The company maintains a conservative financial position with a debt-to-equity ratio of 0.03 as of 2025Q4, though $35.9M in deferred revenue suggests significant future performance obligations.
| Metric | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Total Current Assets | 148.02M | 106M | 114.58M | 86.13M | 123.22M | 129.09M | 45M | 46.58M | 31.18M | 62.68M | 91M | 74.96M | 53.22M | 25.57M | 23.01M | 28.08M | 24.31M | 8.25M | 16.24M | 26.26M | 32.5M | 22.12M | 18.11M | 53.09M | 35.64M | 93.74M | 12.53M |
| Cash & Short-Term Investments | 145.64M | 103.25M | 50.69M | 83.35M | 117.05M | 123.77M | 43.88M | 45.67M | 30.44M | 61.53M | 81.85M | 73.7M | 51.33M | 24.79M | 22.37M | 21.82M | 15.14M | 11.34M | 15.2M | 25.4M | 30.99M | 20.57M | 16.71M | 18.21M | 17.68M | 80.67M | 11.44M |
| Cash Only | 90.6M | 18.23M | 13.89M | 11.06M | 7.8M | 7.14M | 9.84M | 45.67M | 30.44M | 61.53M | 81.42M | 72.64M | 46.77M | 19.59M | 5.85M | 7.3M | 15.14M | 5.42M | 1.42M | 6.25M | 730K | 4.37M | 7.91M | 5.29M | 8.44M | 80.67M | 11.44M |
| Short-Term Investments | 55.04M | 85.03M | 36.8M | 72.29M | 109.25M | 116.62M | 34.04M | 0 | 0 | 0 | 426K | 1.05M | 4.57M | 5.2M | 16.52M | 14.52M | 0 | 5.92M | 13.78M | 19.15M | 30.26M | 16.21M | 8.8M | 12.92M | 9.24M | 0 | 0 |
| Accounts Receivable | 294K | 269K | 61.32M | 317K | 188K | 2M | 341K | 167K | 51K | 82K | 8.43M | 357K | 1.24M | 174K | 318K | 5.57M | 8.51M | 572K | 375K | 285K | 427K | 989K | 573K | 4.58M | 2.95M | 2.68M | 710K |
| Days Sales Outstanding | 1.47 | 3.52 | 668.91 | 15.43 | 11.44 | 365 | - | 3.42 | - | 42.04 | 331.48 | 10.54 | 127.43 | 262.44 | -273.75 | 1.82K | 12.42K | 617.69 | 760.42 | 483.84 | 241.26 | 89.64 | 23.7 | 150.68 | 94.78 | 142.06 | 80.06 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.34M | -1.74M | -2.06M | -1.8M | -1.04M | -646K | -516K | -22.28M | 0 | -14.98M | -11.93M | 263K | 0 | 1.08M | 556K | 554K | 111K | 343K | 385K | 380K |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 2.67K | 184.49 | 88.88 | 14.37 | 36.24 | 293.99 | -180.36 |
| Other Current Assets | 0 | 0 | 365K | 362K | 713K | 721K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 136K | 8.45M | 21K | 406K | 716K | 0 | 0 | 274K | 30.2M | 14.67M | 10M | 0 |
| Total Non-Current Assets | 8.85M | 9M | 6.75M | 8.05M | 8.94M | 9.23M | 8.76M | 6.6M | 7.57M | 8.46M | 8.31M | 39.89M | 3.5M | 3.34M | 6.07M | 8.38M | 5.88M | 6M | 5.42M | 4.6M | 9.61M | 33.23M | 49.42M | 24.16M | 51.65M | 4.13M | 2.99M |
| Property, Plant & Equipment | 3.2M | 3.69M | 2.54M | 3.36M | 3.9M | 4.48M | 5.58M | 3.37M | 4.65M | 5.96M | 6.03M | 2.73M | 1.21M | 1.25M | 497K | 580K | 735K | 1.06M | 1.42M | 2.18M | 3.02M | 3.74M | 3.94M | 3.8M | 4.27M | 3.19M | 2.4M |
| Fixed Asset Turnover | 22.72x | 7.54x | 13.15x | 2.23x | 1.54x | 0.45x | - | 5.28x | - | 0.12x | 1.54x | 4.53x | 2.94x | 0.19x | -0.85x | 1.92x | 0.34x | 0.32x | 0.13x | 0.10x | 0.21x | 1.08x | 2.24x | 2.92x | 2.66x | 2.16x | 1.35x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 410K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 69.57M | 35.03M | 18.02M | 59K | 4.09M | 7.8M | 5.14M | 3.86M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 4.94M | 5.3M | 4.21M | 4.69M | 5.04M | 4.74M | 3.18M | 3.23M | 2.92M | 2.49M | -67.29M | 2.13M | -15.73M | 2.03M | 1.48M | 0 | 0 | 1.08M | 4M | 2.42M | 6.59M | 29.5M | 45.48M | 20.36M | 47.38M | 941K | 595K |
