Compugen (CGEN) 20-F 5 Mar 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Entity Central Index Key	0001119774
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2023
Entity File Number	000-30902
Entity Registrant Name	Compugen Ltd
Entity Incorporation State Country Code	L3
Entity Address, Address Line One	Azrieli Center
Entity Address, Address Line Two	26 Harokmim Street
Entity Address, Address Line Three	Building D
Entity Address, City or Town	Holon
Entity Address Country	IL
Entity Address, Postal Zip Code	5885849
Title of 12(b) Security	Ordinary shares, par value NIS 0.01 per share
Trading Symbol	CGEN
Name of Exchange on which Security is Registered	NASDAQ
Entity Common Stock, Shares Outstanding	89,237,465
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Auditor Name	KOST FORER GABBAY & KASIERER
Auditor Location	Tel-Aviv, Israel
Auditor Firm Id	1281
Document Financial Statement Error Correction [Flag]	false
Business Contact [Member]
Contact Personnel Name	Alberto Sessa
Entity Address, Address Line One	Azrieli Center
Entity Address, Address Line Two	26 Harokmim Str
Entity Address, Address Line Three	Building D
Entity Address, City or Town	Holon
Entity Address Country	IL
Entity Address, Postal Zip Code	5885849
City Area Code	972
Local Phone Number	3-765-8585
Contact Personnel Fax Number	972-3-765-8555

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 13,890	$ 11,059
Restricted cash	365	362
Short-term bank deposits	25,053	72,287
Investment in marketable securities	11,742	0
Trade receivables	61,000	0
Other accounts receivable and prepaid expenses	2,529	2,417
Total current assets	114,579	86,125
NON-CURRENT ASSETS:
Long-term prepaid expenses	1,233	1,899
Severance pay fund	2,977	2,794
Operating lease right of use asset	1,329	1,826
Property and equipment, net	1,216	1,532
Total non- current assets	6,755	8,051
Total assets	121,334	94,176
CURRENT LIABILITIES:
Trade payables	3,502	1,773
Short-term deferred participation in R&D expenses	0	325
Short-term deferred revenues	11,149	0
Current maturity of operating lease liability	632	613
Other accounts payable and accrued expenses	10,983	9,208
Total current liabilities	26,266	11,919
NON- CURRENT LIABILITIES:
Long-term deferred revenues	25,392	0
Long-term operating lease liability	719	1,312
Accrued severance pay	3,398	3,265
Total non-current liabilities	29,509	4,577
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value: 200,000,000 shares authorized at December 31, 2023 and 2022; 89,237,465 and 86,624,643 shares issued and outstanding at December 31, 2023 and 2022, respectively	247	240
Additional paid-in capital	539,837	533,213
Accumulated other comprehensive income	2	0
Accumulated deficit	(474,527)	(455,773)
Total shareholders’ equity	65,559	77,680
Total liabilities and shareholders’ equity	$ 121,334	$ 94,176

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Dec. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Ordinary shares, par value	₪ 0.01	₪ 0.01
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	89,237,465	86,624,643
Ordinary shares, shares outstanding	89,237,465	86,624,643

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Statement [Abstract]
Revenue	$ 33,459	$ 7,500	$ 6,000
Cost of revenue	2,004	975	680
Gross profit	31,455	6,525	5,320
Operating expenses:
Research and development expenses, net	34,472	30,648	28,694
Marketing and business development expenses	244	932	842
General and administrative expenses	9,731	10,319	10,858
Total operating expenses	44,447	41,899	40,394
Operating loss	(12,992)	(35,374)	(35,074)
Financial and other income, net	3,208	1,738	871
Loss before taxes on income	(9,784)	(33,636)	(34,203)
Taxes on income, net	8,970	58	0
Net loss	$ (18,754)	$ (33,694)	$ (34,203)
Basic net loss per share	$ (0.21)	$ (0.39)	$ (0.41)
Diluted net loss per share	$ (0.21)	$ (0.39)	$ (0.41)
Unrealized gain arising during the period from marketable securities	$ 2	$ 0	$ 0
Total comprehensive loss	$ (18,752)	$ (33,694)	$ (34,203)
Weighted average number of ordinary shares used in computing basic net loss per share	87,633,298	86,555,628	84,203,971
Weighted average number of ordinary shares used in computing diluted net loss per share	87,633,298	86,555,628	84,203,971

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares [Member]		Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Accumulated deficit [Member]	Total
Balance at Dec. 31, 2020	$ 231		$ 507,427	$ 0	$ (387,876)	$ 119,782
Balance, shares at Dec. 31, 2020	83,675,856
Exercise of options and ESPP shares	$ 1		1,454			1,455
Exercise of options and ESPP shares, shares	335,204
Warrants exercised		[1]	425			425
Warrants exercised, shares	89,557
Issuance of shares, net	$ 7		14,951			14,958
Issuance of shares, net, shares	2,332,815
Stock-based compensation issued to employees, directors and non-employees			4,276			4,276
Net loss					(34,203)	(34,203)
Balance at Dec. 31, 2021	$ 239		528,533	0	(422,079)	106,693
Balance, shares at Dec. 31, 2021	86,433,432
Exercise of options and ESPP shares	$ 1		352			353
Exercise of options and ESPP shares, shares	191,211
Stock-based compensation issued to employees, directors and non-employees			4,328			4,328
Net loss					(33,694)	(33,694)
Balance at Dec. 31, 2022	$ 240		533,213	0	(455,773)	$ 77,680
Balance, shares at Dec. 31, 2022	86,624,643					86,624,643
Issuance of shares, net	$ 7		3,074			$ 3,081
Issuance of shares, net, shares	2,612,822
Stock-based compensation issued to employees, directors and non-employees			3,550			3,550
Changes in other comprehensive income from marketable securities				2		2
Net loss					(18,754)	(18,754)
Balance at Dec. 31, 2023	$ 247		$ 539,837	$ 2	$ (474,527)	$ 65,559
Balance, shares at Dec. 31, 2023	89,237,465					89,237,465
[1]Representing amount lower than $ 1.

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (18,754)	$ (33,694)	$ (34,203)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation	3,550	4,328	4,276
Depreciation	476	482	461
Decrease in severance pay, net	(50)	(81)	(101)
Loss (gain) from property and equipment sales and disposals	7	12	(3)
Exchange rate differences loss (gain) on cash balances	(129)	393	59
Decrease (increase) in interest receivables from short-term bank deposits	92	(584)	469
Amortization of discount and accrued interest on marketable securities	(280)	0	0
Decrease (increase) in trade receivables	(61,000)	0	2,000
Decrease (increase) in other accounts receivable and prepaid expenses	(112)	3,043	(2,802)
Decrease (increase) in long-term prepaid expenses	666	12	(31)
Decrease in operating lease right of use asset	568	658	525
Increase (decrease) in trade payables and other accounts payable and accrued expenses	3,509	(1,601)	3,367
Increase (decrease) in deferred participation in R&D expenses	(325)	(6,019)	3,708
Increase in deferred revenues	36,541	0	0
Decrease in operating lease liability	(645)	(1,062)	(416)
Net cash used in operating activities	(35,886)	(34,113)	(22,691)
Cash flows from investing activities:
Proceeds from maturity of short-term bank deposits	79,242	114,445	136,850
Investment in short-term bank deposits	(32,100)	(76,900)	(129,945)
Proceeds from maturity of marketable securities	10,145	0	0
Investment in marketable securities	(21,605)	0	0
Purchase of property and equipment	(172)	(477)	(292)
Costs of disposal of property and equipment	0	(10)	0
Proceeds from sale of property and equipment	0	2	3
Net cash provided by investing activities	35,510	37,060	6,616
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net	3,081	0	14,958
Proceeds from exercise of warrants	0	0	425
Proceeds from exercise of stock-based awards	0	353	1,455
Net cash provided by financing activities	3,081	353	16,838
Effect of exchange rate changes on cash	129	(393)	(59)
Increase in cash, cash equivalents and restricted cash	2,834	2,907	704
Cash, cash equivalents and restricted cash at the beginning of the year	11,421	8,514	7,810
Cash and cash equivalents and restricted cash at the end of the year	14,255	11,421	8,514
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment	(5)	117	116
Right-of-use asset obtained in exchange for operating lease liability	71	237	0
Cash received during the year for:
Interest payments received from short-term bank deposits and cash equivalents	3,052	852	1,364
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	13,890	11,059	7,801
Restricted cash	365	362	713
Total cash, cash equivalents and restricted cash	$ 14,255	$ 11,421	$ 8,514

