CGEN

Rating neutralTentativeAI Memo

Compugen

As of 2026-10-29/Confidence low

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Data freshness

AI Memo

As of 2026-10-29 • Model: RankAlpha Sentiment Codex

Decision Panel

Action, confidence, horizon, and decision blockers at a glance.

Report quality notice

small-cap biotech peer set is too weak or includes unrelated comparators for a standard-conviction report

Action

neutral

Confidence

low

Horizon

—

Key catalyst

COM701 MAIA-ovarian interim analysis • 2027-03-31

Base target: $2 / p=50% prob

Biggest risk

The trial may produce weak or inconclusive data, while partner-program value is distant and its retained economics cannot be quantified from the supplied relationship observation. R&D spending and clinical execution remain material risks.

Invalidation

Break below $1 or thesis failure.

What would change my mind?

A clear COM701 progression-free-survival benefit, supported by the reported $125.3 million June 2026 cash balance and runway expected into 2029, could materially improve the development outlook. [#PR-2026-08-03] Compugen results release

Research note

Recommendation

neutral

Confidence

low

As of

2026-10-29

Base target

p=50%

Bull target

p=25%

Bear target

p=25%

Key bullets

Fast scan of bull, bear, and watch items

BullKey bullets

Rilvegostomig partner-program progress
A clear COM701 progression-free-survival benefit, supported by the reported $125.3 million June 2026 cash balance and runway expected into 2029, could materially improve the development outlook.
[#PR-2026-08-03] Compugen results release

BearKey bullets

AstraZeneca's early rilvegostomig data require randomized Phase 3 validation; no dated readout or CGEN payment forecast was confirmed.
[#PR-2026-08-03] Compugen results release
COM701 interim data could be delayed, inconclusive, or clinically disappointing.

WatchKey bullets

COM701 MAIA-ovarian interim analysis

Summary

High-level snapshot

Recommendation

neutral

Model confidence

low

Timeframe

Asset

Equity

Trigger

Base case: $2 (p=50%)

Target spread vs base: +67% / -58%

Scenario probabilities

Bull Target: $4 (p=25%)Base Target: $2 (p=50%)Bear Target: $1 (p=25%)

Commentary

Compugen's September announcement reiterated the Q1 2027 COM701 timetable, but the packet does not establish a subsequent price reaction or analyst revisions. [#PR-2026-09-22] Company announcement Zero-valued sentiment fields indicate unavailable measurements, not neutral readings. The deterministic prior's 0.906 uncertainty, 0.08 evidence-quality, and 0.03 thesis-change scores favor monitoring rather than a stronger directional call.

As of 2026-10-29 • Updated bi-weekly / post-earningsSource: Internal modelMethodology

Analyst Summary

Thesis highlights from the latest analysis

Bull Case

Bear Case

Drivers

Scannable catalysts and supporting factors

Rilvegostomig partner-program progress

Scenarios

Bull Target (Scenario probability)

$4 / p=25% prob

Base Target (Scenario probability)

$2 / p=50% prob

Bear Target (Scenario probability)

$1 / p=25% prob

Analysis 2026-10-29 · RankAlpha Sentiment Codex

Analysis reference price unavailable. Targets are shown without scenario returns.

Sentiment & Exposure

News Sentiment (30d)

0.00

Social Sentiment (7d)

0.00

Events

Other notable items detected

EVENT2027-03-31
COM701 MAIA-ovarian interim analysis
Compugen expects interim median progression-free-survival data by Q1 2027 from its randomized, placebo-controlled COM701 maintenance trial. A clear benefit could strengthen the development case; ambiguous or adverse data could sharply weaken it. The probability estimates delivery in the stated window, not clinical success. [#PR-2026-08-03] Compugen results release
Prob 60.00% • Move 35.00% • Priced-in 30.00%

Short-term Catalysts

Next few weeks

No short-term catalysts

Long-term Catalysts

Months to a year

Rilvegostomig partner-program progress
2027-12-31
Compugen reported 12 ongoing AstraZeneca Phase 3 rilvegostomig trials, but no dated readout or payment forecast. AstraZeneca's February 2026 filing reports a $65 million Q4 2025 payment for part of Compugen's royalty interest, a potential additional $25 million conditional on a BLA-acceptance milestone payment, and future tiered royalties of up to mid-single digits. These terms do not establish CGEN's current economic exposure or an imminent cash receipt. The date is a monitoring horizon, not company guidance. [#PR-2026-08-03] [#REL-afe560d7-2dfd-40d1-a813-45c703055dd0] Compugen results release AstraZeneca SEC filing
Prob 50% • Move 10% • Priced-in 50%

Risks

AstraZeneca's early rilvegostomig data require randomized Phase 3 validation; no dated readout or CGEN payment forecast was confirmed. [#PR-2026-08-03] Compugen results release
COM701 interim data could be delayed, inconclusive, or clinically disappointing.
Q2 2026 R&D expense rose to approximately $6.3 million from $5.6 million a year earlier; the company remains loss-making despite its stated runway. [#PR-2026-08-03] Compugen results release

Peers

Symbol	Summary
DTIL	Packet-selected small-cap biotechnology comparison by market capitalization only; no verified shared indication or trial design, so it is not a direct COM701 valuation anchor.
ZNTL	Packet-selected biotechnology comparison by market capitalization only; program differences and unverified clinical comparability limit its valuation usefulness.

Sources

Internal and external references used in this analysis

Model source: RankAlpha Sentiment Codex
Analysis date: 2026-10-29

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Symbol

Summary

DTIL

Packet-selected small-cap biotechnology comparison by market capitalization only; no verified shared indication or trial design, so it is not a direct COM701 valuation anchor.

ZNTL

Packet-selected biotechnology comparison by market capitalization only; program differences and unverified clinical comparability limit its valuation usefulness.