CGEN - Earnings call transcript Q2 2024

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Operator

Ladies and gentlemen, thank you for joining us today. Welcome to Compugen's Second Quarter 2024 Results Conference Call. [Operator Instructions]

An audio webcast of this call is available in the Investors section of Compugen's website, www.cgen.com.

As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Head of Investor Relations and Corporate Communications. Yvonne, please go ahead.

Yvonne Naughton

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

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

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

Anat Cohen-Dayag

triple congratulating initiation the in IND excellent to start resulting second FDA COMXXX for our us by our delighted XXXX thank many submission And expected clearance I then more in with quarter think is call. it COMXXX second and Compugen everyone, have you, been appropriate the we to of COMXXX, we We come far? the you, year. Therefore, call end the by back high-quality and call. I'm a for sharing with believe have thought in progress milestones execution COMXXX cancer. is combination. in to the DNAM-X team for And how as I of through begin we this joining Yvonne. the Thank months, on positioned uniquely this later I'll our quarter part harness landscape, competitive and the of the are axis trial. the few treat the last XXXX. There by landscape will of our this I in differentiated so cover have in to our made rest the move the developments differentiated TIGIT biology planned this is year TIGIT of pursuit about the of Starting to to cytokine approach on that learned what field. Phase you

compared Phase of X-month analysis. in survival to PD-X interim blockade benefit randomized blockade trials, the TIGIT and to II benefit demonstrated a III TIGIT several in any clinical First, PD-X added a Phase

PD-LX Second, benefit of mostly observed population. was TIGIT high in the patient blockade

disease due Fc-enabled tolerable may of potential safety patients nature The to the the TIGIT of matters. Third, antibody with antibody not use immune-modulated concerns. be in an early-stage of

be needed effect. to third maximize to a to finally, blockade And the added may PD-X and component TIGIT be

achieve. favorable combination. of ADC, patients may benefit. option the this tolerate IO that be adding can expect We of co-blockade who consistently which added or are prolonged the benefits safety companies that believe an choice provides one this to combination suggests advantage and profile is Some chemo for must data immune PVRIG Compugen's an

success will the believe anti-TIGIT the by determined therefore next We be that several factors. of studies

Fc choice inactive use; choice of and anti-TIGIT, Thirdly, secondly, the patient clinical population strategy an combination employed, which the active. of versus the includes and

patient and We're, always not of response suggests the PD-LX unlike been more our the may the to research PD-X. pathway the in and hypothesis strategy, may blockade tumor population. Compugen's has of innovative on types blocking of and And component, may and patient a sufficient. plus expression drug to PVRIG, as axis. we in potential PD-X the the anti-PVRIG be then currently patient PVRIG tumor and [indiscernible] responsive PD-X PVRIG function may and pursue across to the also extend TIGIT to matters. populations types combination anti-TIGIT, not and third levels elaborating that needed tumor types certain why are nonresponsive blocking optimize PD-X that part data combination pursuing TIGIT alone this the Now therefore, Compugen's strategy populations. be triple clinical TIGIT DNAM TIGIT PD-X

will PVRIG-driven to may assessing data the that strategy to very PD-X our By high. small tumor us not combo non-responsive This employ studies. but triple a treat types though will helped effect we we see directly type, attributed COMXXX a be be recognize single-arm not that the to prove even tumor hard these effect, of also very signals we a in

is also to in PD-X responsive triple combination this expected course, Of advance settings. inflamed

addition, is $X of rilvegostomig, these than revenue billion, assets. partner, of advancing In development greater PD-X a the bispecific, reflecting TIGIT our peak target providing AstraZeneca, of their potential

of derived As Compugen's for from component rilvegostomig opportunity COMXXX, revenue-generating this Compugen. the significant potential is is TIGIT a

are Elaborating the on the of not more choice same. anti-TIGIT, anti-TIGITs all

antibody attribute, so safety anti-TIGIT an with naturally and it mind. and is in chosen COMXXX is Our efficacy antibody, IgGX

