Compugen Ltd., a clinical-stage therapeutic discovery and development company, researches, develops, and commercializes therapeutic and product candidates in Israel, the United States, and Europe. The company's immuno-oncology pipeline consists of COM701, an anti-PVRIG antibody that is in Phase I clinical study used for the treatment of solid tumors; COM902, a therapeutic antibody targeting TIGIT, which is in Phase I clinical study in patients with advanced malignancies as a monotherapy; Bapotulimab, a therapeutic antibody targeting ILDR2 that is in Phase I clinical study in patients with solid tumors; and AZD2936, a novel anti-TIGIT/PD-1 bispecific antibody, which is in Phase I/II clinical study in patients with advanced or metastatic non-small cell lung cancer. Its therapeutic pipeline also includes early-stage immuno-oncology programs focused primarily on myeloid targets. The company has collaboration agreement with Bayer Pharma AG for the research, development, and commercialization of antibody-based therapeutics against the company's immune checkpoint regulators; Bristol-Myers Squibb to evaluate the safety and tolerability of COM701 in combination with Bristol-Myers Squibb's PD-1 immune checkpoint inhibitor Opdivo in patients with advanced solid tumors; and Johns Hopkins School of Medicine to evaluate novel T cell and myeloid checkpoint targets. It has license agreement with AstraZeneca for the development of bi-specific and multi-specific immuno-oncology antibody products; and research collaboration with Johns Hopkins University for myeloid. Compugen Ltd. was incorporated in 1993 and is headquartered in Holon, Israel.
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Here are 1-3 brief analogies to describe Compugen (CGEN):
- A discovery-focused biotech, similar to a specialized, early-stage Regeneron, but dedicated to computationally identifying novel immune checkpoint targets for cancer.
- A biotech company focused on using advanced computational methods to discover the next generation of immune checkpoint drugs for cancer, aiming for impact similar to Merck with Keytruda or BMS with Opdivo.
- Like Moderna or BioNTech, but instead of an mRNA platform for vaccines, Compugen utilizes a computational platform to discover novel immune checkpoint targets for cancer treatment.
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- IT Infrastructure Solutions: Designs, implements, and optimizes core IT infrastructure, including data centers, networks, and cybersecurity systems.
- Managed IT Services: Provides ongoing management and support for clients' IT environments, covering helpdesk, system monitoring, and cloud operations.
- Professional Services: Offers expert consulting, project management, and specialized technical assistance for IT strategy and solution deployment.
- Hardware and Software Procurement: Facilitates the acquisition of various IT hardware, software, and licensing from leading technology vendors.
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Compugen Ltd. (symbol: CGEN) is a clinical-stage oncology company focused on the discovery and development of novel therapeutics for cancer immunotherapy. As such, it operates on a business-to-business (B2B) model, primarily collaborating with and licensing its drug candidates and intellectual property to larger pharmaceutical companies rather than selling directly to individuals.
Major Customers/Partners:
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Bristol Myers Squibb (symbol: BMY): Compugen has an active clinical collaboration and supply agreement with Bristol Myers Squibb to evaluate Compugen's COM701 in combination with BMS's nivolumab (Opdivo®) in a Phase 1 study. This represents a significant partnership in the development of Compugen's lead drug candidate.
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AstraZeneca (symbol: AZN): In the past, Compugen had a significant collaboration with AstraZeneca (via its global biologics R&D arm, MedImmune) for the development of an antibody targeting TIGIT, which AstraZeneca acquired. While the rights to the TIGIT program later reverted to Compugen, this represents a major historical customer/partner relationship and demonstrates the type of companies Compugen partners with.
Biotech companies like Compugen typically rely on a limited number of high-value collaborations and licensing agreements with major pharmaceutical players for the funding and advancement of their pipeline assets.
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Eran Ophir, Ph.D. President and CEO
Eran Ophir became President and Chief Executive Officer of Compugen in September 2025, and joined Compugen's Board of Directors. Prior to his current position, he served in various managerial and executive roles at Compugen for nearly a decade, most recently as Chief Scientific Officer. Dr. Ophir joined Compugen in 2015 as a senior scientist and has held various positions with increasing responsibilities, playing a central role in building the company's innovative immuno-oncology pipeline and corporate strategy.
David Silberman Chief Financial Officer
David Silberman joined Compugen in 2024 as Chief Financial Officer.