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
GENERAL	NOTE 1:- GENERAL a. Compugen Ltd. (the “Company”) is a clinical-stage therapeutic discovery and development company utilizing our broadly applicable predictive computational discovery capabilities to identify novel drug targets and new biological pathways to develop therapeutics in the field of cancer immunotherapy. The Company’s innovative immuno-oncology pipeline consists of three clinical stage programs, COM701, COM902 and rilvegostomig, targeting immune checkpoints the Company discovered computationally. Two programs that are pursued internally, COM701, a potential first-in-class anti-PVRIG antibody, and COM902, a potential best-in-class therapeutic anti-TIGIT antibody, are in Phase 1 clinical trials and have been evaluated for the treatment of solid tumors as a monotherapy and in combination of dual (PVRIG/PD-1, PVRIG/TIGIT) and triple (PVRIG/PD-1/TIGIT) blockade. Based on the data from the Phase 1 trials and as part of our focus on two specific tumor types for the further clinical evaluation of COM701 and COM902, the Company initiated in 2023 two clinical trials evaluating the triple combination treatment of COM701, COM902 and pembrolizumab, one in metastatic microsatellite stable colorectal cancer patients and one in platinum resistant ovarian cancer patients. Rilvegostomig, a novel anti PD-1/TIGIT bispecific antibody with a TIGIT-specific component that is derived from the Company’s COM902 antibody, is being developed by AstraZeneca pursuant to an exclusive license agreement between the Company and AstraZeneca and is being evaluated in multiple clinical trials, including in Phase 3 clinical trial in patients with biliary tract cancer who will be randomized to receive rilvegostomig or placebo with investigator choice chemotherapy as adjuvant treatment after resection with curative intent. The Company’s therapeutic pipeline of early-stage immuno-oncology programs consists of programs aiming to address various mechanisms of immune resistance. The Company’s most advanced early-stage program, COM503, is in IND enabling studies and was licensed to Gilead in December 2023. 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 in the tumor microenvironment to inhibit cancer growth. The Company’s business model is to selectively enter into collaborations for our novel targets and drug product candidates at various stages of research and development under various revenue-sharing arrangements. b. The Company is headquartered in Holon, Israel. Its clinical development activities are headed from its United States subsidiary, Compugen USA, Inc, located in San Francisco, CA. c. The Company has incurred losses in the amount of $ 18,754 during the year ended December 31, 2023, has an accumulated deficit of $ 474,527 as of December 31, 2023 and has an accumulated negative cash flow from operating activities in the amount of $ 35,886 for the year ended December 31, 2023. The Company believes that its existing capital resources will be adequate to satisfy its expected liquidity requirements at the current level of yearly expenditures at least twelve months from the reporting date. d. On August 5, 2013, the Company entered into a Research and Development Collaboration and License Agreement (“Bayer Agreement”) with Bayer Pharma AG (“Bayer”) for the research, development, and commercialization of antibody-based therapeutics against two novel, Compugen-discovered immune checkpoint regulators. Under the terms of the Bayer Agreement, the Company received an upfront payment of $ 10,000, and, following the return of the CGEN 15022 program in 2017, the Company was eligible to receive an aggregate amount of over $ 250,000 in potential milestone payments for Bapotulimab (formerly known as BAY1905254), not including aggregate milestone payments of $ 23,200 received to date. Additionally, the Company was eligible to receive mid to high single digit royalties on global net sales of any approved products under the collaboration. Pursuant to the terms of Bayer Agreement, Bapotulimab program was transferred to Bayer’s full control for further preclinical and clinical development activities, and worldwide commercialization under milestone and royalty bearing license from Compugen. On November 29, 2022, Bayer notified the Company that it has resolved to terminate, effective as of February 27, 2023, the Bayer Agreement. e. Effective March 30, 2018, the Company entered into an exclusive license agreement with MedImmune Limited, the global biologics research and development arm of AstraZeneca (“AstraZeneca”) to enable the development of bi-specific and multi-specific immuno-oncology antibody products. Under the terms of the agreement, Compugen provided an exclusive license to AstraZeneca for the development of bi-specific and multi-specific antibody products derived from COM902. AstraZeneca has the right to create multiple products under this license and will be solely responsible for all research, development, and commercial activities under the agreement. In connection with such license agreement, AstraZeneca developed rilvegostomig, a novel PD-/TIGIT bi-specific antibody with a TIGIT component that is derived from our COM902 and entered the clinic in September 2021 and initiated Phase 3 with first patient dosing in Phase 3 in December 2023. Compugen received a $10,000 upfront payment, and received or accrued $ 25,500 milestone payments out of up to $ 200,000 it is eligible to receive in development, regulatory and commercial milestones for the first product in addition to tiered royalties on future product sales. If additional products are developed, additional milestones and royalties would be due to Compugen for each product. f. On October 10, 2018, the Company entered into a Master Clinical Trial Collaboration Agreement (the “Agreement”) with Bristol-Myers Squibb Company (“Bristol-Myers Squibb”) to evaluate the safety and tolerability of Compugen’s COM701 in combination with Bristol-Myers Squibbs’ PD-1 immune checkpoint inhibitor Opdivo® (nivolumab), in patients with advanced solid tumors. Pursuant to the Agreement, Compugen was responsible for and sponsored the ongoing two-part Phase 1 trial, which included the evaluation of the combination of COM701 and Opdivo®. The collaboration was also designed to address potential future combinations, including trials sponsored by Bristol-Myers Squibb to investigate combined inhibition of checkpoint mechanisms, such as PVRIG and TIGIT. Bristol-Myers Squibb and Compugen each supplied the other company with its own compound for the other party’s study, and otherwise each party was responsible for all costs associated with the study that it is conducting. In conjunction with the signing of the Agreement in October 2018, Bristol-Myers Squibb made a $ 12,000 investment in Compugen, see Note 8b. On February 14, 2020, the Agreement was amended to include a triple combination clinical trial to evaluate the safety, tolerability and antitumor activity of COM701 in combination with Opdivo® (nivolumab), and Bristol-Myers Squibb’s investigational antibody targeting TIGIT known as BMS-986207, in patients with advanced solid tumors, instead of the planned expansion of the combined therapy study designed to evaluate the dual combination of COM701 and Opdivo®. Pursuant to the Agreement, as amended, the Company sponsored the two-part Phase 1/2 trial, which evaluates the triple combination of COM701, Opdivo® and BMS-986207, in patients with advanced solid tumors where Bristol-Myers Squibb provided Opdivo® and BMS-986207 at no cost to the Company. As part of the amended Agreement, it was agreed that the Company will complete the dose escalation arm of the dual combination of COM701 with Opdivo ® On November 10, 2021, the Agreement was further amended to establish a joint steering committee (alongside the existing joint development committee which acts at an operational level) to facilitate strategic oversight and guidance for the programs run under the collaboration. In conjunction with the signing of the amendment to the Agreement in November 2021, Bristol-Myers Squibb made a $ 20,000 investment in Compugen, see Note 8b. On August 3, 2022, the Company and Bristol-Myers Squibb entered into a letter agreement pursuant to which the Agreement, as amended thereafter, was terminated as of such date. g. On December 18, 2023, the Company entered into an exclusive license agreement (the “License Agreement”) with Gilead Sciences, Inc. (“Gilead”), pursuant to which the Company granted Gilead an exclusive license under the Company’s pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products, including the Company’s COM503 product candidate (“COM503 License”), and additional products that may be so developed by Gilead (together with COM503, the “Licensed Products”). Upon completion of the Phase 1 clinical trial for COM503, the Company will initiate the transfer of development activities related to COM503 to Gilead, following which, Gilead will have sole responsibility to develop and commercialize the Licensed Products.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”). a. Use of estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. b. Financial statements in U.S. dollars: The reporting and functional currency of the Company is the U.S. dollar, as the Company’s management believes that the U.S. dollar is the primary currency of the economic environment in which the Company and Compugen USA, Inc. have operated and expect to continue to operate in the foreseeable future. Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, “Foreign Currency Matters”. All transaction gains and losses from the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive loss as financial income or expenses, as appropriate. c. Basis of consolidation: The consolidated financial statements include the accounts of the Company and Compugen USA, Inc. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. e. Restricted cash: Restricted cash is held in interest bearing saving accounts which are used as a security for the Company’s Israeli facility leasehold and leased cars fueling bank guarantees and credit card security for Compugen USA, Inc. f. Short-term bank deposits: Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term bank deposits are stated at cost which approximates market values. The short-term bank deposits as of December 31, 2023 and 2022 are in U.S. dollars and bear an annual weighted average interest rate of 6.20% and 4.84%, respectively. g. Investments in marketable securities: The Company accounts for investments in marketable securities in accordance with ASC No. 320, “Investments - Debt Securities”. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies all of its debt securities as available-for-sale (“AFS”). The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net. At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC 326, Financial Instrument- Credit losses. Allowance for credit losses on AFS debt securities are recognized in the Company’s consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit loss impairment was identified in the year ended December 31, 2023. h. Property and equipment, net: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: % Computers, software and related equipment 33 Laboratory equipment and office furniture 6 - 20 (mainly 20) Leasehold improvements Shorter of the term of the lease or useful life i. Impairment of long-lived assets: The long-lived assets of the Company. are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (assets group) with the future undiscounted cash flows expected to be generated by the asset (assets group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets group exceeds the fair value of the assets group. During the years 2023, 2022 and 2021, no impairment losses have been identified. j. Leases: The Company accounts for its leases according to ASC 842 - Leases (“ASC 842”). The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. The Company elected to not recognize a lease liability and a right-of-use (“ROU”) asset for leases with a term of twelve months or less. The Company elected to combine its lease and non-lease components. ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments over the lease, plus any initial direct costs incurred. The lease liability is initially measured based on the discounted present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate the lease is considered unless it is reasonably certain that the Company will not exercise the option. k. Revenue recognition: The Company generates revenues mainly from its collaborative and license agreements. The revenues are derived mainly from upfront license payments, research and development services and contingent payments related to milestone achievements. The Company recognizes revenue in accordance with ASC 606 – “Revenue from Contracts with Customers”. As such, the Company analyzes its contracts to assess whether they are within the scope of ASC 606. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the Company satisfies a performance obligation At the contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company entered into an exclusive license agreement with AstraZeneca. Under the terms of the agreement, Compugen provided AstraZeneca with an exclusive license to intellectual property ( IP”) rights of the Company for the development of bi-specific and multi-specific antibody products derived from COM902. Compugen received a $ 10,000 upfront payment and is eligible to receive up to $ 200,000 for development, regulatory and commercial milestones for the first product, of which $ 25,500 was received or accrued as well as tiered royalties on future product sales. Under ASC 606, the Company determined the license to the IP to be a functional IP that has significant standalone functionality. The Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the IP. Therefore, the license to the IP is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to the customer. Future milestone payments are considered variable consideration and are subject to the variable consideration constraint (i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable consideration is resolved). Therefore, as the milestone payments are not probable, revenue was not recognized in respect to such milestone payments prior to achievement of such milestone. Sales or usage-based royalties to be received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied (in whole or in part). As royalties are payable based on future Commercial Sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties. On December 18, 2020 the first milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 2,000 in accordance with the criteria prescribed under ASC 606. On September 29, 2021 the second milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 6,000 in accordance with the criteria prescribed under ASC 606. On November 11, 2022, the third milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 7,500 in accordance with the criteria prescribed under ASC 606. On December 27, 2023, the fourth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 10,000 in accordance with the criteria prescribed under ASC 606. On December 18, 2023, the Company entered into an exclusive License Agreement with Gilead. Under the terms of the agreement, the Company granted Gilead an exclusive license under the Company’s pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products derived from a Compugen pipeline program. Compugen received an upfront payment of $60,000 and is also eligible to receive up to approximately $ 788,000 additional milestone payments subject to and upon the achievement of certain development, regulatory and commercial milestones and as detailed in the agreement. Gilead may terminate the Gilead Collaboration Agreement for convenience by giving a certain prior written notice to the Company at any time after the effective date of the agreement. The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606, because the Company granted to Gilead licenses to its intellectual property and will provide research and development services, all of which are outputs of the Company’s ongoing activities, in exchange for consideration. The Company assessed the promises under the License Agreement and concluded that (i) the delivery of the COM503 License; (ii) the preclinical research and development activities towards IND approval of COM503 (the “IND research and development activities”) and (iii) the contingent promise to additional research and development activities for Phase 1 clinical (the “Phase 1 research and development activities”), are capable of being distinct and are distinct within the context of the License Agreement. The Company considered that the license has standalone functionality, considered to be functional intellectual property, and is capable of being distinct. The Company also determined that the IND research and development activities and Phase 1 research and development activities could be provided by resources otherwise available to Gilead and thus are capable of being distinct. Also, the Company concluded that the Company’s contingent promise to additional research and development activities for Phase 1 clinical represents a material right. As a result, the Company concluded that its promise to deliver the COM503 License, the promise to perform IND research and development activities and Phase 1 research and development activities represented separate performance obligations in the License Agreement. The Company also evaluated as a possible variable consideration all milestones and royalties. With respect to clinical development and regulatory milestones, based upon the high degree of uncertainty and risk associated with these potential payments, the Company concluded that all such amounts should be fully constrained and are not included in the initial transaction price as the Company cannot conclude that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Accordingly, the Company did not include any potential clinical development, regulatory and sales milestones and royalties in the initial transaction price. The Company allocated the transaction price to each performance obligation on a relative estimated standalone selling price basis. The Company developed the estimated standalone selling price for the COM503 License based on the present value of expected future cash flows associated with the license and related clinical development and regulatory milestones. In developing such estimate, the Company applied judgement in determining the timing needed to develop the Licensed Product, the probability of success, and the discount rate. The Company developed the estimated standalone selling price for the IND research and development activities using a “cost plus” reasonable margin approach. To determine the estimated standalone selling price of the material right for the Phase 1 research and development activities obligation, the Company estimated the standalone selling price of the underlying performance obligations included in the material right and estimated the probability of the Company’s performance of such obligations. The Company determined that the COM503 License was a functional license since the underlying intellectual property (the “IP”) has significant standalone functionality. In addition, the Company determined that December 18, 2023 represents (i) the date at which the Company made available the IP to Gilead and (ii) the beginning of the period during which Gilead is able to use and benefit from its right to use the IP. Based upon these considerations, the Company recognized the entirety of the initial transaction price allocated to the COM503 License performance obligation during the year ended December 31, 2023. Further, the IND research and development activities and Phase 1 research and development activities performance obligations are recognized over time when, or as, the Company performs the required services to Gilead. The Company determined that the input method under ASC 606 is the best measure of progress towards satisfying the performance obligation and reflects a faithful depiction of the transfer of goods and services. The method of measuring progress towards delivery of the services incorporates actual internal and external costs incurred, relative to total internal and external costs expected to be incurred to satisfy the performance obligation. The period over which total costs were estimated reflected the Company’s best estimate of the period over which it would perform the activities to achieve clearance of an IND application for COM503 and the phase 1 clinical trial. During the year ended December 31, 2023, the Company recognized $ 23,459 of license revenue. The Company included deferred revenues of $ 11,149 in current liabilities and $ 25,392 in non-current liabilities. For additional information regarding revenues, please refer to Note 10 below. l. Cost of revenues: Cost of revenues consist of certain royalties and milestones paid or accrued. m. Research and development expenses, net: Research and development costs are charged to the statement of comprehensive loss as incurred and are presented net of the amount of any grants the Company receives for research and development in the period in which the grant was received. As part of the process of preparing the consolidated financial statements, the Company accrues costs for pre-clinical and clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations or other pre-clinical or clinical trial vendors that perform the activities. In certain circumstances, the Company is required to make nonrefundable advance payments to vendors for goods or services that will be received in the future for use in research and development activities. In such circumstances, the nonrefundable advance payments are deferred and capitalized, and amortized as the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense. The portion of the Bristol-Myers Squibb $ 12,000 investment in 2018 over the fair market value of the shares issued in the amount of $ 4,121 and the portion of the $ 20,000 investment in 2021 over the fair market value of the shares issued in the amount of $ 5,000 were considered as deferred participation of Bristol-Myers Squibb in R&D expenses which is amortized over the period of the clinical trial based on the progress in the R&D, see Note 1f and Note 8b. Amortization of participation in R&D expenses for the years ended December 31, 2023, 2022 and 2021 were $ 325, $ 6,019 and $ 1,291, respectively. n. Severance pay: The Company’s liability for severance pay for its Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment as of the balance sheet date, and is in large part covered by regular deposits with recognized pension funds, deposits with severance pay funds and purchases of insurance policies. The value of these deposits and policies is recorded as an asset on the Company’s balance sheet. Pursuant to Section 14 of the Israeli Severance Pay Law, for Israeli employees under this section, the Company’s contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee’s monthly salary for each year of service, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. Severance expenses for the years ended December 31, 2023, 2022 and 2021 amounted to approximately $ 432, $ 468 and $ 383, respectively. o. Stock-based compensation: The Company accounts for stock-based compensation to employees and non-employees in accordance with ASC 718, “Compensation - Stock Compensation” (“ASC 718”), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company accounts for forfeitures as they occur. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards. The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the most appropriate fair value method for its share-options awards and Employee Stock Purchase Plan (“ESPP”). The option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term. Expected volatility was calculated based on actual historical share price movements over a term that is equivalent to the expected term of granted options. The expected term of options granted is based on historical experience and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. The Company used the following assumptions for options granted to employees, directors and non-employees and ESPP: Year ended December 31, 2023 2022 2021 Employee stock options Volatility 75.93%-80.95% 69.44%-74.61% 66.02%-69.05% Risk-free interest rate 3.37%-4.81% 1.54%-4.39% 0.51%-1.14% Dividend yield 0% 0% 0% Expected life (years) 4.02-5.06 5.05-5.4 5.04-5.31 Year ended December 31, 2023 2022 2021 ESPP Volatility - 69.74% 64.68%-69.68% Risk-free interest rate - 1.63% 0.04%-0.10% Dividend yield - 0% 0% Expected life (years) - 0.50 0.42-0.50 p. Concentration of credit risks: Financial instruments that potentially subject the Company and Compugen USA, Inc. to concentration of credit risk consist principally of cash and cash equivalents, restricted cash, short-term bank deposits and investment in marketable securities. Cash, cash equivalents, restricted cash and short-term bank deposits are invested in major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk. q. Basic and diluted loss per share: Basic loss per share is calculated based on the weighted average number of ordinary shares outstanding during each year. Diluted net loss per share is calculated based on the weighted average number of ordinary shares outstanding during each year, plus dilutive potential in accordance with ASC 260, “Earnings per Share ” . All outstanding share options and warrants for the years ended December 31, 2023, 2022 and 2021 have been excluded from the calculation of the diluted net loss per share, because all such securities are anti-dilutive for all periods presented. As of December 31, 2023, 2022 and 2021 the average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share were 7,921,020, 8,405,615 and 6,758,300, respectively. r. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes”, (“ASC 740”) which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2023 and 2022, a full valuation allowance was provided by the Company. ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10. s. Fair value of financial instruments: The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), pursuant to which fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputting that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying amounts of cash and cash equivalents, restricted cash, short-term bank deposits, other accounts receivable and prepaid expenses, trade payable and other accounts payable and accrued expenses approximate their fair values due to the short-term maturities of such instruments. t. Recently issued accounting pronouncement not yet adopted by the Company: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

