Compugen Reports Second Quarter 2023 Results
- Advancing enrollment in two proof-of-concept studies evaluating triple blockade of DNAM-1 axis in patients with microsatellite stable colorectal cancer and platinum resistant ovarian cancer; initial findings expected by year end
- Data from multiple studies planned to be presented by the end of the year:
- New data from metastatic breast cancer study evaluating COM701+ nivolumab
- New translational data and initial biomarker data from platinum resistant ovarian cancer studies evaluating COM701 + nivolumab ± BMS anti-TIGIT
- Longer-term patient follow up from platinum resistant ovarian cancer study evaluating COM701 + nivolumab + BMS anti-TIGIT
- New data from COM503 lead pre-clinical program
HOLON,
"In the first half of the year, we continued to execute on our goals," said Anat Cohen-Dayag, Ph.D., President, and Chief Executive Officer of Compugen. "Patient enrollment is advancing in our two proof-of-concept studies with our unique triple immunotherapy combination approach and initial findings are expected by the end of the year. We presented new clinical data in metastatic endometrial cancer at ASCO in June showing durable responses, including in a patient failing immunotherapy which is consistent with data we previously presented in other hard to treat tumors. The totality of our data to date, suggest that our COM701 based combinations have the potential to offer a treatment option with a favorable safety profile for hard-to-treat patients, across the spectrum of PD-L1 expression levels, including in patients who are anti-PD-1 refractory, pointing to a potential COM701 mediated mechanism of action."
Dr. Cohen-Dayag added, "Our immediate focus is on expanding our data in two indications, platinum resistant ovarian cancer and microsatellite stable colorectal cancer, while continuing to invest in biomarker discovery, which is important to efficiently set our development path forward. We believe that the therapeutic potential of COM701 and COM902 as part of the DNAM-1 axis may be much broader than these two indications."
Dr. Cohen-Dayag concluded, "In the second half of the year we are planning to present new and follow up data with our COM701 combinations including in ovarian and breast cancer as well as additional data on our COM503 lead pre-clinical program. Additionally, we are delighted to see the continued advancement in the development of rilvegostomig derived from COM902 by our partner AstraZeneca."
Corporate Update:
- March 2023: First patient dosed in microsatellite stable colorectal cancer study; enrollment is on
track to complete by year end. - CIMT May 2023: Presentation of data on lead pre-clinical asset COM503, an anti- IL-18BP
antibody, designed to induce a potent anti-tumor response and pronounced localized tumor
microenvironment immune modulation by unleashing natural IL-18 activity in the tumor and
potentially overcoming the challenges of administering a cytokine therapeutic. - June 2023: First patient dosed in platinum resistant ovarian cancer study. Enrollment to date is
slower than anticipated, however we believe that we can catch up on enrollment with the
planned activation of additional sites. - June 2023: Win at the European Patent Office (EPO), which ruled to uphold the Company's
broad PVRIG patent for the treatment of cancer reflecting the strength of Compugen's patent
strategy in novel target discovery. The EPO ruling is subject to appeal. - ASCO June 2023: Presentation of data from triple immunotherapy combination
(COM701+ nivolumab + BMS anti-TIGIT) in microsatellite stable endometrial cancer study
showing durable partial responses in patients who failed standard of care, including
pembrolizumab and lenvatinib. - ASCO June 2023: Presentation of clinical data by partner AstraZeneca on rilvegostomig, a PD
-1/TIGIT bispecific derived from COM902, establishing its safety and pharmacokinetic profile
and showing anti-tumor activity in checkpoint inhibitor experienced NSCLC patients who
typically do not respond to immunotherapy.