Anat Cohen-Dayag, Ph.D. Executive Chair of the Board of Directors
Anat Cohen-Dayag was appointed Executive Chair of Compugen's Board of Directors in September 2025, having served as President and CEO of Compugen for 15 years and a member of Compugen's board for over 10 years. She has close to 30 years of experience in the biotech industry, encompassing both R&D and executive leadership roles. Dr. Cohen-Dayag joined Compugen in 2002 and held various senior managerial and executive positions, including VP R&D, before her appointment as President and CEO. Under her leadership, Compugen transitioned from a service provider in computational biology to a therapeutic discovery and development company, advancing an innovative clinical-stage immuno-oncology pipeline based on its proprietary AI/ML-driven computational discovery platform. Prior to Compugen, she was the Head of R&D and a member of the executive management team at Mindsense Biosystems Ltd. She is also a member of the Board of Directors of NetwoRx Ltd. and Genopore Ltd.
Michelle Mahler, M.D. Chief Medical Officer
Michelle Mahler joined Compugen in October 2023 as Vice President of Clinical Development and was promoted to Chief Medical Officer, effective March 1, 2024. Before joining Compugen, Dr. Mahler was Chief Medical Officer of 1E therapeutics Ltd. and Aummune Therapeutics Ltd.
Sharon Kredo-Russo, Ph.D. Senior Vice President, Research & Discovery
Sharon Kredo-Russo joined Compugen as Senior Vice President, Research & Discovery in November 2025. She brings over a decade of experience in leading innovative drug discovery and development programs in oncology and immunology therapeutic areas. Prior to Compugen, Dr. Kredo-Russo served as VP of Ideation at AION Labs, where she led the creation of AI-driven startups for drug discovery in partnership with leading pharmaceutical companies and venture capital firms.
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The rapid advancement and increasing success of specialized artificial intelligence (AI) and machine learning (ML) drug discovery platforms in competing companies could pose a significant emerging threat.
Compugen's business model heavily relies on its proprietary "Predictive Discovery Platform" for identifying novel immuno-oncology targets. However, companies solely focused on AI-driven drug discovery (e.g., Insilico Medicine, Recursion Pharmaceuticals, Exscientia) are demonstrating growing capabilities in identifying and advancing novel drug candidates with potentially greater speed and efficiency. If these platforms consistently prove superior in generating novel and effective oncology drug candidates, they could diminish the competitive advantage of Compugen's existing discovery infrastructure, potentially devaluing its pipeline generation capabilities and making it more challenging for Compugen to maintain a leading position in novel target development.
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Compugen (CGEN) is a clinical-stage therapeutic discovery and development company primarily focused on cancer immunotherapies and autoimmune diseases. The addressable markets for the diseases their main product candidates and partnered programs are targeting are as follows:
- Ovarian Cancer: The global ovarian cancer market size was valued at USD 1.35 billion in 2024 and is projected to reach USD 31.64 billion by 2033, growing at a compound annual growth rate (CAGR) of 23.8% from 2025 to 2033. Other estimates place the global ovarian cancer market at USD 2.3 billion in 2024, expanding to USD 5.5 billion by 2033 with a CAGR of 9.59% from 2025 to 2033.
- Non-Small Cell Lung Cancer (NSCLC): The global non-small cell lung cancer market size was valued at USD 15.3 billion in 2021 and is projected to reach USD 36.9 billion by 2031, growing at a CAGR of 9.3% from 2022 to 2031. Another report estimates the global NSCLC therapeutics market size at USD 33.90 billion in 2024, with projections to reach USD 66.04 billion by 2032, exhibiting a CAGR of 10.3% from 2024 to 2032.
- Gastrointestinal Cancer (including Gastric/Stomach Cancer): The global gastrointestinal cancer market size is expected to grow from USD 27.05 billion in 2025 to USD 42.45 billion in 2029, at a CAGR of 11.9%. The broader gastrointestinal cancer market was valued at USD 27.46 billion in 2024 and is expected to reach USD 93.48 billion by 2035, with a CAGR of approximately 11.78% between 2025 and 2035. Specifically for stomach cancer treatment, the global market size was estimated at USD 5,369.6 million in 2024 and is projected to reach USD 11,194.9 million by 2030, growing at a CAGR of 12.5% from 2025 to 2030.
- TIGIT Inhibitors (a class of drugs that includes Compugen's COM902 and its derivative Rilvegostomig): The global TIGIT inhibitors market size reached USD 412 million in 2024 and is expected to advance at a CAGR of 23.4% from 2025 to 2033, with projections indicating a value of USD 3.18 billion by 2033. The global TIGIT Antibody Market is expected to reach a market size of approximately USD 3 billion by 2033, witnessing a CAGR of over 15% during the forecast period.
