Summary of Compugen's Conference Call Company Overview - **Company**: Compugen (Ticker: CGEN) - **Industry**: Biotechnology, specifically focused on oncology and immunotherapy Key Points Discussed Pipeline and Development Focus - Compugen is focusing on its pipeline assets, particularly **COM701**, which targets the **PVRIG** pathway, a novel checkpoint with distinct biology compared to PD-1 and TIGIT [4][5] - The rationale for targeting PVRIG is its dominance in ovarian cancer, which is a less inflamed tumor type, making it a challenging indication [4] - Clinical studies have shown that **COM701** can elicit responses in patients with platinum-resistant ovarian cancer, particularly those who are PD-1 negative [5][6] Clinical Trial Insights - The company is conducting a randomized study (MAIA) with **60 patients** who are platinum-sensitive, comparing **COM701** monotherapy to placebo [10] - Historical control data suggests a progression-free survival (PFS) of **5.5 months**, with Compugen aiming to extend this by **3 months** with COM701 [11] - In the last line of treatment, **40%** of patients showed clinical benefit with a durable PFS of **10.5 months** [10] Market Opportunity and Unmet Need - There is a significant unmet need in earlier lines of treatment for platinum-sensitive ovarian cancer patients, which COM701 aims to address [7] - The potential market opportunity for COM701 is substantial, given the lack of standard care in this patient population [7] Competitive Landscape - Compugen is the first to move PVRIG into clinical trials, with some early programs from other companies also exploring this target [21] - The discussion highlighted the differentiation of Compugen's approach from other candidates in the TIGIT space, particularly focusing on the safety profile of their Fc-reduced format compared to Fc-active formats that have faced challenges [23][24] Financial Aspects - Compugen has a partnership with **AstraZeneca** for **rilvegostomig**, with potential milestones totaling **$195 million** and mid-single-digit tiered royalties [36][38] - The company has also monetized a portion of future royalties, receiving **$65 million** upfront, which supports ongoing development [38] Other Assets and Collaborations - Compugen is also developing **GS-0321**, an antibody against the IL-18 binding protein in collaboration with **Gilead**, which is currently in phase one trials [39][40] - The structure of the deal with Gilead includes **$60 million** upfront and potential milestones of **$758 million** along with low double-digit royalties [48] Future Outlook - Compugen is exploring new biological targets and plans to continue leveraging its AI-based computational engine for future developments [49][50] - The company is cautious about providing timelines for new announcements, emphasizing the need for validation before committing to guidelines [50] Industry Context - The call addressed the recent disappointments in the TIGIT space, particularly referencing **Arcus** and their failed trials, while highlighting how Compugen's strategies differ [52][53] - AstraZeneca's ongoing studies and their approach to combining rilvegostomig with other therapies were discussed as a promising avenue for success [30][31] Conclusion - Compugen is positioned to address significant unmet needs in oncology, particularly in ovarian cancer, with a strong pipeline and strategic partnerships that could lead to substantial market opportunities in the future.

