Compugen Ltd. (CGEN) stock plummeted 8.24% in the pre-market trading session at the price of $6.57 after reporting its financial results for the third quarter of 2021.
CGEN is a clinical-stage discovery, design, and development firm. It utilizes its predictive computational discovery programs to identify innovative drug targets and generate therapies for cancer immunotherapy.
CGEN Third Quarter 2021 Earnings Report
On 12th November 2021, CGEN published its earnings report for the three months ended on 30th September 2021 and provided corporate updates.
CGEN Financial Highlights
CGEN calculated revenues of $6 million for the three months ended on 30th September 2021. The cost of revenue totaled $0.7 million for the third quarter of 2021. Research and development expenses were approximately $8.7 million for the third quarter ended 30th September 2021. R&D expenses were $5.5 million for the same quarter of 2020.
CGEN reported a net loss of $6.2 million, or per basic and diluted share of $0.07, for the third quarter of 2021. For the third quarter of 2020, a net loss was $7.8 million, or per basic and diluted share of $0.09. As of 30th September 2021, cash, short-term and long-term bank deposits totaled $102 million. On 31st December 2020, cash, short-term, and long-term bank deposits were $124 million.
Results from Dose Escalation Study of COM701
On 12th November 2021, CGEN announced preliminary results from its Phase 1/2 dose-escalation study of COM701, an anti-PVRIG antibody, combined with Opdivo and BMS-986207. The results had presented at the 36th Annual Meeting of the Society for Immunotherapy of Cancer from 10 to 14th November 2021.
Management Comments
President and chief executive officer of CGEN, Anat Cohen-Dayag, remarked that the favorable safety profile in the study of COM701 is a significant milestone. It has further advanced the development of their differentiated blockade of the DNAM axis. The company is passionate about the translational results that suggest that their triple blockage can bolster potent immune activation. These results align with their widespread preclinical models, he added.
President of Research and Early Development at Bristol Myers Squibb, Rupert Vessey, remarked that they are delighted to continue their partnership with CGEN to generate translational data about the DNAM axis. They look ahead to study the DNAM axis hypothesis of the triple blockade in select biomarker informed indications.