OTHER ACCOUNTS RECEIVABLE AND P

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES	NOTE 3:- OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES December 31, 2023 2022 Prepaid expenses $ 2,211 $ 2,100 Government authorities 92 85 Other 226 232 $ 2,529 $ 2,417

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
Lessee Disclosure [Abstract]
LEASES	NOTE 4:- LEASES The Company leases all its real estate, storage area and cars under various operating lease agreements that expire on various dates. The Company’s operating leases have original lease periods expiring between 2021 and 2026. The offices in Israel lease include two options to renew, one of which was exercised in 2020. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain. Lease payments included in the measurement of the lease liability comprise the following: the fixed non-cancelable lease payments and payments for optional renewal periods where it is reasonably certain the renewal period will be exercised. Under ASC 842, all leases, including non-cancelable operating leases, are now recognized on the balance sheet. The aggregated present value of lease payments is recorded as a long-term asset titled Operating lease right of use asset. The corresponding lease liabilities are split between current maturity of operating lease liability within current liabilities and long-term operating lease liability within long-term liabilities. The Company’s leases do not provide an implicit rate, therefore the Company uses its incremental borrowing rate based on information available on the commencement date to determine the present value of lease payments. The following table represents the weighted-average remaining lease term and discount rate: Year ended December 31, 2023 Weighted average remaining lease term 2.19 Weighted average discount (annual) rate 5.32% Operating lease expenses were approximately $ 800, $ 884 and $ 956 in the years ended December 31, 2023, 2022 and 2021, respectively. Variable payments as CPI, included in the lease expenses, were approximately $ 61, $ 37 and $ 14 in the years ended December 31, 2023, 2022 and 2021, respectively. Cash paid for amounts included in the measurement of lease liabilities was approximately $ 852, $ 959 and $ 914 in the years ended December 31, 2023, 2022 and 2021, respectively. Maturities of operating lease liabilities were as follows: December 31, 2023 2024 690 2025 631 2026 115 Total operating lease payments 1,436 Less: imputed interest 85 Present value of lease liabilities 1,351 Lease liabilities, current 632 Lease liabilities, non- current 719 Present value of lease liabilities 1,351 The above annual minimum future rental commitments include the period covered by the first exercised option with respect to the leased facility of Compugen Ltd. through March 2026 and exclude the second option to extend the lease of the Company facility for additional five-year period following expiration of the current lease period.

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 5:- PROPERTY AND EQUIPMENT, NET December 31, 2023 2022 Cost: Computers, software and related equipment $ 739 $ 1,617 Laboratory equipment and office furniture 3,519 3,831 Leasehold improvements 2,314 2,314 6,572 7,762 Accumulated depreciation: Computers, software and related equipment 609 1,435 Laboratory equipment and office furniture 2,909 3,190 Leasehold improvements 1,838 1,605 5,356 6,230 Depreciated cost $ 1,216 $ 1,532 During 2023 and 2022 total cost of $ 1,357 and $ 99, respectively and total accumulated depreciation of $ 1,350 and $ 95, respectively were disposed from the consolidated balance sheets. For the years ended December 31, 2023, 2022 and 2021, depreciation expenses were approximately $ 476, $ 482 and $ 461, respectively.

OTHER ACCOUNTS PAYABLE AND ACCR

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES	NOTE 6:- OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES December 31, 2023 2022 Employees and related accruals $ 3,125 $ 2,812 Accrued expenses 7,858 6,396 $ 10,983 $ 9,208