Core Insights - Prothena reported a quarterly loss of $0.44 per share, slightly better than the Zacks Consensus Estimate of a loss of $0.45, and an improvement from a loss of $1.08 per share a year ago, resulting in an earnings surprise of +1.12% [1] - The company generated revenues of $0.02 million for the quarter ended December 2025, missing the Zacks Consensus Estimate by 99.3%, and a significant decline from year-ago revenues of $2.12 million [2] - Prothena's stock has underperformed, losing about 4.8% since the beginning of the year, while the S&P 500 has gained 0.5% [3] Earnings Outlook - The future performance of Prothena's stock will largely depend on management's commentary during the earnings call and the company's earnings outlook, including current consensus earnings expectations for upcoming quarters [4] - The estimate revisions trend for Prothena was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold), indicating expected performance in line with the market [6] - Current consensus EPS estimate for the next quarter is -$0.39 on $5 million in revenues, and for the current fiscal year, it is $0.20 on $148.76 million in revenues [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Prothena belongs, is currently in the top 36% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8] - Compugen, another company in the same industry, is expected to report quarterly earnings of $0.05 per share, reflecting a year-over-year change of +171.4%, with revenues anticipated to be $17.87 million, up 1115.7% from the previous year [9]

Core Insights - Compugen Ltd. is a clinical-stage cancer immunotherapy company that utilizes AI/ML for drug target discovery [1] - The company will participate in two upcoming investor conferences, including the Oppenheimer 36th Annual Healthcare Life Sciences Conference and the Leerink Partners 2026 Global Healthcare Conference [1] Company Overview - Compugen is focused on developing cancer immunotherapies through its AI/ML powered computational discovery platform, Unigen™ [1] - The company has two main programs targeting TIGIT: COM902, a fully owned anti-TIGIT antibody in Phase 1, and rilvegostomig, an Fc-reduced PD-1/TIGIT bispecific antibody in Phase 3 development by AstraZeneca [1] - Additional programs include COM701, a potential first-in-class anti-PVRIG antibody, and GS-0321, a high affinity anti-IL-18 binding protein antibody licensed to Gilead [1] Upcoming Events - The Oppenheimer conference will take place on February 26, 2026, featuring a fireside chat at 2 PM ET [1] - The Leerink Partners conference is scheduled for March 9, 2026, with a fireside chat at 8:40 AM ET [1] - Live webcasts of the fireside chats will be available on Compugen's Investor Relations website [1]

Core Viewpoint - Compugen has appointed Michele Holcomb, Ph.D., as an independent director to its Board of Directors, effective February 11, 2026, bringing over 30 years of experience in biotech, pharmaceuticals, and healthcare services [1] Group 1: Appointment Details - Michele Holcomb's extensive background includes strategic insights, corporate development, and operational experience, which will enhance Compugen's Board [1] - The appointment is expected to strengthen the company's ability to convert clinical opportunities into long-term value for patients and shareholders [1] Group 2: Company Overview - Compugen is a clinical-stage cancer immunotherapy company utilizing AI/ML for drug target discovery [1] - The company has multiple first-in-class clinical programs and partnerships, including two validating pharma partnerships [1] - Compugen's pipeline includes several differentiated programs targeting TIGIT and other novel drug targets [1] Group 3: Dr. Holcomb's Background - Dr. Holcomb has held significant roles, including EVP at Cardinal Health and COO at Teva Pharmaceuticals, focusing on strategy and business development [1] - She has experience in managing partnerships, acquisitions, and optimizing portfolios in the healthcare sector [1] - Dr. Holcomb serves on various boards and has a strong academic background with a BS and PhD in chemistry [1]

Core Insights - Compugen Ltd. has entered into a strategic agreement with AstraZeneca to monetize a portion of its future royalties from rilvegostomig, aimed at strengthening its financial position and advancing its immuno-oncology pipeline [1][3] Financial Highlights - The agreement includes an upfront payment of $65 million and a potential additional $25 million upon reaching the next milestone related to the Biologics License Application (BLA) acceptance [5][6] - Compugen retains the majority of its future royalties and is eligible for tiered royalties of up to mid-single digits on future sales, along with potential regulatory and commercial milestones totaling up to $195 million [6] Product Development - Rilvegostomig is a first-in-class dual-checkpoint bispecific antibody that targets PD-1 and TIGIT, currently in Phase 3 development by AstraZeneca [6] - Compugen's pipeline includes two differentiated Fc-reduced programs targeting TIGIT: COM902, in Phase 1 development, and rilvegostomig, with the TIGIT component derived from COM902 [4][6] - The company also has COM701, a potential first-in-class anti-PVRIG antibody, and GS-0321, a high affinity anti-IL-18 binding protein antibody licensed to Gilead [4] Strategic Implications - This non-dilutive transaction is expected to extend Compugen's cash runway into 2029, allowing the company to continue advancing its innovative immuno-oncology pipeline [3][5] - The agreement reflects Compugen's belief in the significant long-term upside potential of rilvegostomig, which is seen as a key value driver for the company and its shareholders [3][5]

