Compugen Ltd.

What they do

Compugen discovers and develops cancer immunotherapies using its computational target discovery platform, and advances them through clinical trials while partnering with larger pharmaceutical companies. Its operations run through Compugen Ltd. in Holon, Israel, and its wholly owned subsidiary Compugen USA, Inc. The company's ordinary shares trade on The Nasdaq Capital Market under the symbol CGEN.

Revenue drivers

• Collaboration and license agreements — Revenue is generated from partnership and license deals with pharmaceutical companies, not product sales; this drove 2025 revenue of $72.8M versus $27.9M in 2024.
• Prior-year revenue base — Revenue rose from $6.0M in 2021 to $7.5M in 2022, then jumped to $33.5M in 2023 before falling to $27.9M in 2024, showing the lumpiness typical of milestone-based licensing.

Recent performance

Revenue reached $72.8M in 2025, up from $27.9M in 2024 and $33.5M in 2023. Net income was $35.3M in 2025, compared with net losses of $14.2M in 2024, $18.8M in 2023, $33.7M in 2022 and $34.2M in 2021. Diluted EPS was $0.38 in 2025 versus -$0.16 in 2024 and -$0.21 in 2023. Operating cash flow was $31.6M in 2025 after $49.6M in 2024, with both years positive following outflows of $35.9M, $34.1M and $22.7M in 2023, 2022 and 2021 respectively. At December 31, 2025, the company reported total assets of $156.6M, shareholder equity of $102.7M and cash and equivalents of $90.6M.

Strategy

The filing describes a business centered on computational target discovery and clinical development of cancer immunotherapies, advanced internally and with partners. No specific forward programs, deal terms or pipeline candidates are named in the cited excerpts, so the stated direction beyond that cannot be summarized from this source text. The company notes that its results depend on collaboration and license arrangements. It cautions that forward-looking statements involve known and unknown risks and that it does not assume any obligation to update them unless required by law.

Risks

• Dependence on collaborations — Because revenue comes from license and collaboration agreements rather than product sales, results can swing sharply year to year, as shown by the drop from $33.5M in 2023 to $27.9M in 2024.
• History of losses — The company reported net losses every year from 2021 through 2024, including a $34.2M loss in 2021, before turning profitable in 2025.
• Clinical-stage execution risk — As a biological products company advancing immunotherapies, its programs carry the inherent risks of discovery and clinical development, which the filing flags through its risk factor disclosure.
• Forward-looking statement uncertainty — The filing explicitly warns that known and unknown risks could cause actual results to differ materially from any expressed or implied expectations.

Outlook

The excerpts provided do not contain management's specific forward guidance, pipeline timelines or expected milestones. The filing states that forward-looking statements reflect views only as of the date of the report and that the company assumes no obligation to update them unless required by law. Investors should look to risk factors and other sections of the 20-F for detail on future expectations.