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 7:- COMMITMENTS AND CONTINGENCIES a. The Company provided bank guarantees in the amount of $ 296 related to its offices in Israel, leased cars fueling in Israel and credit card security for its U.S. subsidiary. b. Under the Office of the Israel Innovation Authority of the Israeli Ministry of Industry, Trade and Labor, formerly known as the Office of the Chief Scientist (the “IIA”), the Company is not obligated to repay any amounts received from the IIA if it does not generate any income from the results of the funded research program(s). If income is generated from a funded research program, the Company is committed to pay royalties at a rate of between 3% to 5% of future revenue arising from such research program(s), and up to a maximum of 100% of the amount received, linked to the U.S. dollar (for grants received under programs approved subsequent to January 1, 1999, the maximum to be repaid is 100% plus interest at LIBOR until December 31, 2023, and from January 1, 2024, the 12 months Term SOFR interest). For the years ended December 31, 2023, 2022 and 2021, the Company had an aggregate of paid or accrued royalties to the IIA, recorded as cost of revenue in the consolidated statements of comprehensive loss in the amount of $ 1,004, $ 225 and $ 180, respectively. As of December 31, 2023, the Company’s aggregate contingent obligations for payments to IIA, based on royalty-bearing participation received or accrued, net of royalties paid or accrued, totaled approximately to $ 8,970. c. On June 25, 2012 the Company entered into an Antibodies Discovery Collaboration Agreement (the “Antibodies Discovery Agreement”) with a U.S. antibody technology company (“mAb Technology Company”), providing an established source for fully human mAbs. Under the Antibodies Discovery Agreement, the mAb Technology Company will be entitled to certain royalties that could be eliminated, upon payment of certain one-time fees (all payments referred together as “Contingent Fees”). For the years ended December 31, 2023, 2022 and 2021, the Company incurred such Contingent Fees in the amounts of $ 1,000, $ 750 and $ 500. d. On May 9, 2012, the Company entered into agreement (the “May 2012 Agreement”) with a U.S. Business Development Strategic Advisor (“Advisor”) for the purpose of entering into transactions with Pharma companies related to selected Pipeline Program Candidates. Under the agreement the Advisor was entitled to 4% of the cash considerations that may be received under such transactions. In 2014, the May 2012 Agreement was terminated except for certain payments arising from the Bayer Agreement which survive termination until August 5, 2025. The Bayer Agreement was terminated effective February 27, 2023 and no further payments are expected under the May 2012 Agreement. For the years ended December 31, 2023, 2022 and 2021, the Company has not paid and did not accrue payments under this agreement. e. Effective as of January 5, 2018, the Company entered into a Commercial License Agreement (CLA) with a European cell line development company. Under the agreement the Company is required to pay an annual maintenance fee, certain amounts upon the occurrence of specified milestones events, and 1% royalties on annual net sales with respect to each commercialized product manufactured using the company’s cell line. Royalties due under the CLA are creditable against the annual maintenance fee. In addition, the Company may at any time prior to the occurrence of a specific milestone event buy-out the royalty payment obligations in a single fixed amount. For the years ended December 31, 2023, 2022 and 2021, the Company did not incur any amount in the research and development expenses in connection with such milestone payment. f. Effective as of October 28, 2020, the Company entered into a collaboration agreement with a U.S. antibody discovery and optimization company for generation and optimization of therapeutic antibodies for the Company. Under the agreement the Company is required to pay service fees per services performed and certain amounts upon the occurrence of specified milestones events, and single-digit percent royalties on annual net sales with respect to each product sold that comprises or contains one or more antibodies so generated or optimized. The royalty rate is dependent upon the product type and any third-party contribution. For the years ended December 31, 2023, 2022 and 2021, the Company incurred in the research and development expenses such milestone payment in the amounts of $ 500, $ 0 and $ 250.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
SHAREHOLDERS' EQUITY	NOTE 8:- SHAREHOLDERS EQUITY a. Ordinary shares: The ordinary shares confer upon their holders the right to attend and vote at general meetings of the shareholders. Subject to the rights of holders of shares with limited or preferred rights which may be issued in the future, the ordinary shares of the Company confer upon the holders thereof equal rights to receive dividends, and to participate in the distribution of the assets of the Company upon its winding-up, in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such dividends are being paid or such distribution is being made, without regard to any premium paid in excess of the nominal value, if any. b. Issuance of shares: On June 14, 2018, the Company entered into securities purchase agreement with certain institutional investors and a placement agency agreement with JMP Securities LLC in connection with a registered direct offering (the “Offering”) of an aggregate of 5,316,457 ordinary shares (the “RD Shares”) of the Company at a purchase price of $ 3.95 per RD Share. In connection with the issuance of the RD Shares, the Company also issued warrants to purchase an aggregate of up to 4,253,165 additional ordinary shares. The Warrants were exercisable at a price of $ 4.74 per ordinary share and had a term of five years from the date of issuance. The Offering was made pursuant to the Company’s Registration Statement. Proceeds from the Offering were $ 19,767 (net of $ 1,233 issuance expenses). During the years ended December 31, 2021 and 2020, warrants to purchase an aggregate of 3,955,696 ordinary shares were exercised with proceeds of approximately $ 18,750 and as of December 31, 2023 and 2022, warrants to purchase 0 and up to 297,469 ordinary shares, respectively, remain outstanding. The warrants expired in June 2023. On October 10, 2018, the Company entered into a Master Clinical Trial Collaboration Agreement (the “Master Clinical Agreement”) with Bristol-Myers Squibb to evaluate the safety and tolerability of the Company’s COM701 in combination with Bristol-Myers Squibb’s PD-1 immune checkpoint inhibitor Opdivo® (nivolumab), in patients with advanced solid tumors. In conjunction with the Master Clinical Agreement, Bristol-Myers Squibb made a $ 12,000 equity investment in the Company. Under the terms of the securities purchase agreement, Bristol-Myers Squibb purchased 2,424,243 ordinary shares of the Company at a purchase price of $ 4.95 per share. The share price represented a 33% premium over the average closing price of Compugen’s ordinary shares for twenty (20) Nasdaq trading days prior to the execution of the securities purchase agreement. The investment closed on October 12, 2018. The premium over the fair market value in the amount of $ 4,121 represents the relative fair value of deferred participation of Bristol-Myers Squibb in R&D expenses (which are amortized over the period of the clinical trial, based on the progress in the R&D) and $ 7,788 (net of $ 91 issuance expenses) were considered equity investment. In conjunction with the signing of the amendment to the Master Clinical Agreement in November 2021, Bristol Myers Squibb made a $ 20,000 investment in the Company, purchasing 2,332,815 ordinary shares of the Company at a purchase price of $ 8.57333 per share. The share price represented a 33% premium over the closing price of Company’s ordinary shares on the last Nasdaq trading day immediately prior to the execution of the securities purchase agreement. The premium over the fair market value in the amount of $ 5,000 represents the relative fair value of deferred participation of Bristol-Myers Squibb in R&D expenses (which are amortized over the period of the clinical trial, based on the progress in the R&D) and $ 14,958 (net of $ 42 issuance expenses) were considered equity investment. On January 31, 2023, the Company entered into a Sales Agreement with Leerink Partners LLC (previously known as SVB Securities LLC) (“Leerink Partners”), as sales agent, pursuant to which the Company may offer and sell, from time to time through Leerink Partners, its ordinary shares through an “at the market offering” (ATM). The offer and sale of our ordinary shares, if any, will be made pursuant to the Company’s shelf registration statement on Form F-3, as supplemented by a prospectus supplement filed on January 31, 2023. Pursuant to the applicable prospectus supplement, the Company may offer and sell up to $50,000 of its ordinary shares. As of December 31, 2023, 2,612,822 ordinary shares were issued and sold through the ATM, with proceeds of approximately $3,081 (net of $513 issuance expenses). c. Share option plan: Under the Company’s 2010 Share Option Plan, as amended (the “Plan”), options may be granted to employees, directors and non-employees of the Company and Compugen USA, Inc. Under the 2010 Share Option Plan the Company reserved for issuance up to an aggregate of 13,895,152 ordinary shares. The Company’s Board of Directors last amended the Plan in August 2023, to decrease the number of shares available under the 2010 Plan. As of December 31, 2023, an aggregate of 1,202,301 options under the 2010 Share Option Plan of the Company were still available for future grants. In general, options granted under the Plan vest over a four-year period and expire 10 years from the date of grant and are granted at an exercise price of not less than the fair market value of the Company’s ordinary shares on the date of grant, unless otherwise determined by the Company’s board of directors. The exercise price of the options granted under the Plan may not be less than the nominal value of the shares into which such options are exercisable, and the expiration date may not be later than 10 years from the date of grant. If a grantee leaves his or her employment or other relationship with the Company, or if his or her relationship with the Company is terminated without cause (and other than by reason of death or disability, as defined in the Plan), the term of his or her unexercised options will generally expire in 90 days, unless determined otherwise by the Company. Any options that are cancelled, forfeited or expired become available for future grants. Transactions related to the grant of options to employees, directors and non-employees under the above Plan during the year ended December 31, 2023, were as follows: Number of options Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value $ Years $ Options outstanding at beginning of year 8,157,749 5.43 6.32 - Options granted 1,576,500 1.20 Options forfeited (1,086,404 ) 5.49 Options expired (274,100 ) 4.92 Options outstanding at end of year 8,373,745 4.65 6.61 1,912 Exercisable at end of year 5,017,329 5.71 5.15 117 Weighted average fair value of options granted to employees, directors and non-employees during the years 2023, 2022 and 2021 was $ 0.70, $ 1.51 and $ 3.81 per share, respectively. Aggregate intrinsic value of exercised options by employees, directors and non-employees during the years 2023, 2022 and 2021 was $ 0, $ 19 and $ 759, respectively. The aggregate intrinsic value of the exercised options represents the total intrinsic value (the difference between the sale price of the Company’s share at the date of exercise, and the exercise price) multiplied by the number of options exercised. The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s closing share price on the last trading day of calendar 2023 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2023. This amount is impacted by the changes in the fair market value of the Company’s shares. As of December 31, 2023, the total unrecognized estimated compensation cost related to non-vested share options granted prior to that date was $ 5,370 which is expected to be recognized over a weighted average period of approximately 2.06 years. d. Employee Stock Purchase Plan: The Company adopted an ESPP in November 2020, with the first offering period starting on January 1, 2021. In connection with its adoption, a total of 600,000 ordinary shares were reserved for issuance under this plan. The ESPP is implemented through six-month offering periods (except for the first offering period that was five months). According to the ESPP, eligible employees and non-employees may use up to 15% of their base salaries to purchase ordinary shares up to an aggregate limit of $ 40 per participant for every calendar year. The price of an ordinary share purchased under the ESPP is equal to 85% of the lower of the fair market value of the ordinary share on the first day of each offering period or on the last day of such period. In the years ended December 31, 2023, 2022 and 2021, 0, 158,025 and 117,829 ordinary shares, respectively, had been purchased under the ESPP and as of December 31, 2023, 114,146 ordinary shares were available for issuance under the ESPP. e. The stock-based compensation expenses related to stock options and ESPP are included as follows in the expense categories: Year ended December 31, 2023 2022 2021 Research and development expenses $ 1,933 $ 2,158 $ 1,971 Marketing and business development expenses (41 ) 269 215 General and administrative expenses 1,658 1,901 2,090 $ 3,550 $ 4,328 $ 4,276