the of this anti-T are [ The that We for want them. anti-tumor effectivity cells, ] be TIGIT to reason simple. therefore, avoid activity. cell the expressed always is said antibody disabled. and key for + CDX cells on you, that depleting is And T should have highly

immune-related concerns. Fc that antibody in patients In be can tolerable not due to recent to immune-mediated addition, may anti-TIGIT effects. of with may disease early stage data adverse safety Notably, that suggest Fc-silent peripheral anti-TIGIT avoids depletion Treg lead

year, executed to the delivering quarter we our now our second Moving promises. the in we have our progress record track plans, in again made on of continuing the

triggered to into anti-IL XXXX. right first-in-class to binding has potential milestone payment delighted we're a our Phase million FDA for application from runway Gilead sheet cash cleared $XX balance antibody the which initiate high-affinity Thirdly, an with -XX licensed a the that COMXXX, R&D clearance, further strengthens IND trial I expected a protein our to Gilead.

planning and We the advanced fourth initiate trials. are platform where I I unlock in science adds trial the clinical programs of to to in the well predictive to advance Phase in for are track COMXXX XXXX. on through clinical Phase the to discovery quarter computational Advancing solid currently tumors multiple our COMXXX discovered our we and

COMXXX, on Secondly, and this ovarian pembrolizumab, will our data track cancer year, COMXXX in combination in quarter we shortly. are back to with triple platinum of and patients report come study proof-of-concept the fourth to from resistant this

XXXX, from were further see to partner, our development PD-X we excited of TIGIT of the where Finally, their AstraZeneca, the that bispecific, COMXXX announced component in of TIGIT Compugen's derived the second is the advancement quarter its into assess chemotherapy durvalumab and will advanced the locally Phase or first-line care cancer. trial, anti-PDLX the BTC, III rilvegostomig and in ADC HERX [indiscernible] of tract standard expressing third for HERX biliary metastatic the which for rilvegostomig,

As milestone to million programs, trials III our company. To expand in payments. are as date, mid-single including regimen a cancer strategy IO for around milestone COMXXX. and reminder, by payments lung additional our together $XXX Phase to the closer significant pipeline part designed opportunity have payments reinforce $XX royalties tract presenting believe ADC an potential partnering an initiated other revenue the tiered for future we received of these in of in cancer. biliary digit advancements our AstraZeneca This in We upfront million us a to brings aggregate and potential amount up source adjuvant

and our quarter presentation And the on of back the ovarian fourth We encouraging. present of Moving data date cancer data of in patients is is plan the which our believe the for the data cancer, XXXX, year. for platinum-resistant plan we our to at coming on to a now the totality medical to that in the of platinum-resistant reported ovarian rest track to have conference.

and is safety to of is X treat months along which or investigators with some were product to report cohort around around previously rate all excited hard the median of patients, months, overall the in considering the XX X were responding favorable of had chemotherapy with presented adenocarcinoma some shrinking favorable, our patients patients achieved X.X We of for Responses in for high-grade response who on duration stabilization tumors also response the available In profile. a XX% treatment progressed months. to ADC options. patients, over a is durable serous

patients To treated marker of target than remind Of note, before months. data a you, cancer immune showing for in ovarian was patient environment had blockade. XX PVRIG whose even more as was response tumor pre-identified we high-priority our COMXXX activity computational ovarian desert. a using previously cancer also capabilities presented partial patient with This monotherapy indications we

cancer characteristics, of patients initial any of exhausting responses other changing patients rate, biomarker relation the pembrolizumab were the fourth heavily data and and characteristics, patient data ovarian number on our preliminary where quarter, duration control reflecting hard-to-treat the to plan COMXXX experience, In safety, these the disease landscape COMXXX, the present combination. and ADC population. if baseline to options pretreated, data all treatment rate, and and we platinum-resistant treatment for overall response In

