Compugen Ltd. announced its financial results for the third quarter ended September 30, 2024, reporting a net profit of approximately $1.3 million, or $0.01 per basic and diluted share. This marks a significant improvement compared to a net loss of approximately $9.9 million, or $0.11 per basic and diluted share, in the comparable period of 2023.
Revenues for the third quarter of 2024 reached approximately $17.1 million, a substantial increase from no revenues in the third quarter of 2023. This revenue growth primarily reflects the recognition of a portion of upfront and milestone payments from the license agreement with Gilead, including a $30 million milestone payment for COM503 IND clearance achieved in July 2024, and a $5 million clinical milestone payment from AstraZeneca.
As of September 30, 2024, Compugen held approximately $113.2 million in cash, cash equivalents, and investments, a significant increase from $51.1 million at the end of 2023. The company projects that its current cash and cash-related balances will be sufficient to fund its operating plans into 2027, without any debt, providing a solid financial foundation for advancing its pipeline.
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