Document and Entity Information |
12 Months Ended |
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Dec. 31, 2025
shares
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| Entity Central Index Key | 0001119774 |
| Current Fiscal Year End Date | --12-31 |
| Document Fiscal Year Focus | 2025 |
| Document Fiscal Period Focus | FY |
| Document Type | 20-F |
| Amendment Flag | false |
| Document Registration Statement | false |
| Document Annual Report | true |
| Document Transition Report | false |
| Document Shell Company Report | false |
| Document Period End Date | Dec. 31, 2025 |
| Entity File Number | 000-30902 |
| Entity Registrant Name | Compugen Ltd |
| Entity Incorporation State Country Code | L3 |
| Entity Address, Address Line One | Azrieli Center |
| Entity Address, Address Line Two | 26 Harokmim Street |
| Entity Address, Address Line Three | Building D |
| Entity Address, City or Town | Holon |
| Entity Address Country | IL |
| Entity Address, Postal Zip Code | 5885849 |
| Title of 12(b) Security | Ordinary shares, par value NIS 0.01 per share |
| Trading Symbol | CGEN |
| Name of Exchange on which Security is Registered | NASDAQ |
| Security Reporting Obligation | 15(d) |
| Entity Common Stock, Shares Outstanding | 94,553,191 |
| Entity Well-known Seasoned Issuer | No |
| Entity Voluntary Filers | No |
| Entity Current Reporting Status | Yes |
| Entity Interactive Data Current | Yes |
| Entity Filer Category | Accelerated Filer |
| Entity Emerging Growth Company | false |
| Auditor Attestation Flag | false |
| Document Accounting Standard | U.S. GAAP |
| Entity Shell Company | false |
| Auditor Name | KOST FORER GABBAY & KASIERER |
| Auditor Location | Tel-Aviv, Israel |
| Auditor Firm Id | 1281 |
| Document Financial Statement Error Correction [Flag] | false |
| Auditor Opinion [Text Block] |
Opinion on the Financial Statements
We have audited the accompanying consolidated balance sheets of Compugen Ltd. and its subsidiary (the Company) as of December 31, 2025 and 2024, the related consolidated statements of comprehensive profit (loss), changes in shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2025, and related notes (collectively referred to as the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated March 2, 2026 expressed an unqualified opinion thereon.
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| Business Contact [Member] | |
| Contact Personnel Name | David Silberman |
| Entity Address, Address Line One | Azrieli Center |
| Entity Address, Address Line Two | 26 Harokmim Street |
| Entity Address, Address Line Three | Building D |
| Entity Address, City or Town | Holon |
| Entity Address Country | IL |
| Entity Address, Postal Zip Code | 5885849 |
| City Area Code | 972 |
| Local Phone Number | 3-765-8585 |
| Contact Personnel Fax Number | 972-3-765-8555 |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares |
Dec. 31, 2025 |
Dec. 31, 2024 |
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| Statement of Financial Position [Abstract] | ||
| Ordinary shares, par value | ₪ 0.01 | ₪ 0.01 |
| Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
| Ordinary shares, shares issued | 94,553,191 | 89,541,246 |
| Ordinary shares, shares outstanding | 94,553,191 | 89,541,246 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Cash flows from operating activities: | |||
| Net profit (loss) | $ 35,343 | $ (14,231) | $ (18,754) |
| Adjustments required to reconcile net loss to net cash used in operating activities: | |||
| Share-based compensation | 1,881 | 3,023 | 3,550 |
| Depreciation | 475 | 486 | 476 |
| Decrease in severance pay, net | (96) | (81) | (50) |
| Loss (gain) from property and equipment sales and disposals | (1) | 0 | 7 |
| Exchange rate differences gain on cash balances | (135) | (68) | (129) |
| Decrease (increase) in interest receivables from short-term bank deposits and long-term restricted deposit | 98 | (855) | 92 |
| Amortization of discount and accrued interest on marketable securities | (485) | (1,575) | (280) |
| Decrease (increase) in trade receivables | 0 | 61,000 | (61,000) |
| Decrease (increase) in other accounts receivable and prepaid expenses | 360 | (213) | (112) |
| Decrease (increase) in long-term prepaid expenses | 595 | (655) | 666 |
| Decrease in operating lease right of use asset | 479 | 550 | 568 |
| Increase (decrease) in trade payables | 517 | (1,669) | 1,734 |
| Increase (decrease) in employees and related accruals | (24) | (51) | 313 |
| Increase (decrease) in accrued expenses | 500 | (2,690) | 1,462 |
| Decrease in deferred participation in R&D expenses | 0 | 0 | (325) |
| Increase (decrease) in deferred revenues | (7,764) | 7,136 | 36,541 |
| Decrease in operating lease liability | (109) | (503) | (645) |
| Net cash provided by (used in) operating activities | 31,634 | 49,604 | (35,886) |
| Cash flows from investing activities: | |||
| Proceeds from maturity of short-term bank deposits | 76,064 | 60,717 | 79,242 |
| Investment in short-term bank deposits | (60,575) | (96,219) | (32,100) |
| Proceeds from maturity of marketable securities | 50,306 | 53,230 | 10,145 |
| Investment in marketable securities | (35,479) | (63,533) | (21,605) |
| Investment in long term restricted deposit | (16) | (330) | 0 |
| Purchase of property and equipment | (306) | (118) | (172) |
| Proceeds from sale of property and equipment | 1 | 1 | 0 |
| Net cash provided by (used in) investing activities | 29,995 | (46,252) | 35,510 |
| Cash flows from financing activities: | |||
| Proceeds from issuance of ordinary shares, net | 10,535 | 544 | 3,081 |
| Proceeds from exercise of share-based awards | 73 | 10 | 0 |
| Payments of tax withholding for share-based compensation | (4) | 0 | 0 |
| Net cash provided by financing activities | 10,604 | 554 | 3,081 |
| Effect of exchange rate changes on cash | 135 | 68 | 129 |
| Increase in cash, cash equivalents and restricted cash | 72,368 | 3,974 | 2,834 |
| Cash, cash equivalents and restricted cash at the beginning of the year | 18,229 | 14,255 | 11,421 |
| Cash, cash equivalents and restricted cash at the end of the year | 90,597 | 18,229 | 14,255 |
| Supplemental disclosure of non-cash investing and financing activities: | |||
| Purchase of property and equipment | 2 | 5 | (5) |
| Right-of-use asset obtained in exchange for operating lease liability | 157 | 2,064 | 71 |
| Issuance expenses of ordinary shares | 8 | 0 | 0 |
| Tax paid during the year for Taxes of income | |||
| Tax paid during the year for Taxes of income | 55 | 13,517 | 12 |
| Reconciliation of cash, cash equivalents and restricted cash: | |||
| Cash and cash equivalents | 90,597 | 18,229 | 13,890 |
| Restricted cash | 0 | 0 | 365 |
| Total cash, cash equivalents and restricted cash | $ 90,597 | $ 18,229 | $ 14,255 |
GENERAL |
12 Months Ended | |||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||
| GENERAL |
The Company is responsible for conducting the Phase 1 clinical trial for GS-0321, including handling the regulatory matters in connection therewith, and is bearing the costs of such trial (including the GS-0321 drug supply), with Gilead having the obligation to provide us 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 is required to 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.
