Compugen Ltd.

Ladies and gentlemen, thank you for joining us today. Welcome to CompuGen's first quarter 2025 results conference call. At this time, all participants are in listen-only mode. An audio webcast of this call is available in the Investors section of CompuGen's website, www.cgen.com. As a reminder, today's call is being recorded. I would now like to introduce Yvonne Naughton, Vice President, Head of Investor Relations and Corporate Communications, Yvonne, please go ahead.

Thank you, operator, and thank you all for joining us on the call today. Joining me from Compogen for the prepared remarks are Dr. Anak Cohen-Diag, President and Chief Executive Officer, and David Zimmerman, Chief Financial Officer. Dr. Michelle Moller, Chief Medical Officer, and Dr. Ivana Burr, Chief Scientific Officer, will join us for the Q&A. Before we begin, we would like to remind you that during this call, the company may make projections of forward-looking statements regarding future events, business outlook, development efforts and their potential outcome, the company's discovery platform, anticipated progress and plans, results and timelines for our programs, financial and accounting-related matters, as well as statements regarding our cash position and cash runway. We wish to caution you that such statements reflect only the company's current beliefs, expectations and assumptions. but actual results, performance, or achievements of the company may differ materially. These statements are subject to known and unknown risks and uncertainties, and we refer you to our SEC filings for more details on these risks, including the company's most recent annual report on Form 20-F. The company undertakes no obligation to update projections and forward-looking statements in the future. And with that, I'll turn the call over to Anat.

Thank you, Yvonne, and a warm welcome to everyone joining our call today. To start, I would like to refer to the announcement we shared a few days ago regarding key leadership transitions at Compugen. After 15 years as president and CEO of the company, I am very happy to be assuming the newly created position of executive chair and to be handing the reins over to the very capable hands of Aranofeer. Over the past year, we have accomplished a lot. including investing our innovative clinical immunotherapy pipeline, establishing strategic collaboration, building a robust foundation with talented management teams, and ensuring a cash runway into 2027. This is the right moment to pass the leadership to Iran, who has been my trusted partner and competent scientific leader for the past five years. We believe this combination of leadership ensures a solid foundation for the company's next phase of growth. I would also like to thank Paul Sekri, who after eight years will step down as chair of the board. Paul has been a great mentor to me and contributed significantly to the success we have achieved at Compugen. On the call today, that will provide an update on progress we have made this quarter in our mission to transform the lives of cancer patients. In the first quarter of 2025, we continue to advance our early-stage and clinical immune oncology pipeline. Starting with our potential first-in-class anti-PVRIG antibody, COM701, we initiated the first sub-trial of our adaptive platform trial comparing COM701 maintenance therapy to placebo in 60 patients with relapsed platinum-sensitive ovarian cancer. The patients progressing post-PARP inhibitors and or bevacizumab or who are not candidates for such treatment represent an area of unmet medical needs with no treatment options. Our study focuses on helping these women. With the support of our investigators, we're engaged with the site activation and are working diligently to proceed dosing the first patient. We intend to share interim analysis from this sub-trial in the second half of 2026. The clinical trial landscape is evolving following the success of ADCs in platinum-resistant ovarian cancer. are also being evaluated now earlier in the disease course in patients with platinum sensitive ovarian cancer as replacements to chemotherapy and added to chemotherapy. We believe that advancing COM701 in the maintenance setting of platinum sensitive ovarian cancer is where COM701 may present its potential advantages in terms of tolerability and durability. As previously communicated, we believe that showing a three-month improvement over the median progression-free survival of the placebo would be clinically meaningful. Positive data has the potential to serve as a key catalyst in advancing a broader clinical development program to address a significant unmet medical need. Moving next to the pediatric landscape. Despite failures in the TGIT space, it is notable that companies with FC-inactive anti-TGIT, like AstraZeneca and Arcus Gilead, are advancing their program. We have consistently advocated that FC-inactive antibodies may serve as the better antibody format for targeting TGIT. In line with this, Current clinical trials suggest that ST inactive anti-TG may have a safety advantage in certain patient populations which could support a potential efficacy advantage due to patient durability on study treatment. With the multiple phase III failures in TG studies, despite positive phase II randomized studies, we believe that only a success in one of the upcoming phase three trials could validate the TGT antibodies as a drug class, change the market sentiment, and open new opportunities for us as one of the few companies that have an FD inactive clinical stage TGT antibody. Clinically, we continue to believe that TGT1 blockade may need to be combined with a PVRIG inhibitor to expand their use to less inflamed PD-L1 low tumors. So positive TGT PD-1 data by others may present additional opportunities for us. In addition, our partner AstraZeneca has the largest ongoing phase three program in the TGT space. They have most recently initiated their 10th phase three clinical trial with Rilvegastomig, their PD-1-tigid-by-specific, the tigid component of which is derived from ARCOM-902. Since our last report in March 2025, AstraZeneca has initiated three additional phase three trials in lung, gastric, and now also in a new tumor type, endometrial. These new trials are evaluating Rilvegastomig as monotherapy, and combination therapy. The potential commercial opportunity for relvigostomy is substantial, with AstraZeneca estimating non-risk-adjusted peak-year revenue targets of more than $5 billion. In lung cancer alone, the eligible lung cancer patient population across G7, based on 2025's is estimated by AstraZeneca to be over half a million patients. AstraZeneca's broad development strategy for Rilvogastamig to replace existing PD-1, PD-L1 inhibitors represents a significant potential revenue source for us as we're eligible for both huge amounts of payments and mid-single-digit tiered royalties on future sales. Coming up at ASCO 2025, AstraZeneca plans to present as a poster the first rilvogastamig-ADC combination data from the Phase II tropion lung O4 trial, evaluating frontline rilvogastamig in combination with Datto-DXD in normal-cell and cancer. AstraZeneca also plans to present a poster with the first data from the Phase II Gemini hepatobiliary trial evaluating frontline rilvogastamig in combination with chemotherapy in treatment-naive biliary tract cancer. Moving next to GS0321, formerly known as CONFISO3, a potential first-in-class anti-iolatin-binding protein antibody, licensed to Gilead. GS0321 represents a novel way to harness iolatin pathway biology for the treatment of cancer, potentially avoiding the challenges presented by administration of therapeutic cytokines. The phase one trial is progressing as planned. Finally, beyond our clinical stage program, our teams are committed to progressing our extensive, innovative, and differentiated early-stage pipeline focused on potential first-in-class drugs and novel mechanisms of action aiming to address various mechanisms to enhance anti-cancer immunity. With a diverse pipeline and strong focus on execution in 2025, we believe Compugen is well-positioned for growth. Cash Runway, assuming no further cash inflows, is expected to fund our operating plans into 2027, and we anticipate using this runway to advance our COM7-1 platinum-sensitive ovarian cancer trial, and to support the progression of GS0321 in the clinic, together with continuing investment in our early-stage research pipeline. Of course, none of this would be possible without our highly committed, talented team here at Compugen, who continuously perform at the highest levels of excellence, I'm excited for 2025 to be another year of advancing our efforts to make a meaningful impact on cancer patients' lives. With that, I will hand over to David for the financial update before we open the floor for Q&A.