Exhibit 99.2
COMPUGEN LTD. AND ITS SUBSIDIARY
INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2026
U.S. DOLLARS IN THOUSANDS
UNAUDITED
INDEX
- - - - - - - - - - - - -
COMPUGEN LTD. AND ITS SUBSIDIARY
INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S. dollars in thousands
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| ASSETS | ||||||||
| CURRENT ASSETS: | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term bank deposits | ||||||||
| Investment in marketable securities | ||||||||
| Accounts receivable | ||||||||
| Other accounts receivable and prepaid expenses | ||||||||
| Total current assets | ||||||||
| NON-CURRENT ASSETS: | ||||||||
| Restricted long-term bank deposit | ||||||||
| Long-term prepaid expenses | ||||||||
| Severance pay fund | ||||||||
| Operating lease right to use asset | ||||||||
| Property and equipment, net | ||||||||
| Total non-current assets | ||||||||
| Total assets | $ | $ | ||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 2
INTERIM CONSOLIDATED BALANCE SHEETS (Unaudited)
U.S. dollars in thousands (except share data)
| June 30, | December 31, | |||||||
| 2026 | 2025 | |||||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| CURRENT LIABILITIES: | ||||||||
| Trade payables | $ | $ | ||||||
| Deferred revenues | ||||||||
| Current maturity of operating lease liability | ||||||||
| Accrued expenses | ||||||||
| Employees and related accruals | ||||||||
| Total current liabilities | ||||||||
| NON- CURRENT LIABILITIES: | ||||||||
| Deferred revenues | ||||||||
| Operating lease liability | ||||||||
| Accrued severance pay | ||||||||
| Total non-current liabilities | ||||||||
| COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 6) | ||||||||
| SHAREHOLDERS' EQUITY: | ||||||||
| Share capital: | ||||||||
| Ordinary shares of NIS |
||||||||
| Additional paid-in capital | ||||||||
| Accumulated other comprehensive income (loss) | ( |
) | ||||||
| Accumulated deficit | ( |
) | ( |
) | ||||
| Total shareholders' equity | ||||||||
| Total liabilities and shareholders' equity | $ | $ | ||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 3
COMPUGEN LTD. AND ITS SUBSIDIARY
INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited)
U.S. dollars in thousands (except share and per share data)
|
Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Revenues | $ | $ | ||||||
| Cost of revenues | ||||||||
| Gross profit (loss) | ( |
) | ||||||
| Operating expenses: | ||||||||
| Research and development expenses | ||||||||
| Marketing and business development expenses | ||||||||
| General and administrative expenses | ||||||||
| Total operating expenses | ||||||||
| Operating loss | ( |
) | ( |
) | ||||
| Financial and other income, net | ||||||||
| Loss before taxes on income | ( |
) | ( |
) | ||||
| Tax expense | ( |
) | ( |
) | ||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Other comprehensive loss: | ||||||||
| Change in unrealized losses on marketable securities: | ||||||||
| Unrealized losses arising during the period, net | $ | ( |
) | $ | ( |
) | ||
| Total comprehensive loss | $ | ( |
) | $ | ( |
) | ||
| Basic and diluted net loss per share | $ | ( |
) | $ | ( |
) | ||
| Weighted average number of ordinary shares used in computing basic and diluted net loss per share | ||||||||
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 4
COMPUGEN LTD. AND ITS SUBSIDIARY
INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited)
U.S. dollars in thousands (except share data)
| Ordinary shares |
Additional paid-in |
Accumulated other comprehensive |
Accumulated |
Total shareholders’ |
||||||||||||||||||||
| Number | Amount | capital | Income (loss) | deficit | equity | |||||||||||||||||||
| Balance as of January 1, 2025 | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
| Options exercised | () | |||||||||||||||||||||||
| Issuance of shares, net | ||||||||||||||||||||||||
| Stock-based compensation issued to employees | - | |||||||||||||||||||||||
| Other comprehensive loss from marketable securities | - | ( |
) | ( |
) | |||||||||||||||||||
| Net loss | - | ( |
) | ( |
) | |||||||||||||||||||
| Balance as of June 30, 2025 (unaudited) | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
| Balance as of January 1, 2026 | $ | $ | $ | $ | ( |
) | $ | |||||||||||||||||
| Options exercised | () | |||||||||||||||||||||||
| Issuance of shares upon RSU vesting | () | |||||||||||||||||||||||
| Stock-based compensation issued to employees | - | |||||||||||||||||||||||
| Payments of tax withholding for share-based compensation | - | () | ||||||||||||||||||||||
| Other comprehensive loss from marketable securities | - | ( |
) | ( |
) | |||||||||||||||||||
| Net loss | - | ( |
) | ( |
) | |||||||||||||||||||
| Balance as of June 30, 2026 (unaudited) | $ | $ | $ | ( |
) | $ | ( |
) | $ | |||||||||||||||
(*) Represents an amount lower than $1.
