Compugen Ltd.
CGENHealthcare|Biotechnology|IL
$1.96
+0.04 (+2.08%)
Tangible Book / Share
$0.94
Graham Number
$2.80
Cash / Share
$1.32
Financials
Financial Snapshot
Market Cap
$185.7M
Enterprise Value
$178.4M
Revenue (TTM)
$74.0M
Net Income (TTM)
$35.2M
Cash & Investments
$125.3M
Net Cash
$122.3M
Free Cash Flow (TTM)
$0.00
Operating CF (TTM)
$0.00
Debt/Equity
0.03
Cash Runway & Burn Rate
Company is cash-flow positive.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $61.5M | $30.4M | $45.7M | $43.9M | $123.8M | $117.0M | $83.3M | $50.7M | $103.3M | $145.6M | $125.3M | |
| Operating Cash Flow | -$19.8M | -$30.7M | -$13.3M | -$27.9M | -$28.3M | -$22.7M | -$34.1M | -$35.9M | $49.6M | $31.6M | $0.00 | |
| Free Cash Flow | -$22.4M | -$31.0M | -$13.4M | -$28.0M | -$28.5M | -$23.0M | -$34.6M | -$36.1M | $49.5M | $31.3M | $0.00 | |
| Capital Expenditure | -$2.6M | -$385.0K | -$158.0K | -$155.0K | -$166.0K | -$292.0K | -$487.0K | -$172.0K | -$118.0K | -$306.0K | $0.00 | |
| Financing Cash Flow | $2.5M | $201.0K | $28.4M | $25.9M | $108.5M | $16.8M | $353.0K | $3.1M | $554.0K | $10.6M | $0.00 |
R&D Spending
R&D (TTM)
$24.6M
R&D Intensity
33.2%
R&D Growth vs Prior
+8.0%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $712.0K | $0.00 | $17.8M | $0.00 | $2.0M | $6.0M | $7.5M | $33.5M | $27.9M | $72.8M | $74.0M | |
| R&D Expense | $24.5M | $28.6M | $30.3M | $19.8M | $22.8M | $28.7M | $30.6M | $34.5M | $24.8M | $22.8M | $24.6M | |
| R&D % of Revenue | 3447.9% | — | 170.3% | — | 1138.0% | 478.2% | 408.6% | 103.0% | 89.0% | 31.3% | 33.2% | |
| SG&A | $8.5M | $8.8M | $9.7M | $9.1M | $10.7M | $11.7M | $11.3M | $10.0M | $10.0M | $9.4M | $9.4M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $712.0K | $0.00 | $17.8M | $0.00 | $2.0M | $6.0M | $7.5M | $33.5M | $27.9M | $72.8M | $74.0M | |
| Cost of Revenue | $223.0K | $1.6M | $1.0M | $989.0K | $60.0K | $680.0K | $975.0K | $2.0M | $7.9M | $9.3M | $9.7M | |
| Gross Profit | $489.0K | -$1.6M | $16.8M | -$989.0K | $1.9M | $5.3M | $6.5M | $31.5M | $19.9M | $63.5M | $64.3M | |
| R&D | $24.5M | $28.6M | $30.3M | $19.8M | $22.8M | $28.7M | $30.6M | $34.5M | $24.8M | $22.8M | $24.6M | |
| SG&A | $8.5M | $8.8M | $9.7M | $9.1M | $10.7M | $11.7M | $11.3M | $10.0M | $10.0M | $9.4M | $9.4M | |
| Operating Income | -$32.6M | -$37.4M | -$23.2M | -$28.9M | -$31.5M | -$35.1M | -$35.4M | -$13.0M | -$14.9M | $31.3M | $30.3M | |
| Interest Expense | $705.0K | $508.0K | $620.0K | $32.0K | $42.0K | $25.0K | $27.0K | $31.0K | $34.0K | $0.00 | $0.00 | |
| Pretax Income | -$31.5M | -$37.1M | -$22.6M | -$28.1M | -$29.7M | -$34.2M | -$33.6M | -$9.8M | -$9.7M | $35.4M | $35.2M | |
| Net Income | -$31.5M | -$37.1M | -$22.6M | -$27.3M | -$29.7M | -$34.2M | -$33.7M | -$18.8M | -$14.2M | $35.3M | $35.2M | |
| EPS (Diluted) | -0.62 | -0.72 | -0.41 | -0.43 | -0.37 | -0.41 | -0.39 | -0.21 | -0.16 | 0.38 | 0.38 | |
| EBITDA | -$31.1M | -$35.5M | -$21.8M | -$27.0M | -$28.9M | -$33.7M | -$33.1M | -$9.3M | -$9.2M | $35.9M | $35.2M | |
| Shares Out. (M) | 50.86 | 51.18 | 55.28 | 63.64 | 79.59 | 84.20 | 86.56 | 87.63 | 89.53 | 93.82 | 94.64 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $61.5M | $30.4M | $45.7M | $9.8M | $7.1M | $7.8M | $11.1M | $13.9M | $18.2M | $90.6M | $10.3M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $34.0M | $116.6M | $109.2M | $72.3M | $36.8M | $85.0M | $55.0M | $115.0M | |