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 15% from the upfront payment and IND clearance milestone amounts paid to the Company in January 2024 and in September 2024, respectively, and is expected to continue and withhold at source all taxes required by law from all payments payable to the Company under the License Agreement.
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.
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SIGNIFICANT ACCOUNTING POLICIES |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SIGNIFICANT ACCOUNTING POLICIES |
The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”).
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
The reporting and functional currency of the Company is the U.S. dollar, as the Company’s management believes that the U.S. dollar is the primary currency of the economic environment in which the Company and Compugen USA, Inc. have operated and expect to continue to operate in the foreseeable future.
Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, “Foreign Currency Matters”. All transaction gains and losses from the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive profit (loss) as financial income or expenses, as appropriate.
The consolidated financial statements include the accounts of the Company and Compugen USA, Inc. intercompany transactions and balances have been eliminated upon consolidation.
Cash and cash equivalents consist of cash in banks and cash equivalents. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition.
Short-term bank deposits include deposits with maturities of more than three months but less than one year. Bank deposits are stated at cost which approximates market values.
The Company’s restricted long-term bank deposits primarily consist of bank deposits collateralizing the Company’s operating leases.
Bank deposits as of December 31, 2025 and 2024 are in U.S. dollars and bear an annual weighted average interest rate of 4.89% and 5.51%, respectively.
The Company accounts for investments in marketable securities in accordance with ASC No. 320, “Investments - Debt Securities”.
Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies all of its marketable securities as available-for-sale (“AFS”). The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. AFS marketable securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net.
The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net.
At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC 326, Financial Instrument- Credit losses. Allowance for credit losses on AFS marketable securities is recognized in the Company’s consolidated statements of comprehensive profit (loss), and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit loss impairment was identified in the year ended December 31, 2025.
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:
The long-lived assets of the Company are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (assets group) with the future undiscounted cash flows expected to be generated by the asset (assets group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets group exceeds the fair value of the assets group. During the years 2025, 2024 and 2023, no impairment losses have been recorded.
The Company accounts for its leases according to ASC 842 - Leases (“ASC 842”). The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. The Company elected to not recognize a lease liability and a right-of-use (“ROU”) asset for leases with a term of twelve months or less. The Company elected the practical expedient to combine its lease and non-lease components for its leases.
ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments over the lease, plus any initial direct costs incurred. The lease liability is initially measured based on the discounted present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located.
An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate the lease is considered unless it is reasonably certain that the Company will not exercise the option.
The Company generates revenues mainly from its collaborative and license agreements. The revenues are derived mainly from upfront license payments, research and development services and contingent payments related to milestone achievements.
The Company recognizes revenue in accordance with ASC 606 – “Revenue from Contracts with Customers”.
As such, the Company analyzes its contracts to assess whether they are within the scope of ASC 606. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps:
At the contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.
The Company previously entered into the AstraZeneca License Agreement. Under the terms of the AstraZeneca License Agreement, the Company provided AstraZeneca with an exclusive license to intellectual property (“IP”) rights of the Company for the development of bi-specific and multi-specific antibody products derived from COM902. From the date of the AstraZeneca License Agreement until the recent amendment thereto dated December 16, 2025, Compugen received a $10,000 upfront payment and was eligible to receive up to $200,000 for development, regulatory and commercial milestones for the first product, of which $30,500 was received as well as tiered royalties on future product sales.
Under ASC 606, the Company determined the license to the IP to be a functional IP that has significant standalone functionality. The Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the IP. Therefore, the license to the IP is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to the customer.
Future milestone payments are considered variable consideration and are subject to the variable consideration constraint (i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable consideration is resolved). Therefore, as the milestone payments are not probable, revenue was not recognized in respect to such milestone payments prior to achievement of such milestone.
Sales or usage-based royalties to be received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied (in whole or in part). As royalties are payable based on Net Sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties.
On December 27, 2023, the fourth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $10,000 in accordance with the criteria prescribed under ASC 606.
On May 30, 2024, the fifth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $5,000 in accordance with the criteria prescribed under ASC 606.
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 its existing royalty interest in rilvegostomig, and the Company recognized revenues in total amount of $65,000 in accordance with the criteria prescribed under ASC 606.
On December 18, 2023, the Company entered into an exclusive License Agreement with Gilead. Under the terms of the agreement, the Company granted Gilead an exclusive license under the Company’s pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products derived from a Compugen pipeline program. Compugen received an upfront payment of $60,000 and an IND clearance milestone payment of $30,000 and is also eligible to receive up to approximately $758,000 additional milestone payments subject to and upon the achievement of certain development, regulatory and commercial milestones and as detailed in the agreement.
Gilead may terminate the Gilead Collaboration Agreement for convenience by giving a certain prior written notice to the Company at any time after the effective date of the agreement.
The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606, because the Company granted to Gilead license to its intellectual property and will provide research and development services, all of which are outputs of the Company’s ongoing activities, in exchange for consideration.
The Company assessed the promises under the License Agreement and concluded that (i) the delivery of the GS-0321 License; (ii) the preclinical research and development activities towards IND approval of GS-0321 (the “IND research and development activities”) and (iii) the contingent promise to additional research and development activities in connection with Phase 1 clinical trial (the “Phase 1 research and development activities”), are capable of being distinct and are distinct within the context of the License Agreement. The Company considered that the license has standalone functionality, considered to be functional intellectual property, and is capable of being distinct. The Company also determined that the IND research and development activities and Phase 1 research and development activities could be provided by resources otherwise available to Gilead and thus are capable of being distinct. Also, the Company concluded that the Company’s contingent promise to additional research and development activities in connection with Phase 1 clinical trial represents a material right.
As a result, the Company concluded that its promise to deliver the GS-0321 License, the promise to perform IND research and development activities and Phase 1 research and development activities represented separate performance obligations in the License Agreement.
The Company also evaluated all milestones and royalties as a possible variable consideration. With respect to clinical development and regulatory milestones, based upon the high degree of uncertainty and risk associated with these potential payments, the Company concluded that all such amounts should be fully constrained and are not included in the initial transaction price as the Company cannot conclude that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Accordingly, the Company did not include any potential clinical development, regulatory and sales milestones and royalties in the initial transaction price.