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 5
COMPUGEN LTD. AND ITS SUBSIDIARY
INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
U.S. dollars in thousands
|
Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Cash flows from operating activities: | ||||||||
| Net loss | $ | ( |
) | $ | ( |
) | ||
| Adjustments required to reconcile net loss to net cash used in operating activities: | ||||||||
| Stock-based compensation | ||||||||
| Depreciation | ||||||||
| Amortization of discount on marketable securities | ( |
) | ( |
) | ||||
| Decrease in severance pay, net | ( |
) | ( |
) | ||||
| Exchange rate differences gain on cash balances | ( |
) | ( |
) | ||||
| Gain from property and equipment sales and disposals | ( |
) | ||||||
| Decrease in operating lease right of use asset | ||||||||
| Increase in interest receivables and exchange differences on short-term bank deposits | ( |
) | ( |
) | ||||
| Increase in interest receivables and exchange differences on restricted long-term bank deposits | ( |
) | ( |
) | ||||
| Increase in trade receivables | ( |
) | ||||||
| Increase in other accounts receivable and prepaid expenses | ( |
) | ( |
) | ||||
| Decrease (Increase) in long-term prepaid expenses | ( |
) | ||||||
| Decrease in trade payables | ( |
) | ( |
) | ||||
| Decrease in other accounts payable and accrued expenses | ( |
) | ( |
) | ||||
| Decrease in operating lease liability | ( |
) | ( |
) | ||||
| Decrease in deferred revenues | ( |
) | ( |
) | ||||
| Net cash used in operating activities | ( |
) | ( |
) | ||||
| Cash flows from investing activities: | ||||||||
| Proceeds from maturity of short-term bank deposits | ||||||||
| Investment in short-term bank deposits | ( |
) | ( |
) | ||||
| Proceeds from maturity of marketable securities | ||||||||
| Investment in marketable securities | ( |
) | ( |
) | ||||
| Proceeds from sale of property and equipment | ||||||||
| Purchase of property and equipment | ( |
) | ( |
) | ||||
| Net cash used in investing activities | ( |
) | ( |
) | ||||
| Cash flows from financing activities: | ||||||||
| Proceeds from issuance of ordinary shares, net | ||||||||
| Proceeds from exercise of options | ||||||||
| Net cash provided by financing activities | ||||||||
| Effect of exchange rate changes on cash | ||||||||
| Decrease in cash, cash equivalents and restricted cash | ( |
) | ( |
) | ||||
| Cash, cash equivalents at the beginning of the period | ||||||||
| Cash, cash equivalents at the end of the period | $ | $ | ||||||
| Supplemental disclosure of non-cash investing and financing activities: | ||||||||
| Purchase of property and equipment | $ | $ | ( |
) | ||||
| Right-of-use asset obtained in exchange for operating lease liability | $ | $ |
The accompanying notes are an integral part of the interim consolidated financial statements.