Summary of Compugen Conference Call Company Overview - **Company**: Compugen (NasdaqCM:CGEN) - **Industry**: Biotechnology, specifically in immuno-oncology - **Key Focus**: Computational AI-based target discovery for new drug targets Core Points and Arguments 1. **Unique Computational Platform**: Compugen utilizes a validated computational platform to identify first-in-class drug targets in immuno-oncology, including TIGIT and PVRIG [3][4] 2. **Pipeline Assets**: The company has two wholly owned assets, COM-902 (TIGIT blocker) and COM-701 (anti-PVRIG antibody), and has licensed COM-902 to AstraZeneca for use in their bispecific therapy [4][34] 3. **Clinical Trials**: - COM-701 is being evaluated in recurrent platinum-sensitive ovarian cancer, with promising early clinical signals observed, particularly in PD-1 negative patients [5][6][7] - The trial design includes an adaptive approach with a control arm expected to show a median progression-free survival (PFS) of 5.5 months [11][12] - Results from the trial are anticipated in Q1 2027 [12][18] 4. **Biological Mechanism**: PVRIG inhibition is believed to significantly increase T cell presence in the tumor microenvironment, which is critical for efficacy in ovarian cancer [6][9] 5. **Regulatory Considerations**: A three-month improvement in PFS over the control arm could initiate discussions with the FDA regarding accelerated approval due to the unmet need in this patient population [23][24] 6. **Partnership with AstraZeneca**: Compugen has received $30 million in milestones from AstraZeneca and is eligible for an additional $170 million, along with mid-single digit tiered royalties from potential sales of volrustomig [42][44] Additional Important Information 1. **Competitive Landscape**: Compugen is currently the only company with a PVRIG targeting antibody in clinical trials, following GSK's discontinuation of their PVRIG program [28][31] 2. **TIGIT Development**: The company has paused new trials for COM-902 due to ongoing debates in the community regarding TIGIT therapies, but sees future potential based on AstraZeneca's promising results [34][38] 3. **IL-18BP Asset**: Compugen has licensed an IL-18BP blocker to Gilead, which is currently in phase one trials, with a unique mechanism to activate IL-18 in the tumor microenvironment [50][51] 4. **Cash Runway**: Compugen has a cash runway of approximately two years, extending into Q3 2027, allowing for the continuation of current trials without additional income [61] Conclusion Compugen is positioned as a pioneer in computational drug discovery within the immuno-oncology space, with a robust pipeline and strategic partnerships that could lead to significant advancements in cancer treatment. The upcoming trial results and ongoing collaborations will be critical in shaping the company's future trajectory and market position.

Financial Data and Key Metrics Changes - As of September 30, 2025, the company had approximately $86 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities [17] - Revenues for Q3 2025 were approximately $1.9 million, a significant decrease from approximately $17.1 million in Q3 2024 [17] - R&D expenses for Q3 2025 were approximately $5.8 million, down from approximately $6.3 million in Q3 2024 [18] - The net loss for Q3 2025 was approximately $6.98 million, or $0.07 per share, compared to a net profit of approximately $1.28 million, or $0.01 per share in Q3 2024 [18] Business Line Data and Key Metrics Changes - The company is advancing its COM701 trial for platinum-sensitive ovarian cancer, with ongoing efforts to support the Maya ovarian platform trial [12][14] - COM902 is highlighted as one of the only two clinical-stage FC-reduced anti-TIGIT monoclonal antibodies currently in development, fully owned by the company [8] Market Data and Key Metrics Changes - The potential commercial opportunity for Rilvegostomig, a bispecific antibody, is substantial, with AstraZeneca estimating peak year revenue targets of over $5 billion [9] - The company is eligible for regulatory and commercial milestones and tiered royalties from AstraZeneca's broad development program, which includes 11 phase III trials across various cancers [10] Company Strategy and Development Direction - The company emphasizes its pioneering role in computational drug target discovery and aims to leverage its expertise in digital biology to deliver significant patient value [4] - The strategy includes focusing on FC-reduced formats for anti-TIGIT antibodies, with COM902 positioned to capture market interest as new data emerges [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing trials and the potential for COM701 and COM902 to address significant unmet medical needs [12][14] - The company