The Company allocated the transaction price to each performance obligation on a relative estimated standalone selling price basis. The Company developed the estimated standalone selling price for the GS-0321 License based on the present value of expected future cash flows associated with the license and related clinical development and regulatory milestones. In developing such estimate, the Company applied judgement in determining the timing needed to develop the Licensed Product, the probability of success, and the discount rate. The Company developed the estimated standalone selling price for the IND research and development activities using a “cost plus” reasonable margin approach. To determine the estimated standalone selling price of the material right for the Phase 1 research and development activities obligation, the Company estimated the standalone selling price of the underlying performance obligations included in the material right and estimated the probability of the Company’s performance of such obligations.
The Company determined that the GS-0321 License was a functional license since the underlying intellectual property (the “IP”) has significant standalone functionality. In addition, the Company determined that December 18, 2023, represents (i) the date at which the Company made available the IP to Gilead and (ii) the beginning of the period during which Gilead is able to use and benefit from its right to use the IP. Based upon these considerations, the Company recognized the entirety of the initial transaction price allocated to the GS-0321 License performance obligation during the year ended December 31, 2023.
Further, the IND research and development activities and Phase 1 research and development activities performance obligations are recognized over time. The Company using the input method in order to measure the progress of the services, based on the actual internal and external costs incurred, relative to total internal and external costs expected to be incurred to satisfy the performance obligation. The period over which total costs were estimated reflected the Company’s best estimate of the period over which it would perform the activities to achieve clearance of an IND application for GS-0321 and the phase 1 clinical trial. The Company determined that the input method is the best measure of progress towards satisfying the performance obligation as incurred labor effort represents work performed that corresponds with, and thereby best depicts the transfer of goods and services.
During the year ended December 31, 2025, the Company recognized $7,764 of Phase 1 services revenues, and during the year ended December 31, 2024, the Company recognized $22,864 of license, IND services and Phase 1 services revenues.
Of the $43,677 deferred revenue recorded as of December 31, 2024, the Company recognized $7,764 as revenue during the year ended December 31, 2025.
As of December 31, 2025, the Company included deferred revenues of $10,970 in current liabilities and $24,943 in non-current liabilities.
The Company’s remaining performance obligations represent contracted revenue that has not yet been recognized. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that the Company expects to recognize as revenue was $35,913. As of December 31, 2025, the Company expects to recognize 31% of its remaining performance obligations as revenue over the next 12 months, and the remainder through 2029.
For additional information regarding revenues, please refer to Note 11 below.
Cost of revenues consists of certain royalties and milestones paid or accrued in addition to research and development services allocated in relation to Gilead license agreement.
Research and development costs are charged to the statement of comprehensive profit (loss) as incurred and are presented net of the amount of any grants the Company receives for research and development in the period in which the grant was received.
As part of the process of preparing the consolidated financial statements, the Company accrues costs for pre-clinical and clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations or other pre-clinical or clinical trial vendors that perform the activities. In certain circumstances, the Company is required to make nonrefundable advance payments to vendors for goods or services that will be received in the future for use in research and development activities. In such circumstances, the nonrefundable advance payments are deferred and capitalized, and amortized as the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense.
Amortization of participation in R&D expenses for the years ended December 31, 2025, 2024 and 2023 were $0, $0 and $325, respectively.
The Company’s liability for severance pay for its Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment as of the balance sheet date and is in large part covered by regular deposits with recognized pension funds and purchases of insurance policies. The value of these deposits and policies is recorded as an asset on the Company’s balance sheet. Pursuant to Section 14 of the Israeli Severance Pay Law, for Israeli employees under this section, the Company’s contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee’s monthly salary for each year of service, no additional payments are required to be made by the Company to the employee to cover severance obligation.
Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid.
Severance expenses for the years ended December 31, 2025, 2024 and 2023 amounted to approximately $557, $481 and $432, respectively.
The Company accounts for share-based compensation to employees and non-employees in accordance with ASC 718, “Compensation - Share Compensation” (“ASC 718”), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company accounts for forfeitures as they occur.
The Company recognizes compensation expenses for the value of its awards with only service-based vesting conditions granted based on the straight-line method over the requisite service period of each of the awards.
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 risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.
The Company used the following assumptions for options granted to employees, directors and non-employees:
Financial instruments that potentially subject the Company and Compugen USA, Inc. to concentration of credit risk consist principally of cash and cash equivalents, short-term bank deposits, restricted long-term bank deposit and investment in marketable securities.
Cash, cash equivalents, short-term bank deposits and restricted long-term bank deposit are invested in major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk. The Company’s marketable securities consist of investments, which are highly rated by credit agencies, in government debentures.
Basic profit (loss) per share is calculated by dividing net loss for each reporting period by the weighted average number of ordinary shares outstanding during each year. Diluted net profit (loss) per share is calculated by dividing net profit (loss) for each reporting period by the weighted average number of ordinary shares outstanding during the period, plus dilutive potential ordinary shares considered outstanding during the period in accordance with ASC 260, “Earnings per Share”.
For the year ended December 31, 2025, 389,742 outstanding options and RSUs have been included in the calculation of the diluted net profit per share. All outstanding options, RSUs and warrants for the years ended December 31, 2024 and 2023 have been excluded from the calculation of the diluted net profit (loss) per share, because all such securities are anti-dilutive for all periods presented. As of December 31, 2025, 2024 and 2023 the average number of shares related to outstanding options, RSUs and warrants excluded from the calculations of diluted net profit (loss) per share were 8,970,492, 8,496,655 and 7,921,020, respectively.
The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes”, (“ASC 740”) which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2025, and 2024, a full valuation allowance was provided by the Company.
ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10.
The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), pursuant to which fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputting that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company.
Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The hierarchy is broken down into three levels based on the inputs as follows:
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The carrying amounts of cash and cash equivalents, restricted cash, short-term bank deposits, marketable securities, restricted long-term bank deposit, other accounts receivable and prepaid expenses, trade payable and employees and related accruals and accrued expenses approximate their fair values due to the short-term maturities of such instruments.
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. The ASU requires, among other items, additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the consolidated Statements of Operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of adoption and impact of this amendment on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduced two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact on its consolidated financial statements disclosures.
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MARKETABLE SECURITIES |
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| Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| MARKETABLE SECURITIES |
The following is a summary of available-for-sale marketable securities as of December 31, 2025 and 2024:
As of December 31, 2025, and 2024, the Company had no unrealized losses related to marketable securities 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 December 31, 2025, and 2024, 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 years ended December 31, 2025, and 2024, and accordingly no realized gains or losses were recorded. Proceeds from maturities of available-for-sale marketable securities during the year ended December 31, 2025, and 2024 were $50,306 and $53,230, respectively.
