Compugen Ltd. (CGEN) Balance Sheet

27Y historyFree accessUpdated daily

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.

Annual statement

CGEN Balance Sheet

Compugen Ltd. (CGEN) balance sheet — 27-year assets, liabilities & shareholders' equity history

Annual Quarterly

Metric	TTM	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	129.41M	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	125.3M	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	10.28M	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	115.02M	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	4.11M	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	11.8	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	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	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	8.96M	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	3.11M	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	23.13x	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	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	0
Long-Term Investments	452K	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	5.84M	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	138.37M	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	0.55x	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 %	56.24%	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	22.63M	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	2.15M	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	151.92	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	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)	34.02M	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	3.14M	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	5.72x	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	5.72x	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	-140.12	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	228.93	-198.71	-141.4	-475.74	-108.9	-520.74	676.68
Total Non-Current Liabilities	27M	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	0
Capital Lease Obligations	9.67M	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	0	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	4.24M	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	49.63M	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	3.02M	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	-7.26M	-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	0.03x	0.05x	0.02x	0.02x	0.03x	0.03x	0.09x	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Debt / EBITDA	0.09x	0.09x	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net Debt / EBITDA	-0.21x	-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	88.73M	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 %	143.53%	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	0.94	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	88.73M	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	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	-468.09M	-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	0
Accumulated OCI	-31K	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	0

Key Metrics

Growth RegimeMixed

ProfitabilityStrained

Balance SheetHealthy

Cash FlowMixed

Top Statement Risk

Binary clinical milestone dependence

Balance Sheet Volatility Reflects Milestones

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.

Cash Runway Dependent on Partnerships

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.

Minimal Leverage Preserves Financial Flexibility

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.

Deferred Revenue Masks Operational Reality

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.

CGEN — Frequently Asked Questions

Quick answers to the most common questions about buying CGEN stock.

What are the total assets of Compugen Ltd. (CGEN)?

As of 2025, Compugen Ltd. (CGEN) had total assets of $156.9M including $148.0M in current assets.

How much debt does Compugen Ltd. (CGEN) have?

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.

What is the book value or shareholders' equity of Compugen Ltd.?

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.

What is Compugen Ltd.'s current ratio and liquidity?

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.