Next Planned Milestones in H2 2023:
- Report initial findings from ongoing triple combination (COM701 + COM902 + pembrolizumab)
proof-of-concept studies in microsatellite stable colorectal and platinum resistant ovarian
cancer by end of the year. - Presentation of new translational data and initial biomarker data from platinum resistant ovarian
cancer studies evaluating COM701 + nivolumab ± BMS anti-TIGIT. - Presentation of longer-term patient follow up from platinum resistant ovarian cancer study
evaluating COM701 + nivolumab + BMS anti-TIGIT. - Presentation of new data from the metastatic breast cancer cohort expansion study of patients
treated with COM701 and nivolumab. - Presentation of data from COM503 lead pre-clinical program.
- Rilvegostomig (PD-1/TIGIT bispecific derived from COM902): AstraZeneca continues to advance
the development of rilvegostomig in multiple trials, including a Phase 2 trial in checkpoint
inhibitor naïve NSCLC and a Phase 2 trial in hepatobiliary cancer. AstraZeneca disclosed plans
to initiate a Phase 3 trial with rilvegostomig this year
Financial Results
As of June 30, 2023, cash, cash equivalents and cash investments were approximately
Compugen has no debt.
R&D expenses for the second quarter ended June 30, 2023, were approximately
General and administrative expenses for the second quarter ended June 30, 2023, were approximately
Net loss for the second quarter ended June 30, 2023, was approximately
Full financial tables are included below
Conference call and webcast information
The Company will hold a conference call today, August 7, 2023, at 8:30 AM ET to review its second quarter 2023 results. To access the live conference call by telephone, please dial 1-866-744-5399 from the
About Compugen
Compugen is a clinical-stage therapeutic discovery and development company utilizing its broadly applicable predictive computational discovery capabilities to identify new drug targets and biological pathways for developing cancer immunotherapies. Compugen has developed two proprietary product candidates: COM701, a potential first-in-class anti-PVRIG antibody and COM902, a potential best-in-class antibody targeting TIGIT for the treatment of solid tumors. Compugen also has a clinical stage partnered program, rilvegostomig (previously AZD2936), a PD-1/TIGIT bi-specific derived from COM902, in Phase 2 development by AstraZeneca through a license agreement for the development of bi-specific and multi-specific antibodies. In addition, the Company's therapeutic pipeline of early-stage immuno-oncology programs consists of programs aiming to address various mechanisms of immune resistance. The most advanced program, COM503 is in IND enabling studies. COM503 is a potential first-in-class, high affinity antibody which blocks the interaction between IL-18 binding protein and IL-18, thereby freeing natural IL-18 to inhibit cancer growth in the tumor microenvironment. Compugen is headquartered in
Forward-Looking Statement
This press release contains "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended, and the safe-harbor provisions of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on the current beliefs, expectations, and assumptions of Compugen. Forward-looking statements can be identified using terminology such as "will," "may," "expects," "anticipates," "believes," "potential," "plan," "goal," "estimate," "likely," "should," "confident," and "intends," and similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements include, but are not limited to, our expectation to share initial finding from two proof-of-concept studies evaluating triple blockade of DNAM-1 axis in patients with microsatellite stable colorectal cancer and platinum resistant ovarian cancer by year; our plans to present data from multiple studies by the end of the year; COM701 based combinations having the potential to offer a treatment option with a favorable safety profile for hard-to-treat patients, across the spectrum of PD-L1 expression levels, including in patients who are anti-PD-1 refractory, pointing to a potential COM701 mediated mechanism of action; our belief that the therapeutic potential of COM701 and COM902 as part of the DNAM-1 axis may be much broader than in platinum resistant ovarian cancer and microsatellite stable colorectal cancer; our beliefs as to the pace and timing of trial patient enrollment; our belief that we can catch up on enrollment with the planned activation of additional sites for platinum resistant ovarian cancer study; and our expectation that existing cash and cash related balances will be sufficient to fund our operating plan through the end of 2024. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance, or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Among these risks: In the near term, Compugen is highly dependent on the success of COM701 and of COM902; Compugen may not be able to advance its internal clinical stage programs through clinical development or manufacturing or successfully partner or commercialize them, or obtain marketing approval, either alone or with a collaborator, or may experience significant delays in doing so; Clinical development involves a lengthy and expensive process, with an uncertain outcome and Compugen may encounter substantial delays or even an inability to begin clinical trials for any specific product or may not be able to conduct or complete its trials on the timelines it expects; Compugen relies and expect to continue to rely on third parties to conduct its clinical trials and these third parties may not successfully or professionally carry out their contractual duties, comply with regulatory requirements or meet expected deadlines, and Compugen may experience significant delays in the conduct of its clinical trials as well as significant increased expenditures; Compugen has limited experience in the development of therapeutic product candidates, and it may be unable to implement its business strategy. These risks and other risks are more fully discussed in the "Risk Factors" section of Compugen's most recent Annual Report on Form 20-F as filed with the Securities and Exchange Commission (SEC) as well as other documents that may be subsequently filed by Compugen from time to time with the SEC. In addition, any forward-looking statements represent Compugen's views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does not assume any obligation to update any forward-looking statements unless required by law.