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FAIR VALUE MEASUREMENTS |
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| Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FAIR VALUE MEASUREMENTS |
The Company evaluates assets and liabilities subject to fair value measurements on recurring basis to determine the appropriate level to classify them for each reporting period. There have been no transfers between fair value measurements levels during the years ended December 31, 2025, and 2024. The carrying amounts of cash and cash equivalents marketable securities, trade receivables, short-term bank deposits, restricted long-term bank deposits, other accounts receivable and prepaid expenses, trade payables and employees and related accruals approximate their fair value due to the short-term maturity of such instruments.
The following table sets forth the Company’s assets that were measured at fair values as of December 31, 2025, and 2024, by level within the fair value hierarchy:
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OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES |
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| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES |
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LEASES |
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| Lessee Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| LEASES |
The Company leases all its real estate, storage area and cars under various operating lease agreements that expire on various dates.
The Company’s operating leases have original lease periods expiring between 2021 and 2028. The offices in Israel lease include two options to renew, one of which was exercised in 2020, and the second has also been exercised and will take effect in 2026.
Lease payments included in the measurement of the lease liability comprise the fixed non-cancelable lease payments and payments for optional renewal periods where it is reasonably certain the renewal period will be exercised.
Under ASC 842, all leases, including non-cancellable operating leases, are now recognized on the balance sheet. The aggregated present value of lease payments is recorded as a long-term asset titled Operating lease right of use asset. The corresponding lease liabilities are split between current maturity of operating lease liability within current liabilities and long-term operating lease liability within long-term liabilities. The Company’s leases do not provide an implicit rate and therefore the Company uses its incremental borrowing rate based on information available on the commencement date to determine the present value of lease payments.
The following table represents the weighted-average remaining lease term and discount rate:
Operating lease expenses were approximately $785, $775 and $800 in the years ended December 31, 2025, 2024 and 2023, respectively.
Variable payments as CPI, included in the lease expenses, were approximately $102, $79 and $61 in the years ended December 31, 2025, 2024 and 2023, respectively.
Cash paid for amounts included in the measurement of lease liabilities was approximately $785, $761 and $852 in the years ended December 31, 2025, 2024 and 2023, respectively.
Maturities of operating lease liabilities were as follows:
The above annual minimum future rental commitments include both of the period covered by both exercised options with respect to the leased facility of Compugen Ltd. through March 2026 and through March 2031, respectively.
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PROPERTY AND EQUIPMENT, NET |
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| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROPERTY AND EQUIPMENT, NET |
During 2025 and 2024, a total cost of $0 and $92, respectively and total accumulated depreciation of $0 and $92, respectively were disposed of from the consolidated balance sheets.
During 2025 and 2024 the Company sold equipment with cost of $4 and $3, respectively and accumulated depreciation of $4 and $2, respectively. Gains from the sale during 2025 were $1.
For the years ended December 31, 2025, 2024 and 2023, depreciation expenses were approximately $475, $486 and $476, respectively.
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COMMITMENTS AND CONTINGENCIES |
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||
| COMMITMENTS AND CONTINGENCIES |
As of December 31, 2025, the Company’s aggregate contingent obligations for payments to IIA, based on royalty-bearing participation received or accrued, net of royalties paid or accrued, totaled approximately to $8,281.
Following IIA approval that sales related to IL-18BP are excluded from royalties payment to the IIA, the Company decreased previous year royalties accrual related to revenues under the Gilead Agreement in the amount of $704 and reduced the cost of revenues for the year ended December 31, 2024, by this amount.
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SHAREHOLDERS' EQUITY |
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| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS' EQUITY |
The ordinary shares confer upon their holders the right to attend and vote at general meetings of the shareholders. Subject to the rights of holders of shares with limited or preferred rights which may be issued in the future, the ordinary shares of the Company confer upon the holders thereof equal rights to receive dividends, and to participate in the distribution of the assets of the Company upon its winding-up, in proportion to the amount paid up or credited as paid up on account of the nominal value of the shares held by them respectively and in respect of which such dividends are being paid or such distribution is being made, without regard to any premium paid in excess of the nominal value, if any.
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 the Company’s ordinary shares, if any, are made pursuant to the base prospectus included in the Company’s shelf registration statement on Form F-3, as supplemented by a prospectus supplement pertaining to the ATM that the Company filed on April 14, 2023. Pursuant to the applicable prospectus supplement, the Company may offer and sell up to $50,000 of its ordinary shares. From the date the Company started selling ordinary shares in 2023 through its ATM and through December 31, 2025, 7,767,626 ordinary shares were issued and sold through the ATM, with proceeds to the Company of approximately $14,152 (net of $943 issuance expenses).
Under the Company’s 2010 Share Option Plan, as amended (the “Plan”), options and RSUs may be granted to employees, directors and non-employees of the Company and Compugen USA, Inc.
Under the 2010 Share Option Plan the Company reserved for issuance up to an aggregate of 14,395,152 options and RSUs. The Company’s board of directors last amended the Plan in August 2025, to increase the number of shares available under the 2010 Plan. As of December 31, 2025, an aggregate of 718,981 options and RSUs under the 2010 Share Option Plan of the Company were still available for future grants.
In general, options granted under the Plan vest over a four-year period and expire 10 years from the date of grant and are granted at an exercise price of not less than the fair market value of the Company’s ordinary shares on the date of grant, unless otherwise determined by the Company’s board of directors. The exercise price of the options granted under the Plan may not be less than the nominal value of the shares into which such options are exercisable, and the expiration date may not be later than 10 years from the date of grant. RSUs vest over a four-year period as well. If a grantee leaves his or her employment or other relationship with the Company, or if his or her relationship with the Company is terminated without cause (and other than by reason of death or disability, as defined in the Plan), the term of his or her unexercised options will generally expire in 90 days, unless determined otherwise by the Company.
Any options that are cancelled, forfeited or expired become available for future grants.
Transactions related to the grant of options to employees, directors and non-employees under the above Plan during the year ended December 31, 2025, were as follows:
Weighted average fair value of options granted to employees, directors and non-employees during the years 2025, 2024 and 2023 was $0.99, $1.20 and $0.70 per share, respectively.
Aggregate intrinsic value of exercised options by employees, directors and non-employees during the years 2025, 2024 and 2023 was $45, $9 and $0, respectively. The aggregate intrinsic value of the exercised options represents the total intrinsic value (the difference between the sale price of the Company’s share at the date of exercise, and the exercise price) multiplied by the number of options exercised.
The aggregate intrinsic value represents the total intrinsic value (the difference between the Company’s closing share price on the last trading day of calendar 2025 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2025. This amount is impacted by the changes in the fair market value of the Company’s shares.
As of December 31, 2025, the total unrecognized estimated compensation cost related to non-vested share options and RSUs granted prior to that date was $2,856 which is expected to be recognized over a weighted average period of approximately 2.92 years.