F - 6
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 1:- GENERAL
| a. | Compugen Ltd. (the “Company”) is a clinical-stage therapeutic discovery and development company utilizing Unigen™, its AI/ML powered computational discovery platform, to identify novel drug targets and to develop therapeutics in the field of cancer immunotherapies. The Company’s innovative immuno-oncology pipeline consists of COM701, rilvegostomig and GS-0321 (previously COM503). COM701, a potential first-in-class anti-PVRIG antibody, is currently being evaluated in a blinded randomized ovarian cancer adaptive platform trial as a single agent in maintenance therapy in relapsed platinum sensitive ovarian cancer (named MAIA-ovarian trial). Rilvegostomig, a PD-1/TIGIT bispecific antibody with a TIGIT component that is derived from COM902, the Company’s anti-TIGIT antibody, is being developed by AstraZeneca plc (“AstraZeneca”) pursuant to an exclusive license agreement between Compugen and AstraZeneca and is being evaluated in multiple Phase 3, Phase 2 and Phase 1 clinical trials. GS-0321 (previously COM503), the Company’s potential first-in-class high affinity antibody, which blocks the interaction between IL-18 binding protein and IL-18, is licensed to Gilead and is being evaluated in a Phase 1 clinical trial that Compugen is conducting. In addition, the Company has an early-stage immuno-oncology pipeline that consists of research programs aiming to address various mechanisms to enhance anti-cancer immunity. |
| b. | The Company is headquartered in Holon, Israel. Its clinical development activities operate from the Company’s headquarters in Israel and from its United States subsidiary, Compugen USA, Inc. |
| c. | The Company has incurred losses in the amount of $ |
F - 7
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
|
NOTE 1:- GENERAL (Cont.)
|
|
| d. | Effective March 30, 2018, the Company entered into an exclusive license agreement with MedImmune Limited, the global biologics research and development arm of AstraZeneca to enable the development of bi-specific and multi-specific immuno-oncology antibody products. Under the terms of the said exclusive license agreement with AstraZeneca (such agreement, as amended from time to time, the “AstraZeneca License Agreement”), Compugen provided an exclusive license to AstraZeneca for the development of bi-specific and multi-specific antibody products derived from COM902. AstraZeneca has the right to create multiple products under this license and is solely responsible for all research, development and commercial activities under the agreement. In connection with the AstraZeneca License Agreement, AstraZeneca developed rilvegostomig, a novel PD-1/TIGIT bi-specific antibody with a TIGIT component that is derived from our COM902. Rilvegostomig entered the clinic in September 2021, the first patient dosing in the first indication of its Phase 3 study took place in December 2023, and first patient dosing in the second indication Phase 3 study took place in May 2024. From the initial date of the AstraZeneca License Agreement until the recent amendment thereto dated December 16, 2025, Compugen had received a $ |
On December 16, 2025, the parties to the AstraZeneca License Agreement entered into an amendment thereto whereby the Company sold to AstraZeneca a portion of the existing royalty interest in rilvegostomig for a $
| e. | On December 18, 2023, the Company entered into an exclusive license agreement (the “License Agreement”) with Gilead Sciences, Inc. (“Gilead”) pursuant to which the Company granted Gilead an exclusive license under the Company’s then pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products, including the Company’s COM503 product candidate, now named GS-0321, and additional products that may be so developed by Gilead (together with GS-0321, the “Licensed Products”). |
F - 8
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 1:- GENERAL (Cont.)
Pursuant to the License Agreement, Gilead paid the Company a one-time, upfront payment of $
The Company is responsible for conducting a Phase 1 clinical trial for GS-0321, including handling the regulatory matters in connection therewith, and will bear the costs of such trial (including the GS-0321 drug supply), with Gilead providing at no cost its zimberelimab antibody for such trial. In certain circumstances, Gilead may assume the role of conducting the Phase 1 clinical trial.
Upon completion of the Phase 1 clinical trial for GS-0321, the Company will initiate the transfer of development activities related to GS-0321 to Gilead, following which, Gilead will have sole responsibility to develop and commercialize the Licensed Products.
In addition, under certain circumstances, the Company is obligated to cause the manufacture and supply of agreed quantities of GS-0321 to Gilead, if and when requested by Gilead, and in consideration therefor the Company is entitled to consideration equal to its costs plus a 10% markup. The Company has identified this supply as a separate performance obligation and recognizes the associated revenue at the point in time when control of each batch transfers to Gilead
During the term of the License Agreement, the Company is prohibited from researching, developing, making, and commercializing any compounds, molecules, products or treatment methods that are directed to IL-18 or any companion diagnostics for an IL-18 product.