patient had been the Given option chemotherapy, benchmark. for believe most is who that that only treatment other this we the relevant

and active. who time our benefit from at we previously of our similar it will can There have in options. share of believe treatment assess cohort. prior are number for to we steps clinical with alternative the observed combination we is presentation. communicated, COMXXX We to a next plans could durable goal combinations a patients confirm to cancer, safe, As We a significant the larger is unmet demonstrate women medical potentially efficacious in need for total whether our data repeating what ovarian COMXXX benefit intend or

at half data Finally, second I/II our ESMO trial, accepted from in presentation trial was AstraZeneca the ARTEMIDE-XX which from GEMINI-gastric XXXX. year, II the Phase and poster Phase anticipates of partner, this

With that, update. financial I the will Alberto to for hand over

Alberto Sessa

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

the we in resources we in had As and on million with key $XX.X XX, XXXX. approximately and importance as deploy December cash focus June million of XXXX, our compared approximately disciplined making while recognize XX, efficiency, cash of milestones. related we We $XX.X how sure reaching cash are of cash we

cash the runway operations expected COMXXX taking With eligible from IND expected month. of million successful we fund are now the debt. XXXX, receive for $XX our payment into Gilead The to clearance into no a following milestone has account last company to which

XXXX. no from license with XXXX. approximately in the Revenue the and revenue dosing compared agreement revenues rilvegostomig the quarter million XXXX of second first a portion trial were plans. second million for cell of for non-small quarter their payments cancer. from R&D $X.X $X.X were with milestone to with the III XXXX period of the million payment line the with upfront $X.X The were of lung patient second the in our Phase on XXXX comparable in reflect of Expenses for in for AstraZeneca second expenses the recognition in Gilead QX quarter compared the of

G&A second for million XXXX second $X.X the compared XXXX. of $X.X the quarter of quarter were Our expenses million to in

net For of the of basic and second was compared diluted and quarter million or diluted per XXXX. XXXX, second loss in or to of $X.X $X.X $X.XX share per basic million a net loss share quarter $X.XX the

With will Anat I to to back hand that, summarize.

Anat Cohen-Dayag

our expected you, many Alberto. has platform and summarize, both differentiated developments pipeline. discovery validated anti-PVRIG in been powered we believe to stand clinical-stage Compugen discovery and data mix readouts including There more with potential terms our We're landscape immuno-oncology the TIGIT a Thank we pioneer. first-in-class differentiated, And is best-in-class learning year. as drug programs, COMXXX. human our of AI and by in clinical our our out which expertise first-in-class To machine anti-TIGIT with is of by the COMXXX fuel strategy differentiated this

bispecific, TIGIT TIGIT AstraZeneca is PD-X advancing the development rilvegostomig COMXXX. of of derived partner the our component the Also, from TIGIT

Compugen. reflecting has assets set $X these for significant nonrisk-adjusted more revenue the of peak potential than opportunity target revenue-generating for and the a potential AstraZeneca in billion

where IND clearance in treatment significant alternative track from end for ovarian to continuous there at options. study a for platinum-resistant to the clear a our reflection patients a year, the execute. COMXXX, Our is deliver FDA ability need We're pembro is triple to on combination achievements of disease medical cancer COMXXX unmet with successfully data gaining our COMXXX,

we for With this advanced an is value exciting that the in being shareholders in competent their setting the pipeline to quarter I future believe to of thank dedication our patients. collaborating up that internally the colleagues and like cancer fundamentals resulting experience time second place is for to year for by our Compugen, daily and all and a well-executed partners, we and success. have us and bring would

already with is to conference after call take joined and Compugen, Alberto period. who us like over a would word I say Finally, Alberto welcome thanks transition David special a and of from has August as to his last this XX on will

will for I turn questions. over operator to the With the call that,

Operator

question [Operator of Willey is Instructions] first The Stifel. Stephen from

Stephen Willey

You totality Anat, in that a is with generated you you soon on there regimen expansion have about was data COMXXX. that of confidence with a slightly from hand ovarian? say you less clinical evidence have can your make from one when data the the anything antibody, in expansion in that heavily decision cohort generated cohort triplet different dose pretreated TIGIT a have you pretreated