| Total Current Assets | $62.7M | $31.2M | $46.6M | $45.0M | $129.1M | $123.2M | $86.1M | $114.6M | $106.0M | $148.0M | $129.4M | |
| Total Assets | $71.1M | $38.7M | $53.2M | $53.8M | $138.3M | $132.2M | $94.2M | $121.3M | $115.0M | $156.9M | $138.4M | |
| Total Current Liabilities | $4.7M | $6.2M | $10.0M | $6.8M | $10.5M | $17.1M | $11.9M | $26.3M | $20.2M | $22.6M | $22.6M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $7.6M | $9.4M | $15.9M | $15.4M | $18.5M | $25.5M | $16.5M | $55.8M | $60.1M | $54.1M | $49.6M | |
| Stockholders' Equity | $63.5M | $29.3M | $37.2M | $38.3M | $119.8M | $106.7M | $77.7M | $65.6M | $54.9M | $102.7M | $88.7M | |
| Retained Earnings | -$271.0M | -$308.2M | -$330.8M | -$358.2M | -$387.9M | -$422.1M | -$455.8M | -$474.5M | -$488.8M | -$453.4M | -$468.1M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$19.8M | -$30.7M | -$13.3M | -$27.9M | -$28.3M | -$22.7M | -$34.1M | -$35.9M | $49.6M | $31.6M | $0.00 | |
| Capital Expenditure | -$2.6M | -$385.0K | -$158.0K | -$155.0K | -$166.0K | -$292.0K | -$487.0K | -$172.0K | -$118.0K | -$306.0K | $0.00 | |
| Free Cash Flow | -$22.4M | -$31.0M | -$13.4M | -$28.0M | -$28.5M | -$23.0M | -$34.6M | -$36.1M | $49.5M | $31.3M | $0.00 | |
| Investing Cash Flow | $16.3M | $46.3M | -$35.2M | $5.3M | -$82.2M | $6.6M | $37.1M | $35.5M | -$46.3M | $30.0M | $0.00 | |
| Financing Cash Flow | $2.5M | $201.0K | $28.4M | $25.9M | $108.5M | $16.8M | $353.0K | $3.1M | $554.0K | $10.6M | $0.00 | |
| Issuance of Stock | $2.5M | $201.0K | $27.7M | $22.8M | $74.1M | $16.8M | $353.0K | $3.1M | $544.0K | $10.6M | $0.00 | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.1M | $2.6M | $2.2M | $2.4M | $2.8M | $4.3M | $4.3M | $3.5M | $3.0M | $0.00 | $0.00 | |
| Net Change in Cash | -$1.1M | $15.8M | -$20.1M | $3.4M | -$2.0M | $704.0K | $2.9M | $2.8M | $4.0M | $72.4M | $6.0M |
Dilution Tracker
Shares Outstanding
95M
5-Year Share Growth
+17.9%
Stock Issuance (TTM)
$0.00
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 50.86 | 51.18 | 55.28 | 63.64 | 79.59 | 84.20 | 86.56 | 87.63 | 89.53 | 93.82 | 94.64 | |
| Change vs Prior % | — | 0.6% | 8.0% | 15.1% | 25.1% | 5.8% | 2.8% | 1.2% | 2.2% | 4.8% | 0.9% | |
| Stock Issuance | $2.5M | $201.0K | $27.7M | $22.8M | $74.1M | $16.8M | $353.0K | $3.1M | $544.0K | $10.6M | $0.00 | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $3.1M | $2.6M | $2.2M | $2.4M | $2.8M | $4.3M | $4.3M | $3.5M | $3.0M | $0.00 | $0.00 |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 68.7% | — | 94.2% | — | 97.0% | 88.7% | 87.0% | 94.0% | 71.5% | 87.3% | 86.9% | |
| Operating Margin % | -4576.3% | — | -130.5% | — | -1574.8% | -584.6% | -471.7% | -38.8% | -53.4% | 43.1% | 40.9% | |
| Net Margin % | -4425.0% | — | -127.0% | — | -1484.9% | -570.0% | -449.3% | -56.1% | -51.1% | 48.6% | 47.6% | |
| EBITDA Margin % | -4367.8% | — | -122.7% | — | -1447.0% | -562.0% | -441.7% | -27.7% | -33.0% | 49.3% | 47.6% | |
| FCF Margin % | -3148.6% | — | -75.6% | — | -1424.3% | -383.0% | -461.3% | -107.8% | 177.6% | 43.1% | 0.0% | |
