Compugen Ltd. (NASDAQ:CGEN) Q1 2024 Earnings Call Transcript May 20, 2024 8:30 AM ET

Company Participants

Yvonne Naughton - Head of IR & Corporate Communications
Anat Cohen-Dayag - President and CEO
Alberto Sessa - CFO
Eran Ophir - CSO
Michelle Mahler - CMO

Conference Call Participants

Asthika Goonewardene - Truist Securities
Daina Graybosch - Leerink
Tony Butler - Rodman & Renshaw

Operator

Ladies and gentlemen, thank you for joining us today. Welcome to Compugen's First Quarter 2024 Results Conference Call. At this time, all participants are in a 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, Head of Investor Relations and Corporate Communications. Yvonne, please go ahead.

Yvonne Naughton

Thank you, operator, and thank you all for joining us on the call today. Joining me from Compugen for the prepared remarks are Dr. Anat Cohen-Dayag, President and Chief Executive Officer; and Alberto Sessa, Chief Financial Officer. Dr. Michelle Mahler, Chief Medical Officer and Dr. Eran Ophir, 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. 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 the 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.

With that, I now turn the call over to Anat.

Anat Cohen-Dayag

Thank you, Yvonne, and thank you everyone for joining us on our first quarter 2024 call. Today, I will cover the significant progress we have made across our pipeline in the first quarter of this year, and I will then move to our planned catalyst through the rest of 2024.

But before I go there, I thought I would start on a question which we frequently get asked, is Compugen an AI company? And the answer is yes. Compugen is a pioneer in computational discovery of novel drug targets, and not just in theory, but in practice, which is a significant differentiator. We successfully moved our newly discovered drug targets from computer prediction to drug discovery to preclinical and clinical trials, continuously feeding our own pipeline with potential significant opportunities to address cancer immunotherapy resistance. The Gilead deal on COM503 highlights the most recent asset discovered through our computational discovery capability. Our discovery platform is a validated AI/ML powered platform. This platform is the engine fueling our competitive advantage and pipeline and has already delivered multiple fully-owned clinical programs, multiple validating strategic partnerships, and multiple early-stage undisclosed assets, which are expected to feed our future pipeline and opportunity to deliver long-term value creation.