An Israeli biotech company, headquartered in Holon, that hunts for new cancer immunotherapy drugs using computers. Its Unigen platform sifts through vast biological data to predict drug targets that human intuition might miss. Compugen was founded in 1993 by three members of an Israeli military tech unit, and its name is a mash-up of "computational" and "genomics."
20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗
Compugen posted its first annual net profit, $35.3M, on a $65M AstraZeneca royalty-sale upfront.
Compugen turned a for the first time in 2025. rose 161.1% to $72.8M and was $0.38 as a $65M upfront from amending the AstraZeneca agreement drove the result, with at 87.3%. The company holds $145.6M in cash and equivalents and funds operations into 2029, but remains dependent on partner programs and expects future losses.
Key takeaways
The company recorded a of $35.3M and of $31.3M in 2025, the first profitable year in the record, driven by a $65M from amending the AstraZeneca license agreement to sell a portion of rilvegostomig royalties. rose 161.1% to $72.8M from $27.9M, with the AstraZeneca upfront the primary driver rather than recurring business. rose 15.7 points to 87.3% and was $0.38, reversing the prior year's $0.16 loss per share. R&D expenses decreased 8% to $22.8M as prior clinical trials wound down, partially offset by costs for the newly initiated MAIA-ovarian trial, and G&A fell 6% to $8.9M on lower insurance and legal costs. Cash, equivalents, short-term deposits, and marketable securities totaled $145.6M at year-end, sufficient per management to fund operations into 2029, extended from the prior 2027 view. was $31.6M, down 36.2% from $49.6M in 2024, as the prior year included larger Gilead and AstraZeneca inflows.
Section summaries
Quantitative and Qualitative Disclosures About Market Risk
Main market risks are NIS/dollar exchange-rate moves and Israeli inflation, with no interest-rate sensitivity on cash investments.
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Cash equivalents and marketable securities ($145.6M) carry fixed rates, so financial income is not sensitive to interest-rate changes.
Israel operations create NIS exposure: a hypothetical 10% dollar would increase net loss by ~$1.8M, while a 10% would decrease it by ~$1.5M.
What changed
Cash and short-term deposits against the stated runway: year-end holdings rose to $145.6M (from $103.3M in 2024), extending the funded runway from 2027 to 2029. COM701 trial progress: the company is conducting a blinded ovarian cancer platform trial with interim analysis expected Q1 2027, while COM902 was deprioritized after negative TIGIT field data including a Phase 3 failure by Arcus/Gilead. Gilead/AstraZeneca payments in 2025: the $65M AstraZeneca royalty-sale upfront replaced the prior year's Gilead and AstraZeneca milestones as the defining cash event. COM701 European patent oppositions: GSK and a new party's oppositions remain unresolved per the risk factors, with no settlement reported. reversed a 16.7% decline in 2024 with a 161.1% increase, and the company moved from net loss of $14.2M to of $35.3M.
What to watch
COM701 ovarian cancer platform trial interim analysis in Q1 2027 and any data readout before then. Resolution of GSK and the new party's European oppositions to COM701 patents. Any Gilead or AstraZeneca payments received in 2026 from GS-0321 or rilvegostomig programs. Cash and equivalents, short-term deposits, and marketable securities at next reporting date against the stated 2029 runway, starting from $145.6M.
Israeli inflation (2.6% in 2025) raises NIS salary costs when not offset by NIS ; the dollar depreciated 12.5% against the NIS in 2025.
Employee compensation in Israel is paid in NIS and may be adjusted for CPI, amplifying dollar-cost sensitivity.
The company holds no foreign-currency derivative hedges but may consider them in the future.
A sovereign-rating downgrade of Israel could affect the value of NIS-denominated holdings.
Compugen is highly dependent on its clinical-stage pipeline and collaborations, faces significant financing needs, and is exposed to geopolitical risks in Israel.
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The company has a history of losses and, despite a in 2025, expects future losses and will need to raise additional funds, which could dilute existing shareholders.
Near-term prospects are substantially dependent on the success of clinical-stage programs COM701, COM902, GS-0321, and rilvegostomig, all of which face significant development and regulatory risks.
The business relies heavily on collaborations with AstraZeneca and Gilead; termination or failure of these agreements, or negative clinical data from partnered programs like rilvegostomig, could materially harm the company.
Recent negative data in the TIGIT field, including a Phase 3 failure by Arcus/Gilead, has led Compugen to believe COM902 has limited near-term value and may adversely impact the rilvegostomig program.
Operations in Israel expose the company to risks from regional armed conflicts, including the ongoing multi-front war and direct hostilities with Iran, which could disrupt business and personnel.
The company's AI/ML-powered discovery platform, Unigen, is not yet clinically proven, and its novel target-based business model may fail to generate substantial revenues or attract new partners.
Compugen is a clinical-stage immuno-oncology company using its AI/ML-powered Unigen platform to discover and develop novel cancer immunotherapies, with four clinical-stage programs.
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The company's pipeline includes COM701 (anti-PVRIG), COM902 (anti-TIGIT), rilvegostomig (a PD-1/TIGIT bispecific licensed to AstraZeneca), and GS-0321 (an anti-IL18BP antibody licensed to Gilead).
Compugen is currently conducting a blinded randomized ovarian cancer platform trial for COM701 as maintenance therapy, with an interim analysis expected in Q1 2027, but has deprioritized new COM902 trials due to negative field data.
The company's business strategy relies on -sharing collaborations, exemplified by a 2023 license agreement with Gilead for GS-0321 that included a $60 million upfront payment and up to $758 million in potential milestones.
In December 2025, Compugen amended its AstraZeneca agreement to sell a portion of its rilvegostomig royalties for a $65 million upfront payment while retaining eligibility for up to $195 million in future milestones and tiered royalties.
Compugen's discovery engine, Unigen, integrates AI/ML with multi-omics data to identify novel drug targets, having yielded PVRIG, TIGIT, and IL-18BP, which are now in clinical development.
The company relies entirely on third-party contract manufacturers for the production of its clinical drug substances and products.
Net profit of $35.3M in 2025 driven by a $65M upfront payment from AstraZeneca, offsetting lower R&D and G&A expenses.
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Revenues surged to $72.8M in 2025 from $27.9M in 2024, primarily due to a $65M from amending the AstraZeneca license agreement.
Research and development expenses decreased 8% to $22.8M, driven by winding down prior clinical trials, partially offset by costs for the newly initiated MAIA-ovarian trial.
General and administrative expenses fell 6% to $8.9M, mainly due to lower premiums and legal fees.
Cash and equivalents, short-term deposits, and marketable securities totaled $145.6M as of Dec 31, 2025, which management believes is sufficient to fund operations into 2029.
The company expects R&D expenses to remain its major operating cost in 2026 and to continue incurring net losses for the foreseeable future.