CGEN - Earnings call 3 2023

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Operator

Ladies and gentlemen, thank you for joining us today. Welcome to Compugen's Third Quarter 2023 Results Conference Call. [Operator Instructions] As a reminder, today's call is being recorded. An audio webcast of this call will be made available on the Investors section of Compugen's website, www.cgen.com. Please note that if the sirens go off during this call, we will need to end the call to take shelter. I would now like to introduce Yvonne Naughton, Head of Investor Relations and Corporate Communications. ahead. go please Yvonne,

Yvonne Naughton

and today. all Yani, on joining the call thank you, for you us Thank

from for Alberto me Officer, and Officer. Joining Compugen Henry will Chief Cohen-Dayag, Dr. Dr. the Executive President join Anat us Officer; Q&A Chief and Adewoye, Sessa, for Financial prepared Chief Medical remarks session. are

could undertakes risks, now company Anat. to future. And SEC no XX-F recent the for results unknown the these actual obligation on development and company matters, including risks potential events, we statements. or statements refer the forward-looking projections anticipated position would begin, well of you achievements the business which we such as and the and plans, update to reflect from current projected time statements beliefs, company's make later annual turn research the uncertainties, only the accounting-related caution assumptions to remind filings in future on results The statements in company's you cash and information their results, differ subject are that company lines programs, to regarding may to we those Form future company's filed future the that or call efforts during February progress in Before cause SEC forward-looking for as the like this outcome, could company's with company's projected performance including differ financial and more outlook, and actual and call, results, most known materially other report to initiatives. We detail And expectations and the financial and statements statements and These on to such amended. materially. XX, regarding forward-looking I'll and XXXX, that as wish the you its over projections

Anat Cohen-Dayag

a XXXX humanitarian heartbreaking third saying Thank you, Israel, to and situation words a disaster. few on and will quarter Good good morning by everyone, I in update. our afternoon, welcome Yvonne. start

We of attack the terrorist inhuman slaughtering world. we of all are kidnapping medical This families by brutal I'm as traumatized partners, across showcase. thankful words and so colleagues, the for by the from support the Hamas. associations and from kind see civilians deeply and many friends, devastated investors, group the

is Your employee to comfort unbridled our care. time teamwork to working Despite are what execute to on in in other our this anguish a gap. no the flexibility everyone through, and ensure pain. and we me goals. see much and solidarity care together at taking means all is hard need when its we emotion we supporting Israel, so team the to teams best, lot a the provides you. We toll members amid taking of with and The our manage we Thank the going this are stepping and to are ensure have and meet continue recognize and employees

are giving and although are things COVID others remote are every to the we not I'm encouraging me was the able when to. we it XXX% pandemic. for infrastructure our to work it to Some makes working during employees come And certain proud. The allow remotely, office. established seeing day,

clinical headquarters with outside our company based of Europe in are members IT responsible for teams management systems, global and present a functions, Singapore, some and As in some the key U.S., and including Israel. and preclinical Israel of development development,

performed business, U.S. supply. the outside respect clinical Israel. Our CMC of and trials our preclinical with the most to and Also, COMXXX ordinary including course activities are in of related to are in operating run drug of

to we're X adds treatment address treated is conducting our ongoing executing cancer to neurotherapy. on biology Compugen, place, on hoping patients pathways: NSCLC approach ESMO cancer. Building potential combination. Also, not to And anti-PD-X the transform who impact We antibody studies to we to which COMXXX our resistance to platform with harness pioneering data insights no in to and continue PD-X. We're continue conference, to targets to develop we at typically the work IV-native we're programs. At ovarian platinum-resistant of but at collect these potential offering presented earlier-stage to to last immunotherapy. first-in-class which and of of the This the IO this year, in clinical and differentiated data novel of action. well approach patients discover new [ parallel, or our our biomarker data, durable blockade info our typically a with it the and taking PVRIG, also dictation treated first-in-class treatment contract responding from evaluate single patients ovarian our TIGIT And study to for computational lead the market. At free, as than tumor our our breadth cytokine activity using will advance on XX share if potential operations. we And COMXXX-mediated just antitumor drug front, SITC, pipeline more advancing by in with we're prior took responding reported no on not preclinical tumors allows continuing clinical our novel advancing studies combination new effective this have no studies, confirm vast ] COMXXX-mediated us first-in-class from months. we are in presented with COMXXX as drugs. to communicate treatment safety study to options material On additional cancer cancer we mechanism further changes, goal patients SITC a triple anti-AV responses responding with partial additional reinforcing platinum-resistant types signal. the X