TAXES ON INCOME, NET

TAXES ON INCOME, NET	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
TAXES ON INCOME, NET	NOTE 9:- TAXES ON INCOME, NET a. Israeli taxation: 1. Tax rates applicable to the income of the Company. Taxable income of the Company is subject to a corporate tax rate of 23% in 2021, 2022 and 2023. 2. Measurement of taxable income in U.S. dollars: The Company has elected to measure its taxable income and file its tax return under the Israeli Income Tax Regulations (Principles Regarding the Management of Books of Account of Foreign Invested Companies and Certain Partnerships and the Determination of Their Taxable Income), 1986. Accordingly, results for tax purposes are measured in terms of earnings in dollars. 3. Tax benefits under the Israeli Law for the Encouragement of Capital Investments, 1959 (the “Investment Law”): On April 1, 2005, an amendment to the Investment Law came into effect (the “Amendment 60”) that significantly changed the provisions of the Investment Law. The Amendment 60 limits the scope of enterprises that may be approved by the Investment Center by setting criteria for the approval of a facility as a “Beneficiary Enterprise” including a provision generally requiring that at least 25% of the Beneficiary Enterprise’s income will be derived from export. Another condition for receiving the benefits under the alternative track in respect of expansion programs pursuant to Amendment 60 is a minimum qualifying investment. The Company was eligible under the terms of minimum qualifying investment and elected 2012 as its “year of election”. Additionally, Amendment 60 enacted major changes in the manner in which tax benefits are awarded under the Investment Law so that companies no longer require Investment Center approval in order to qualify for tax benefits. However, the Investment Law provides that terms and benefits included in any certificate of approval already granted will remain subject to the provisions of the Investment Law as they were on the date of such approval. As of December 31, 2023, there was no taxable income attributable to the Beneficiary Enterprise. In January 2011, another amendment to the Investment Law came into effect (the “2011 Amendment”). According to the 2011 Amendment, the benefit tracks in the Investment Law were modified and a flat tax rate applies to the Company’s entire income subject to this amendment (the “Preferred Income”). Once an election is made, the Company’s income will be subject to the amended tax rate of 16% from 2015 and thereafter (or 9% for a preferred enterprise located in development area A). Commencing 2011 tax year, the Company can elect (without possibility of reversal) to apply the Amendment in a certain tax year and from that year and thereafter, it will be subject to the amended tax rates. The Company does not currently intend to adopt the 2011 Amendment and intends to continue to comply with the Investment Law as in effect prior to enactment of the 2011 Amendment. Accordingly, the Company did not adjust its deferred tax balances as of December 31, 2023. The Company’s position may change in the future. In December 2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2016 and 2017 Budget Years), 2016, which includes Amendment 73 to the Law (the “Amendment 73”) was published. According to Amendment 73, a preferred enterprise located in development area A will be subject to a tax rate of 7.5% instead of 9% effective from January 1, 2016 and thereafter (the tax rate applicable to preferred enterprises located in other areas remains at 16%). Amendment 73 also prescribes special tax tracks for technological enterprises, which are subject to rules that were issued by the Minister of Finance in May 2017. The new tax tracks under the Amendment are as follows: Preferred Technological Enterprise (“PTE”) - an enterprise for which total consolidated revenues of its parent company and all subsidiaries are less than NIS 10 billion in a tax year. A PTE, as defined in the Law, which is located in the center of Israel will be subject to tax at a rate of 12% on profits deriving from intellectual property (in development area A - a tax rate of 7.5%). The above changes in the tax rates relating to PTE tax track were not taken into account in the computation of deferred taxes as of December 31, 2023 and 2022, since the Company estimates that it will not implement the PTE tax track. 4. Tax benefits under the law for the Encouragement of Industry (Taxes), 1969 (the “Encouragement Law”): The Encouragement Law provides several tax benefits for industrial companies. An industrial company is defined as a company resident in Israel, at least 90% of the income of which in a given tax year exclusive of income from specified Government loans, capital gains, interest and dividends, is derived from an industrial enterprise owned by it. An industrial enterprise is defined as an enterprise whose major activity in a given tax year is industrial production activity. Management believes that the Company is currently qualified as an “industrial company“ under the Encouragement Law and, as such, is entitled to tax benefits, including: (1) deduction of purchase of know-how and patents and/or right to use a patent over an eight-year period; (2) the right to elect, under specified conditions, to file a consolidated tax return with additional related Israeli industrial companies and an industrial holding company; (3) accelerated depreciation rates on equipment and buildings; and (4) expenses related to a public offering on the Tel-Aviv Stock exchange and on recognized stock markets outside of Israel, are deductible in equal amounts over three years. Eligibility for benefits under the Encouragement Law is not subject to receipt of prior approval from any Governmental authority. No assurance can be given that the Israeli tax authorities will agree that the Company qualifies, or, that the Company will continue to qualify as an industrial company or that the benefits described above will be available to the Company in the future. 5. Net operating losses carryforward and capital loss: As of December 31, 2023, Compugen Ltd. ’s net operating losses carryforward for tax purposes in Israel amounted to approximately $ 401,100. These net operating losses may be carried forward indefinitely and may be offset against future taxable income. b. Non-Israeli subsidiary, Compugen USA, Inc.: On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform” or “TCJA”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes include several key tax provisions that might impact the Company, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017; (ii) a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a territorial system (along with certain new rules designed to prevent erosion of the U.S. income tax base - “BEAT”); (iii) establishing immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits; and (iv) providing a permanent deduction to corporations generating revenues from non-US markets (known as a deduction for foreign derived intangible income - “FDII”) . As of December 31, 2023, Compugen USA, Inc. has net operating loss carryforwards for federal income tax purposes of approximately $ 3,050. Approximately $1,950 of these losses are available to offset any future U.S. taxable income of our U.S. subsidiary and will expire in the years 2024 to 2032. Utilization of the U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. Neither Israeli income taxes, foreign withholding taxes nor deferred income taxes were provided in relation to undistributed earnings of the Company’s foreign subsidiary. This is because the Company has the intent and ability to reinvest these earnings indefinitely in the foreign subsidiary and therefore those earnings are continually redeployed in those jurisdictions. c. Loss (income) before taxes is comprised as follows: Year ended December 31, 2023 2022 2021 Domestic (Israel) $ 10,164 $ 34,096 $ 34,619 Foreign (380 ) (460 ) (416 ) $ 9,784 $ 33,636 $ 34,203 d. Taxes on income for the years ended December 31, 2023 and 2022, represent state income taxes in the United States. e. Deferred taxes: Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company and Compugen USA, Inc.’s deferred tax assets are comprised of operating loss carryforward and other temporary differences. Significant components of the Company and Compugen USA, Inc. deferred tax assets are as follows: December 31, 2023 2022 Deferred tax assets: Operating loss carryforward $ 92,885 $ 91,704 Research and development 12,109 12,083 Accrued social benefits and other 3,072 3,123 Lease liabilities 312 444 Property and equipment 2 2 Deferred tax asset before valuation allowance 108,380 107,356 Valuation allowance (108,073 ) (106,941 ) Deferred tax asset after valuation allowance 307 415 Deferred tax liabilities: Right of use assets (307 ) (415 ) Deferred tax liabilities (307 ) (415 ) Net deferred tax assets $ - $ - The Company has provided full valuation allowances in respect of deferred tax assets resulting from operating loss carryforward and other temporary differences. Management currently believes that since the Company has a history of losses, it is more likely than not that the deferred tax regarding the operating loss carryforward and other temporary differences will not be realized in the foreseeable future. f. Reconciliation of the theoretical tax expense (benefit) to the actual tax expense (benefit): The main reconciling items between the statutory tax rate of the Company and the effective tax rate are the non-recognition of tax benefits from accumulated net operating loss carryforward among the Company and g. Tax assessments: The Company has tax assessments through 2018 that are deemed to be final.

GEOGRAPHIC INFORMATION AND MAJO

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS	NOTE 10:- GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS The Company’s business is currently comprised of one operating segment, the research, development and commercialization of therapeutic and product candidates. The nature of the products and services provided by the Company and the type of customers for these products and services are similar. Operations in Israel and the United States include research and development, clinical operations, marketing and business development. The Company follows ASC 280, “Segment Reporting”. Total revenues are attributed to geographic areas based on the location of the end customer. The following represents the total revenue for the years ended December 31, 2023, 2022 and 2021 and long-lived assets as of December 31, 2023 and 2022: Year ended December 31, 2023 2022 2021 Revenue from sales to customers: Europe $ 10,000 $ 7,500 $ 6,000 United States 23,459 - - Total revenue $ 33,459 $ 7,500 $ 6,000 December 31, 2023 2022 Long-lived assets: Israel $ 2,468 $ 3,239 United States 77 119 Total long-lived assets $ 2,545 $ 3,358 Year ended December 31, 2023 2022 2021 Sales to a single customer exceeding 10%: Customer A 30 % 100 % 100 % Customer B 70 % - -

FINANCIAL AND OTHER INCOME, NET

FINANCIAL AND OTHER INCOME, NET	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
FINANCIAL AND OTHER INCOME, NET	NOTE 11:- FINANCIAL AND OTHER INCOME, NET Year ended December 31, 2023 2022 2021 Interest income $ 2,960 $ 1,437 $ 894 Amortization of discount on marketable securities, net 281 - - Bank fees and other finance expenses (31 ) (27 ) (25 ) Foreign currency transaction adjustments 5 340 (1 ) Gain (loss) from sales and disposals of fixed assets (7 ) (12 ) 3 Financial and other income, net $ 3,208 $ 1,738 $ 871

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	NOTE 12:- RELATED PARTY BALANCES AND TRANSACTIONS December 31, 2023 2022 Trade payables and accrued expenses $ 53 $ 83 Year ended December 31, 2023 2022 2021 Amounts charged to: Research and development expenses $ 147 $ 194 $ 240 For the years ended December 31, 2023, 2022 and 2021 the Company received research and development services related with cancer studies in animal models, and breeding and maintenance of animals (mice) to support such studies. The transaction was at arm’s length.

LOSSES PER SHARE

LOSSES PER SHARE	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
LOSSES PER SHARE	NOTE 13:- LOSSES PER SHARE The following table sets forth the computation of basic and diluted losses per share: Year ended December 31, 2023 2022 2021 Numerator: Net loss for basic and diluted loss per share $ (18,754 ) $ (33,694 ) $ (34,203 ) Denominator: Weighted average number of ordinary shares used in computing basic and diluted net loss per share 87,633,298 86,555,628 84,203,971 Basic and diluted loss per ordinary share $ (0.21 ) $ (0.39 ) $ (0.41 )

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 14:- SUBSEQUENT EVENTS In January 2024, 292,728 ordinary shares were issued and sold through the ATM, with proceeds of approximately $562 (net of $17 issuance expenses).

