Compugen Ltd
cgen.comWhat Do They Do?
Discovers drug targets computationally and develops cancer immunotherapy candidates, licensing programs to pharmaceutical partners.
20-F for FY2025, filed Mar 2, 2026We are a clinical-stage therapeutic discovery and development company utilizing Unigen™, our AI/ML powered computational discovery…View ↗
Our business model is to selectively enter into collaborations for our novel targets and drug product candidates at various stages of…View ↗
The Company previously entered into the AstraZeneca License Agreement. Under the terms of the AstraZeneca License Agreement, the Company…View ↗
How Do They Make Money?
Pharmaceutical partners pay for licenses, research and development work, and milestone achievements. License payments may arrive upfront, services are paid over the period the work is done, milestones are paid when reached, and Compugen may receive royalties when licensed products are sold.
20-F for FY2025, filed Mar 2, 2026The Company generates revenues mainly from its collaborative and license agreements. The revenues are derived mainly from upfront license…View ↗
Under ASC 606, the Company determined the license to the IP to be a functional IP that has significant standalone functionality. The…View ↗
Future milestone payments are considered variable consideration and are subject to the variable consideration constraint (i.e. will be…View ↗
Sales or usage-based royalties to be received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or…View ↗
Further, the IND research and development activities and Phase 1 research and development activities performance obligations are recognized…View ↗
$72.8M
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20-F for FY2025, filed Mar 2, 2026
$72.8M ↗
Who Are Their Customers?
Works directly with pharmaceutical partners through license and collaboration agreements; partners license drug programs, while Compugen also performs research and development work under some agreements.
20-F for FY2025, filed Mar 2, 2026Our business model is to selectively enter into collaborations for our novel targets and drug product candidates at various stages of…View ↗
The Company previously entered into the AstraZeneca License Agreement. Under the terms of the AstraZeneca License Agreement, the Company…View ↗
On December 18, 2023, the Company entered into an exclusive License Agreement with Gilead. Under the terms of the agreement, the Company…View ↗
The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 49 cents of every revenue dollar as net income in FY2025 and turned 43 cents into free cash flow.
20-F for FY2025, filed Mar 2, 2026
$31.3MView ↗
20-F for FY2025, filed Mar 2, 2026
$35.3MView ↗
20-F for FY2025, filed Mar 2, 2026
$31.3MView ↗
How Are They Changing?
Growing. Revenue grew 12.1x in 4 years, from $6M in FY2021 to $72.8M in FY2025, about 87% a year.
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