A summary of RSUs activity for the year ended December 31, 2025, is as follows:
The total fair value of RSUs vested during the years 2025, 2024 and 2023 was $118, $0 and $0, respectively.
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TAXES ON INCOME, NET |
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| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| TAXES ON INCOME, NET |
Taxable income of the Company is subject to a corporate tax rate of 23% in 2025, 2024 and 2023.
The Company has elected to measure its taxable income and file its tax return under the Israeli Income Tax Regulations (Principles Regarding the Management of Books of Account of Foreign Invested Companies and Certain Partnerships and the Determination of Their Taxable Income), 1986. Accordingly, results for tax purposes are measured in terms of earnings in dollars.
On April 1, 2005, an amendment to the Investment Law came into effect (the “Amendment 60”) that significantly changed the provisions of the Investment Law. The Amendment 60 limits the scope of enterprises that may be approved by the Investment Center by setting criteria for the approval of a facility as a “Beneficiary Enterprise” including a provision generally requiring that at least 25% of the Beneficiary Enterprise’s income will be derived from export.
Another condition for receiving the benefits under the alternative track in respect of expansion programs pursuant to Amendment 60 is a minimum qualifying investment. The Company was eligible under the terms of minimum qualifying investment and elected 2012 as its “year of election”.
Additionally, Amendment 60 enacted major changes in the manner in which tax benefits are awarded under the Investment Law so that companies no longer require Investment Center approval in order to qualify for tax benefits. However, the Investment Law provides that terms and benefits included in any certificate of approval already granted will remain subject to the provisions of the Investment Law as they were on the date of such approval.
As of December 31, 2025, there was no taxable income attributable to the Beneficiary Enterprise.
In January 2011, another amendment to the Investment Law came into effect (the “2011 Amendment”). According to the 2011 Amendment, the benefit tracks in the Investment Law were modified and a flat tax rate applies to the Company’s entire income subject to this amendment (the “Preferred Income”).
Once an election is made, the Company’s income will be subject to the amended tax rate of 16% from 2015 and thereafter (or 9% for a preferred enterprise located in development area A).
Commencing 2011 tax year, the Company can elect (without possibility of reversal) to apply the Amendment in a certain tax year and from that year and thereafter, it will be subject to the amended tax rates.
The Company adopted the 2011 Amendment in 2024. The Company did not adjust its deferred tax balances as of December 31, 2024.
In December 2016, the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2016 and 2017 Budget Years), 2016, which includes Amendment 73 to the Law (the “Amendment 73”) was published. According to Amendment 73, a preferred enterprise located in development area A will be subject to a tax rate of 7.5% instead of 9% effective from January 1, 2016 and thereafter (the tax rate applicable to preferred enterprises located in other areas remains at 16%).
Amendment 73 also prescribes special tax tracks for technological enterprises, which are subject to rules that were issued by the Minister of Finance in May 2017. The new tax tracks under the Amendment are as follows:
Preferred Technological Enterprise (“PTE”) - an enterprise for which total consolidated revenues of its parent company and all subsidiaries are less than NIS 10 billion in a tax year. A PTE, as defined in the Law, which is located in the center of Israel will be subject to tax at a rate of 12% on profits deriving from intellectual property (in development area A - a tax rate of 7.5%). As of December 31, 2025, the Company met the PTE requirements and updated its deferred taxes assets and liabilities.
The Encouragement Law provides several tax benefits for industrial companies. An industrial company is defined as a company resident in Israel, at least 90% of the income of which in a given tax year exclusive of income from specified Government loans, capital gains, interest and dividends, is derived from an industrial enterprise owned by it. An industrial enterprise is defined as an enterprise whose major activity in a given tax year is industrial production activity.
Management believes that the Company is currently qualified as an “industrial company” under the Encouragement Law and, as such, is entitled to tax benefits, including: (1) deduction of purchase of know-how and patents and/or right to use a patent over an eight-year period; (2) the right to elect, under specified conditions, to file a consolidated tax return with additional related Israeli industrial companies and an industrial holding company; (3) accelerated depreciation rates on equipment and buildings; and (4) expenses related to a public offering on the Tel-Aviv Stock exchange and on recognized stock markets outside of Israel, are deductible in equal amounts over three years.
Eligibility for benefits under the Encouragement Law is not subject to receipt of prior approval from any Governmental authority. No assurance can be given that the Israeli tax authorities will agree that the Company qualifies, or, that the Company will continue to qualify as an industrial company or that the benefits described above will be available to the Company in the future.
During 2025 we received a grant from the IIA for specific “Maagad” in the amount of approximately 58% of a total budget of approximately $130. Such grant is not subject to IIA royalties.
As of December 31, 2025, Compugen Ltd.’s net operating losses carryforward for tax purposes in Israel amounted to approximately $381,400. These net operating losses may be carried forward indefinitely and may be offset against future taxable income.
On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform” or “TCJA”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes include several key tax provisions that might impact the Company, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017; (ii) a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a territorial system (along with certain new rules designed to prevent erosion of the U.S. income tax base - “BEAT”); (iii) establishing immediate deductions for certain new investments instead of deductions for depreciation expense over time, and modifying or repealing many business deductions and credits; and (iv) providing a permanent deduction to corporations generating revenues from non-US markets (known as a deduction for foreign derived intangible income - “FDII”).
As of December 31, 2025, Compugen USA, Inc. has net operating loss carryforward for federal income tax purposes of approximately $1,500. Approximately $300 of these losses are available to offset any future U.S. taxable income of our U.S. subsidiary and will expire in the years 2027 to 2032 and the remainder is not subject to expiration. Utilization of the U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization.
Neither Israeli income taxes, foreign withholding taxes nor deferred income taxes were provided in relation to undistributed earnings of the Company’s foreign subsidiary. This is because the Company has the intent and ability to reinvest these earnings indefinitely in the foreign subsidiary and therefore those earnings are continually redeployed in those jurisdictions.
Deferred taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company and Compugen USA, Inc.’s deferred tax assets are comprised of operating loss carryforward and other temporary differences. Significant components of the Company and Compugen USA, Inc. deferred tax assets are as follows:
The Company has provided full valuation allowances in respect of deferred tax assets resulting from operating loss carryforward and other temporary differences. Management currently believes that since the Company has a history of losses, it is more likely than not that the deferred tax regarding the operating loss carryforward and other temporary differences will not be realized in the foreseeable future.
The main reconciling items between the statutory tax rate of the Company and the effective tax rate for the years ended December 31, 2024 and 2023 are the non-recognition of tax benefits from accumulated net operating loss carryforward among the Company and Compugen USA, Inc. due to the uncertainty of the realization of such tax benefits and withholding taxes on the upfront payment and the IND milestone pursuant to the Gilead license agreement.
The Company has tax assessments through 2020 that are deemed to be final.