response recently are typical in with months reported to numbers chemotherapy, X.X this where the of conjugates. months antibody small, population X standard for treated median duration is patients with the drug While X approved

our tolerability investigators of trigger life. advantage we and which of for has combination safety In important patients' quality addition to believe as potential reported durable the these several responses, profile, and previously, is

metastatic it at of and was as response defined suggesting an first expression increase reported cancer, and least with COMXXX-mediated clinical low breast days broke and an disease in with with PVLX and combined into partial immune for and In benefit CDX the this preliminary was considered baseline, we hypothesis finding response we heavily because with tumor, in will nivolumab consistent in pathway HERX-negative responding come also SITC, which combination. These will yet cancer of breast a for an patients' initial our breast were or patients is study, This the reported suggest cancer. The level in the in for data and activity metastatic for combination tolerability tumor action as the stable potential most deriving informing in and XX consistently suggesting clinical immunotherapy. is safety later. At with is is status X a a to tumor from mechanism cancer, over time burden despite that at XX%, for the in COMXXX durable of a not a this PDLIG-ligand of triple-negative potential another that of reported findings I patients. good resulted of may the for past. data drug mechanism of also disease which suggests a to SITC, fastest-growing as control XX Pisincreasration of help who combination. bases showed inflammatory action. Excitingly treated again, with mechanism and in COMXXX-mediated between aggressive patients disease XX%, shared COMXXX this basic the COMXXX-mediated association and months from the mutation and overall with associated PD-LX baseline to complete benefit, antitumor we stable COMXXX tumor and with a rate are clinical action. are biomarker We which patient indication rate kind benefit one breast the benefit PDL-X and patient calls; months has the patients association independence again partial XXX This the response response with when previously important reach of a back reported computational-driven including typically we with low gain

with an ovarian in platinum-resistant metastatic initial levels biomarker work hypothesis. And the the in expression breast our patients these PVRLX benefits, supporting at like cancer cancer, baseline of anti-IL-XX bimiprotein are on clinical approach tackle configure, higher our to resistance preclinical antibody further exciting immunotherapy. we patients, first-in-class biology Additionally, biomarker supporting showed data shared finally, cancer new potential in further presentation, novel start our encar the SITC, we to to oral harness minocycline

has the of systemic is reach been there be levels a huge to without reminder, challenges plagued excitement high a environment tumor but therapeutic to As powerful this with cytokine systemically side as modulate a enough and the closing at space effects. them giving in potential has

IL-XX, rate mouse data tumor inhibition the tanker. of sufficient thereby natural we to the We X cytokine address IL-XX showed in micro have freeing has an cancer BP? natural given needed human blockade one, this interaction systemically. When is systems. the VP at tumor, tumors IL-XX of for Contract and blocks an the pertinent safer IL-XX to growth SITC production IL-XX and way IL-XX to questions. between immune tumor stimulate presents an presented first to in IL-XX free start antibody growth release multiple in the models; on One, is minimum response IL-XX And provoke local addresses we the than of IL-XX-binding in the end for tumor antibody antibody to BP question, found the IL-XX protein COMXXX tumor two, a IL-XX The environment. potential levels that for creating tumor that: are two, to in above engineered levels we IL-XX relating inhibit