Unless terminated early by a party pursuant to its terms, the License Agreement will continue in effect on a Licensed Product-by-Licensed Product and country-by-country basis until the expiration of the last royalty term in such country.
Gilead withheld at source
The License Agreement contains customary representations, warranties, covenants, and terms governing the prosecution and enforcement of certain intellectual property and issues related to technology transfer, manufacturing transfer, provisions with respect to establishment of joint steering committee and its governance covenants with respect to change of control and others.
F - 9
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2025. The significant accounting policies applied in the annual consolidated financial statements of the Company as of December 31, 2025, are applied consistently in these interim consolidated financial statements.
Recently issued accounting pronouncements
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40), Disaggregation of Income Statement Expenses, which requires disclosure of disaggregated information about certain expense captions presented in the Consolidated Statements of Operations as well as disclosure about selling expense. The guidance will be effective for the Company for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028, with early adoption permitted. It could be applied either prospectively or retrospectively. The Company is currently evaluating the impact on its financial statement disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities, which establish guidance on the recognition, measurement and presentation of a government grant received by a business entity. The guidance will be effective for the Company for annual periods beginning after December 15, 2028, and interim periods beginning January 1, 2029, with early adoption permitted. The Company is currently evaluating the impact on its financial statement disclosures.
In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements, which establish final guidance clarifying the current interim disclosure requirements. The guidance creates a comprehensive list of interim disclosures required under US GAAP and incorporates a disclosure principle that requires disclosures at interim periods when an event or change that has a material effect on an entity has occurred since the previous year end. The guidance will be effective for the Company for interim reporting periods within annual periods beginning after December 15, 2027. The Company is currently evaluating the impact on its financial statement disclosures.
NOTE 3:- UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included.
Operating results for the six-month period ended June 30, 2026, are not necessarily indicative of the results that may be expected for the year ended December 31, 2026.
F - 10
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 4:- MARKETABLE SECURITIES
The following is a summary of available-for-sale marketable securities as of June 30, 2026 and December 31, 2025:
| Amortized cost | Gross unrealized gains | Gross unrealized losses |
Fair value |
|||||||||||||
| As of June 30, 2026: | ||||||||||||||||
| Available-for-sale – matures within one year: | ||||||||||||||||
| U.S. Treasury | $ | $ | $ | $ | ||||||||||||
| As of December 31, 2025: | ||||||||||||||||
| Available-for-sale – matures within one year: | ||||||||||||||||
| U.S. Treasury | $ | $ | $ | $ | ||||||||||||
As of June 30, 2026, the Company had no significant unrealized losses related to marketable securities (which were accumulated in a period of less than 12 months) and determined the unrealized losses are not due to credit related losses, therefore, the Company did not record an allowance for credit losses for its available-for-sale marketable securities.
As of June 30, 2026, all of the Company’s available-for-sale marketable securities were due within one year.
The Company had no sales of marketable securities during the six-month periods ended June 30, 2026 and 2025, and accordingly no realized gains or losses were recorded. Proceeds from maturities of available-for-sale marketable securities during the six month periods ended June 30, 2026, and 2025 were $
NOTE 5:- FAIR VALUE MEASUREMENTS
|
Fair value measurements as of |
||||||||||||
| Description | Fair Value Hierarchy |
June 30, 2026 |
December 31, 2025 |
|||||||||
| Assets: | ||||||||||||
| Cash equivalents: | ||||||||||||
| Money market funds | Level 1 | $ | $ | |||||||||
| U.S. Treasury | Level 2 | $ | ||||||||||
| Marketable securities: | ||||||||||||
| U.S. Treasury | Level 2 | $ | $ | |||||||||
F - 11
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6:- COMMITMENTS AND CONTINGENCIES
| a. | The Company provided bank guarantees in the amount of $ |
| b. | Under the office of the Israel Innovation Authority of the Israeli Ministry of Industry, Trade and Labor, formerly known as the Office of the Chief Scientist (“IIA”), the Company is not obligated to repay any amounts received from the IIA if it does not generate any income from products which incorporate technologies which were funded by such research program(s). |
If income is generated from products which incorporate technologies which were funded by a research program, the Company is committed to pay royalties at a rate of between
As of June 30, 2026, the Company’s aggregate contingent obligations for payments to IIA, based on royalty-bearing participation received or accrued, net of royalties paid or accrued and net of outstanding credit balance, totaled $
F - 12
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 6:- COMMITMENTS AND CONTINGENCIES (Cont.)
