Compugen Ltd Dossier
Qualitative Analysis
Business overview
Compugen Ltd. (NASDAQ: CGEN, TASE: CGEN) is a clinical-stage therapeutic discovery and development company specializing in cancer immunotherapy. The company leverages its proprietary AI/ML-powered computational discovery platform, Unigen, to identify novel drug targets and biological pathways. Its clinical-stage pipeline includes COM701 (an anti-PVRIG antibody), COM902 (an anti-TIGIT antibody), rilvegostomig (a PD-1/TIGIT bispecific antibody licensed to AstraZeneca), and GS-0321 (previously COM503, an IL-18BP antibody licensed to Gilead Sciences). Compugen operates on a collaborative business model, generating revenues primarily through upfront licensing fees, clinical milestones, and future royalties from global pharmaceutical partnerships.
Research as of 20 Jun 2026
Strategic Initiatives
Growth programs, investments, and their expected impact
Conducting a blinded, randomized ovarian cancer platform trial evaluating COM701 as a single-agent maintenance therapy in relapsed platinum-sensitive ovarian cancer.
Expected impact: Aims to demonstrate a clinically meaningful improvement in progression-free survival over placebo, establishing COM701 as a novel maintenance therapy.
Advancing the Phase 1 clinical trial of GS-0321 (previously COM503), a potential first-in-class high-affinity antibody blocking the interaction between IL-18 binding protein and IL-18, licensed to Gilead.
Expected impact: Successful completion of Phase 1 will allow Gilead to take over clinical development for Phase 2 and beyond, unlocking up to $758 million in future milestone payments plus royalties.
Continued investment in Compugen's proprietary AI/ML-powered computational discovery platform (Unigen) to identify novel drug targets and biological pathways.
Expected impact: Generation of new early-stage pipeline candidates to address novel mechanisms of immune activation, providing future out-licensing and partnership opportunities.
Mergers, Acquisitions & Partnerships
Recent deals and strategic collaborations
Strategic Partnerships
High
Terms: In December 2025, Compugen monetized a small portion of its future rilvegostomig royalty interest for a $65 million upfront payment and an additional $25 million milestone payment upon BLA acceptance. Compugen retains the majority of its future royalties (up to mid-single digits) and remains eligible for up to $195 million in total future regulatory and commercial milestones.
High
Terms: License agreement for GS-0321 (previously COM503). Compugen received a $60 million upfront payment and a $30 million IND clearance milestone in 2024. Compugen is eligible to receive up to $758 million in future development, regulatory, and commercial milestones, plus single-digit to low double-digit royalties on net sales.