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SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA |
ASC 280, “Segment Reporting,” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources and in assessing performance. The Company’s business is comprised of one operating segment.
The Company’s CODM is its Chief Executive Officer (“CEO”), who reviews financial information presented on a consolidated basis.
The CODM uses consolidated net profit (loss) to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the allocation of budget between research and development, sales and marketing, and general and administrative expenses. Segment assets that are reviewed by the CODM are reported within the consolidated balance sheet as consolidated total assets.
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 years ended December 31, 2025, 2024 and 2023:
*Other segment expense during the years ended December 31, 2025, 2024 and 2023 includes IIA royalty costs, property and equipment depreciation, participation in R&D expenses, share-based compensation and other adjustments.
Operations listed above include research and development, clinical operations, general and administrative, marketing and business development. Total revenues are attributed to geographic areas based on the location of the end customer.
The following represents the total revenue for the years ended December 31, 2025, 2024 and 2023 and long-lived assets as of December 31, 2025 and 2024:
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FINANCIAL AND OTHER INCOME, NET |
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| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL AND OTHER INCOME, NET |
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RELATED PARTY BALANCES AND TRANSACTIONS |
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| RELATED PARTY BALANCES AND TRANSACTIONS |
For the years ended December 31, 2025, 2024, and 2023 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.” to support such studies from such related party. The transaction was at arm’s length.
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PROFIT (LOSS) PER SHARE |
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| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| PROFIT (LOSS) PER SHARE |
The following table sets forth the computation of basic and diluted profit (loss) per share:
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
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| Pay vs Performance Disclosure | |||
| Net Income (Loss) | $ 35,343 | $ (14,231) | $ (18,754) |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] |
We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, certain third party hosted services, our communications systems, our hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and employees’ information, or the Information Systems and Data.
Our Head of Cybersecurity and IT, who is not a member of management, but reports to the Chief Financial Officer, a member of management, helps in identifying, assessing and managing the Company’s cybersecurity threats and risks by monitoring and evaluating our threat environment using various methods including, for example, by engaging third parties to conduct penetration tests on our behalf.
Depending on the environment and system, we implement and maintain various technical, physical, and organizational measures, processes, standards and policies designed to manage and mitigate material risks from cybersecurity threats to our Information Systems and Data, including, for example, incident response policy, business continuity plan, cybersecurity insurance, firewalls and access controls for certain environments and systems, physical security measures, and employee cybersecurity trainings.
Our overall risk assessment and management processes cover material risks from cybersecurity threats. For example, cybersecurity risk is a component in our internal auditor’s risk assessment report. Our Head of Cybersecurity and IT works with our Chief Financial Officer and relevant management members to prioritize and mitigate cybersecurity threats that are more likely to lead to a material impact to our business and meets with management, as needed, on these issues.
We use third-party service providers to assist us from time to time to identify, assess, and manage material risks from cybersecurity threats, including, for example, professional services firms, including cybersecurity and cloud consultants, a penetration testing firm and legal counsel.
We use third-party service providers to perform a variety of functions throughout our business, including in connection with our clinical data management, antibody development, financial information management, payments and others. We review and require certain security measures of certain of these third parties, such as encryption at rest and in transit and access controls, and in limited cases, we seek to confirm their compliance with different industry standards and certifications, such as SOC1, SOC2, SOC3, ISO 27001, and ISO 27017.
For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 3D. Risk Factors in this Annual Report on Form 20-F, including the applicable risk factors under “Risk Factors - Risks Related to our Operations.”
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | We have implemented and maintain various information security processes designed to identify, assess and manage material risks from cybersecurity threats to our critical computer networks, certain third party hosted services, our communications systems, our hardware and software, and our critical data, including intellectual property, confidential information that is proprietary, strategic or competitive in nature, and employees’ information, or the Information Systems and Data. |
| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Text Block] | For a description of the risks from cybersecurity threats that may materially affect the Company and how they may do so, see our risk factors under Part 1. Item 3D. Risk Factors in this Annual Report on Form 20-F, including the applicable risk factors under “Risk Factors - Risks Related to our Operations.” |
| Cybersecurity Risk Board of Directors Oversight [Text Block] |
Governance
Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function through its audit committee.
Our cybersecurity risk assessment and management processes are under the responsibility of our Head of Cybersecurity and IT, who has over 12 years of experience in the cybersecurity, data science and information technology spaces.
Our Head of Cybersecurity and IT, is responsible for hiring appropriate personnel, and with the involvement of our Chief Financial Officer, is helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel (such as the Chief Executive Officer), helping to prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
Our cybersecurity incident response policy is designed to escalate certain cybersecurity incidents to certain members of management, including our Head of Cybersecurity and IT, our Chief Financial Officer and our General Counsel. Under our cybersecurity incident response policy, those members of management will work with the Company’s incident response team member(s) to help the Company mitigate and remediate cybersecurity incidents of which they are notified. In addition, the Company’s cybersecurity incident response policy includes reporting to the audit committee of the board of directors for certain cybersecurity incidents.
The audit committee receives periodic reports at least twice a year concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function through its audit committee. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | Our cybersecurity risk assessment and management processes are under the responsibility of our Head of Cybersecurity |
| Cybersecurity Risk Role of Management [Text Block] |
Our board of directors addresses the Company’s cybersecurity risk management as part of its general oversight function through its audit committee.
Our cybersecurity risk assessment and management processes are under the responsibility of our Head of Cybersecurity and IT, who has over 12 years of experience in the cybersecurity, data science and information technology spaces.
Our Head of Cybersecurity and IT, is responsible for hiring appropriate personnel, and with the involvement of our Chief Financial Officer, is helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel (such as the Chief Executive Officer), helping to prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | Our Head of Cybersecurity and IT, is responsible for hiring appropriate personnel, and with the involvement of our Chief Financial Officer, is helping to integrate cybersecurity risk considerations into the Company’s overall risk management strategy, communicating key priorities to relevant personnel (such as the Chief Executive Officer), helping to prepare for cybersecurity incidents, approving cybersecurity processes, and reviewing security assessments and other security-related reports. |
| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | IT, who has over 12 years of experience in the cybersecurity, data science and information technology spaces. |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The audit committee receives periodic reports at least twice a year concerning the Company’s significant cybersecurity threats and risk and the processes the Company has implemented to address them. The audit committee also receives various reports, summaries or presentations related to cybersecurity threats, risk and mitigation. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Use of estimates: |
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments, and assumptions. The Company’s management believes that the estimates, judgments, and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
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| Financial statements in U.S. dollars: |
The reporting and functional currency of the Company is the U.S. dollar, as the Company’s management believes that the U.S. dollar is the primary currency of the economic environment in which the Company and Compugen USA, Inc. have operated and expect to continue to operate in the foreseeable future.
