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    What To Expect From Compugen Ltd Q1 2024 Earnings?

    Alexander Johnson

    By Alexander Johnson - May 17, 2024 | Updated On: 23 May, 2024 | 3 min read

    By Alexander Johnson , 3 min read - May 17, 2024

    Updated On: 23 May, 2024

    Compugen Ltd Q1 2024 Earnings. Image Credit: Social Media.

  • Tel Aviv-based biotech company Compugen Ltd. showed promising updates after revealing its Q1 earnings on May 20, 2024. Previously, they released Q4 and full-year 2023 earnings results in March 2024.

    While the company remarkably progressed in 2023, what can we expect from Compugen Ltd Q1 2024 earnings? The clinical-stage cancer immunotherapy company’s revenues have risen faster than most other companies.

    So, why don’t we look more at the company, its history, and the details about its founders? Moreover, we will analyze the previous year’s financial results.

  • History of the Company – Who Are Its Founders?

    Compugen’s shares are bought and sold on the NASDAQ Capital Market and also the Tel Aviv Stock Exchange. The company was founded by Eli Mintz, Amir Natan, and Simchon Faigler in 1993.

    The three founders are the former Talpiots who showed extraordinary ability in mathematics and sciences. For information, Talpiots is an Elite Israel Defense Forces training program. Israeli unicorn company Wiz was also founded by genius individuals who served in the Israeli Intelligence Division.

    Compugen Ltd Q1 2024 Earnings

    Compugen Ltd Q1 2024 Earnings. Image Credit: Social Media.

    Mintz first developed the idea for Compugen in 1991 when he was in France with his biologist wife. She was working on some human genome projects, and Mintz quickly realized the need for computational science.

    Eli then collaborated with his Talpiots Faigler and Natan to create a more robust specialized processor for sequence similarity searches. Their first product, Bioacceleretor, had a speed of nearly 1000 times faster than other platforms available at the time.

  • Partnerships With Multiple Firms

    The biotech company initially struggled a lot in terms of yearly revenue. However, the managerial team and third-party investors continuously collaborated despite low confidence from the market capital.

    Under the symbol ‘CGEN,’ the company started trading its shares on the Nasdaq in 2000. Two years later, it was listed on the Tel Aviv Stock Exchange. Moreover, the same year, Dr. Anat Cohen-Dayag joined the company.

    Dayag and Compugen’s chairman, Martin Gerstel, are the two forefront leaders who have brought major strategic partnerships with top global biopharma companies.

    Now, before we get down to Compugen Ltd Q1 2024 earnings, let’s be familiar with some of the collaborators of the Israeli company.

  • Compugen Ltd Q1 2024 Earnings

    Compugen Ltd Q1 2024 Earnings. Image Credit: Social Media.

    In 2013, Compugen Ltd and Bayer HealthCare collaborated to pursue a preclinical research program. Under the agreement, Compugen received an upfront payment of $10 million.

    In October 2018, Compugen Ltd completed an equity investment agreement worth $12 million with the Fortune 500 pharmaceutical company Bristol-Myers Squibb.

    In November 2022, MedImmune paid $10 million to commercialize Compugen’s antibodies pipeline. Compugen Ltd made major progress in 2023 when it signed a license agreement with Gilead Sciences. Scroll down to know more.

    ALSO READ: AI Drug StartUp Xaira Therapeutics Launches With Billion Dollar Funds

  • Compugen Ltd Q1 2024 Earnings: What’s Next For the Investors?

    On May 20, 2024, Compugen released its first quarter earnings. With a quarterly loss of $0.08 per share, revenues for March 2024 were $2.56 million.

    Compugen’s website telecasted the call live to those interested. After that, the replay was shown on the company’s website. As per the stats, Compugen’s revenue crushed expectations, beating expectations by 111%.

    Compugen Ltd Q1 2024 Earnings

    Compugen Ltd Q1 2024 Earnings. Image Credit: Social Media.

    Compugen’s president, Anat, is confident that the company will progress further. If you look closely, the year 2023 brought significant progress for Compugen’s financial status.

    In December 2023, Compugen signed a license agreement with Gilead Sciences for the rights of its in-class high-affinity antibody Com503. Gilead made Compugen an upfront payment of $60 million and an additional $30 million.

  • Compugen is also eligible to receive up to an additional $758 million in future development, with a total deal worth $848 million.

    On another note, why don’t you check out GamesBeat Award Winner Sarah Bond?

    Compugen’s 2024 Financial Results Highlights

    The immunotherapy pharma company saw huge growth in the first quarter of 2024. The company reported revenue of $2.6 million. It was a good result compared to last year’s first quarter when there was little revenue.

    • 2023 Q1 net loss: $9.3 million or $0.11 per basic and diluted share
    • 2024 Q1 net loss: $7.3 million or $0.08 per basic and diluted share
    Compugen Ltd Q1 2024 Earnings

    Compugen Ltd Q1 2024 Earnings. Image Credit: Social Media.

    Furthermore, Compugen’s R&D expenses in the first quarter of 2024 were reported to be $6.4 million. Also, the C&A expenses were approximately $2.4 million.

  • Therefore, witnessing Compugen Ltd’s Q2 2024 earnings would be interesting. We will monitor the review session carefully and provide you with the required information on that date. Let’s meet again.

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