Compugen Ltd. (NASDAQ: CGEN), a leading predictive drug
discovery company, today reported financial results for the second
quarter ending June 30, 2015.
Anat Cohen-Dayag, Ph.D., President and Chief Executive Officer
of Compugen, stated, “The use of our powerful predictive discovery
infrastructure has given rise to a novel immune checkpoint based
target portfolio, which we believe provides the basis for a next
wave of immuno-oncology drugs. Furthermore, we believe that the
data to date from our five highest priority checkpoint programs, in
addition to our two partnered programs, indicate that these
programs potentially address multiple cancer types and different
modes of action.”
Dr. Cohen-Dayag continued, “Our highest priority programs
include myeloid specific novel immune checkpoint candidates
identified within the tumor microenvironment of multiple cancers.
Although in recent years there has been growing recognition of the
importance of myeloid cells in cancer immunology, this area still
represents an unexplored frontier of cancer immunotherapy.
Therefore, we believe our programs could have a significant impact
upon the cancer immunology field.”
Dr. Cohen-Dayag concluded, “We believe that our current
portfolio of programs, supported by our broadly applicable
predictive target discovery infrastructure, has the potential to
result in a sustainable and growing pipeline of first-in-class
product candidates sequentially reaching the clinic, both by
internal development and through early stage collaborations. In
this regard, we remain on target to meet our previously stated
objective of having at least one IND relating to a
Compugen-discovered checkpoint filed during the first half of
2017.”
Revenues for the second quarter of 2015 and six months ending
June 30, 2015 were $0.2 million and $0.7 million respectively,
compared with $2.0 million and $4.1 million for the comparable
periods in 2014. The decrease in revenues is attributable mainly to
the milestone payment in the amount of $1.2 million received in the
second quarter of 2014 and a reduction in the recognition of the
non-refundable upfront payment for the second quarter of 2015 and
six months ending June 30, 2015, both under the August 2013
collaboration and license agreement with Bayer.
Net loss for the second quarter of 2015 was $6.8 million, or
$0.14 per diluted share, compared with a net loss of $2.3 million,
or $0.07 per diluted share, for the comparable period in 2014. Net
loss for the six months ending June 30, 2015 was $13.0 million, or
$0.26 per diluted share, compared with a net loss of $4.2 million,
or $0.09 per diluted share, for the comparable period in 2014. The
significant increase in net loss for the comparable periods,
largely relates to a decrease in revenues as noted above, and an
increase in the Company’s discovery and development activities
relating to its Pipeline Program candidates.
As of June 30, 2015, cash, cash related accounts, short-term and
long-term bank deposits totaled $95.7 million with no debt compared
with $108.4 million as of December 31, 2014. The Company previously
estimated gross cash expenditures in 2015 to be in the range of $31
million to $33 million.
Conference Call and Webcast Information
Compugen will hold a conference call to discuss its second
quarter 2015 results today, August 4, 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 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 1-888-326-9310 from the US or +972-3-925-5925
internationally. The replay will be available through August 6,
2015.
(Tables to follow)
About Compugen
Compugen is a leading predictive 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 US 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
www.cgen.com.
Forward Looking Statement
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. 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
include: that Compugen’s business model is substantially dependent
on entering into collaboration agreements with third parties, which
if occur may not be successful in generating revenues, and that the
development and commercialization of therapeutic products includes
many inherent risks, including failure to progress to clinic or, if
progressed, failure to receive regulatory approval. These and other
factors are more fully 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 EndedJune
30,
Six Months EndedJune 30,
2015Unaudited
2014Unaudited
2015Unaudited
2014Unaudited
Revenues 223 1,964 736 4,097 Cost of revenues 148
859 396 1,616
Gross profit
75 1,105 340 2,481
Operating expenses Research and development
expenses, net 5,189 3,074 10,109 6,316 Marketing and business
development expenses 248 109 478 282 General and administrative
expenses 1,591 1,240 3,028 2,512
Total operating expenses 7,028 4,423
13,615 9,110 Operating
loss (6,953 ) (3,318 )
(13,275 ) (6,629 ) Financial income,
net 145 1,059 324 2,472
Net loss
before taxes (6,808 ) (2,259 )
(12,951 ) (4,157 ) Taxes on income
-
(60
)
- (60 )
Net loss (6,808 ) (2,319
) (12,951 )
(4,217 ) Basic net
loss per ordinary share (0.14 ) (0.05 ) (0.26 ) (0.09 ) Weighted
average number of ordinary shares used in computing basic net loss
per share 50,405,022 48,462,334 50,374,993 45,970,766 Diluted net
loss per ordinary share (0.14 ) (0.07 ) (0.26 ) (0.09 ) Weighted
average number of ordinary shares used in computing diluted net
loss per share 50,405,022 49,796,012 50,374,993 45,970,766
COMPUGEN LTD. CONDENSED CONSOLIDATED BALANCE
SHEETS DATA
(U.S. dollars, in thousands)
June 30,2015
December 31,2014
(unaudited) (audited) ASSETS Current
assets Cash, cash equivalents, short-term bank deposits and
restricted cash 95,653 73,328 Investment in Evogene 997 1,054 Other
accounts receivable and prepaid expenses 1,474 716
Total current
assets 98,124 75,098
Non-current assets Long-term
bank deposits - 35,026 Non-current prepaid expenses 99 108
Severance pay fund 2,171 2,024 Property and equipment, net 2,863
2,730
Total non-current assets 5,133 39,888
Total
assets 103,257 114,986
LIABILITIES AND SHAREHOLDERS’
EQUITY Current liabilities Other accounts payable,
accrued expenses and trade payables 3,990 4,379 Deferred revenues
1,053 1,789 Research and development funding arrangement 210 421
Total current liabilities 5,253 6,589
Non-current
liabilities Accrued severance pay 2,590 2,281
Total
non-current liabilities 2,590 2,281
Total
shareholders’ equity 95,414 106,116
Total liabilities and
shareholders’ equity 103,257 114,986
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150804005893/en/
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media
Liaisontsipih@cgen.com
Compugen (NASDAQ:CGEN)
Historical Stock Chart
From Aug 2024 to Sep 2024
Compugen (NASDAQ:CGEN)
Historical Stock Chart
From Sep 2023 to Sep 2024