| Total Assets | 156.87M | 115M | 121.33M | 94.18M | 132.16M | 138.32M | 53.76M | 53.18M | 38.75M | 71.14M | 99.31M | 114.84M | 56.71M | 28.91M | 29.08M | 36.46M | 30.18M | 14.24M | 21.67M | 30.86M | 42.11M | 55.35M | 67.53M | 77.26M | 87.29M | 97.87M | 15.52M |
| Asset Turnover | 0.46x | 0.24x | 0.28x | 0.08x | 0.05x | 0.01x | - | 0.33x | - | 0.01x | 0.09x | 0.11x | 0.06x | 0.01x | -0.01x | 0.03x | 0.01x | 0.02x | 0.01x | 0.01x | 0.02x | 0.07x | 0.13x | 0.14x | 0.13x | 0.07x | 0.21x |
| Asset Growth % | 36.42% | -5.22% | 28.84% | -28.74% | -4.45% | 157.27% | 1.1% | 37.25% | -45.53% | -28.36% | -13.53% | 102.51% | 96.17% | -0.59% | -20.23% | 20.78% | 111.91% | -34.26% | -29.78% | -26.72% | -23.93% | -18.03% | -12.6% | -11.49% | -10.81% | 530.7% | - |
| Total Current Liabilities | 22.57M | 20.16M | 26.27M | 11.92M | 17.1M | 10.52M | 6.82M | 9.99M | 6.19M | 4.74M | 6.85M | 6.59M | 7.74M | 1.38M | 1.71M | 2.44M | 1.47M | 2.99M | 2.9M | 2.95M | 3.67M | 3.38M | 5.2M | 6.54M | 5.85M | 4.3M | 2.11M |
| Accounts Payable | 2.35M | 1.84M | 3.5M | 1.77M | 4.62M | 1.41M | 1.09M | 2.95M | 3.44M | 1.27M | 2M | 1.49M | 693K | 443K | 248K | 507K | 199K | 472K | 881K | 803K | 1.09M | 1.43M | 1.58M | 4.95M | 2.27M | 1.25M | 1.64M |
| Days Payables Outstanding | 92.84 | 84.6 | 637.84 | 663.74 | 2.48K | 8.6K | 401.54 | 1.04K | 789.34 | 2.09K | 447.25 | 162.96 | 100.82 | 804.45 | 213.49 | 826.14 | - | 24.61K | - | 48.85K | 2.68K | 472.84 | 253.98 | 640.79 | 239.92 | 956.79 | -776.99 |
| Short-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 10.97M | 9.63M | 11.15M | 0 | 0 | 0 | 774K | 1.09M | 312K | 0 | 312K | 1.79M | 5.32M | 0 | 0 | 0 | 113K | 100K | 150K | 75K | 200K | 276K | 1.57M | 1.59M | 960K | 1.19M | 0 |
| Other Current Liabilities | 3.05M | 3.07M | 3.13M | 3.14M | 6.93M | 668K | 1.71M | 3.45M | 1.08M | 2.07M | 3.03M | 2.07M | 1.1M | 499K | 853K | 793K | 1.16M | 2.42M | 529K | 512K | 1.41M | 1.26M | 0 | 0 | 0 | 0 | 469K |
| Current Ratio | 6.56x | 5.26x | 4.36x | 7.23x | 7.21x | 12.27x | 6.60x | 4.66x | 5.03x | 13.22x | 13.28x | 11.38x | 6.88x | 18.48x | 13.48x | 11.50x | 16.54x | 2.76x | 5.61x | 8.90x | 8.85x | 6.54x | 3.49x | 8.11x | 6.10x | 21.79x | 5.95x |
| Quick Ratio | 6.56x | 5.26x | 4.36x | 7.23x | 7.21x | 12.27x | 6.60x | 4.80x | 5.31x | 13.66x | 13.54x | 11.53x | 6.96x | 18.85x | 26.53x | 11.50x | 26.73x | 6.74x | 5.52x | 8.90x | 8.55x | 6.37x | 3.38x | 8.10x | 6.04x | 21.70x | 5.77x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 228.93 | -198.71 | -141.4 | -475.74 | -108.9 | -520.74 | 676.68 |
| Total Non-Current Liabilities | 31.57M | 39.92M | 29.51M | 4.58M | 8.37M | 8.01M | 8.62M | 5.95M | 3.25M | 2.88M | 2.56M | 2.28M | 17.08M | 9.85M | 7.79M | 5.73M | 1.32M | 1.25M | 1.49M | 2.17M | 2.19M | 2.4M | 2.52M | 1.83M | 1.38M | 1.06M | 625K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 2.44M | 2.46M | 719K | 1.31M | 1.98M | 2.53M | 2.98M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 303K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 625K |
