drug supply costs. General and administrative expenses were approximately $2.3 million, compared to approximately $2.4 million a year earlier.
As of March 31, 2026, Compugen had approximately $134.9 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities. The company has no debt and expects its cash balances will be sufficient to fund operating plans into 2029. The company's partnerships with AstraZeneca and Gilead together offer approximately $1 billion in potential milestones plus royalties.
On the pipeline front, the COM701 MAIA-ovarian trial is actively enrolling patients across all clinical sites in the U.S., Israel, and France, with an interim analysis on track by Q1 2027. Compugen described this as a key potential inflection point for COM701 as a maintenance therapy in ovarian cancer, a patient population with significant unmet medical need and no current standard of care.
Partner AstraZeneca is advancing rilvegostomig across 11 ongoing Phase 3 trials. AstraZeneca presented clinical and pre-clinical rilvegostomig data at AACR 2026, including late-breaking Phase 2 data in HER2-positive gastric cancer (DESTINY-Gastric03), with new data to be released at ASCO 2026. The TIGIT component of rilvegostomig is derived from Compugen's COM902 antibody.
The Gilead-partnered GS-0321 Phase 1 trial continues to progress as planned. GS-0321 (previously COM503) is a potential first-in-class, high affinity anti-IL-18 binding protein antibody.
Compugen's pipeline also includes COM902, an anti-TIGIT antibody in Phase 1 development, and COM701, a potential first-in-class anti-PVRIG antibody. The company utilizes Unigen™, its AI/ML-powered computational discovery platform, to identify novel drug targets.
Separately, Compugen announced that management will participate in the Oppenheimer 36th Annual Healthcare Life Sciences Conference on February 26, 2026, and the Leerink Partners 2026 Global Healthcare Conference on March 9, 2026.