Compugen Ltd. (NASDAQ: CGEN) today reported financial results
for the fourth quarter and year ended December 31, 2014.
Anat Cohen-Dayag, PhD, President and CEO of Compugen, stated, “A
number of achievements last year resulted in a significant increase
in our corporate strength and confidence. In particular, the
promising data of our early stage immuno-oncology candidates, the
achievement of two milestones in our joint preclinical work under
the Bayer collaboration, the substantial increase in our throughput
capabilities and expertise, and the availability of substantial
additional capital, have allowed us to begin 2015 with much greater
opportunities for accelerated growth. Also, we selected two
potentially first-in-class immuno-oncology programs, CGEN-15027 and
CGEN-15049, for internal advancement towards future clinical
trials. Both programs are currently advancing in parallel at our
South San Francisco site toward the selection of lead clinical
antibodies.”
Dr. Cohen-Dayag continued, “Looking forward to the remainder of
2015, our primary objective, with our sharply increased resources
and capabilities, is to aggressively advance in parallel a number
of our early stage immuno-oncology candidates, with a focus on
CGEN-15027 and CGEN-15049. While doing so, we continue to evaluate
with potential partners various forms of high-value collaborations,
certain of which are now possible for us to consider due to the
progress we made during 2014 and our increased financial resources.
In addition, we intend to further advance selected antibody drug
conjugate programs, apply our biomarker discovery capabilities to
selected checkpoints, continue to meet our commitments under our
existing collaborations, and extend and enhance our unique
predictive discovery capabilities.”
Revenues for the fourth quarter of 2014 were $6.6 million,
compared with $1.8 million in the comparable period of 2013. Net
loss for the fourth quarter of 2014 was $1.5 million, or $0.03 per
diluted share, compared with a net loss of $2.9 million, or $0.09
per diluted share, in the comparable period of 2013.
Revenues for the year ended December 31, 2014 were $12.4
million, compared with $3.5 million in the comparable period of
2013. The increase in revenues is attributable to the milestone
payments in the amount of $7.2 million and the relevant portion of
the non-refundable upfront payment, both relating to the August
2013 collaboration and license agreement with Bayer HealthCare. Net
loss for the year ended December 31, 2014 was $11.1 million, or
$0.23 per diluted share, compared with a net loss of $14.1 million
or $0.36 per diluted share in the same period of 2013.
As of December 31, 2014, cash, cash related accounts, short-term
and long-term bank deposits totaled $107.7 million, compared with
$46.8 million at December 31, 2013. This increase resulted
primarily from net proceeds of $67.0 million from the Company's
underwritten public offering of ordinary shares completed in March
2014.
Conference Call and Webcast Information Conference
Call and Webcast Information
Compugen will hold a conference call to discuss its fourth
quarter and year-end 2014 results today, February 10, 2015 at 10:00
a.m. ET. To access the conference call, please dial
1-888-668-9141 from the US, or +972-3-918-0609 internationally. The
call will also be available via live webcast through Compugen’s
website, located at the following link. A replay of the
conference call will be available approximately two hours after the
completion of the live conference call. To access the
replay, please dial 1-888-782-4291 from the US or
+972-3-925-5904 internationally. The replay will be available
through February 12, 2015.
(Tables to follow)
About Compugen
Compugen is a leading drug discovery company focused on
monoclonal antibodies and therapeutic proteins to address important
unmet needs in the fields of oncology and immunology. The
Company utilizes a broad and continuously growing integrated
infrastructure of proprietary scientific understandings and
predictive platforms, algorithms, machine learning systems and
other computational biology capabilities for the in
silico (by computer) prediction and selection of novel drug
target candidates, which are then advanced in its Pipeline Program.