| c. | On June 25, 2012, the Company entered into an Antibodies Discovery Collaboration Agreement (the “Antibodies Discovery Agreement”) with a U.S. antibody technology company (“mAb Technology Company”), providing an established source for fully human mAbs. Under the Antibodies Discovery Agreement, the mAb Technology Company is entitled to certain royalties that could be eliminated upon payment of certain one-time fees (all milestone and royalties payments referred together as “Contingent Fees”). For the six-month periods ended June 30, 2026 and 2025, the Company did not incur Contingent Fees. |
| d. | Effective as of January 5, 2018, the Company entered into a Commercial License Agreement (“CLA”) with a European cell line development company. Under the agreement the Company is required to pay an annual maintenance fee, certain amounts upon the occurrence of specified milestones events, and |
| e. | Effective as of October 28, 2020, the Company entered into a collaboration agreement with a U.S. antibody discovery and optimization company for generation and optimization of therapeutic antibodies for the Company. Under the agreement, the Company is required to pay service fees per services performed and certain amounts upon the occurrence of specified milestones events, and single-digit percent royalties on annual net sales with respect to each product sold that comprises or contains one or more antibodies so generated or optimized. The royalty rate is dependent upon the product type and any third-party contribution. For the six-month periods ended June 30, 2026 and 2025 the Company did not incur in the research and development any expenses of a milestone payment. |
NOTE 7:- SHAREHOLDERS' EQUITY
| a. | Issuance of Shares: |
On January 31, 2023, the Company entered into a Sales Agreement with Leerink Partners LLC (previously known as SVB Securities LLC) (“Leerink Partners”), as sales agent, pursuant to which the Company may offer and sell, from time to time through Leerink Partners, its ordinary shares through an “at the market offering” (ATM). The offer and sale of our ordinary shares, if any, are and have been made pursuant to the base prospectus included in the Company’s shelf registration statements on Form F-3 (as declared effective on June 27, 2023 and June 8, 2026), as supplemented by the applicable prospectus supplement pertaining to the ATM. As of June 30, 2026,
F - 13
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 7:- SHAREHOLDERS’ EQUITY (Cont.)
| b. | Share option plan: |
Transactions related to the grant of options to employees, directors and non-employees under the Company’s 2010 Share Option Plan, as amended, during the six-month period ended June 30, 2026, were as follows:
| Number of options | Weighted average exercise price |
Weighted average remaining contractual life |
Aggregate intrinsic value |
|||||||||||||
| $ | Years | $ | ||||||||||||||
| Options outstanding at the beginning of year | ||||||||||||||||
| Options granted | ||||||||||||||||
| Options exercised | ( |
) | ||||||||||||||
| Options forfeited | ( |
) | ||||||||||||||
| Options expired | ( |
) | ||||||||||||||
| Options outstanding as of June 30, 2026 | ||||||||||||||||
| Exercisable as of June 30, 2026 | ||||||||||||||||
During the six-month period ended June 30, 2026, the Company’s Board of Directors granted
The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the most appropriate fair value method for its share-options awards. The option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term. Expected volatility was calculated based on actual historical share price movements over a term that is equivalent to the expected term of granted options. The expected term of options granted is based on historical experience and represents the period of time that options granted are expected to be outstanding.