Transactions and balances denominated in U.S. dollars are presented at their original amounts. Monetary accounts denominated in currencies other than the dollar are re-measured into dollars in accordance with ASC No. 830, “Foreign Currency Matters”. All transaction gains and losses from the re-measurement of monetary balance sheet items are reflected in the consolidated statement of comprehensive profit (loss) as financial income or expenses, as appropriate.
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| Basis of consolidation: |
The consolidated financial statements include the accounts of the Company and Compugen USA, Inc. intercompany transactions and balances have been eliminated upon consolidation.
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| Cash and Cash equivalents: |
Cash and cash equivalents consist of cash in banks and cash equivalents. Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition.
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| Short-term bank deposits and restricted long-term bank deposits: |
Short-term bank deposits include deposits with maturities of more than three months but less than one year. Bank deposits are stated at cost which approximates market values.
The Company’s restricted long-term bank deposits primarily consist of bank deposits collateralizing the Company’s operating leases.
Bank deposits as of December 31, 2025 and 2024 are in U.S. dollars and bear an annual weighted average interest rate of 4.89% and 5.51%, respectively.
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| Investments in marketable securities: |
The Company accounts for investments in marketable securities in accordance with ASC No. 320, “Investments - Debt Securities”.
Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation at each balance sheet date. The Company classifies all of its marketable securities as available-for-sale (“AFS”). The Company classifies its marketable securities as either short-term or long-term based on each instrument’s underlying contractual maturity date. AFS marketable securities are carried at fair value, with the unrealized gains and losses, net of tax, reported in accumulated other comprehensive income (loss) in shareholders’ equity. Realized gains and losses on sale of investments are included in financial income, net.
The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization together with interest on securities is included in financial income, net.
At each reporting period, the Company evaluates whether declines in fair value below amortized cost are due to expected credit losses, as well as the Company’s ability and intent to hold the investment until a forecasted recovery occurs in accordance with ASC 326, Financial Instrument- Credit losses. Allowance for credit losses on AFS marketable securities is recognized in the Company’s consolidated statements of comprehensive profit (loss), and any remaining unrealized losses, net of taxes, are included in accumulated other comprehensive income (loss) in shareholders’ equity. No credit loss impairment was identified in the year ended December 31, 2025.
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| Property and equipment, net: |
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:
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| Impairment of long-lived assets: |
The long-lived assets of the Company are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset (assets group) with the future undiscounted cash flows expected to be generated by the asset (assets group). If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets group exceeds the fair value of the assets group. During the years 2025, 2024 and 2023, no impairment losses have been recorded.
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| Leases: |
The Company accounts for its leases according to ASC 842 - Leases (“ASC 842”). The Company determines if an arrangement is a lease and the classification of that lease at inception based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefits from the use of the asset throughout the period, and (3) whether the Company has a right to direct the use of the asset. The Company elected to not recognize a lease liability and a right-of-use (“ROU”) asset for leases with a term of twelve months or less. The Company elected the practical expedient to combine its lease and non-lease components for its leases.
ROU assets and lease liabilities are recognized at commencement date based on the present value of remaining lease payments over the lease term. ROU assets are initially measured at amounts, which represents the discounted present value of the lease payments over the lease, plus any initial direct costs incurred. The lease liability is initially measured based on the discounted present value of remaining lease payments over the lease term. For this purpose, the Company considers only payments that are fixed and determinable at the time of commencement. The implicit rate within the operating leases is generally not determinable, therefore the Company uses the Incremental Borrowing Rate (“IBR”) based on the information available at commencement date in determining the present value of lease payments. The Company’s IBR is estimated to approximate the interest rate for collateralized borrowing with similar terms and payments and in economic environments where the leased asset is located.
An option to extend the lease is considered in connection with determining the ROU asset and lease liability when it is reasonably certain that the Company will exercise that option. An option to terminate the lease is considered unless it is reasonably certain that the Company will not exercise the option.
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| Revenue recognition: |
The Company generates revenues mainly from its collaborative and license agreements. The revenues are derived mainly from upfront license payments, research and development services and contingent payments related to milestone achievements.
The Company recognizes revenue in accordance with ASC 606 – “Revenue from Contracts with Customers”.
As such, the Company analyzes its contracts to assess whether they are within the scope of ASC 606. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps:
At the contract inception, once the contract is determined to be within the scope of ASC 606, the Company assesses the goods or services promised within each contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.
The Company previously entered into the AstraZeneca License Agreement. Under the terms of the AstraZeneca License Agreement, the Company provided AstraZeneca with an exclusive license to intellectual property (“IP”) rights of the Company for the development of bi-specific and multi-specific antibody products derived from COM902. From the date of the AstraZeneca License Agreement until the recent amendment thereto dated December 16, 2025, Compugen received a $10,000 upfront payment and was eligible to receive up to $200,000 for development, regulatory and commercial milestones for the first product, of which $30,500 was received as well as tiered royalties on future product sales.
Under ASC 606, the Company determined the license to the IP to be a functional IP that has significant standalone functionality. The Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the IP. Therefore, the license to the IP is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to the customer.
Future milestone payments are considered variable consideration and are subject to the variable consideration constraint (i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable consideration is resolved). Therefore, as the milestone payments are not probable, revenue was not recognized in respect to such milestone payments prior to achievement of such milestone.
Sales or usage-based royalties to be received in exchange for licenses of IP are recognized at the later of when (1) the subsequent sale or usage occurs or (2) the performance obligation to which some or all of the sales or usage-based royalty has been allocated is satisfied (in whole or in part). As royalties are payable based on Net Sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties.
On December 27, 2023, the fourth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $10,000 in accordance with the criteria prescribed under ASC 606.
On May 30, 2024, the fifth milestone with respect to the first licensed product, under the AstraZeneca License Agreement was achieved and the Company recognized revenues in total amount of $5,000 in accordance with the criteria prescribed under ASC 606.
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 its existing royalty interest in rilvegostomig, and the Company recognized revenues in total amount of $65,000 in accordance with the criteria prescribed under ASC 606.
On December 18, 2023, the Company entered into an exclusive License Agreement with Gilead. Under the terms of the agreement, the Company granted Gilead an exclusive license under the Company’s pre-clinical antibody program against IL-18 binding protein and all intellectual property rights subsisting therein, to use, research, develop, manufacture and commercialize products derived from a Compugen pipeline program. Compugen received an upfront payment of $60,000 and an IND clearance milestone payment of $30,000 and is also eligible to receive up to approximately $758,000 additional milestone payments subject to and upon the achievement of certain development, regulatory and commercial milestones and as detailed in the agreement.
Gilead may terminate the Gilead Collaboration Agreement for convenience by giving a certain prior written notice to the Company at any time after the effective date of the agreement.