BP and antibody as response. in as the IL-XX tumor that showed a induced cells, the extension sickle effect also in inhibition We such titer of a increase memory immune immune of as well significant induce functional

antibody responses the of we BP So BP second to yes. This SITC, I in edge toxicity I whether cytes. engineered IL-XX periphery. The in BP. In antitumor affecting the which immune to program in relating blockade question data additional level generated while given quarter. tumor safer antibody anti-IL-XX increased first leading cytokines is tumor overall refer like recombinant that growth approach, of a answer inhibiting term progress cytokine IL-XX would an systemically, COMXXX provoke have the to response sufficient the and by BP a IL-XX an the suggest showed without with inflammatory antibody associated tumor to peri a that than our are noting antibody made successful an that coital has we with approach for IL-XX avoiding to following engineered suggests the would the modulate addressing cytokine cytokine. And compress the evidenced peripheral IL-XX administration an our microenvironment our question IL-XX the

of lack to a unmet study, and proof-of-concept the medical delighted a that alternative the MSSP in is are in completed options. substantial which enrollment to report these We need we have testament patients

study, on more continue patients will prudent We provide the believe Nevertheless, more competitive. longer completion the first follow-up activation an to these in move of cancer do last The platinum-resistant at reported conference. In is update is with be of it enrollment And XXXX. patients to and to enrollment increasing of medical studies. have cancer monitor we ovarian continually into study XXXX. XX evolving half since will the our additional landscape to platinum-resistant cohorts preference from up we is treatment, becoming X ovarian this a we of and when

the gain our not Although which is there restricted are more patients, is alpha-high is environment. community enrollment, of of on an impact in label on the clinical about we to mirvetuximab investigators an our per XX% having confidence indicating of expect mirvetuximab, cancer which did ovarian product use impact as

Following on investigators, investigators our can we that our patient the enrollment. gap address comprehensive optimistic growth working discussion are in we with with this

our a at based Our investigators remain to of combination well responses triple preferable reported for safety durability as with the enroll as study profile. on our enthusiastic further SITC

season. adjuvant to is I'm In chemotherapy. which from our say with progress, derived trust bispecific cancer into combination III Phase after of and rejection to has AstraZeneca it the Their in therapy PD-X partner for addition progressed progress our taking COMXXX, our delighted making biliary

resigastomy the that NTT continues additional vegostomic their Phase the to of TIGIT in AstraZeneca the COMXXX. and addition, our to clinical potential indications. commitment programs explore I program In I the demonstrates progress and believe progress of II differentiated

was engineered We reduced resigastomy antitumor potential activity. to the to of functionality will reduce function whereas comment active the pesto enhance with to effect antibody, anti-TIGIT the

to you moving from us Now to expect what should on next. see

proof-of-concept we in first XXXX. First, ongoing the half our study from to in report plan of MSS-CRC data

our be in and to Second, ovarian in XX enroll in study report we plan up platinum-resistant data patients end-of-year to XXXX. shared specific our conference More ongoing guidance proof-of-concept during call. cancer will

to To this between COMXXX first PVRIG the made alluded time benefit for clinical which biomarker predictive data, always important our for showing for of progress responders we're for an with excited Third, consistent identification that predictions. have generating of the and extent, and I a during we combination which biomarker us. the expression earlier, was initial PVRLX computational on about association is

platinum-resistant We on Having we're build as also will study. the assay potential cancer potential to of build continue to our bank triplet regimens. enrich in findings rates of patient in cancer which us durability these ongoing our study ovarian mandatory. In part safety feed PDLX response our to parallel, the population, optimizing preliminary combination, responders with patient ovarian allow selection and for our platinum-resistant triplet are the of for the development to may together profile a unique the

in are COMXXX on we XXXX. use how for this We inform year direction. filing we And future IND to data will early for finally, track communicate will next on

to briefly the go and our Before Alberto, talk on then Alberto will details. will finances, over handing I into

runway hand from an our planned to potential efforts have indicated, This including for Alberto may Also, will obtaining not a XXXX, believe nondilutive cash that front. With we end partnership to does potential is the focusing as payments any through cash all through the eligible include priority, partnering update. at support which on with become which of least and that, expected we our we cash milestone for are is AstraZeneca. We financial we operations. sufficient I over inflows,

Alberto Sessa

I'm Thank with our balance. I our happy will you, summarize Anat. cash start results. financial to

and million XXXX, of compared $XX.X DX focus our lead were preclinical axis September continuing cash on cash XXXX, cash, of as approximately million XX, $XX.X As COMXXX. progressing September execution approximately our equivalents with while management and affirming on XX, cash our investments drug our candidate, hypothesis

