# Compugen Ltd

> Clarifo company profile — qualitative business description generated from
> the company's filings. Financial statements, charts and ratios are
> available on Clarifo (https://www.clarifo.com/fi/companies/Compugen Ltd).

## Overview

Compugen Ltd. is a U.S.-listed, Israel-based biopharmaceutical company focused on computationally discovered cancer immunotherapy programs. The company develops antibody-based drug candidates and also licenses selected programs to larger pharmaceutical partners for further development and commercialization.

## Products & services

• Clinical-stage cancer immunotherapy drug discovery and development
• COM902, a fully owned anti-TIGIT antibody program
• Rilvegostomig-related licensed antibody programs with AstraZeneca
• AI/ML-powered Unigen™ target discovery platform
• Out-licensing of novel antibody programs and royalty rights

- **Drug discovery platform** (0%) — AI/ML-enabled computational discovery tools used to identify novel targets and pathways.
- **Proprietary therapeutic programs** (20%) — Internally developed antibody candidates such as COM902 advanced in clinical development.
- **Partnered antibody programs** (80%) — Programs licensed to pharmaceutical partners for development, regulatory and commercial milestones.

- Clinical-stage cancer immunotherapy drug discovery and development
- COM902, a fully owned anti-TIGIT antibody program
- Rilvegostomig-related licensed antibody programs with AstraZeneca
- AI/ML-powered Unigen™ target discovery platform
- Out-licensing of novel antibody programs and royalty rights

## Customers

Compugen’s direct customers are primarily pharmaceutical and biotechnology partners that license programs or fund development through collaboration agreements. Its end-market, however, is oncology patients treated through hospitals and cancer centers once partnered or proprietary therapies reach commercialization. The company also serves research and clinical stakeholders who use its discovery platform and programs for target validation and development decisions.

- **Large pharmaceutical partners** (primary) — License programs such as COM902-derived assets to fund development, milestones and future royalties.
- **Biotechnology collaborators** (secondary) — Use the discovery platform and antibody assets to access differentiated cancer immunotherapy programs.
- **Oncology care providers** (emerging) — Hospitals and cancer centers are the eventual users of approved therapies developed from the pipeline.

- Pharmaceutical partners that license antibody programs
- Biotech collaborators seeking novel immuno-oncology assets
- Future oncology treatment centers and hospitals
- Clinical investigators running early- and late-stage studies
- Research partners evaluating target biology and pathways

## Geography

Compugen’s corporate and research footprint is centered in Israel, with clinical operations also in the United States. Revenue disclosed in the interim report was entirely from U.S. customers, while Europe showed no revenue in the cited period. The geography matters because discovery and development activities are concentrated in Israel, but commercialization and customer invoicing can be tied to partner and end-customer locations.

- **United States** (100%) — Six months ended June 30, 2026 revenue from customers
- **Europe** (0%) — No disclosed revenue in the cited interim period

- Israel is the main base for R&D, clinical, G&A, marketing and BD
- United States hosts clinical operations and all disclosed revenue
- Europe had no disclosed revenue in the cited interim period
- Customer invoicing location drives reported revenue geography
- Cross-border development partnerships shape where value is recognized

## Strategy

Compugen’s strategy centers on using its computational discovery platform to generate novel immuno-oncology targets and then advancing a select number of programs internally or with partners. The company also seeks to monetize its science through licensing structures that can deliver upfront payments, milestones and royalties while limiting full commercialization burden.

- **Advance proprietary pipeline programs** (medium-term) — Internal clinical progress is needed to create future value and strengthen negotiating power with partners.
- **Leverage partnered programs for non-dilutive economics** (short-term) — Milestones and royalties can fund discovery work without requiring full commercialization investment.
- **Use AI/ML discovery to replenish the pipeline** (long-term) — A repeatable discovery engine is essential in a target-rich but highly competitive oncology market.

- Advance differentiated immuno-oncology candidates into the clinic
- Use Unigen™ to find novel targets and biological pathways
- Monetize assets through pharma partnerships and licensing
- Expand milestone and royalty potential from partnered programs
- Maintain optionality between self-development and out-licensing

## Risks

Compugen faces the core risks of a clinical-stage biotech company: pipeline failure, long development timelines and dependence on external partners for commercialization of licensed assets. Revenue is concentrated in collaboration and license economics, so delays in partner progression, trial setbacks or lower-than-expected milestones can materially affect future cash generation.

- **Clinical development risk** [critical] — Pipeline candidates can fail in early or late-stage studies, which would reduce or eliminate future program value.
- **Partner concentration and execution risk** [high] — A large share of economics depends on AstraZeneca and other partners progressing programs successfully.
- **Regulatory approval risk** [high] — Even promising drug candidates require extensive safety and efficacy evidence before approval.
- **Funding and burn risk** [high] — Clinical-stage biotech companies typically rely on cash, licensing proceeds and capital markets to fund operations.

- Clinical trial failures can eliminate asset value
- Partner dependence exposes revenue to third-party decisions
- Revenue is milestone- and royalty-dependent
- Regulatory outcomes can delay or block commercialization
- Biotech development risk is high and capital intensive

## Accounting

Revenue recognition is central because the company records collaboration and license revenue over time or at specific milestones depending on contract terms, and deferred revenue remains material on the balance sheet. Because the business is tied to research-stage programs, judgment also matters in estimating performance obligations, allocating consideration across deliverables and evaluating whether milestone triggers have been achieved.

- **Revenue recognition for licenses and milestones** — Affects reported revenue timing and deferred revenue balances
- **Deferred revenue and remaining performance obligations** — Affects visibility into future revenue recognition
- **Share-based compensation** — Affects operating expense and non-cash cost structure

- License and collaboration revenue recognition affects timing of revenue
- Deferred revenue reflects unsatisfied performance obligations
- Milestone accounting depends on contract-specific trigger events
- Share-based compensation and other adjustments affect segment expense
- Clinical-stage estimates can change with program progress

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*Last updated: 2026-09-28T11:58:07.385539+00:00*