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Use of estimates:	a. Use of estimates: The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
Financial statements in U.S. dollars:	b. Financial statements in U.S. dollars: The reporting and functional currency of the Company is the U.S. dollar, as the Company’s management believes that the U.S. dollar is the primary currency of the economic environment in which the Company and Compugen USA, Inc. have operated and expect to continue to operate in the foreseeable future. Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, “Foreign Currency Matters”. All transaction gains and losses from the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive loss as financial income or expenses, as appropriate.
Basis of consolidation:	c. Basis of consolidation: The consolidated financial statements include the accounts of the Company and Compugen USA, Inc. Intercompany transactions and balances have been eliminated upon consolidation.
Cash equivalents:	d. Cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition.
Restricted cash:	e. Restricted cash: Restricted cash is held in interest bearing saving accounts which are used as a security for the Company’s Israeli facility leasehold and leased cars fueling bank guarantees and credit card security for Compugen USA, Inc.
Short-term bank deposits:	f. Short-term bank deposits: Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term bank deposits are stated at cost which approximates market values. The short-term bank deposits as of December 31, 2023 and 2022 are in U.S. dollars and bear an annual weighted average interest rate of 6.20% and 4.84%, respectively.
Investments in marketable securities	g. Investments in marketable securities: The Company accounts for investments in marketable securities in accordance with ASC No. 320, “Investments - Debt Securities”. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies all of its debt securities as available-for-sale (“AFS”). The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. Available-for-sale debt securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net. The amortized cost of debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net. At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC 326, Financial Instrument- Credit losses. Allowance for credit losses on AFS debt securities are recognized in the Company’s consolidated statements of income, and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit loss impairment was identified in the year ended December 31, 2023.
Property and equipment, net:	h. Property and equipment, net: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: % Computers, software and related equipment 33 Laboratory equipment and office furniture 6 - 20 (mainly 20) Leasehold improvements Shorter of the term of the lease or useful life
Impairment of long-lived assets:	i. Impairment of long-lived assets: The long-lived assets of the Company. are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (assets group) with the future undiscounted cash flows expected to be generated by the asset (assets group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets group exceeds the fair value of the assets group. During the years 2023, 2022 and 2021, no impairment losses have been identified.
Leases:	j. Leases: The Company accounts for its leases according to ASC 842 - Leases (“ASC 842”). The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. The Company elected to not recognize a lease liability and a right-of-use (“ROU”) asset for leases with a term of twelve months or less. The Company elected to combine its lease and non-lease components. ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments over the lease, plus any initial direct costs incurred. The lease liability is initially measured based on the discounted present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located. An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate the lease is considered unless it is reasonably certain that the Company will not exercise the option.
Revenue recognition:	k. Revenue recognition: The Company generates revenues mainly from its collaborative and license agreements. The revenues are derived mainly from upfront license payments, research and development services and contingent payments related to milestone achievements. The Company recognizes revenue in accordance with ASC 606 – “Revenue from Contracts with Customers”. As such, the Company analyzes its contracts to assess whether they are within the scope of ASC 606. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps: • Identification of the contract, or contracts, with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations in the contract • Recognition of revenue when, or as, the Company satisfies a performance obligation At the contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. The Company entered into an exclusive license agreement with AstraZeneca. Under the terms of the agreement, Compugen provided AstraZeneca with an exclusive license to intellectual property ( IP”) rights of the Company for the development of bi-specific and multi-specific antibody products derived from COM902. Compugen received a $ 10,000 upfront payment and is eligible to receive up to $ 200,000 for development, regulatory and commercial milestones for the first product, of which $ 25,500 was received or accrued as well as tiered royalties on future product sales. Under ASC 606, the Company determined the license to the IP to be a functional IP that has significant standalone functionality. The Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the IP. Therefore, the license to the IP is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to the customer. Future milestone payments are considered variable consideration and are subject to the variable consideration constraint (i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable consideration is resolved). Therefore, as the milestone payments are not probable, revenue was not recognized in respect to such milestone payments prior to achievement of such milestone. Sales or usage-based royalties to be received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied (in whole or in part). As royalties are payable based on future Commercial Sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties. On December 18, 2020 the first milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 2,000 in accordance with the criteria prescribed under ASC 606. On September 29, 2021 the second milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 6,000 in accordance with the criteria prescribed under ASC 606. On November 11, 2022, the third milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 7,500 in accordance with the criteria prescribed under ASC 606. On December 27, 2023, the fourth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $ 10,000 in accordance with the criteria prescribed under ASC 606. On December 18, 2023, the Company entered into an exclusive License Agreement with Gilead. Under the terms of the agreement, the Company granted Gilead an exclusive license under the Company’s pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products derived from a Compugen pipeline program. Compugen received an upfront payment of $60,000 and is also eligible to receive up to approximately $ 788,000 additional milestone payments subject to and upon the achievement of certain development, regulatory and commercial milestones and as detailed in the agreement. Gilead may terminate the Gilead Collaboration Agreement for convenience by giving a certain prior written notice to the Company at any time after the effective date of the agreement. The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606, because the Company granted to Gilead licenses to its intellectual property and will provide research and development services, all of which are outputs of the Company’s ongoing activities, in exchange for consideration. The Company assessed the promises under the License Agreement and concluded that (i) the delivery of the COM503 License; (ii) the preclinical research and development activities towards IND approval of COM503 (the “IND research and development activities”) and (iii) the contingent promise to additional research and development activities for Phase 1 clinical (the “Phase 1 research and development activities”), are capable of being distinct and are distinct within the context of the License Agreement. The Company considered that the license has standalone functionality, considered to be functional intellectual property, and is capable of being distinct. The Company also determined that the IND research and development activities and Phase 1 research and development activities could be provided by resources otherwise available to Gilead and thus are capable of being distinct. Also, the Company concluded that the Company’s contingent promise to additional research and development activities for Phase 1 clinical represents a material right. As a result, the Company concluded that its promise to deliver the COM503 License, the promise to perform IND research and development activities and Phase 1 research and development activities represented separate performance obligations in the License Agreement. The Company also evaluated as a possible variable consideration all milestones and royalties. With respect to clinical development and regulatory milestones, based upon the high degree of uncertainty and risk associated with these potential payments, the Company concluded that all such amounts should be fully constrained and are not included in the initial transaction price as the Company cannot conclude that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Accordingly, the Company did not include any potential clinical development, regulatory and sales milestones and royalties in the initial transaction price. The Company allocated the transaction price to each performance obligation on a relative estimated standalone selling price basis. The Company developed the estimated standalone selling price for the COM503 License based on the present value of expected future cash flows associated with the license and related clinical development and regulatory milestones. In developing such estimate, the Company applied judgement in determining the timing needed to develop the Licensed Product, the probability of success, and the discount rate. The Company developed the estimated standalone selling price for the IND research and development activities using a “cost plus” reasonable margin approach. To determine the estimated standalone selling price of the material right for the Phase 1 research and development activities obligation, the Company estimated the standalone selling price of the underlying performance obligations included in the material right and estimated the probability of the Company’s performance of such obligations. The Company determined that the COM503 License was a functional license since the underlying intellectual property (the “IP”) has significant standalone functionality. In addition, the Company determined that December 18, 2023 represents (i) the date at which the Company made available the IP to Gilead and (ii) the beginning of the period during which Gilead is able to use and benefit from its right to use the IP. Based upon these considerations, the Company recognized the entirety of the initial transaction price allocated to the COM503 License performance obligation during the year ended December 31, 2023. Further, the IND research and development activities and Phase 1 research and development activities performance obligations are recognized over time when, or as, the Company performs the required services to Gilead. The Company determined that the input method under ASC 606 is the best measure of progress towards satisfying the performance obligation and reflects a faithful depiction of the transfer of goods and services. The method of measuring progress towards delivery of the services incorporates actual internal and external costs incurred, relative to total internal and external costs expected to be incurred to satisfy the performance obligation. The period over which total costs were estimated reflected the Company’s best estimate of the period over which it would perform the activities to achieve clearance of an IND application for COM503 and the phase 1 clinical trial. During the year ended December 31, 2023, the Company recognized $ 23,459 of license revenue. The Company included deferred revenues of $ 11,149 in current liabilities and $ 25,392 in non-current liabilities. For additional information regarding revenues, please refer to Note 10 below.
Cost of revenues:	l. Cost of revenues: Cost of revenues consist of certain royalties and milestones paid or accrued.
Research and development expenses, net:	m. Research and development expenses, net: Research and development costs are charged to the statement of comprehensive loss as incurred and are presented net of the amount of any grants the Company receives for research and development in the period in which the grant was received. As part of the process of preparing the consolidated financial statements, the Company accrues costs for pre-clinical and clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations or other pre-clinical or clinical trial vendors that perform the activities. In certain circumstances, the Company is required to make nonrefundable advance payments to vendors for goods or services that will be received in the future for use in research and development activities. In such circumstances, the nonrefundable advance payments are deferred and capitalized, and amortized as the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense. The portion of the Bristol-Myers Squibb $ 12,000 investment in 2018 over the fair market value of the shares issued in the amount of $ 4,121 and the portion of the $ 20,000 investment in 2021 over the fair market value of the shares issued in the amount of $ 5,000 were considered as deferred participation of Bristol-Myers Squibb in R&D expenses which is amortized over the period of the clinical trial based on the progress in the R&D, see Note 1f and Note 8b. Amortization of participation in R&D expenses for the years ended December 31, 2023, 2022 and 2021 were $ 325, $ 6,019 and $ 1,291, respectively.
Severance pay:	n. Severance pay: The Company’s liability for severance pay for its Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment as of the balance sheet date, and is in large part covered by regular deposits with recognized pension funds, deposits with severance pay funds and purchases of insurance policies. The value of these deposits and policies is recorded as an asset on the Company’s balance sheet. Pursuant to Section 14 of the Israeli Severance Pay Law, for Israeli employees under this section, the Company’s contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee’s monthly salary for each year of service, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. Severance expenses for the years ended December 31, 2023, 2022 and 2021 amounted to approximately $ 432, $ 468 and $ 383, respectively.
Stock-based compensation:	o. Stock-based compensation: The Company accounts for stock-based compensation to employees and non-employees in accordance with ASC 718, “Compensation - Stock Compensation” (“ASC 718”), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company accounts for forfeitures as they occur. The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards. The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the most appropriate fair value method for its share-options awards and Employee Stock Purchase Plan (“ESPP”). The option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term. Expected volatility was calculated based on actual historical share price movements over a term that is equivalent to the expected term of granted options. The expected term of options granted is based on historical experience and represents the period of time that options granted are expected to be outstanding. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends. The Company used the following assumptions for options granted to employees, directors and non-employees and ESPP: Year ended December 31, 2023 2022 2021 Employee stock options Volatility 75.93%-80.95% 69.44%-74.61% 66.02%-69.05% Risk-free interest rate 3.37%-4.81% 1.54%-4.39% 0.51%-1.14% Dividend yield 0% 0% 0% Expected life (years) 4.02-5.06 5.05-5.4 5.04-5.31 Year ended December 31, 2023 2022 2021 ESPP Volatility - 69.74% 64.68%-69.68% Risk-free interest rate - 1.63% 0.04%-0.10% Dividend yield - 0% 0% Expected life (years) - 0.50 0.42-0.50
Concentration of credit risks:	p. Concentration of credit risks: Financial instruments that potentially subject the Company and Compugen USA, Inc. to concentration of credit risk consist principally of cash and cash equivalents, restricted cash, short-term bank deposits and investment in marketable securities. Cash, cash equivalents, restricted cash and short-term bank deposits are invested in major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk.
Basic and diluted loss per share:	q. Basic and diluted loss per share: Basic loss per share is calculated based on the weighted average number of ordinary shares outstanding during each year. Diluted net loss per share is calculated based on the weighted average number of ordinary shares outstanding during each year, plus dilutive potential in accordance with ASC 260, “Earnings per Share ” . All outstanding share options and warrants for the years ended December 31, 2023, 2022 and 2021 have been excluded from the calculation of the diluted net loss per share, because all such securities are anti-dilutive for all periods presented. As of December 31, 2023, 2022 and 2021 the average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share were 7,921,020, 8,405,615 and 6,758,300, respectively.
Income taxes:	r. Income taxes: The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes”, (“ASC 740”) which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2023 and 2022, a full valuation allowance was provided by the Company. ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10.
Fair value of financial instruments:	s. Fair value of financial instruments: The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), pursuant to which fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputting that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. The hierarchy is broken down into three levels based on the inputs as follows: Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can Level 2 - Valuations based on one or more quoted prices in markets that are not active or for which all Level 3 - Valuations based on inputs that are unobservable and significant to the overall fair value measurement. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The carrying amounts of cash and cash equivalents, restricted cash, short-term bank deposits, other accounts receivable and prepaid expenses, trade payable and other accounts payable and accrued expenses approximate their fair values due to the short-term maturities of such instruments.
Recently issued accounting pronouncement not yet adopted by the Company:	t. Recently issued accounting pronouncement not yet adopted by the Company: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Schedule of depreciation rates for property and equipment	% Computers, software and related equipment 33 Laboratory equipment and office furniture 6 - 20 (mainly 20) Leasehold improvements Shorter of the term of the lease or useful life
Schedule of weighted average assumptions for granted options	Year ended December 31, 2023 2022 2021 Employee stock options Volatility 75.93%-80.95% 69.44%-74.61% 66.02%-69.05% Risk-free interest rate 3.37%-4.81% 1.54%-4.39% 0.51%-1.14% Dividend yield 0% 0% 0% Expected life (years) 4.02-5.06 5.05-5.4 5.04-5.31 Year ended December 31, 2023 2022 2021 ESPP Volatility - 69.74% 64.68%-69.68% Risk-free interest rate - 1.63% 0.04%-0.10% Dividend yield - 0% 0% Expected life (years) - 0.50 0.42-0.50