The have at expected to is we mentioned, end operations. an runway debt. no XXXX, sufficient company our the planned all Anat has believe least support cash to which of As we

in million, XXXX in CMC an of is mainly expenses million expenses. of participation $X.X third expenses plans. activities, were XXXX. were compared offset for of third our with the or quarter for $X.X compared will Expenses in with of basic in increase the The XXXX for due back expenses the line the to Anat down per lower or regarding diluted $X.XX quarter of third BMS XXXX per was $X.XX a of Now decrease termination the of the in million million Net our and XXXX. G&A R&D diluted I the million following $X.X to with for loss XXXX. With of share the by to summarize. share of end quarter were third quarter and quarter third amortization $X.X to to the third net third XXXX. of trial the the R&D $X.X expenses expenses quarter quarter the million loss of associated in and deferred that, in $XX.X XXXX clinical third by the basic quarter agreement of hand from

Anat Cohen-Dayag

across blocking TIGIT presented most and of studies. benefit on to provide clinical who details out most to patients supporting SITC, that multiple COMXXX-mediated We're potential support which future data combination providing continue the paving in in biology of clinical is despite have This to the I at our PVRIG always immunotherapy work who we indications biomarker We've to own unique We're PVRIG, clinical PD-X, to challenges a This designed program, enough be as the not therapy. With To consistently and back in would to care high cancer harnessing X X standard We've may continue patients, in of the failed leader TIGIT very IND belief studies and immune care thank our chemotherapy-free industry. operator we and not approach evidently being reinforce strategy. We're COMXXX our to XXXX. I data IL-XX and we to resilience of checkpoints, are IO reinforced blocking session. hard-to-treat you, in from hard-to-treat strengthens standard selective is are that and interest direction also and path execute. COMXXX, not presenting hypothesis. employees to the to needed. to is dedication our evidence looking closed to we responding data in as recent our Israel. With advance may proof-of-concept be like the enduring continue pursue been more roll call prior Alberto. data resistance, our that, IO in to initial these pathway. our still our the XXXX and we turn on summarize, way With data targeting X and filing informing team track therapy. the the are strategy, responding to Thank our for we study will continue to with our forward PVRIG the and cycle complementary in all and inform initiate Q&A X cytokine said ongoing biomarker indications their failed related TIGIT

Yvonne Naughton

Actually, Development, initiate I Pierre be the off Q&A Diego. plane COMXXX, to Vice will his now San of us any just the SITC. interest speak Pierre. President on at our Welcome in Are, the of Preclinical go answer presentation session. you joined can Yani, questions glad SITC which operator, a oral lot caused before we to fresh Pierre after from

Operator

is of Asthika Instructions] first Truist. from question [Operator The Goonewardene

Unknown Analyst

Jane I'm on line the for Asthika.

question. more then my progress program? How performance details That's program? the monitor or the of you expected partner, will a question regarding about will the this beyond question -- AstraZeneca. parties have XXXX in this lines about So and give -- is You first your handle and about evaluate with and I us could progress? first And developer you call your both the how expected milestones what's time the for

COMXXX. regarding course, of is Second your, question

to And COMXXX? you stability also conditions? you variability this Okay. and dose preclinical study, the or and determine to or how how That's questions. of different and optimal you X for my are So account animal I schedule then IL-XX And SME PD like ask, IL-XX in how the would in the the going individuals levels then pennil? are for will this

Anat Cohen-Dayag

Jane. you, Thank

I'll start the AstraZeneca. that the COMXXX. take that with And so Pierre relates first to will question second question to relates then And

the get-go, the that from COMXXX. is is agreement have actually pharmacies So develop rights to license say AstraZeneca, bispecific on license first, we full updates with we of program, getting actually the by on our based agreement antibodies this where I'll that the to this and granting right disclosed program. We're development AstraZeneca AstraZeneca the this obviously, this but a for And later program And progressed is be information will by AstraZeneca. commercialization AstraZeneca. the the about for program really any only

already the in II. Specifically as the I And $X what in the I Phase provide give will the timing to contractual and timing. And for initiation and eligibility. program, time, cannot I II. this the insight point reasons, million obtaining indications and of front were million and that the I stated, take more. insight It The than Phase for is milestones eligible, which And advance we clinical I Phase breakdown not at this how that, at in and strategy really about were any to questions? the AstraZeneca's instance, other for Pierre, was for in COMXXX that you patient $X this can is that dosing only milestones for this on specific and Phase

