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what it is
Compugen hunts for immune-system drug targets, builds early candidates, and tries to get paid through partner deals.
how it gets paid
Last year Compugen made $73M in revenue. monoclonal antibody collaborations was the main engine at $30M, or 41% of sales.
why it's growing
Revenue grew 161.1% last year. The 62% revenue drop mattered most because this company lives on collaboration payments.
what just happened
The quarter said one thing very clearly: revenue fell to $4M, and that swamped the progress in losses.
At a glance
n/a balance sheet
40/100 earnings predictability — expect surprises
-$0.16 fy2024 eps est
$28M fy2024 rev est
43.1% operating margin
xvary composite: 58/100 — below average
What they do
Compugen hunts for immune-system drug targets, builds early candidates, and tries to get paid through partner deals.
Compugen's edge is focus. The company lists 11 named candidates and just 74 employees in the research summary, so your bet is on a very small team taking many shots. That matters because partner-funded development lets it chase oncology and immunology programs without building a huge commercial machine first.
How they make money
$73M
annual revenue · their business grew +161.1% last year
monoclonal antibody collaborations
$30M
therapeutic protein collaborations
$25M
milestone payments
$10M
research and development services
$5M
other collaboration revenue
$3M
The products that matter
partnered cancer immunotherapy program
Rilvegostomig (COM701)
$100M royalty deal already tied to it
This is the asset important enough to monetize for $100M today. At a $212M market cap, one partnered program is carrying an unusually large share of the story.
core thesis
discovery engine and early pipeline source
Computational discovery platform
$1.27M next quarter revenue est
This is the engine that is supposed to create the next shot on goal. The commercial proof is still thin. Consensus for just $1.27M next quarter tells you discovery has not yet become durable revenue.
science before scale
Key numbers
$73M
ttm revenue
That is the current revenue base from SEC-verified filings. For a company worth about $212 million, that is the whole argument.
62%
quarterly drop
Latest quarterly revenue fell 62% vs. prior year to $4 million. Plain English: this revenue is real, but it is not steady.
$0.16
fy2024 eps
Compugen still lost money in 2024. So what: partner cash has not yet turned into durable profitability.
74
employees
A 74-person company is trying to advance 11 named candidates. That is lean, and it also means execution risk is very concentrated.
Financial health
n/a
strength
- balance sheet grade n/a
- risk rank 3 — safer than 50% of stocks
- price stability 5 / 100
n/a — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for CGEN right now.
source: institutional data · return history unavailable
What just happened
missed estimates
The quarter said one thing very clearly: revenue fell to $4M, and that swamped the progress in losses.
Latest quarter EPS was -$0.16 and revenue was down 62% vs. prior year. Gross margin was -14.8%, which is finance-speak for selling less than your cost base can support.
$4M
revenue
$0.16
eps
14.8%
gross margin
the number that mattered
The 62% revenue drop mattered most because this company lives on collaboration payments, and those payments just proved how erratic they can be.
source: company earnings report, 2026
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What could go wrong
the whole setup hangs on one uncomfortable contrast: a $212M equity story, a $100M cash transaction, and only $1.27M of next-quarter revenue. If rilvegostomig stalls, there is not much operating business underneath to soften the landing.
med
single-asset dependence
Too much of the thesis rests on rilvegostomig. The program is important enough to have supported a $100M royalty monetization, which tells you how concentrated the value story is.
If the clinical signal weakens, the stock does not have a diversified revenue base to fall back on. The rerating can be fast because the asset concentration is already visible.
med
valuation optics from a one-time gain
Trailing revenue of $72.8M and a 5.9x trailing P/E look cleaner than the operating reality. Next quarter consensus of $1.27M in revenue is a better read on the recurring business today.
If you value the stock off the recent income statement, you can talk yourself into cheapness that is not really there. This is the accounting version of flattering lighting.
med
runway buys time, not independence
Management says the royalty deal extends runway to 2029. That is meaningful. It also means the company still needs future milestones, partnerships, or financing before the science fully pays for itself.
If progress slows while revenue stays near the current $1M-level expectations, dilution risk comes back into the conversation well before investors want it to.
med
partner priorities are not your priorities
AstraZeneca gives the story credibility, but it also controls part of the pace. Small biotech investors like having a big pharma name involved right up until big pharma changes the schedule.
If the partner shifts capital or timelines, Compugen feels it downstream through milestones, sentiment, and bargaining power.
The bull case is simple: one partnered asset works and the current market cap looks too low. The bear case is simpler: next quarter revenue of $1.27M is closer to the underlying business than the recent $0.60 EPS headline was.
source: institutional data · regulatory filings · risk analysis
Pay attention to
primary catalyst
rilvegostomig data and milestone progress
This is the asset already important enough to support a $100M royalty monetization. Strong progress can reset the valuation. Weak data can break the thesis quickly.
calendar
q1 2026 earnings
Expected in May 2026. Watch whether reported revenue lands anywhere near the $1.27M consensus and whether management still points to runway through 2029.
street signal
analyst target revisions
The median published target is $4.00, with a range of $4.00 to $13.00. Revisions here will probably follow pipeline news, not quarter-to-quarter revenue noise.
operating reality
the post-deal revenue base
The number that mattered was not the $0.60 EPS print. It is the $1.27M next quarter revenue estimate. That tells you how little recurring economics exist today.
Analyst rankings
earnings predictability
40 / 100
Low predictability means the numbers swing with events, accounting treatment, and deal timing. In human-speak, analysts do not see a smooth earnings path here.
beta
1.5
Beta: 1.5. When the market moves 10%, CGEN has historically moved closer to 15%. That is market sensitivity translated into plain English. Not a bunker stock.
source: institutional data
Institutional activity
institutional ownership data for CGEN is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$2
current price
n/a
target midpoint · n/a from current
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