OTHER ACCOUNTS RECEIVABLE AND_2

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other accounts receivable and prepaid expenses	December 31, 2023 2022 Prepaid expenses $ 2,211 $ 2,100 Government authorities 92 85 Other 226 232 $ 2,529 $ 2,417

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Lessee Disclosure [Abstract]
Schedule of weighted-average remaining lease term and discount rate	Year ended December 31, 2023 Weighted average remaining lease term 2.19 Weighted average discount (annual) rate 5.32%
Schedule of operating leases	December 31, 2023 2024 690 2025 631 2026 115 Total operating lease payments 1,436 Less: imputed interest 85 Present value of lease liabilities 1,351 Lease liabilities, current 632 Lease liabilities, non- current 719 Present value of lease liabilities 1,351

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Schedule of property and equipment, net	December 31, 2023 2022 Cost: Computers, software and related equipment $ 739 $ 1,617 Laboratory equipment and office furniture 3,519 3,831 Leasehold improvements 2,314 2,314 6,572 7,762 Accumulated depreciation: Computers, software and related equipment 609 1,435 Laboratory equipment and office furniture 2,909 3,190 Leasehold improvements 1,838 1,605 5,356 6,230 Depreciated cost $ 1,216 $ 1,532

OTHER ACCOUNTS PAYABLE AND AC_2

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
Payables and Accruals [Abstract]
Schedule of other accounts payable and accrued expenses	December 31, 2023 2022 Employees and related accruals $ 3,125 $ 2,812 Accrued expenses 7,858 6,396 $ 10,983 $ 9,208

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	12 Months Ended
	Dec. 31, 2023
Stockholders' Equity Note [Abstract]
Schedule of stock-based compensation expenses	Number of options Weighted average exercise price Weighted average remaining contractual life Aggregate intrinsic value $ Years $ Options outstanding at beginning of year 8,157,749 5.43 6.32 - Options granted 1,576,500 1.20 Options forfeited (1,086,404 ) 5.49 Options expired (274,100 ) 4.92 Options outstanding at end of year 8,373,745 4.65 6.61 1,912 Exercisable at end of year 5,017,329 5.71 5.15 117
Schedule of option activity	Year ended December 31, 2023 2022 2021 Research and development expenses $ 1,933 $ 2,158 $ 1,971 Marketing and business development expenses (41 ) 269 215 General and administrative expenses 1,658 1,901 2,090 $ 3,550 $ 4,328 $ 4,276

TAXES ON INCOME, NET (Tables)

TAXES ON INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of loss (income) before taxes	Year ended December 31, 2023 2022 2021 Domestic (Israel) $ 10,164 $ 34,096 $ 34,619 Foreign (380 ) (460 ) (416 ) $ 9,784 $ 33,636 $ 34,203
Schedule of deferred tax assets and liabilities	December 31, 2023 2022 Deferred tax assets: Operating loss carryforward $ 92,885 $ 91,704 Research and development 12,109 12,083 Accrued social benefits and other 3,072 3,123 Lease liabilities 312 444 Property and equipment 2 2 Deferred tax asset before valuation allowance 108,380 107,356 Valuation allowance (108,073 ) (106,941 ) Deferred tax asset after valuation allowance 307 415 Deferred tax liabilities: Right of use assets (307 ) (415 ) Deferred tax liabilities (307 ) (415 ) Net deferred tax assets $ - $ -

GEOGRAPHIC INFORMATION AND MA_2

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS (Tables)	12 Months Ended
	Dec. 31, 2023
Segment Reporting [Abstract]
Schedule of total revenues and long-lived assets by geographic area	Year ended December 31, 2023 2022 2021 Revenue from sales to customers: Europe $ 10,000 $ 7,500 $ 6,000 United States 23,459 - - Total revenue $ 33,459 $ 7,500 $ 6,000 December 31, 2023 2022 Long-lived assets: Israel $ 2,468 $ 3,239 United States 77 119 Total long-lived assets $ 2,545 $ 3,358
Schedule of sales to single customer exceeding 10%	Year ended December 31, 2023 2022 2021 Sales to a single customer exceeding 10%: Customer A 30 % 100 % 100 % Customer B 70 % - -

FINANCIAL AND OTHER INCOME, N_2

FINANCIAL AND OTHER INCOME, NET (Tables)	12 Months Ended
	Dec. 31, 2023
Other Income and Expenses [Abstract]
Schedule of financial and other income, net	Year ended December 31, 2023 2022 2021 Interest income $ 2,960 $ 1,437 $ 894 Amortization of discount on marketable securities, net 281 - - Bank fees and other finance expenses (31 ) (27 ) (25 ) Foreign currency transaction adjustments 5 340 (1 ) Gain (loss) from sales and disposals of fixed assets (7 ) (12 ) 3 Financial and other income, net $ 3,208 $ 1,738 $ 871

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Schedule of related party balances and transactions	December 31, 2023 2022 Trade payables and accrued expenses $ 53 $ 83 Year ended December 31, 2023 2022 2021 Amounts charged to: Research and development expenses $ 147 $ 194 $ 240

LOSSES PER SHARE (Tables)

LOSSES PER SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
Earnings Per Share [Abstract]
Schedule of computation of basic and diluted losses per share	Year ended December 31, 2023 2022 2021 Numerator: Net loss for basic and diluted loss per share $ (18,754 ) $ (33,694 ) $ (34,203 ) Denominator: Weighted average number of ordinary shares used in computing basic and diluted net loss per share 87,633,298 86,555,628 84,203,971 Basic and diluted loss per ordinary share $ (0.21 ) $ (0.39 ) $ (0.41 )

GENERAL (Narrative) (Details)

GENERAL (Narrative) (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Aug. 05, 2013	Jan. 31, 2024	Dec. 31, 2023	Dec. 18, 2023	Dec. 31, 2022	Dec. 31, 2021	Nov. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss			$ (18,754)		$ (33,694)	$ (34,203)
Accumulated deficit			(474,527)		(455,773)
Net cash used in operating activities			(35,886)		$ (34,113)	$ (22,691)
Non-refundable upfront payment				$ 60,000
Milestone payment				30,000
Potential milestone compensation company is now eligible for				$ 758,000
Preclinical milestone compensation	$ 23,200
Amount of investment in Compugen			12,000				$ 20,000
Upfront payment received	10,000		10,000
Accrued milestone payment			25,500
Potential milestone compensation	$ 250,000		$ 200,000
Percentage of expected from upfront payment amount paid		15%

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands				1 Months Ended			12 Months Ended
	Dec. 18, 2023	Nov. 11, 2022	Aug. 05, 2013	Dec. 27, 2023	Sep. 29, 2021	Dec. 18, 2020	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Average interest rate, short-term bank deposits in U.S. dollars							6.20%	4.84%
Amortization in R&D expenses							$ 325	$ 6,019	$ 1,291
Revenue recognition under milestone method		$ 7,500		$ 10,000	$ 6,000	$ 2,000
Severance expenses							432	$ 468	$ 383
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned			$ 10,000				10,000
Research And Development Arrangement Payments Receivable			$ 250,000				200,000
Accrued milestone payment							25,500
License revenue							23,459
Deferred revenues included in current liabilities							11,149
Deferred revenues included in non current liabilities							$ 25,392
Options [Member]
Weighted average number of shares related to outstanding options excluded from the calculations of diluted net loss per share							7,921,020	8,405,615	6,758,300
Master Clinical Agreement One [Member]
Investment amount							$ 12,000
Deferred participation of BMS in R&D expenses							4,121
Master Clinical Agreement Two [Member]
Investment amount							20,000
Deferred participation of BMS in R&D expenses							$ 5,000
License Agreement With Gilead [Member]
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned	$ 60,000
Research And Development Arrangement Payments Receivable	$ 788,000

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates for Property and Equipment) (Details)	12 Months Ended
	Dec. 31, 2023
Computers, software and related equipment [Member]
Property, Plant and Equipment [Line Items]
Annual depreciation rate	33%
Laboratory equipment and office furniture [Member]
Property, Plant and Equipment [Line Items]
Annual depreciation rate	20%
Laboratory equipment and office furniture [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Annual depreciation rate	6%
Laboratory equipment and office furniture [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Annual depreciation rate	20%
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Annual depreciation rate	Shorter of the term of the lease or useful life

SIGNIFICANT ACCOUNTING POLICI_6

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Weighted-Average Assumptions for Granted Options) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0%	0%	0%
Employee Stock Option [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	75.93%	69.44%	66.02%
Risk-free interest rate	3.37%	1.54%	0.51%
Expected life (years)	4 years 7 days	5 years 18 days	5 years 14 days
Employee Stock Option [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	80.95%	74.61%	69.05%
Risk-free interest rate	4.81%	4.39%	1.14%
Expected life (years)	5 years 21 days	5 years 4 months 24 days	5 years 3 months 21 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility	0%	69.74%
Risk-free interest rate	0%	1.63%
Dividend yield	0%	0%	0%
Expected life (years)		6 months
Employee Stock Purchase Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			64.68%
Risk-free interest rate			0.04%
Expected life (years)			5 months 1 day
Employee Stock Purchase Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility			69.68%
Risk-free interest rate			0.10%
Expected life (years)			6 months

OTHER ACCOUNTS RECEIVABLE AND_3

OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Schedule Of Other Accounts Receivable And Prepaid Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 2,211	$ 2,100
Government authorities	92	85
Other	226	232
Other accounts receivable and prepaid expenses	$ 2,529	$ 2,417

