Excluding the non-recurring $67.3M Q4 2025 revenue, quarterly revenue has trended down to $2.6M in 2026Q2 with a -3.5% gross margin and a -$7.0M net loss, while R&D of $6.3M per quarter continues to dominate the cost structure.
Compugen Ltd. (CGEN) annual income statement — 27-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 74M | 72.76M | 27.86M | 33.46M | 7.5M | 6M | 2M | 0 | 17.8M | 0 | 712K | 9.28M | 12.37M | 3.55M | 242K | -424K | 1.11M | 250K | 338K | 180K | 215K | 646K | 4.03M | 8.83M | 11.1M | 11.36M | 6.89M | 3.24M |
| Revenue Growth % | 234.18% | 161.14% | -16.72% | 346.12% | 25% | 200% | - | -100% | - | -100% | -92.33% | -24.99% | 248.46% | 1366.53% | 157.08% | -138.03% | 346% | -26.04% | 87.78% | -16.28% | -66.72% | -83.96% | -54.37% | -20.46% | -2.32% | 64.85% | 112.88% | - |
| Cost of Goods Sold | 9.7M | 9.25M | 7.93M | 2M | 975K | 680K | 60K | 989K | 1.03M | 1.59M | 223K | 1.63M | 3.34M | 2.51M | 201K | 424K | 224K | 0 | 7K | 0 | 6K | 148K | 1.1M | 2.27M | 2.82M | 3.46M | 478K | -769K |
| COGS % of Revenue | - | 12.71% | 28.46% | 5.99% | 13% | 11.33% | 3% | - | 5.81% | - | 31.32% | 17.6% | 27.04% | 70.7% | 83.06% | -100% | 20.09% | - | 2.07% | - | 2.79% | 22.91% | 27.32% | 25.78% | 25.4% | 30.41% | 6.94% | -23.76% |
| Gross Profit | 64.3M | 63.51M | 19.93M | 31.45M | 6.53M | 5.32M | 1.94M | -989K | 16.77M | -1.59M | 489K | 7.64M | 9.02M | 1.04M | 41K | -848K | 891K | 250K | 331K | 180K | 209K | 498K | 2.93M | 6.55M | 8.28M | 7.91M | 6.41M | 4.01M |
| Gross Margin % | 86.89% | 87.29% | 71.54% | 94.01% | 87% | 88.67% | 97% | - | 94.19% | - | 68.68% | 82.4% | 72.96% | 29.3% | 16.94% | 200% | 79.91% | 100% | 97.93% | 100% | 97.21% | 77.09% | 72.68% | 74.22% | 74.6% | 69.59% | 93.06% | 123.76% |
| Gross Profit Growth % | - | 218.62% | -36.63% | 382.07% | 22.65% | 174.23% | 296.16% | -105.9% | 1152.48% | -425.77% | -93.6% | -15.28% | 767.6% | 2436.59% | 104.83% | -195.17% | 256.4% | -24.47% | 83.89% | -13.88% | -58.03% | -82.99% | -55.32% | -20.86% | 4.72% | 23.27% | 60.08% | - |
| Operating Expenses | 34M | 32.19M | 34.83M | 44.45M | 41.9M | 40.39M | 33.44M | 28.88M | 39.99M | 37.41M | 33.07M | 28.56M | 21.36M | 18.08M | 13.58M | 11.98M | 8.77M | 7.88M | 13.24M | 12.64M | 14.2M | 15.38M | 18.5M | 20.77M | 23.32M | 26.92M | 21.35M | 12.85M |
| OpEx % of Revenue | - | 44.23% | 124.98% | 132.84% | 558.65% | 673.23% | 1671.8% | - | 224.68% | - | 4644.94% | 307.88% | 172.72% | 509.52% | 5612.81% | -2825.24% | 786.46% | 3151.6% | 3918.05% | 7022.22% | 6605.58% | 2380.19% | 459.5% | 235.29% | 210.16% | 237.01% | 309.78% | 397.1% |