Just curious in hand. just And here evidence you'll of about your I that totality in thoughts the follow-up. have then a have

Anat Cohen-Dayag

Steve. you, this. on elaborate I'm to Thank And happy Sure.

the and pointing that I effect from monotherapy I'll have just is we First, durable clinical totality over there combined safety perspective, remarks, to believe can of repeat the if have we profiles that we the benefit is our to prepared now, COMXXX-driven that need. And is added until there is need the efficacious -- in treatment. as the saying say data for the up rate response seen that purely and a safe and effect we durability, was

to actually we the disabled, believe think the pembro. believe I following. We with this will since best-in-class believe TIGIT the antibody, though potential, it COMXXX, we be respect can that is say that the be have ] to data the use even differences we studies, use as best-in-class that comparable. nivo TIGIT was that Now, compared We I [ we not comparable. antibody, do may a in

respect may this we triplet we advantage have treatment, less use the the the cohorts. believe we we to the with the least that same, believe at I or chance the different the say at to that end between day, now X that be And the that differences repeat to compare more we and of the that characteristics able want in patient would are to saw. So

Stephen Willey

commentary, Okay. at conjunction have then this, guess, that of I to present And safety the data to That's year and might data? in your helpful. regarding have not I but efficacy may update did the end suggest missed the you I interpret the biomarker with

Anat Cohen-Dayag

have said not or but if whether did not, have really we we the data we -- say present that We data. we

we're I saying looks the with think and it's fair to have that It initial patient clinical we of supportive say, -- data. benefits.

IO small the We that challenges patients. generating also and biomarkers a of mainly stated recognized with in times in few we number

level time what that are We assessing we have it. have and share the the expression biomarkers, we we at the

Stephen Willey

Okay.

data, so end expect terms in path or And and the strategy a of the be of a absence being articulate either year use in able will potential conjunction that the enrichment of to forward we then here patient with of of… selection the you in terms should communicating before

Anat Cohen-Dayag

ourselves say I have we we is there we general, biomarker always as is preparing will on enrichment from I but a in data, were fact, had this very and said, will strategy, have enrichment we that that initial to data get-go. ourselves supporting data-driven. X not be Obviously, table, to we prepare strategy the no but So scenarios recognize the to the challenging, and may enough and we where situation also

and and until patient to triplet best we'll up been so, will we believe impact can where do edge into we we've chance appropriate we the continue we everything have population, focus today focus the our the the give pending data, where to competitive consideration. As combo we will will take

yes. what So we and no. We're We're take the assessing. steps do we're we have saying saying not And accordingly. we

Operator

question Asthika [ Goonewardene ]. next The of SunTrust from is

Asthika Goonewardene

ovarian a I Is patient's mentioned coming your into than more do this how and I just -- particularly And you think prepared [ respond conditioned longer I'll comments the alter actually follow-up. immunotherapy, data Truist, up, exposure to worse I no the clarify, the dig this cetera? set? on SunTrust want might platinum-resistant I'm to that's in way such cancer actually from seeing they be TIGIT, prior between PVRIG T patient ADC? maybe better considering you who ADC. for to seen to you contrast or have going that ADC, patients the of the to to what days that payload et wanted be then cells? And have opportunity prior data previous I And to that patients as the previous you to Is any they're are proportion there the have expect expecting have ].

Anat Cohen-Dayag

Michelle, Thank to do want Asthika. you you, Sure. this take one?

Michelle Mahler

Yes, sure.