| Other Non-Current Liabilities | 3.89M | 3.41M | 3.4M | 3.27M | 6.39M | 5.48M | 2.95M | 2.94M | 3.25M | 2.88M | 2.56M | 2.28M | 15.63M | 9.85M | 7.79M | 5.73M | 1.32M | 1.25M | 1.49M | 2.17M | 2.19M | 2.4M | 2.52M | 1.83M | 1.38M | 1.06M | 0 |
| Total Liabilities | 54.14M | 60.08M | 55.77M | 16.5M | 25.47M | 18.53M | 15.44M | 15.94M | 9.45M | 7.62M | 9.41M | 8.87M | 24.82M | 11.24M | 9.5M | 8.17M | 2.79M | 4.24M | 4.38M | 5.12M | 5.86M | 5.79M | 7.72M | 8.38M | 7.23M | 5.36M | 2.73M |
| Total Debt | 2.96M | 2.91M | 1.35M | 1.93M | 2.75M | 3.17M | 3.58M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Net Debt | -87.64M | -15.32M | -12.54M | -9.13M | -5.05M | -3.98M | -6.26M | -45.67M | -30.44M | -61.53M | -81.42M | -72.64M | -46.77M | -19.59M | -5.85M | -7.3M | -15.14M | -5.42M | -1.42M | -6.25M | -730K | -4.37M | -7.91M | -5.29M | -8.44M | -80.67M | -11.44M |
| Debt / Equity | 0.03x | 0.05x | 0.02x | 0.02x | 0.03x | 0.03x | 0.09x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.09x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -2.76x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | -284.56x | -314.61x | -1244.78x | -1367.12x | -706.10x | -875.84x | -37.46x | -72.94x | -46.22x | -27.71x | -37.38x | -120.87x | -56.43x | -39.18x | -32.69x | -117.37x | -83.84x | - | - | - | - | - | - | - | - | - |
| Total Equity | 102.73M | 54.91M | 65.56M | 77.68M | 106.69M | 119.78M | 38.32M | 37.24M | 29.3M | 63.52M | 89.9M | 105.97M | 31.89M | 17.67M | 19.58M | 28.29M | 27.4M | 10M | 17.29M | 25.74M | 36.25M | 49.57M | 59.81M | 68.88M | 80.06M | 92.51M | 12.79M |
| Equity Growth % | 87.08% | -16.24% | -15.6% | -27.19% | -10.93% | 212.58% | 2.89% | 27.12% | -53.88% | -29.34% | -15.17% | 232.34% | 80.44% | -9.75% | -30.77% | 3.24% | 173.9% | -42.13% | -32.84% | -28.99% | -26.87% | -17.12% | -13.17% | -13.97% | -13.46% | 623.47% | - |
| Book Value per Share | 1.10 | 0.61 | 0.75 | 0.90 | 1.27 | 1.50 | 0.60 | 0.67 | 0.57 | 1.25 | 1.78 | 2.19 | 0.82 | 0.49 | 0.57 | 0.85 | 0.96 | 0.35 | 0.61 | 0.92 | 1.31 | 1.80 | 2.26 | 2.64 | 3.08 | 6.65 | 0.91 |
| Total Shareholders' Equity | 102.73M | 54.91M | 65.56M | 77.68M | 106.69M | 119.78M | 38.32M | 37.24M | 29.3M | 63.52M | 89.9M | 105.97M | 31.89M | 17.67M | 19.58M | 28.29M | 27.4M | 10M | 17.29M | 25.74M | 36.25M | 49.57M | 59.81M | 68.88M | 80.06M | 92.51M | 12.79M |
| Common Stock | 262K | 248K | 247K | 240K | 239K | 231K | 187K | 164K | 140K | 140K | 138K | 137K | 111K | 99K | 94K | 92K | 88K | 77K | 77K | 76K | 75K | 74K | 72K | 71K | 71K | 71K | 20K |
| Retained Earnings | -453.42M | -488.76M | -474.53M | -455.77M | -422.08M | -387.88M | -358.18M | -330.84M | -308.24M | -270.96M | -239.46M | -219.3M | -208.2M | -194.12M | -180.49M | -168.49M | -161.28M | -157.45M | -144.93M | -132.75M | -119.73M | -105.76M | -92.03M | -80.59M | -68.39M | -53.24M | -14.92M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 8K | 11K | 2K | 0 | 0 | 0 | 0 | 0 | 17K | 7K | 421K | 1.22M | 4.63M | 5.37M | 4.26M | 6.41M | 4.07M | 4.2M | 976K | -7.47M | -16K | -196K | -501K | -580K | -2.04M | -4.7M | -3.77M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical milestone dependence
