Compugen Announces Leadership Shift and Advances COM701 Ovarian Cancer Trial with 2026 Data Target

Leadership Transition and Strategic Direction

Anat Cohen-Dayag, the outgoing President and CEO of Compugen, highlighted a significant milestone during the recent earnings call. This was her final quarterly call in her role as leader of the company. She expressed pride and confidence in passing the leadership baton to Eran, while also taking on the newly created position of Executive Chair. In this new role, Cohen-Dayag will focus on corporate strategy and strategic collaborations, ensuring that the company remains well-positioned for future growth.

Compugen continues to advance its immuno-oncology pipeline, with the anti-PVRIG antibody COM701 at the forefront. The MAIA-ovarian maintenance immunotherapy trial has started, targeting platinum-sensitive ovarian cancer. Interim analysis from this sub-trial is expected in the second half of 2026.

The company maintains strong partnerships with AstraZeneca on bispecific rilvegostomig and Gilead on anti-IL-18 binding protein GS-0321. These collaborations could potentially generate over $1 billion in milestone payments and tiered royalties on future sales.

Cohen-Dayag noted that the company ended June 2025 with a cash balance of $93.9 million. CFO David Silberman stated that this cash runway is expected to fund operating plans into 2027. The funds will be used to advance the COM701 trial and support the progression of GS-0321 in the clinic, alongside continued investment in early-stage pipeline programs.

Company Outlook and Clinical Progress

Management reaffirmed its plan to share interim analysis for the COM701 platinum-sensitive ovarian cancer sub-trial in the second half of 2026. They aim to have the study fully enrolled by then. The company targets a three-month improvement over the median progression-free survival of placebo as a clinically meaningful outcome in the maintenance setting for platinum-sensitive ovarian cancer.

No explicit changes in guidance were communicated compared to the previous quarter. Financial results for Q2 2025 showed revenues of approximately $1.3 million, down from $6.7 million in the same period in 2024. R&D expenses were $5.6 million, slightly lower than $6.2 million in Q2 2024. General and administrative expenses remained consistent at $2.2 million. The net loss for Q2 2025 was approximately $7.3 million or $0.08 per basic and diluted share, compared to a net loss of $2.1 million or $0.02 per share in Q2 2024.

Q&A Highlights and Analyst Engagement

During the Q&A session, analysts focused on patient enrollment dynamics for the platinum-sensitive ovarian cancer trial. Michelle Mahler, the Head of Clinical Development, mentioned that sites in both the U.S. and Israel are actively enrolling patients, with a high level of investigator enthusiasm. She emphasized that the company has aggressive timelines and plans to meet them.

Another analyst asked about the ESMO presentation focus, and Mahler explained that the company aims to pool prior studies to characterize more about the efficacy and safety of their programs. More information will be presented during the ESMO conference.

Leland James Gershell from Oppenheimer inquired about the upcoming reveal on TROPION-PanTumor 03 in bladder cancer and the market opportunity for the platinum-sensitive maintenance setting. Cohen-Dayag acknowledged that AstraZeneca did not provide specific guidance on what they would present at ESMO. He also noted that the potential market size is estimated at 8,000 to 12,000 patients based on available epidemiology data.

Bill from Leerink Partners asked about Merck's Phase III study in ovarian cancer and platform validation. Mahler clarified that the Merck study focuses on platinum-resistant patients and does not specifically impact Compugen’s approach at this time.

Charles Wallace from HCW asked about the interim analysis for COM701. Mahler confirmed that the company still expects the interim analysis to occur in the second half of 2026 and that the study will be fully enrolled.

Sentiment and Market Positioning

Analysts maintained a neutral tone throughout the call, focusing on enrollment dynamics, trial timelines, and clarification on data presentations. There was no overtly negative sentiment expressed.

Management remained confident and constructive in their prepared remarks, emphasizing leadership transition, financial stability, and strategic pipeline advancement. Responses in the Q&A were measured, with occasional deflections when discussing partner-related guidance.

Compared to the previous quarter, the sentiment remained stable, with both analysts and management exhibiting a consistent level of engagement and confidence.

Quarter-over-Quarter Comparison

There were no significant changes in guidance or targets compared to Q1 2025. The interim analysis for the COM701 trial is still planned for the second half of 2026. The strategic focus on immuno-oncology, partnerships, and early-stage pipeline remained unchanged.

Analysts continued to ask questions about enrollment methods, trial progress, and data visibility, reflecting themes raised in the previous quarter. Key financial metrics showed a decrease in cash position and revenue compared to the previous quarter, while net loss remained largely unchanged on a per-share basis.

Risks and Concerns

Management noted heightened competition in the platinum-resistant ovarian cancer treatment space, which presents ongoing challenges in differentiating COM701. Safety remains a critical consideration in earlier-stage, platinum-sensitive populations. No new or escalated risks beyond those previously disclosed were highlighted during the call.

Final Takeaway

Compugen underscored its strategic leadership transition and affirmed operational stability while advancing its core clinical programs. The company reported active enrollment for its COM701 ovarian cancer trial and reiterated expectations for interim analysis data by the second half of 2026. Management emphasized robust partnerships with AstraZeneca and Gilead and maintained guidance of a cash runway into 2027. Overall, Compugen continues to position itself as a differentiated player in immuno-oncology with a strong focus on execution and growth opportunities.