The discovery and development of monoclonal antibody therapeutic
candidates against selected Compugen-discovered novel target
candidates is performed by Compugen’s wholly-owned U.S. subsidiary
located in South San Francisco. The Company's business model
includes collaborations covering the further development and
commercialization of product candidates at various stages from its
Pipeline Program and various forms of research and discovery
agreements, in both cases providing Compugen with potential
milestone payments and royalties on product sales or other forms of
revenue sharing. For additional information, please visit
Compugen's corporate website at http://www.cgen.com/.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within
the meaning of the Private Securities Litigation Reform Act of
1995. Forward-looking statements can be identified by the use of
terminology such as “will,” “may,” “expects,” “anticipates,”
“believes,” and “intends,” and describe opinions about future
events and include statements related to the potential availability
of various forms of high-value collaborations, and Compugen’s
intentions to advance selected drug antibody conjugate programs,
apply its biomarker discovery capabilities, continue to meet
commitments under existing collaborations, and extend and enhance
its unique predictive discovery capabilities. These forward-looking
statements involve known and unknown risks and uncertainties that
may cause the actual results, performance or achievements of
Compugen to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Some of these risks are: changes in
relationships with collaborators; the inability to reach mutually
agreeable terms and conditions with respect to potential new
collaborations; the impact of competitive products and
technological changes; risks relating to the development of new
products; and the ability to implement technological
improvements.
These and other factors are discussed in the "Risk Factors"
section of Compugen’s most recent Annual Report on Form 20-F as
filed with the Securities and Exchange Commission as well as other
documents that may be subsequently filed by Compugen from time to
time with the Securities and Exchange Commission. In addition, any
forward-looking statements represent Compugen’s views only as of
the date of this release and should not be relied upon as
representing its views as of any subsequent date. Compugen does not
assume any obligation to update any forward-looking statements
unless required by law.
COMPUGEN LTD. CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(U.S. dollars in thousands, except for
share and per-share amounts)
Three Months EndedDecember
31,
Year EndedDecember 31,
2014 2013 2014
2013 Revenues 6,552 1,775 12,367 3,549 Cost of
revenues 987 810 3,344 2,509
Gross profit 5,565
965 9,023 1,040 Operating
expenses Research and development expenses, net 4,848 3,257
15,074 12,275 Marketing and business development expenses 400 195
838 962 General and administrative expenses 1,432 1,471 5,448 4,846
Total operating expenses*
6,680 4,923 21,360 18,083
Operating loss (1,115 ) (3,958 )
(12,337 ) (17,043 )
Financing and other income (loss),
net**
(67 ) 1,375 1,603 3,460
Net loss before taxes (1,182
) (2,583 ) (10,734 )
(13,583 ) Taxes on income 300 345 360 500
Net
loss (1,482 ) (2,928 )
(11,094 )
(14,083 ) Basic net loss per
ordinary share (0.03 ) (0.07 ) (0.23 ) (0.36 ) Weighted average
number of Ordinary shares used in computing basic net loss per
share 50,144,787 40,802,976 47,808,855 38,869,438 Diluted net loss
per ordinary share (0.03 ) (0.09 ) (0.23 )
(0.36
)
Weighted average number of Ordinary shares used in computing
diluted net loss per share 50,144,787 42,738,997 47,808,855
38,869,438
*
Includes non-cash stock based
compensation.
**
Includes non-cash income (expenses)
related to the Baize research and development funding
arrangement.
COMPUGEN LTD. CONDENSED CONSOLIDATED BALANCE
SHEETS DATA
(U.S. dollars in thousands)
December 31,2014
December 31,2013
ASSETS Current assets Cash, cash equivalents
and short-term bank deposits $ 72,643 $ 46,766 Investment in
Evogene 1,054 4,565 Other accounts receivable and prepaid expenses
1,260 1,885
Total current assets 74,957 53,216
Non-current investments Severance pay fund 2,024
2,129
Total non-current investments 2,024 2,129
Non-current prepaid expenses 108 158
Long-term
bank deposits 35,026 -
Property and equipment,
net 2,730 1,208
Total assets $ 114,845
$ 56,711 LIABILITIES AND SHAREHOLDERS’
EQUITY Current liabilities Other accounts payable,
accrued expenses and trade payables $ 4,379 $ 2,421 Research and
development funding arrangement 421 - Deferred revenues 1,789 5,318
Total current liabilities 6,589 7,739
Non-current
liabilities Research and development funding arrangement -
13,189 Deferred revenues - 1,454 Accrued severance pay 2,281 2,441
Total non-current liabilities 2,281 17,084
Total
shareholders’ equity 105,975 31,888
Total liabilities and
shareholders’ equity $ 114,845 $
56,711
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media
Liaisontsipih@cgen.com
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