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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Compugen Ltd | NASDAQ:CGEN | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.04 | -2.09% | 1.87 | 1.85 | 1.89 | 1.94 | 1.84 | 1.94 | 391,593 | 21:30:00 |
From Jul 2019 to Jul 2024
Compugen Ltd. (NASDAQ: CGEN) today reported financial results for the third quarter and nine months ending September 30, 2014.
Dr. Anat Cohen-Dayag, Compugen’s President and CEO, stated, "During 2014 we were pleased to report continuing progress with respect to our early stage B7/CD28-like checkpoint based immuno-oncology programs. These promising results demonstrate potential first-in-class therapeutic opportunities for a number of our candidates in this extremely attractive area of cancer therapy. In addition, these and other reported achievements continue to demonstrate the impressive power and accuracy of our unique predictive discovery capabilities.”
Dr. Anat Cohen-Dayag continued, “We are also pleased to see the resulting diversity and number of potential commercial opportunities these achievements are providing for evaluation. Furthermore, the concurrent substantial increase in our financial resources has provided us with the financial strength required for their practical consideration.”
Revenues for the third quarter of 2014 were $1.7 million, compared with $1.6 million in the third quarter of 2013. Net loss for the third quarter of 2014 was $5.4 million, or $0.11 per diluted share, compared with a net loss of $4.7 million, or $0.12 per diluted share, in the comparable period in 2013.
Revenues for the nine-month period ended September 30, 2014 were $5.8 million, compared with $1.8 million in the comparable period of 2013. The increase in revenues is attributable to the milestone payment and the relevant portion of the non-refundable upfront payment relating to the August 2013 collaboration and license agreement with Bayer HealthCare AG. Net loss for the nine-month period in 2014 was $9.6 million, or $0.20 per diluted share, compared with a net loss of $11.2 million or $0.29 per diluted share in the same period of 2013.
As of September 30, 2014, cash and cash related accounts totaled $107.4 million, compared with $46.8 million at December 31, 2013. This increase resulted primarily from net proceeds of $67.0 million from the Company's underwritten public offering of ordinary shares completed in March 2014.
Conference Call and Webcast Information Conference Call and Webcast Information
Compugen will hold a conference call to discuss its third quarter 2014 results today, October 29, 2014 at 10:00 a.m. ET. To access the conference call, please dial 1-866-229-7198 from the US or +972-3-918-0650 internationally. The call will also be available via live webcast through Compugen’s website, located at the following link. A replay of the conference call will be available approximately two hours after the completion of the live conference call. To access the replay, please dial 1-888-326-9310 from the US or +972-3-925-5900 internationally. The replay will be available through October 31, 2014.
(Tables to follow)
About Compugen
Compugen is a leading drug discovery company focused on therapeutic proteins and monoclonal antibodies to address important unmet needs in the fields of oncology and immunology. The Company utilizes a broad and continuously growing integrated infrastructure of proprietary scientific understandings and predictive platforms, algorithms, machine learning systems and other computational biology capabilities for the in silico (by computer) prediction and selection of product candidates, which are then advanced in its Pipeline Program. The Company's business model includes collaborations covering the further development and commercialization of product candidates at various stages from its Pipeline Program and various forms of research and discovery agreements, in both cases providing Compugen with potential milestone payments and royalties on product sales or other forms of revenue sharing. Compugen’s wholly-owned U.S. subsidiary located in South San Francisco is developing oncology and immunology monoclonal antibody therapeutic candidates against its drug targets. For additional information, please visit Compugen's corporate website at www.cgen.com.
Forward-Looking Statement Disclaimer
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of terminology such as “will,” “may,” “expects,” “anticipates,” “believes,” and “intends,” and describe opinions about future events and include statements related to the impressive power and accuracy of the Company’s unique predictive discovery capabilities; therapeutic opportunities demonstrated by the progress of the Company’s B7/CD28-like checkpoint based immuno-oncology programs and other reported achievements; and the potential commercial opportunities available for consideration by the Company due its scientific achievements and financial strength. These forward-looking statements involve known and unknown risks and uncertainties that may cause the actual results, performance or achievements of Compugen to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Some of these risks are: changes in relationships with collaborators; the inability to reach mutually agreeable terms and conditions with respect to potential new collaborations; the impact of competitive products and technological changes; risks relating to the development of new products; and the ability to implement technological improvements. These and other factors are discussed in the "Risk Factors" section of Compugen’s most recent Annual Report on Form 20-F as filed with the Securities and Exchange Commission as well as other documents that may be subsequently filed by Compugen from time to time with the Securities and Exchange Commission. In addition, any forward-looking statements represent Compugen’s views only as of the date of this release and should not be relied upon as representing its views as of any subsequent date. Compugen does not assume any obligation to update any forward-looking statements unless required by law.
COMPUGEN LTD CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(U.S. dollars in thousands, except for share and per-share amounts)
Three Months EndedSeptember 30,
Nine Months EndedSeptember 30,
2014Unaudited
2013Unaudited
2014Unaudited
2013Unaudited
Revenues 1,718 1,590 5,815 1,774 Cost of revenues 741 1,465 2,357 1,699 Gross profit 977 125 3,458 75 Operating expenses Research and development expenses, net 3,910 2,842 10,226 9,018 Marketing and business development expenses 156 415 438 767 General and administrative expenses 1,504 1,270 4,016 3,375 Total operating expenses * 5,570 4,527 14,680 13,160 Operating loss (4,593 ) (4,402 ) (11,222 ) (13,085 ) Financing income (loss), net ** (802 ) (185 ) 1,670 2,085 Net loss before taxes (5,395 ) (4,587 ) (9,552 ) (11,000 ) Taxes on income - 155 60 155 Net loss (5,395 ) (4,742 ) (9,612 ) (11,155 ) Basic and diluted net loss per ordinary share (0.11 ) (0.12 ) (0.20 ) (0.29 ) Weighted average number of Ordinary shares used in computing basic and diluted net loss per share 49,089,165 39,145,119 47,021,655 38,217,843*
Includes non-cash stock based compensation.
**
Includes non-cash income (expenses) related to the Baize research and development funding arrangement.
COMPUGEN LTD. CONDENSED CONSOLIDATED BALANCE SHEETS DATA(U.S. dollars, in thousands)
September 30,2014
December 31,2013
Unaudited Audited ASSETS Current assets Cash, cash equivalents and short-term bank deposits $ 107,383 $ 46,766 Investment in Evogene 1,453 4,565 Other accounts receivable and prepaid expenses 1,272 1,885 Total current assets 110,108 53,216 Non-current investments Severance pay fund 2,075 2,129 Total non-current investments 2,075 2,129 Non-current prepaid expenses 100 158 Property and equipment, net 2,349 1,208 Total assets $ 114,632 $ 56,711 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Other accounts payable, accrued expenses and trade payables $ 3,091 $ 2,421 Deferred revenues 2,018 5,318 Total current liabilities 5,109 7,739 Non-current liabilities Research and development funding arrangement 526 13,189 Deferred revenues 326 1,454 Accrued severance pay 2,356 2,441Total non-current liabilities
3,208 17,084 Total shareholders’ equity 106,315 31,888 Total liabilities and shareholders’ equity $ 114,632 $ 56,711
Compugen Ltd.Tsipi Haitovsky, +972-52-598-9892Global Media Liaisontsipih@cgen.com
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