Company contact:
Yvonne Naughton, Ph.D.
Head of Investor Relations and Corporate Communications
Email: ir@cgen.com
Tel: +1 (628) 241-0071
COMPUGEN LTD. | |||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||
( | |||||||
Three Months Ended | Six Months Ended, | ||||||
June 30, | June 30, | ||||||
2023 | 2022 | 2023 | 2022 | ||||
Unaudited | Unaudited | Unaudited | Unaudited | ||||
Operating expenses | |||||||
Research and development expenses | 7,761 | 6,812 | 15,206 | 13,982 | |||
Marketing and business development | 49 | 255 | 165 | 478 | |||
General and administrative expenses | 2,404 | 2,570 | 4,977 | 5,173 | |||
Total operating expenses | 10,214 | 9,637 | 20,348 | 19,633 | |||
Financial and other income, net | 889 | 493 | 1,697 | 779 | |||
Loss before taxes on income | (9,325) | (9,144) | (18,651) | (18,854) | |||
Tax benefit | 49 | - | 36 | - | |||
Net loss | (9,276) | (9,144) | (18,615) | (18,854) | |||
Basic and diluted net loss per ordinary share | (0.11) | (0.11) | (0.21) | (0.22) | |||
Weighted average number of ordinary | 87,182,839 | 86,518,714 | 86,903,741 | 86,486,612 | |||
COMPUGEN LTD. | ||||
CONDENSED CONSOLIDATED BALANCE SHEETS DATA | ||||
( | ||||
June 30, | December 31, | |||
2023 | 2022 | |||
Unaudited | ||||
ASSETS | ||||
Current assets | ||||
Cash, cash equivalents, short-term bank deposits and restricted cash | 61,983 | 83,708 | ||
Investment in marketable securities | 4,551 | - | ||
Other accounts receivable and prepaid expenses | 2,865 | 2,417 | ||
Total current assets | 69,399 | 86,125 | ||
Non-current assets | ||||
Long-term prepaid expenses | 1,912 | 1,899 | ||
Severance pay fund | 2,788 | 2,794 | ||
Operating lease right to use asset | 1,606 | 1,826 | ||
Property and equipment, net | 1,350 | 1,532 | ||
Total non-current assets | 7,656 | 8,051 | ||
Total assets | 77,055 | 94,176 | ||
LIABILITIES AND SHAREHOLDERS EQUITY | ||||
Current liabilities | ||||
Other accounts payable, accrued expenses and trade payables | 10,191 | 10,981 | ||
Current maturity of operating lease liability | 610 | 613 | ||
Short-term deferred participation in R&D expenses | - | 325 | ||
Total current liabilities | 10,801 | 11,919 | ||
Non-current liabilities | ||||
Long-term operating lease liability | 991 | 1,312 | ||
Accrued severance pay | 3,262 | 3,265 | ||
Total non-current liabilities | 4,253 | 4,577 | ||
Total shareholders' equity | 62,001 | 77,680 | ||
Total liabilities and shareholders' equity | 77,055 | 94,176 | ||
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SOURCE Compugen Ltd.
