Compugen Ltd. (NASDAQ: CGEN) has secured up to $90 million in non‑dilutive cash by monetizing a portion of the future royalties it will receive from the rilvegostomig program, a Fc‑reduced PD‑1/TIGIT bispecific antibody licensed to AstraZeneca. The agreement delivers an upfront payment of $65 million and a potential additional $25 million if the next milestone is achieved, giving the company a substantial liquidity boost without issuing new shares.
The infusion extends Compugen’s cash runway to 2029, a critical milestone for a clinical‑stage biotech that has been operating at a net loss. In Q4 2024 the company posted a $6.1 million loss, compared with a $9.7 million profit in Q4 2023, and in Q3 2025 it reported a $6.98 million loss versus a $1.28 million profit in Q3 2024. The new cash cushion allows Compugen to continue funding its immuno‑oncology pipeline—particularly the TIGIT‑targeting COM902 and the PVRIG‑targeting COM701—without the immediate pressure to raise additional equity.
Rilvegostomig is a first‑in‑class bispecific antibody that combines PD‑1 and TIGIT inhibition. AstraZeneca is advancing the drug in 11 Phase 3 trials across lung, gastrointestinal, and endometrial cancers, underscoring the partnership’s strategic value. Compugen has previously received milestone payments from AstraZeneca, including $10 million for the ARTEMIDE‑Biliary01 Phase 3 trial and $5 million for the TROPION‑Lung10 Phase 3 trial, demonstrating a track record of successful collaboration.
CEO Eran Ophir emphasized that the transaction “strengthens our financial position and is expected to extend our cash runway into 2029, while preserving significant upside from rilvegostomig’s potential success.” He added that the deal “enables us to continue advancing our innovative immuno‑oncology pipeline without diluting shareholders.” The comments highlight the dual benefit of immediate liquidity and long‑term upside retention.
The market reacted strongly, with Compugen’s shares surging in pre‑market trading. Investors were drawn to the sizable cash infusion, the extended runway, and the fact that the company retains the majority of future royalties. The non‑dilutive nature of the financing also reassured shareholders that ownership stakes would not be diluted, further boosting confidence in the company’s financial strategy.
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