| Selling, General & Admin | 9.41M | 9.43M | 10.02M | 9.97M | 11.25M | 11.7M | 10.68M | 9.06M | 9.68M | 8.82M | 8.52M | 7.32M | 6.29M | 5.81M | 4.14M | 5.2M | 3.54M | 2.83M | 4.5M | 4.25M | 4.39M | 4.91M | 6.19M | 7.46M | 9.15M | 10.95M | 9.18M | 4.32M |
| SG&A % of Revenue | - | 12.96% | 35.94% | 29.81% | 150.01% | 195% | 533.8% | - | 54.35% | - | 1197.05% | 78.87% | 50.83% | 163.65% | 1711.16% | -1226.65% | 317.67% | 1131.2% | 1330.77% | 2363.33% | 2042.79% | 759.29% | 153.61% | 84.53% | 82.47% | 96.37% | 133.19% | 133.4% |
| Research & Development | 24.59M | 22.76M | 24.81M | 34.47M | 30.65M | 28.69M | 22.76M | 19.82M | 30.32M | 28.58M | 24.55M | 21.25M | 15.07M | 12.28M | 9.44M | 6.78M | 5.23M | 5.05M | 8.74M | 8.39M | 9.81M | 10.47M | 12.32M | 13.31M | 14.17M | 15.98M | 12.17M | 6.68M |
| R&D % of Revenue | - | 31.28% | 89.04% | 103.03% | 408.64% | 478.23% | 1138% | - | 170.33% | - | 3447.89% | 229.01% | 121.89% | 345.87% | 3901.65% | -1598.58% | 468.79% | 2020.4% | 2587.28% | 4658.89% | 4562.79% | 1620.9% | 305.89% | 150.76% | 127.69% | 140.63% | 176.59% | 206.24% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 281K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.86M |
| Operating Income | 30.3M | 31.33M | -14.89M | -12.99M | -35.37M | -35.07M | -31.5M | -28.88M | -23.23M | -37.41M | -32.58M | -20.92M | -12.34M | -17.04M | -13.54M | -11.98M | -7.88M | -7.63M | -12.91M | -12.46M | -13.99M | -14.88M | -15.58M | -14.22M | -15.04M | -19.02M | -16.18M | -8.85M |
| Operating Margin % | 40.94% | 43.05% | -53.44% | -38.83% | -471.65% | -584.57% | -1574.8% | - | -130.49% | - | -4576.26% | -225.48% | -99.76% | -480.22% | -5595.87% | 2825.24% | -706.55% | -3051.6% | -3820.12% | -6922.22% | -6508.37% | -2303.1% | -386.81% | -161.07% | -135.57% | -167.42% | -234.74% | -273.34% |
| Operating Income Growth % | - | 310.37% | -14.62% | 63.27% | -0.86% | -11.36% | -9.06% | -24.33% | 37.9% | -14.8% | -55.77% | -69.56% | 27.61% | -25.85% | -13.05% | -52.06% | -3.26% | 40.92% | -3.63% | 10.96% | 5.95% | 4.49% | -9.57% | 5.5% | 20.9% | -17.58% | -82.82% | - |
| EBITDA | 35.24M | 31.8M | -14.4M | -12.52M | -34.89M | -34.61M | -30.78M | -27.89M | -21.83M | -35.81M | -31.1M | -19.81M | -11.68M | -16.67M | -13.24M | -11.8M | -7.68M | -7.37M | -12.44M | -11.83M | -13M | -12.49M | -13.81M | -11.54M | -12.15M | -14.74M | -11.18M | -6.99M |
| EBITDA Margin % | 47.63% | 43.7% | -51.7% | -37.41% | -465.23% | -576.88% | -1539.05% | - | -122.66% | - | -4367.84% | -213.56% | -94.44% | -469.79% | -5472.31% | 2783.02% | -688.52% | -2946% | -3678.99% | -6570.56% | -6045.12% | -1933.75% | -343.01% | -130.76% | -109.45% | -129.79% | -162.28% | -215.88% |