I So received the comment not point who ADCs to since on can't exact the of amount data. at patients disclose this we're ready

the before enrolled you of forward when is ongoing. and enrolled, recently one whereas they is amount say can timing the study I patients really when of different were the study became a before the got before what However, at current approved, enrolled -- ADCs studies good the look

we patients antigen seen think can cell ADCs. of potential certain patients once naturally I with may amount hypothesize to you have increased that So waste occur ADCs presentation. is that captured exposed we are and a [ have with ] what on previously there for

the to treatment overall in prior be at are, the However, And back with -- in also the matter the of the any it's of can't lines the you. I how other share totality condition the time, of think aware terms point and is thing them. in of this to of ADCs we terms to of immunogenicity data all in coming and response terms data patients

Anat Cohen-Dayag

Yes.

I want hard it XX number, to some believe I to is in but that Sorry, that Asthika, specifics there. to respect patients we be enroll the why study, any plus with more makes mechanistically, get I'll going our more ABC just IO with add and emphasize it potential is sense, somewhat than to in that

Asthika Goonewardene

analysis starting not? a Is be do prior numbers think I do patients really breakout would do that? -- X like report actually enough you have that the to you'll points? versus seen you subgroup a who've that of mean, Anat, ADC data

Anat Cohen-Dayag

patients in that of the the point doing that support that I conclusions don't on numbers based this. remark. subgroup any think XX I was analysis, we think cohort, my specific

Asthika Goonewardene

Got it.

then a on And give follow-on helpful. maybe ask you studies, in you your with color Alberto. XXX, the next curious know, enabling a studies endeavors. can starting just I wish et us Alberto, it for quick guidance. off I to That's anticipate registration to burn more Okay. COMXXX, potential any bit want cetera? best little the does cash all I'm

Alberto Sessa

Yes.

thank wishes. Asthika, the for you

of had into we as certain amount and trial. said, that cash used take next be consideration we So into this should a for cash XXXX, the --

I we will don't -- be even only start plans will we and additional have we the yes, going we have forward. So But mean, reserve did have that plans out. for may not trial not if, may or once data some we

Operator

from Graybosch Partners. next is of Daina The question Leerink

Daina Graybosch

Another me data. platinum-resistant ovarian the question on for cancer

like feels of seeking. when guiding this population actual little You difficult-to-treat could prior alone, duration mentioned prior hear therapies. it To that wonder modest a place I patient it's that But response. that. activity their on to very overall me, you're response is on signal put that, for And based I a because PD-X and has rate very you and pretty lines a quantification good if

a enough what and cohort specifically a of PVRIG attractive giving you signal but you think range XX-patient to only is move also kind are forward? is So TIGIT the in not contribution that activity looking for you of

Anat Cohen-Dayag

in the is please to where show in we PVRIG-driven different a right and go what say the that this shown to of were cohort thinking edge until it in you now good competitive could the that is we very of profiles, COMXXX the show clinical in it at COMXXX-driven terms the our where that cohorts, start, safe should have to looking been impact believe we've small be, question the days guidance, is that the we question. and this use basically, for COMXXX data we Michelle, And It's repeat best durable we looking a showed make will order we we a that add, of the this to is, prior Then appropriate these it And in we into are as areas effect. that the prior benefit combination, amount we to But population? cohorts, we that this I'll explained, single-arm durable perspective, same this cumulated the go active. chance have we okay, indication decision, we up So patient have we're give X the and clinical picking done a benefit. where now that studies effect. what go from I the that do in do -- ahead. the today where believe And did then with which want if patients cross studies

Daina Graybosch

that clinical benefit us given remind you first think the you call. on you've observed I Can the numbers cohort? in the don't

Anat Cohen-Dayag

Sure.

our rate them and study, presenting than with monotherapy in were some some and durability in response triplet different than And that were data biomarker deep tolerable. responses. safe other activity, was XX% was have of responsive, XX a study, -- more prior combination clinical which some Patients [ benefit. it was supporting months, of So with we the having initial the ] have association we of