Unknown Executive

pleasure. my Yes,

dose. conduct were go I would you study Phase the active So to the we how asking to

for will, measure some and the on large experience itself, course, do methods tools run the I have Phase of Compugen escalation. About pathway. dose at built with that, to components a dose all So the escalation we the needed maybe standard cancer dose the patients we with accelerating the required to

vivo all bearing the with lots vivo vitro our experience comprehensive with We experience of are translational cancers package also and human on in on testing still models, in samples.

that -- have So time made clinical the the ongoing goes for will and be we this of rest to trial. the

reaching course we patients, have, aim follow of human that be comprehensive IL-XX study. We the vitro of in so the the built the models that with that thing of during dose. actual program the the will basis to will PK/PD also the of we all and -- A very and periphery have have safety the suppression we in that We that tools that in the models tested. a is interesting the can we've modeling seen the -- main far the basis animal we with monitor

PD expected with the is safety were in so the into reach in tolerance really dose patients, that in that think tumor. hand able we active IL-XX easily that target levels transfer that we And to high saturate

Operator

question is Daina of The Leerink next Partners. Graybosch from

Jeffrey LaRosa

have than practical that the indication? express report cancer you to the when more think enrollment richer MSS-CRC patients? in of you -- it Where Jeff you put IHC This for facilitate data can for to PVRIG pain retrospective ovarian biomarker data, in how to few broadly differ is to you developing the amplification in related this just to more is to genomic this path shared forward patients, are on amplification questions where on can any data show to diagnostics respectively? year implement? Second, I a And Daina. data just process you expression And to containing at recap other or had the is genomic leverage you you you diagnostic? one SITC. these plan in And something next would do PLX ovarian people able

Anat Cohen-Dayag

we and of relate So IT how we Pierre with thank portion to move of then first you, can Jeff. the the what and I'll answering genomic start question forward, amplification. are and

time, but very we excited we're say just still data in direction were the it's I'll the initial big that thinking and pointing point exact in -- we that by with then right of. so that a still And got

this is extent. robust to data As us stated, go It we'll based and data, cancer we for ovarian to the is on And data. as the from are more incumbent more add bring we study. potency patients the with ongoing and collect computational continuing generate

going to I more in will relate in screening of companion now assays. it data. a For assay. study. developing But We're maybe optimizing collecting diagnostic it want he the for assay. is be They It's ultimate also the final are pending work as trying an We're or to And ready patients a when used assay companion data, eventually to fronts, Pierre continue the meantime, parallel an to do to to make both not diagnostic able forward it want we're we're want to answers. add? questions to on sure well -- not be be -- look to take the relate the data and based But so will on assay. we good. Pierre, the collecting you tester in aggressively optimizing to

Unknown Executive

Yes. Santa practical for on say would recent I easier that on when data, use the optimizing already make -- in and terms generator the And when further day-to-day IHC we in assay in optimized used past we a if is to amplification will being general we data. we indeed, it those have that blood the detected laboratory peripheral based basis it PVRLX genomic that perhaps of showing on in poster we our in flagged the patients selection. And from the from we in that IHC the a may SITC, periphery. mix, also be about the the that activate one is highest prospectivization reported future having are score

of the it the possibility the are is there and confirmation interest. of will association noninvasive may way amplification that respond. assessing PVRLX there and that high the first between be view So biomarker that the genomic a We patient of something score

a is amplification. on are having ovarian So low genomic that patients of it in proportion cancer, databases public

in is activate we think will we going are But gains. proximal front. don't also by IHC to only gains, but parallel. immediately, And something have not that any we if that this are on to that explore, the that that think patients will we do be we the we intrigued hand course, be amplification also it are So that. for in there will fact that of achievable screen But study

Operator

question next Willey Steve is The Stifel. from of

Stephen Willey

in Can you sites within brought patient active the over think longer speak enrollment? And just sites on in expedite trial? last how you few many many the you to the months? more I I have guess, I guess, guess, do to, how on to you ovarian need bring just order term, are currently

