Compugen Ltd. reported its financial results for the fourth quarter and full year ended December 31, 2024. For the fourth quarter, the company posted a net loss of approximately $6.1 million, or $0.07 per basic and diluted share, compared to a net income of $9.7 million in the comparable period of 2023.
Full year 2024 revenues were approximately $27.9 million, a decrease from $33.5 million in 2023. This change is attributed to the timing of recognizing portions of upfront and milestone payments from the Gilead license agreement and a $5 million clinical milestone from AstraZeneca, compared to different milestone recognition in the prior year.
Despite the net loss, Compugen maintained a robust cash position, with approximately $103.3 million in cash, cash equivalents, and investments as of December 31, 2024. This balance includes a $60 million upfront payment and a $30 million IND milestone payment from Gilead, along with $15 million in milestone payments from AstraZeneca. The company expects this cash runway to fund its operating plans into 2027.
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