The following table presents the assumptions used to estimate the fair value of the options granted in the periods presented:
| Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Volatility | % | % | ||||||
| Risk-free interest rate | % | % | ||||||
| Dividend yield | % | % | ||||||
| Expected life (years) | ||||||||
Weighted average fair value of options granted during the six-month periods ended June 30, 2026 and 2025 were $
F - 14
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 7:- SHAREHOLDERS’ EQUITY (Cont.)
| c. | RSUs |
A summary of RSUs activity during the six-month period ended June 30, 2026 is as follows:
| Number of RSUs | Weighted average grant date per value | |||||||
| $ | ||||||||
| RSUs outstanding at the beginning of year | ||||||||
| RSUs granted | ||||||||
| RSUs vested | ( |
) | ||||||
| RSUs forfeited | ( |
) | ||||||
| RSUs net settled | ( |
) | ||||||
| Unvested RSUs outstanding as of June 30, 2026 | ||||||||
As of June 30, 2026, the total unrecognized estimated compensation cost related to non-vested share options and RSUs granted prior to that date was $
The stock-based compensation expenses related to share options and RSU's are included as follows in the expense categories:
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Research and development expenses | $ | $ | ||||||
| Marketing and business development expenses | ||||||||
| General and administrative expenses | ||||||||
| Total operating expense | $ | $ | ||||||
F - 15
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 8:- FINANCIAL AND OTHER INCOME, NET
| Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Interest income | $ | $ | ||||||
| Amortization of discount on marketable securities, net | ||||||||
| Exchange rate differences and other | ( |
) | ||||||
| Financial and other income, net | $ | $ | ||||||
NOTE 9:- SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA
The following table presents selected financial information with respect to the Company’s single operating segment and includes information about segment revenues and significant segment expenses, for the six months ended June 30, 2026 and 2025:
| Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Total Revenues | ||||||||
| Less: | ||||||||
| Preclinical | ||||||||
| Clinical | ||||||||
| SG&A | ||||||||
| Financial income, net | ( |
) | ( |
) | ||||
| Taxes on income | ||||||||
| Other segment expenses* | ||||||||
| Net loss | ( |
) | ( |
) | ||||
*Other segment expense during the six months ended June 30, 2026 and 2025 includes share-based compensation and other adjustments.
Operations in Israel include research and development, clinical operations, general and administrative, marketing and business development, and operations in the United States include clinical operations. Total revenues are attributed to geographic areas based on the location of the end customer.
F - 16
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 9:- SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Cont.)
The following represents the total revenue for the six-month periods ended June 30, 2026 and 2025 by region based on the invoicing address of customers:
| Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Revenue from sales to customers: | ||||||||
| United States | $ | $ | ||||||
| Europe | ||||||||
| Total revenues | $ | $ | ||||||
Contract Balances
Of the $
Remaining Performance Obligations
The Company’s remaining performance obligations are comprised of revenue not yet recognized.
The remaining performance obligations are attributable to Phase 1 research and development activities and to the drug supply of GS-0321 to Gilead performed by the Company. As of June 30, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $
F - 17
NOTES TO INTERIM CONSOLIDATED FINANCIAL STATEMENTS
U.S. dollars in thousands (except share and per share data)
NOTE 10:- RELATED PARTY BALANCES AND TRANSACTIONS
Balances with related parties:
|
June 30, 2026 |
December 31, 2025 |
|||||||
| Unaudited | ||||||||
| Trade and other payables (a) | $ | $ | ||||||
Related parties' expenses:
|
Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Amounts charged to: | ||||||||
| Research and development expenses | $ | $ | ||||||
For the six months ended June 30, 2026, and 2025, the Company received research and development services related to cancer studies in animal models, and breeding and maintenance of animals (mice) from “Ramot at Tel- Aviv University Ltd.” (“Ramot”). Ramot is considered a related party of the Company due to the fact that a member of the Company’s Board of Directors is serving as a director of Ramot. The transaction was at arm’s length.
NOTE 11:- LOSSES PER SHARE
For the six months ended June 30, 2026 and 2025, the total weighted average number of shares related to outstanding options and RSUs excluded from the calculations of diluted net loss per share were
The following table sets forth the computation of basic and diluted losses per share for the six-month periods ended June 30, 2026 and 2025:
| Six months ended June 30, |
||||||||
| 2026 | 2025 | |||||||
| Unaudited | ||||||||
| Numerator: | ||||||||
| Net loss for basic and diluted loss per share | $ | $ | ||||||
| Denominator: | ||||||||
| Weighted average number of ordinary shares | ||||||||
| used in computing basic and diluted net loss per share | ||||||||
| Basic and diluted loss per ordinary share | $ | ( |
) | $ | ( |
) | ||
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