- Immune Checkpoint Inhibitors (a broader category that includes PVRIG and TIGIT inhibitors): The global Immune Checkpoint Inhibitors Market size is estimated at USD 50.29 billion in 2025 and is expected to reach USD 107.86 billion by 2030, at a CAGR of 16.49% from 2025 to 2030. Another source states the global immune checkpoint inhibitors market size was estimated at USD 48.42 billion in 2023 and is projected to reach USD 154.25 billion by 2030, growing at a CAGR of 17.9% from 2024 to 2030.
- Autoimmune Diseases (targeted by GS-0321/COM503): The global autoimmune disease therapeutics market was valued at USD 110.52 billion in 2025 and is projected to reach USD 144.28 billion by 2035, with a CAGR of 2.4% from 2025 to 2035. Another estimate for the global autoimmune disease therapeutics market is USD 168.6 billion in 2025, expanding to approximately USD 226.2 billion by 2035, with a CAGR of 3.0%.
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Compugen (NASDAQ: CGEN) is a clinical-stage cancer immunotherapy company whose future revenue growth over the next 2-3 years is primarily expected to be driven by its strategic partnerships and the advancement of its drug pipeline.
Here are 3-5 expected drivers of future revenue growth:
* **Milestone Payments from Existing Collaborations:** Compugen has existing licensing agreements with major pharmaceutical companies like AstraZeneca and Gilead. Continued progress in the clinical development of partnered assets, such as rilvegostomig (a PD-1/TIGIT bispecific antibody being developed by AstraZeneca), is expected to trigger additional milestone payments, contributing to Compugen's revenue. For instance, Q2 2024 revenue included a milestone payment from AstraZeneca. Similarly, Q1 2025 revenue reflected portions of upfront and IND milestone payments from the Gilead license agreement.
* **New Partnership and Licensing Agreements for Proprietary Assets:** As Compugen's wholly-owned clinical-stage candidates, COM701 (an anti-PVRIG antibody) and COM902 (an anti-TIGIT antibody), advance through clinical trials, positive data could lead to new collaboration and licensing agreements. These agreements typically involve upfront payments and subsequent milestone payments, providing significant revenue streams. Compugen is actively progressing its COM701 combination trials.
* **Potential Royalties from Commercialized Partnered Products:** While potentially extending beyond a strict 2-3 year window for full commercialization, significant late-stage clinical progress of partnered programs like AstraZeneca's rilvegostomig (currently in Phase 3 development) could lead to closer proximity to market launch. Eventual commercialization would result in royalty payments to Compugen, offering a substantial long-term revenue driver.
* **Advancement of Early-Stage Pipeline Candidates:** Compugen continues to invest in its early innovative pipeline, utilizing its AI/ML-powered computational discovery platform (Unigen™) to identify new drug targets. The successful advancement of these early-stage candidates, such as GS-0321 (previously COM503), into later preclinical or clinical stages could attract new partnerships or lead to future out-licensing opportunities, generating additional revenue through upfront and milestone payments.
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Share Repurchases
Compugen has not identified any significant share repurchase programs or activities in the last 3-5 years.
Share Issuance
- Compugen announced an underwritten public offering of its ordinary shares in March 2020.
- In November 2021, Compugen completed a Post-IPO funding round, raising $20 million with participation from Bristol-Myers Squibb.
- The number of outstanding shares has consistently increased from 83.64 million in 2020 to 93.52 million as of October 2025, indicating ongoing share issuances.
Inbound Investments
- Compugen has an ongoing license agreement with AstraZeneca for TIGIT antibodies, under which it has received $40.5 million in upfront and milestone payments to date. Compugen is eligible to receive up to an aggregate of $200 million in development and regulatory milestones, as well as tiered royalties on future product sales.
- In 2023, Compugen entered into a license agreement with Gilead Sciences, Inc. for anti-IL-18 binding protein antibodies (GS-0321). This agreement included a $60 million upfront payment and a $30 million payment for achievement of IND clearance for COM503.
- The Gilead deal has a total potential value of up to $848 million, including up to an additional $758 million in future development, regulatory, and commercial milestone payments, along with tiered royalties on worldwide net sales.
Outbound Investments
No information is available regarding Compugen making strategic investments in other companies within the specified timeframe.
Capital Expenditures
As of December 31, 2024, Compugen had no significant commitments for capital expenditures, indicating a low level of capital expenditure.