As reported in financial statements, Compugen's total assets fluctuated from $132.2M in 2021Q4 to $156.9M by 2025Q4, a trend driven primarily by the timing of milestone-related cash inflows rather than organic growth in the underlying asset base or operational expansion of the company's research platform.
The trajectory of the balance sheet is inherently tied to the episodic nature of licensing revenue, which creates significant quarter-over-quarter swings in liquidity. Investors should monitor whether these asset fluctuations represent sustainable capital accumulation or merely temporary cash buffers that will be depleted by ongoing R&D requirements.
Based on Compugen's reported figures, the company maintained a cash position of $90.6M in 2025Q4, providing a substantial liquidity buffer that appears to mitigate immediate financing risks, though this remains highly sensitive to the timing of future milestone payments from major pharmaceutical partners like Gilead and AstraZeneca.
The current ratio of 6.56 suggests a strong short-term liquidity position, which is critical for a clinical-stage biotech firm with limited recurring revenue. However, this liquidity is not generated from operations, and the company's ability to maintain this buffer depends entirely on the successful achievement of clinical milestones.
According to recent SEC filings, Compugen maintains a conservative capital structure with a debt-to-equity ratio of 0.03 as of 2025Q4, indicating that the company has successfully avoided reliance on debt financing to fund its long-term research and development activities during its clinical-stage evolution.
The negligible debt load suggests that management prioritizes non-dilutive partnership capital over traditional credit facilities, which reduces interest rate sensitivity. This approach appears strategic, as it avoids the burden of debt service during periods where clinical outcomes remain uncertain and cash flows are inherently negative.
Data from the most recent balance sheets indicates that deferred revenue reached $35.9M in 2025Q4, a significant liability that suggests a portion of the company's reported cash inflows represents future performance obligations rather than earned income, potentially distorting the perceived health of the balance sheet.
Investors should interpret this deferred revenue as a future service obligation that could impact cash flow if clinical milestones are not met. This liability highlights that the company's financial position is heavily contingent on meeting complex research requirements, which may not be fully captured by headline cash or equity figures.
Quick answers to the most common questions about buying CGEN stock.
As of 2025, Compugen Ltd. (CGEN) had total assets of $156.9M including $148.0M in current assets.
Compugen Ltd. (CGEN) carries total debt of $3.0M, offset by $145.6M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Compugen Ltd. (CGEN) has total shareholders' equity (book value) of $102.7M ($1.10 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Compugen Ltd. (CGEN) reported a current ratio of 6.56x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.