| EBITDA Growth % | 337.45% | 320.76% | -15.09% | 64.13% | -0.81% | -12.45% | -10.37% | -27.74% | 39.03% | -15.15% | -56.97% | -69.64% | 29.95% | -25.9% | -12.23% | -53.71% | -4.24% | 40.77% | -5.14% | 9% | -4.04% | 9.56% | -19.69% | 4.98% | 17.62% | -31.84% | -60.03% | - |
| D&A (Non-Cash Add-back) | 0 | 475K | 486K | 476K | 482K | 461K | 715K | 989K | 1.39M | 1.59M | 1.48M | 1.11M | 658K | 370K | 299K | 179K | 201K | 264K | 477K | 633K | 996K | 2.39M | 1.76M | 2.67M | 2.9M | 4.28M | 4.99M | 1.86M |
| EBIT | 35.24M | 35.4M | -9.68M | -9.75M | -33.61M | -34.18M | -29.66M | -28.03M | -23.23M | -37.05M | -32.58M | -20.92M | -12.34M | -17.04M | -13.54M | -11.99M | -7.88M | -7.63M | -12.91M | -12.46M | -13.99M | -14.88M | -15.58M | -14.22M | -15.04M | -19.02M | -14.93M | -8.85M |
| Net Interest Income | 3.43M | 4.41M | 5.2M | 3.21M | 1.41M | 869K | 1.72M | 903K | 620K | 15K | 705K | 755K | 330K | 141K | 240K | 0 | 241K | 65K | 348K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 3.43M | 4.41M | 5.24M | 3.24M | 1.44M | 894K | 1.76M | 935K | 643K | 523K | 728K | 815K | 346K | 169K | 301K | 0 | 0 | 0 | 502K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 34K | 31K | 27K | 25K | 42K | 32K | 620K | 508K | 705K | 755K | 330K | 141K | 240K | -306K | 241K | 65K | 154K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 4.95M | 4.07M | 5.18M | 3.21M | 1.74M | 871K | 1.8M | 820K | 628K | 339K | 1.1M | 1.15M | 1.76M | 3.46M | -86K | 0 | 675K | 3.79M | 401K | 1M | 1.94M | 900K | 1.85M | 2.77M | 2.84M | -348K | 1.3M | -18K |
| Pretax Income | 35.24M | 35.4M | -9.71M | -9.78M | -33.64M | -34.2M | -29.7M | -28.06M | -22.6M | -37.07M | -31.49M | -19.77M | -10.73M | -13.58M | -13.63M | -12M | -7.44M | -3.84M | -12.51M | -11.46M | -13.88M | -14.66M | -15.14M | -13.55M | -13.4M | -19.37M | -14.87M | -8.87M |
| Pretax Margin % | 47.63% | 48.65% | -34.84% | -29.24% | -448.48% | -570.05% | -1484.9% | - | -126.96% | - | -4422.19% | -213.14% | -86.8% | -382.73% | -5631.4% | 2831.13% | -667.62% | -1537.2% | -3701.48% | -6365.56% | -6457.67% | -2269.35% | -375.94% | -153.57% | -120.79% | -170.48% | -215.85% | -273.9% |
| Income Tax | 52K | 54K | 4.52M | 8.97M | 58K | 0 | 0 | -722K | 0 | 0 | 20K | 390K | 360K | 500K | 0 | 0 | -1.35M | 0 | -37K | 32K | -1.08M | -1.12M | -2.29M | -3.44M | -2.84M | -3.53M | -1.59M | -701K |
| Effective Tax Rate % | 0.15% | 0.15% | -46.58% | -91.68% | -0.17% | 0% | 0% | 2.57% | 0% | 0% | -0.06% | -1.97% | -3.35% | -3.68% | 0% | 0% | 18.14% | 0% | 0.3% | -0.28% | 7.79% | 7.63% | 15.15% | 25.35% | 21.19% | 18.21% | 10.69% | 7.91% |
| Net Income | 35.19M | 35.34M | -14.23M | -18.75M | -33.69M | -34.2M | -29.7M | -27.34M | -22.6M | -37.07M | -31.51M | -20.16M | -11.09M | -14.08M | -13.63M | -12M | -7.2M | -3.83M | -12.53M | -12.11M | -13.02M | -13.98M | -13.72M | -11.44M | -12.2M | -15.14M | -13.4M | -8.13M |