anticipates that the cash runway will support operations into Q3 2027, allowing continued investment in clinical trials and early-stage pipeline development [17] Other Important Information - The company presented a pooled analysis of COM701 at ESMO, demonstrating its clinical benefit in patients with heavily pretreated platinum-resistant ovarian cancer [12][13] - The Maya ovarian platform trial is progressing, with sites activated across the US, Israel, and France, and an interim analysis expected in Q1 2027 [14] Q&A Session Summary Question: What factors influenced the extension of the Maya interim analysis to Q1 2027? - Management indicated that the extension is due to site openings, enrollment rates, and the accumulation of events in the trial [20][22] Question: What are the expectations for the upcoming Arcus-Gilead readout with their TIGIT in gastric cancer? - Management noted that the readout could validate their hypotheses regarding FC-reduced TIGIT antibodies, but emphasized that it is only one trial among many [28][30] Question: What internal thresholds are being considered for the interim update from the Maya ovarian trial? - The company is looking for a clinically meaningful improvement of up to three months above placebo in the trial [35][38] Question: Can COM902 be partnered with another company despite the license agreement with AstraZeneca? - Management confirmed that they fully own COM902 and have no restrictions on pursuing partnerships, allowing for opportunistic decisions based on market developments [42][43] Question: How does the tolerability profile of COM701 influence its use in combination therapies? - Management stated that COM701 is extremely well tolerated as a monotherapy, which supports its potential use in combination therapies [46][47]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company had approximately $86 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities [17] - Revenues for Q3 2025 were approximately $1.9 million, a significant decrease from approximately $17.1 million in Q3 2024 [17] - R&D expenses for Q3 2025 were approximately $5.8 million, down from approximately $6.3 million in Q3 2024 [18] - The net loss for Q3 2025 was approximately $6.98 million, or $0.07 per share, compared to a net profit of approximately $1.28 million, or $0.01 per share in Q3 2024 [18] Business Line Data and Key Metrics Changes - The company is advancing its COM701 trial for platinum-sensitive ovarian cancer and GS0321 in the clinic, with a focus on early-stage pipeline investments [17][15] - COM902 is highlighted as one of the only two clinical-stage FC-reduced anti-TIGIT monoclonal antibodies currently in development, fully owned by the company [8] Market Data and Key Metrics Changes - The potential commercial opportunity for Rilvegostomig, a bispecific antibody, is estimated to exceed $5 billion in peak year revenue [9] - The ongoing Maya ovarian platform trial is expected to address a significant unmet need for maintenance therapy in platinum-sensitive ovarian cancer [14] Company Strategy and Development Direction - The company emphasizes its pioneering role in computational drug target discovery and aims to leverage its expertise in digital biology to deliver significant patient value [4] - The strategy includes focusing on FC-reduced formats, with COM902 and COM701 positioned as key assets [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the clinical momentum of their programs and the potential for improved safety profiles with FC-reduced formats [7][8] - The company anticipates cash runway to support operations into Q3 2027, allowing continued investment in key trials [17] Other Important Information - The company presented a pooled analysis of COM701 at ESMO, demonstrating well-tolerated results and durable responses in patients with heavily pretreated platinum-resistant ovarian cancer [12][13] - The interim analysis for the Maya trial is now estimated for Q1 2027, reflecting adjustments based on enrollment and event accumulation [25] Q&A Session Summary Question: What is the reason for the delay in the Maya interim analysis? - Management indicated that the delay is due to factors such as site openings, enrollment rates, and event accumulation, with most sites now activated [22][24] Question: What are the expectations for the upcoming Arcus-Gilead readout? - Management noted that the readout will be significant for validating their hypotheses regarding FC-reduced TIGIT antibodies, regardless of the outcome [29][30] Question: What internal thresholds are being considered for the interim update from Maya ovarian? - The company is looking for a clinically meaningful improvement of up to three months above placebo in the interim analysis [38] Question: Are there any restrictions on partnering COM902? - Management confirmed that there are no restrictions on COM902, allowing for flexibility in potential partnerships [43] Question: How does the tolerability profile of COM701 influence its use in combination therapies? - Management stated that COM701 is extremely well tolerated as a monotherapy, which supports its use in combination therapies [46]