| ROE % | -49.6% | -126.5% | -60.7% | -71.3% | -24.8% | -32.1% | -43.4% | -28.6% | -25.9% | 34.4% | 42.6% | |
| ROA % | -44.3% | -95.7% | -42.5% | -50.8% | -21.5% | -25.9% | -35.8% | -15.5% | -12.4% | 22.5% | 25.4% | |
| ROIC % | -49.1% | -114.9% | -53.8% | -59.2% | -24.5% | -30.3% | -42.7% | -13.6% | -15.6% | 23.2% | 26.0% | |
| R&D / Revenue % | 3447.9% | — | 170.3% | — | 1138.0% | 478.2% | 408.6% | 103.0% | 89.0% | 31.3% | 33.2% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | -92.3% | -100.0% | 0.0% | -100.0% | 0.0% | 200.0% | 25.0% | 346.1% | -16.7% | 161.1% | |
| Gross Profit | -93.6% | -425.8% | 1152.5% | -105.9% | 296.2% | 174.2% | 22.7% | 382.1% | -36.6% | 218.6% | |
| Operating Income | -55.8% | -14.8% | 37.9% | -24.3% | -9.1% | -11.4% | -0.9% | 63.3% | -14.6% | 310.4% | |
| Net Income | -56.3% | -17.6% | 39.0% | -21.0% | -8.6% | -15.2% | 1.5% | 44.3% | 24.1% | 348.4% | |
| EPS (Diluted) | -55.0% | -16.1% | 43.1% | -4.9% | 14.0% | -10.8% | 4.9% | 46.2% | 23.8% | 337.5% | |
| Operating Cash Flow | 22.6% | -54.7% | 56.6% | -109.8% | -1.5% | 19.9% | -50.3% | -5.2% | 238.2% | -36.2% | |
| Free Cash Flow | 22.0% | -38.5% | 56.7% | -108.5% | -1.6% | 19.3% | -50.5% | -4.2% | 237.2% | -36.7% | |
| R&D Expense | 15.6% | 16.4% | 6.1% | -34.6% | 14.9% | 26.1% | 6.8% | 12.5% | -28.0% | -8.3% | |
| SG&A Expense | 16.5% | 3.5% | 9.7% | -6.3% | 17.8% | 9.6% | -3.8% | -11.3% | 0.4% | -5.8% | |
| Total Assets | -28.4% | -45.5% | 37.3% | 1.1% | 157.3% | -4.4% | -28.7% | 28.8% | -5.2% | 36.4% | |
| Book Value / Share | -29.9% | -54.2% | 17.7% | -10.6% | 149.9% | -15.8% | -29.2% | -16.6% | -18.0% | 79.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | -11.5% | -13.1% | -30.0% | -29.8% | 115.5% | 1.6% | |
| Diluted Shares | 0.8% | 0.6% | 8.0% | 15.1% | 25.1% | 5.8% | 2.8% | 1.2% | 2.2% | 4.8% |
Valuation
P/E (TTM)5.22
P/S2.51
10Y Low / Med / High1.96 / 8.26 / 481.92
P/B2.09
10Y Low / Med / High0.80 / 3.39 / 9.90
EV/EBITDA5.06
EV/Revenue2.41
10Y Low / Med / High0.76 / 7.04 / 479.94
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$0.94
Net Current Assets / Share
$0.84
Graham Number
$2.80
Graham Net-Net
$0.83
Cash / Share
$1.32
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -8.23 | -3.47 | -5.29 | -13.86 | -32.73 | -10.49 | -1.84 | -9.43 | -9.56 | 4.03 | 5.22 | |
| P/S Ratio | 364.28 | 0.00 | 6.74 | 0.00 | 481.92 | 60.35 | 8.26 | 5.19 | 4.92 | 1.96 | 2.51 | |
| P/B Ratio | 4.08 | 4.37 | 3.22 | 9.90 | 8.05 | 3.39 | 0.80 | 2.65 | 2.49 | 1.39 | 2.09 | |
| EV/EBITDA | -6.36 | -2.75 | -3.40 | -13.80 | -33.17 | -10.59 | -1.59 | -17.35 | -13.24 | 1.54 | 5.06 | |
| EV/Revenue | 277.86 | 0.00 | 4.17 | 0.00 | 479.94 | 59.50 | 7.04 | 4.81 | 4.37 | 0.76 | 2.41 |
Analyst Estimates & Quality
Altman Z-Score
-0.19
Distress
Piotroski F-Score
5
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $10.2M | $16.0M | $30.9M |
| Net Income | -$31.3M | -$36.2M | -$23.8M |
| EPS | $-0.28 | $-0.28 | $-0.25 |
| # Analysts (EPS) | 3 | 3 | 5 |
Revenue Segments
By Geography
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Europe | $2.0M | $6.0M | $7.5M | $10.0M | $5.0M | — |
| Unites States | — | — | — | $23.5M | $22.9M | — |
| UNITED STATES | — | — | — | — | — | $7.8M |