LEASES (Narrative) (Details)

LEASES (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lessee Disclosure [Abstract]
Operating Lease, Payments	$ 800	$ 884	$ 956
Variable payments as CPI	61	37	14
Cash paid for amounts included in measurement of lease liabilities	$ 852	$ 959	$ 914

LEASES (Schedule of Weighted-Av

LEASES (Schedule of Weighted-Average Remaining Lease Term and Discount Rate) (Details)	Dec. 31, 2023
Lessee Disclosure [Abstract]
Weighted average remaining lease term	2 years 2 months 8 days
Weighted average discount (annual) rate	5.32%

LEASES (Schedule of Operating L

LEASES (Schedule of Operating Leases) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
2024	$ 690
2025	631
2026	115
Total operating lease payments	1,436
Less: imputed interest	85
Present value of lease liabilities	1,351
Lease liabilities, current	632	$ 613
Lease liabilities, non- current	719	$ 1,312
Present value of lease liabilities	$ 1,351

PROPERTY AND EQUIPMENT, NET (Na

PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Cost	$ 6,572	$ 7,762
Accumulated depreciation	5,356	6,230
Depreciation	476	482	$ 461
Obsolete property and equipment and certain nonfunctional Lab equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	1,357	99
Accumulated depreciation	$ 1,350	$ 95

PROPERTY AND EQUIPMENT, NET (Sc

PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Cost	$ 6,572	$ 7,762
Accumulated depreciation	5,356	6,230
Depreciated cost	1,216	1,532
Computers, software and related equipment [Member]
Property, Plant and Equipment [Line Items]
Cost	739	1,617
Accumulated depreciation	609	1,435
Laboratory equipment and office furniture [Member]
Property, Plant and Equipment [Line Items]
Cost	3,519	3,831
Accumulated depreciation	2,909	3,190
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Cost	2,314	2,314
Accumulated depreciation	$ 1,838	$ 1,605

OTHER ACCOUNTS PAYABLE AND AC_3

OTHER ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Schedule Of Other Accounts Payable And Accrued Expenses) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Employees and related accruals	$ 3,125	$ 2,812
Accrued expenses	7,858	6,396
Other accounts payable and accrued expenses	$ 10,983	$ 9,208

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Commitments [Line Items]
Bank guarantees in favor of lessor, foreign currency derivative contracts and credit card security	$ 296,000
Royalty percentage	1%
Research and development expenses milestone payment	$ 500,000	$ 0	$ 250,000
IIA [Member]
Other Commitments [Line Items]
Maximum royalty repaid as percentage of grant received	100%
Royalty expense	$ 1,004,000	225,000	180,000
Contingent royalty obligations	$ 8,970,000
IIA [Member] | Minimum [Member]
Other Commitments [Line Items]
Royalty percentage based on future revenues	3%
IIA [Member] | Maximum [Member]
Other Commitments [Line Items]
Royalty percentage based on future revenues	5%
May 2012 Agreement Member
Other Commitments [Line Items]
Agreement, start date	May 09, 2012
Agreement termination description	In 2014, the May 2012 Agreement was terminated except for certain payments arising from the Bayer Agreement which survive termination until August 5, 2025.
May 2012 Agreement Member | Minimum [Member]
Other Commitments [Line Items]
Participation Rights	4%
Antibodies Discovery Collaboration Agreement [Member]
Other Commitments [Line Items]
Contingent fees	$ 1,000,000	$ 750,000	$ 500,000

SHAREHOLDERS' EQUITY (Narrativ

SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended		12 Months Ended
	Oct. 10, 2018	Jun. 14, 2018	Jan. 31, 2023	Nov. 30, 2021	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from warrant exercised					$ 0	$ 0	$ 425
Employees Directors And Non Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average fair value of stock options granted					$ 0.7	$ 1.51	$ 3.81
Aggregate intrinsic value of exercised options					$ 0	$ 19	$ 759
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance					600,000
Ordinary shares available for issuance					114,146
Offering period					five months
Percentage of use of base salary to purchase ordinary shares					15%
Aggregate limit of ordinary shares per calendar year					$ 40
Percentage of fair market value of ordinary shares at time of offering					85%
Options granted					0	158,025	117,829
2010 Share Option Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares reserved for issuance					13,895,152
Ordinary shares available for issuance					1,202,301
Vesting period					4 years
Award expiration period					10 years
Unrecognized share-based compensation expense					$ 5,370
Unrecognized compensation cost, recognition period					2 years 21 days
Warrant [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Warrants purchase to ordinary shares					0	0	3,955,696	3,955,696
Warrants purchase to ordinary shares remain outstanding					297,469	297,469
Proceeds from warrant exercised							$ 18,750	$ 18,750
Master Clinical Agreement [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price per share	$ 4.95			$ 8.57333
Maximum Authorized Proceeds From Issuance Of Common Stock	$ 2,424,243			$ 2,332,815
Equity investment	$ 12,000			$ 20,000
Percentage of closing price	33%			33%
Collaborative Arrangements [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Authorized Proceeds From Issuance Of Common Stock					$ 7,788
Issuance expenses					91
Deferred Participation Of B M S In R And D Expenses					4,121
Collaborative Arrangements Two [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum Authorized Proceeds From Issuance Of Common Stock					14,958
Issuance expenses					42
Deferred Participation Of B M S In R And D Expenses					$ 5,000
JMP Securities LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Offering price per share		$ 3.95
Warrants purchase to ordinary shares		4,253,165
Exercise price of warrants		$ 4.74
Expiration period of warrants		5 years
Issuance of shares, net, shares		5,316,457
Issuance expenses		$ 1,233
Proceeds from ordinary shares in offering		$ 19,767
Leerink Partners LLC [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of shares, net, shares					2,612,822
Issuance expenses					$ 513
Proceeds from ordinary shares in offering			$ 50,000		$ 3,081

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule Of Option Activity) (Details) - Employees Directors And Non Employees [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of options
Options outstanding at beginning of year	8,157,749
Options granted	1,576,500
Options forfeited	(1,086,404)
Options expired	(274,100)
Options outstanding at end of year	8,373,745	8,157,749
Exercisable at end of year	5,017,329
Weighted average exercise price
Options outstanding at beginning of year	$ 5.43
Options granted	1.2
Options forfeited	5.49
Options expired	4.92
Options outstanding at end of year	4.65	$ 5.43
Exercisable at end of year	$ 5.71
Weighted average remaining contractual life
Options outstanding	6 years 7 months 9 days	6 years 3 months 25 days
Exercisable at end of year	5 years 1 month 24 days
Aggregate intrinsic value
Options outstanding at end of year	$ 1,912
Exercisable at end of year	$ 117

SHAREHOLDERS' EQUITY (Schedul_2

SHAREHOLDERS' EQUITY (Schedule Of Stock Compensation Expense) (Details) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 3,550	$ 4,328	$ 4,276
Research and development expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	1,933	2,158	1,971
Marketing and business development expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	(41)	269	215
General and administrative expenses [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expenses	$ 1,658	$ 1,901	$ 2,090

TAXES ON INCOME, NET (Narrative

TAXES ON INCOME, NET (Narrative) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Israeli corporate tax rate	23%	23%	23%
Reduced tax rate	25%
United States [Member]
Net operating loss carryforward, Expired			$ 3,050
United States [Member] | Subsidiary [Member]
Net operating loss carryforward, Expired			$ 1,950
Domestic Tax Authority [Member]
Net operating loss carryforward	$ 401,100

TAXES ON INCOME, NET (Schedule

TAXES ON INCOME, NET (Schedule of Loss (Income) Before Taxes) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Domestic (Israel)	$ 10,164	$ 34,096	$ 34,619
Foreign	(380)	(460)	(416)
Loss before taxes on income	$ (9,784)	$ (33,636)	$ (34,203)

TAXES ON INCOME, NET (Schedul_2

TAXES ON INCOME, NET (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets:
Operating loss carryforward	$ 92,885	$ 91,704
Research and development	12,109	12,083
Accrued social benefits and other	3,072	3,123
Lease liabilities	312	444
Property and equipment	2	2
Deferred tax asset before valuation allowance	108,380	107,356
Valuation allowance	(108,073)	(106,941)
Deferred tax asset after valuation allowance	307	415
Deferred tax liabilities:
Right of use assets	(307)	(415)
Deferred tax liabilities	(307)	(415)
Net deferred tax assets	$ 0	$ 0

GEOGRAPHIC INFORMATION AND MA_3

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS (Narrative) (Details)	12 Months Ended
	Dec. 31, 2023 Item
Segment Reporting [Abstract]
Number of operating segment	1

GEOGRAPHIC INFORMATION AND MA_4

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMERS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from sales to customers	$ 33,459	$ 7,500	$ 6,000
Long-lived assets	$ 2,545	$ 3,358
Revenue [Member] | Customer Concentration Risk [Member] | Customer A [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to a single customer exceeding 10%	30%	100%	100%
Revenue [Member] | Customer Concentration Risk [Member] | Customer B [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Sales to a single customer exceeding 10%	70%	0%	0%
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from sales to customers	$ 10,000	$ 7,500	$ 6,000
Israel [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Long-lived assets	2,468	3,239
Unites States [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from sales to customers	23,459	0	$ 0
Long-lived assets	$ 77	$ 119

FINANCIAL AND OTHER INCOME, N_3

FINANCIAL AND OTHER INCOME, NET (Schedule of Financial and Other Income, Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Other Income and Expenses [Abstract]
Interest income	$ 2,960	$ 1,437	$ 894
Amortization of discount on marketable securities, net	281	0	0
Bank fees and other finance expenses	(31)	(27)	(25)
Foreign currency transaction adjustments	5	340	(1)
Gain (loss) from sales and disposals of fixed assets	(7)	(12)	3
Financial and other income, net	$ 3,208	$ 1,738	$ 871

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions [Abstract]
Trade payables and accrued expenses	$ 53	$ 83
Amounts charged to research and development expenses	$ 147	$ 194	$ 240

LOSSES PER SHARE (Schedule of C

LOSSES PER SHARE (Schedule of Computation of Basic and Diluted Losses Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss for basic and diluted loss per share	$ (18,754)	$ (33,694)	$ (34,203)
Denominator:
Weighted average number of ordinary shares used in computing basic net loss per share	87,633,298	86,555,628	84,203,971
Weighted average number of ordinary shares used in computing diluted net loss per share	87,633,298	86,555,628	84,203,971
Basic loss per ordinary share	$ (0.21)	$ (0.39)	$ (0.41)
Diluted net loss per share	$ (0.21)	$ (0.39)	$ (0.41)

SUBSEQUENT EVENTS (Narrative) (

SUBSEQUENT EVENTS (Narrative) (Details) - Subsequent Event [Member] - ATM [Member] $ in Thousands	1 Months Ended
	Jan. 31, 2024 USD ($) shares
Subsequent Event [Line Items]
Number of shares issued and sold in transaction | shares	292,728
Proceeds from issuance of common stock	$ 562
Issuance expenses	$ 17