Anat Cohen-Dayag

you, Thank Steve.

we right active. have So now, X sites

add were planned rolled what few what We a we the we've do I on don't now. which in we when just up. reason what and for have is more, this based thinking that ramping should to remarks. already the the prepared we was we that is sites beyond And about And think looking alluding we're to plan additional

And the added So now close this is first, the going that is trying specifically that achieve this to goal. we on the enrolling after cancer-specific monitoring sites the to patients. we ovarian again, that we're something sure is the study that the are we doing make investigators. sites, believe with ovarian -- And are that radar, is cancer

listed, So to we lines triplet we patients, durability we experience that the these convince have need to them. these really have they treatment, -- about because so X things think comments many with at how say the that making and sure see of with activity, investigators mainly their really don't I and during conjunction about they the safety in the

believe sites that we to will to the the add we continue and that ramp-up that we additional don't So to need see started study.

Stephen Willey

you mean think PVRLX you're said Okay. And then -- I obviously expression. assaying for that I

Is ask of the both said multiple then patient mandatory. is a guess, baseline Or on treatment on in biopsies? I treatment and are you you think I then, biopsy a and So get one just in specific terms to way biopsy. patients that looking for to I requirement, biopsy consent? And ability your in solicit any guess, of second that is is on-treatment rate-limiting

Anat Cohen-Dayag

good very question. a It's

we the that priority that eventually, base go ask in serving disease us be big is Herdan, also to time. treatment this and when this for will anticipate point obviously, will concern to because make So beta data [indiscernible] go with in a ovarian study this eventually biobased any will maybe really maximize platinum-resistant for that cancer may we to sure we in ask that anything this through then patient in case, We add time But some -- but -- any in don't allow had mandatory in want about order patients what treatment. can respond to of that it. invasive you needs on into at treatment. And that Henry and approach. But potential is treatment and to for the

this is make this at we're going a see in mandatory. request, time, we to So ] mandatory enrollment. With [ and QX the point do this ramp-up,

Stephen Willey

on of to Okay. what And as metastases label. liver the I have trial. of just lastly at the colorectal baseline? then sense with Do the presence or patients like absence know respect is you a this open distribution looks to

Anat Cohen-Dayag

then, familiar the on We're looking and but Henry, We're day familiar want I'll patient with we're label. So start maybe with to Yes, it. distribution. not it's add. you it, open every

And liver we We are this monitor prior for believe some on there allows there unique. could and as that's that this kind be to that we I said, mets, based the patients. is of continue data. But study edge because

us continue to why the share on a the proposing the incomplete where for for that picture made we've follow-up continuing. data. the and what a we're I And share the collect share, data. data full medical study see as have at to portions better it's of to to We able this better is decision longer-term not said, year, But picture. It's us will very for should we hardly conference be of thinking investors data,

on mets add question? to that and asking ask liver anything the the Henry,

Henry Adewoye

Anat. you, Thank

we of liver of exhausted most that the most care cancer. of fact looking liver. will cancer, just have patients The colorectal all initial based of data part mets also liver subject mets. tactics only to presentation to major colorectal that that, some the standard X/X have aplite, have the on microsatellite little number we covered was number therapies. And the in patients addition back just we patients XX sides give solely be anticipate these the the common presented of to a had. probably that That is will color, around of of available previously, you've think question. with I patients But the above At those at

able or that X/X quarters So do that about between to patients just until Anat next liver our about have of information analysis. And substantive will here we'll mentioned, regard. look X/X and data X/X probably on at before more on like at has an give I'm year, projection be to assumption looking you a we mets

Anat Cohen-Dayag

a in -- biopsy biopsy, biomarker-driven And to I'll require will that biopsy maybe study, we maybe add, this which nothing baseline be clear obviously a it is will on-treatment -- but complicated. Steve, only for sure that pretreatment that just is less make just

Operator

investor concludes Compugen's call. Q&A your of Thank session you for This the participation. conference relations

and ahead may go You disconnect

Compugen (CGEN) 7 Nov 232023 Q3 Earnings call transcript