| Net Margin % | 47.55% | 48.57% | -51.07% | -56.05% | -449.25% | -570.05% | -1484.9% | - | -126.96% | - | -4425% | -217.34% | -89.71% | -396.82% | -5631.4% | 2831.13% | -646.01% | -1532.4% | -3706.21% | -6730% | -6055.81% | -2163.78% | -340.75% | -129.64% | -109.98% | -133.31% | -194.51% | -251.13% |
| Net Income Growth % | 281.73% | 348.35% | 24.12% | 44.34% | 1.49% | -15.17% | -8.64% | -20.97% | 39.03% | -17.65% | -56.26% | -81.75% | 21.22% | -3.34% | -13.53% | -66.65% | -88.02% | 69.42% | -3.41% | 6.96% | 6.85% | -1.87% | -19.93% | 6.24% | 19.41% | -12.98% | -64.89% | - |
| Net Income (Continuing) | 35.19M | 35.34M | -14.23M | -18.75M | -33.69M | -34.2M | -29.7M | -27.34M | -22.6M | -37.07M | -31.51M | -20.16M | -11.09M | -14.08M | -13.63M | -12M | -7.2M | -3.84M | -12.51M | -11.49M | -13.02M | -13.98M | -13.72M | -11.44M | -12.2M | -15.14M | -13.4M | -8.13M |
| Discontinued Operations | 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 |
| 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 |
| EPS (Diluted) | 0.37 | 0.38 | -0.16 | -0.21 | -0.39 | -0.41 | -0.37 | -0.43 | -0.41 | -0.72 | -0.62 | -0.40 | -0.23 | -0.36 | -0.38 | -0.35 | -0.22 | -0.13 | -0.44 | -0.43 | -0.47 | -0.50 | -0.50 | -0.43 | -0.47 | -0.58 | -0.96 | -0.58 |
| EPS Growth % | 278.42% | 337.5% | 23.81% | 46.15% | 4.88% | -10.81% | 13.95% | -4.88% | 43.06% | -16.13% | -55% | -73.91% | 36.11% | 5.26% | -8.57% | -59.09% | -69.23% | 70.45% | -2.33% | 8.51% | 6% | 0% | -16.28% | 8.51% | 18.97% | 39.58% | -65.52% | - |
| EPS (Basic) | - | 0.38 | -0.16 | -0.21 | -0.39 | -0.41 | -0.37 | -0.43 | -0.41 | -0.72 | -0.62 | -0.40 | -0.23 | -0.36 | -0.38 | -0.35 | -0.22 | -0.13 | -0.44 | -0.43 | -0.47 | -0.50 | -0.50 | -0.43 | -0.47 | -0.58 | -0.96 | -0.58 |
| Diluted Shares Outstanding | 94.64M | 93.82M | 89.53M | 87.63M | 86.56M | 84.2M | 79.59M | 63.64M | 55.28M | 51.18M | 50.86M | 50.44M | 48.39M | 38.87M | 36.25M | 34.28M | 33.28M | 28.61M | 28.43M | 28.27M | 27.99M | 27.77M | 27.47M | 26.41M | 26.1M | 26.01M | 13.91M | 14.1M |
| Basic Shares Outstanding | 94.64M | 93.43M | 89.53M | 87.63M | 86.56M | 84.2M | 79.59M | 63.64M | 55.28M | 51.18M | 50.86M | 50.44M | 47.81M | 38.87M | 35.84M | 34.28M | 33.28M | 28.61M | 28.43M | 28.27M | 27.99M | 27.77M | 27.47M | 26.41M | 26.1M | 26.01M | 13.91M | 14.1M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying CGEN stock.
For fiscal year 2025, Compugen Ltd. (CGEN) reported total revenue of $72.8M. This represents a 2147.9% increase compared to $3.2M in 1999.
Compugen Ltd. (CGEN) is profitable, generating $35.3M in net income for the fiscal year ending 2025 with a net profit margin of 48.6%.