Daina Graybosch

And year, many going data will much then have you able a that then patients? Will that and in you durability be this to observe of follow-up how to the confirmation have? how you're

Anat Cohen-Dayag

Let me address share, it.

do anything not X about you it? We do months to XX want Michelle, -- month durability but monitoring say -- the will for to time have

Michelle Mahler

Yes.

earlier that little the what we can end we I cut year. present the the to So of can data decide bit by say did is a data so

may data not as prior it So set. be as mature the

the the been on already a a X have study months. patients number of for minimum However, our study of on

get starting be is to we will it durability. able where observe point to So to a

Operator

Butler The from Rodman is Tony Renshaw. & of question next

Tony Butler

see, and data is would -- well, the it like see, it to wanted as like QX cancer. would intersects just at we to to the rate maybe call first ovarian hurdle guess that the or follow I that going you to and with in I'm least last the it -- I with it all question, on to as as pertains

if are that's X for -- are guess. be I look one duration, will only there at, is Michelle's is some parts, there correct, example, question if there fine, months hurdle, in whether So if a is, there are as the to seems late then question there responders. that not per or comments, becomes X perfectly XX% that But

months from that, So triple the case? x trial on been is if one. number example, therapy Is that a respond for that previous they patient for later. That's the evidence has there of point

And matter number particular two rates Does mean And had really were for if is, I all great were there have the there PRs. any these when that -- study -- then is sure. that to later response which But are for you cutoff seen that's a in previous than women PR occurred? conversions follow-up. that I the

Anat Cohen-Dayag

Michelle?

Michelle Mahler

Yes.

the in set what were we months. on I But data those some a X study current data remember well set stable for can't ovarian disease partial I X maintain responders so did later can't of then partial respond was described hand and that for disease response, long off to speak XX patients of become immunotherapy the speak in period beyond can we response. sitting Again, is are there who stable time stable some I develop they will in a the they a all over the exact of time are patients response a prior and who on don't details the yes, that the to disease literature had quite aware, time. patients. be and have time period number So can you're also as cancer at as that and

I that's I'm So you the best answering your that get not to but I now. think question, like, completely right I can feel

Tony Butler

degree, previous Yes. But to any of trial PR? part two. did I stable guess, in disease That convert the patients some was the sort

Michelle Mahler

I'm X there responders. to don't partial partial the any sure that aware respond response. not from disease recall. conversions XXX% to just know I of time So said, I I'm off-hand, what I were Like stable was. late not

I described immuno-oncology like said, has in been Although, literature. the that

Anat Cohen-Dayag

But data-driven. always where we add I'll the Tony, benefit as time plans will think, for understand repeating also you're that the the clinical data, with shared the be on relevant would said, just that our I if I I guidance based we we'll that same share to, be leading

maybe clarity that So you about our some guidance. gives

Tony Butler

last biology. beyond you that future? maybe also there in other worthwhile be reference words, the harness current your something as in cytokines And cytokine the may I antibodies for COMXXX, question, might different. make But you are research bring In guess harness other the And forth XXX? and which totally targets other question to that efforts, in might is,

Anat Cohen-Dayag

Eran, do want it? take you to

Eran Ophir

Yes.

AI-driven So to use novel targets. computational our platform overall we identify

We have a because trials for looked had because environment in target, resistant as target, binding tumor cytokine for protein the looked we in we mechanisms computationally. not

a and example, us harness it's antibody TIGIT, for the this target took PVRIG. different very microenvironment. to from So unleash tumor indeed an in activity to natural

of looking have coming the are environment mechanism. additional of variety tumor more patients other they So we and our of it's into unleashing MOA patient-centric definitely modalities discovery a and And computational assets, all and across kind platform. all different approach, agnostic early from different MOAs, resistant coming from --

Operator

in participation. Investor you Q&A This for your concludes the session Compugen's Call. Thank Conference

You may and go ahead disconnect.

Compugen (CGEN) 6 Aug 242024 Q2 Earnings call transcript