Financial Data and Key Metrics Changes - As of September 30, 2025, the company had approximately $86 million in cash, cash equivalents, short-term bank deposits, and investments in marketable securities [15] - Revenues for Q3 2025 were approximately $1.9 million, a significant decrease from approximately $17.1 million in Q3 2024 [15] - R&D expenses for Q3 2025 were approximately $5.8 million, down from approximately $6.3 million in Q3 2024 [16] - G&A expenses for Q3 2025 were approximately $2.2 million, compared to approximately $2.6 million in the same period in 2024 [16] - The net loss for Q3 2025 was approximately $6.98 million, or $0.07 per share, compared to a net profit of approximately $1.28 million, or $0.01 per share in Q3 2024 [16] Business Line Data and Key Metrics Changes - The company is advancing its COM701 trial for platinum-sensitive ovarian cancer, with interim analysis now expected in Q1 2027 [12][20] - COM902 is highlighted as one of the only two clinical-stage FC-reduced anti-TIGIT monoclonal antibodies currently in development, fully owned by the company [7] - The partnership with AstraZeneca for Rilvegostomig, an FC-reduced anti-PD-1 TIGIT bispecific, is expected to generate substantial revenue, with peak year revenue targets exceeding $5 billion [8] Market Data and Key Metrics Changes - The company is positioned to capture market opportunities as new data emerges, particularly with readouts anticipated from 2026 [7] - The overall survival data from recent trials indicates a median overall survival of 27 months for FC-reduced formats, compared to benchmarks of 15 months or less [8] Company Strategy and Development Direction - The company emphasizes its focus on computational drug target discovery and digital biology, aiming to deliver significant value for patients [4] - The strategy includes five key value drivers, with a strong emphasis on FC-reduced TIGIT programs and the potential of COM902 [7] - The company is committed to delivering breakthroughs in cancer treatment, leveraging its AI/ML-powered discovery engine [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's strong fundamentals and strategic direction, particularly in the context of evolving clinical data [4] - The management team highlighted the importance of safety and efficacy in their drug development approach, particularly regarding the FC-reduced formats [6] - The company anticipates that the cash runway will support operations into Q3 2027, allowing continued investment in clinical trials and early-stage pipeline development [15][20] Other Important Information - The company presented a pooled analysis of COM701 at ESMO, demonstrating its clinical benefit in heavily pretreated platinum-resistant ovarian cancer [11] - The ongoing Maya ovarian platform trial is seen as a significant opportunity to address unmet medical needs in the treatment of ovarian cancer [12] Q&A Session Summary Question: What caused the extension of the Maya interim analysis to Q1 2027? - The extension is due to factors such as site openings, enrollment rates, and the accumulation of PFS events [17][18] Question: What are the expectations for the upcoming Arcus-Gilead readout with their TIGIT in gastric cancer? - The readout is significant as it will be the first phase three readout for an FC-reduced TIGIT antibody, and its success could validate the company's hypotheses [21][22] Question: What internal thresholds are being looked for from the interim update from Maya ovarian? - The trial is exploratory, aiming to demonstrate single-agent activity, with an improvement of up to three months above placebo being clinically meaningful [25] Question: Can COM902 be partnered with another company despite the license agreement with AstraZeneca? - The company retains full ownership of COM902 and has no restrictions on pursuing partnerships, allowing for flexibility in future collaborations [27] Question: How does the tolerability profile of COM701 influence its use in combination therapies? - COM701 is well tolerated as a monotherapy, which supports its potential use in combination therapies with standard care agents [29]

Core Insights - Compugen reported a quarterly loss of $0.07 per share, better than the Zacks Consensus Estimate of a loss of $0.09, representing an earnings surprise of +22.22% [1] - The company posted revenues of $1.89 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 14.43% and down from $17.13 million year-over-year [2] - Compugen shares have increased by approximately 5.9% since the beginning of the year, underperforming the S&P 500's gain of 14.4% [3] Earnings Outlook - The company's earnings outlook is crucial for investors, as it includes current consensus earnings expectations for upcoming quarters and any recent changes to these expectations [4] - The current consensus EPS estimate for the next quarter is -$0.09 on revenues of $4.91 million, and for the current fiscal year, it is -$0.34 on revenues of $12.34 million [7] Industry Context - The Medical - Biomedical and Genetics industry, to which Compugen belongs, is currently ranked in the top 36% of over 250 Zacks industries, indicating a favorable outlook compared to the bottom 50% [8] - Empirical research suggests a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Compugen's stock performance [5][6]