Compugen Ltd. (CGEN) reported an operating income of $31.3M, resulting in an operating profit margin of 43.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Compugen Ltd. (CGEN) generated $63.5M in gross profit for the year, representing a gross profit margin of 87.3%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
No sustainable recurring revenue base
Revenue Built on Singular Event
Compugen's revenue profile is overwhelmingly non-recurring, with the $67.3M recognized in Q4 2025 dwarfing the $1.3–2.6M quarterly baseline seen across all other periods in the dataset. According to reported quarterly statements, several 2023 quarters recorded zero revenue entirely, underscoring the company's early-stage commercial posture.
The Q4 2025 revenue spike appears consistent with a milestone or licensing payment rather than organic commercial traction, given the immediate reversion to $2.2M and $2.6M in subsequent quarters. Investors should treat the +107% year-over-year growth in Q2 2026 with caution, as it reflects a low base of $1.3M rather than meaningful commercial scaling. Without confirmation of a recurring revenue stream, the top line is likely to remain lumpy and event-driven.
Profitability Distorted by One-Time Gain
The $56.8M net income reported in Q4 2025, representing an 84.4% net margin, appears entirely attributable to a discrete revenue event rather than sustained operations. As reflected in financial statements, every other quarter in the dataset posted net losses of $3.1M to $9.9M, suggesting normalized earnings remain deeply negative.
The absence of stock-based compensation in recent quarters (reported at $0 from 2025Q1 onward versus $4.3M in 2022Q4) may modestly flatter net loss figures in the current period, though the impact is marginal relative to total operating costs. Any valuation anchored to trailing EPS of $0.60 would be misleading; adjusted for the one-time gain, trailing twelve-month EPS remains materially negative. Earnings quality therefore appears low outside the single Q4 2025 event.
R&D Spending Dominates Cost Structure
Research and development spending remains the dominant cost center, averaging approximately $6.3M per quarter across 2025–2026 versus $7.4M to $8.3M in 2023, indicating gradual but measurable expense discipline. Per SEC filings, SG&A has held relatively steady at $2.2M to $2.7M per quarter throughout the full observation period.
The roughly 20–25% decline in quarterly R&D from 2023 peaks to the 2026Q2 level of $6.3M suggests the company has been selectively trimming pipeline spend, potentially to extend its cash runway following the Q4 2025 inflow. SG&A stability at approximately $2.4M per quarter implies overhead is being tightly managed, which is appropriate for a pre-commercial biotech. However, continued R&D compression could signal pipeline prioritization trade-offs that may reduce long-term optionality.
Q4 2025 Permanently Alters Financial Profile
The Q4 2025 period represents the most consequential inflection in Compugen's recent financial history, with revenue surging to $67.3M and operating income swinging from a typical -$8M quarterly loss to +$56.0M. Based on reported figures, this single quarter appears to have materially strengthened the company's financial position.
The magnitude of the Q4 2025 gross profit of $63.8M—essentially matching revenue given a 94.7% gross margin—is characteristic of a licensing arrangement with minimal incremental cost, suggesting the payment was contractually structured rather than product-driven. This inflection likely provides a multi-year cash buffer, as quarterly operating losses of $8M–$10M could be sustained for an extended period from the proceeds alone. The critical question is whether management deploys this capital to accelerate a lead clinical program or conservatively extends runway without reaching commercial inflection.
Negative Gross Margins Signal Structural Weakness
Excluding the Q4 2025 windfall, Compugen posted negative gross margins in three of six recent quarters, including -32.5% in Q2 2025 and -3.5% in Q2 2026, indicating recurring revenue fails to cover even direct costs. Peer comparisons suggest this pattern is not unique among pre-commercial biotech companies.
A short-seller would likely focus on the fact that Compugen's core revenue base of $1.3M–$2.6M per quarter is too small and too low-margin to contribute meaningfully toward covering $8M+ in quarterly operating expenses, making the company entirely dependent on partnership milestones or equity financing. Relative to peers like Schrödinger (55.7% gross margin) and Absci (-3.2% gross margin), Compugen's negative recurring gross margins place it among the weaker commercial models in the sector. If the Q4 2025 payment represents a one-time licensing deal rather than the start of a durable partnership revenue stream, the company's long-term value proposition would require substantial re-rating.