The Company concluded that Gilead is a customer and therefore revenue recognition should be accounted for in accordance with ASC 606, because the Company granted to Gilead license to its intellectual property and will provide research and development services, all of which are outputs of the Company’s ongoing activities, in exchange for consideration.
The Company assessed the promises under the License Agreement and concluded that (i) the delivery of the GS-0321 License; (ii) the preclinical research and development activities towards IND approval of GS-0321 (the “IND research and development activities”) and (iii) the contingent promise to additional research and development activities in connection with Phase 1 clinical trial (the “Phase 1 research and development activities”), are capable of being distinct and are distinct within the context of the License Agreement. The Company considered that the license has standalone functionality, considered to be functional intellectual property, and is capable of being distinct. The Company also determined that the IND research and development activities and Phase 1 research and development activities could be provided by resources otherwise available to Gilead and thus are capable of being distinct. Also, the Company concluded that the Company’s contingent promise to additional research and development activities in connection with Phase 1 clinical trial represents a material right.
As a result, the Company concluded that its promise to deliver the GS-0321 License, the promise to perform IND research and development activities and Phase 1 research and development activities represented separate performance obligations in the License Agreement.
The Company also evaluated all milestones and royalties as a possible variable consideration. With respect to clinical development and regulatory milestones, based upon the high degree of uncertainty and risk associated with these potential payments, the Company concluded that all such amounts should be fully constrained and are not included in the initial transaction price as the Company cannot conclude that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur. Accordingly, the Company did not include any potential clinical development, regulatory and sales milestones and royalties in the initial transaction price.
The Company allocated the transaction price to each performance obligation on a relative estimated standalone selling price basis. The Company developed the estimated standalone selling price for the GS-0321 License based on the present value of expected future cash flows associated with the license and related clinical development and regulatory milestones. In developing such estimate, the Company applied judgement in determining the timing needed to develop the Licensed Product, the probability of success, and the discount rate. The Company developed the estimated standalone selling price for the IND research and development activities using a “cost plus” reasonable margin approach. To determine the estimated standalone selling price of the material right for the Phase 1 research and development activities obligation, the Company estimated the standalone selling price of the underlying performance obligations included in the material right and estimated the probability of the Company’s performance of such obligations.
The Company determined that the GS-0321 License was a functional license since the underlying intellectual property (the “IP”) has significant standalone functionality. In addition, the Company determined that December 18, 2023, represents (i) the date at which the Company made available the IP to Gilead and (ii) the beginning of the period during which Gilead is able to use and benefit from its right to use the IP. Based upon these considerations, the Company recognized the entirety of the initial transaction price allocated to the GS-0321 License performance obligation during the year ended December 31, 2023.
Further, the IND research and development activities and Phase 1 research and development activities performance obligations are recognized over time. The Company using the input method in order to measure the progress of the services, based on the actual internal and external costs incurred, relative to total internal and external costs expected to be incurred to satisfy the performance obligation. The period over which total costs were estimated reflected the Company’s best estimate of the period over which it would perform the activities to achieve clearance of an IND application for GS-0321 and the phase 1 clinical trial. The Company determined that the input method is the best measure of progress towards satisfying the performance obligation as incurred labor effort represents work performed that corresponds with, and thereby best depicts the transfer of goods and services.
During the year ended December 31, 2025, the Company recognized $7,764 of Phase 1 services revenues, and during the year ended December 31, 2024, the Company recognized $22,864 of license, IND services and Phase 1 services revenues.
Of the $43,677 deferred revenue recorded as of December 31, 2024, the Company recognized $7,764 as revenue during the year ended December 31, 2025.
As of December 31, 2025, the Company included deferred revenues of $10,970 in current liabilities and $24,943 in non-current liabilities.
The Company’s remaining performance obligations represent contracted revenue that has not yet been recognized. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations that the Company expects to recognize as revenue was $35,913. As of December 31, 2025, the Company expects to recognize 31% of its remaining performance obligations as revenue over the next 12 months, and the remainder through 2029.
For additional information regarding revenues, please refer to Note 11 below.
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| Cost of revenues: |
Cost of revenues consists of certain royalties and milestones paid or accrued in addition to research and development services allocated in relation to Gilead license agreement.
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| Research and development expenses, net: |
Research and development costs are charged to the statement of comprehensive profit (loss) as incurred and are presented net of the amount of any grants the Company receives for research and development in the period in which the grant was received.
As part of the process of preparing the consolidated financial statements, the Company accrues costs for pre-clinical and clinical trial activities based upon estimates of the services received and related expenses incurred that have yet to be invoiced by the contract research organizations or other pre-clinical or clinical trial vendors that perform the activities. In certain circumstances, the Company is required to make nonrefundable advance payments to vendors for goods or services that will be received in the future for use in research and development activities. In such circumstances, the nonrefundable advance payments are deferred and capitalized, and amortized as the related goods or services are provided. In circumstances where amounts have been paid in excess of costs incurred, the Company records a prepaid expense.
Amortization of participation in R&D expenses for the years ended December 31, 2025, 2024 and 2023 were $0, $0 and $325, respectively.
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| Severance pay: |
The Company’s liability for severance pay for its Israeli employees is calculated pursuant to Israeli Severance Pay Law based on the most recent salary of the employees multiplied by the number of years of employment as of the balance sheet date and is in large part covered by regular deposits with recognized pension funds and purchases of insurance policies. The value of these deposits and policies is recorded as an asset on the Company’s balance sheet. Pursuant to Section 14 of the Israeli Severance Pay Law, for Israeli employees under this section, the Company’s contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee’s monthly salary for each year of service, no additional payments are required to be made by the Company to the employee to cover severance obligation.
Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid.
Severance expenses for the years ended December 31, 2025, 2024 and 2023 amounted to approximately $557, $481 and $432, respectively.
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| Share-based compensation: |
The Company accounts for share-based compensation to employees and non-employees in accordance with ASC 718, “Compensation - Share Compensation” (“ASC 718”), which requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company accounts for forfeitures as they occur.
The Company recognizes compensation expenses for the value of its awards with only service-based vesting conditions granted based on the straight-line method over the requisite service period of each of the awards.
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 risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.
The Company used the following assumptions for options granted to employees, directors and non-employees:
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| Concentration of credit risks: |
Financial instruments that potentially subject the Company and Compugen USA, Inc. to concentration of credit risk consist principally of cash and cash equivalents, short-term bank deposits, restricted long-term bank deposit and investment in marketable securities.
Cash, cash equivalents, short-term bank deposits and restricted long-term bank deposit are invested in major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk. The Company’s marketable securities consist of investments, which are highly rated by credit agencies, in government debentures.
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| Basic and diluted profit (loss) per share: |
Basic profit (loss) per share is calculated by dividing net loss for each reporting period by the weighted average number of ordinary shares outstanding during each year. Diluted net profit (loss) per share is calculated by dividing net profit (loss) for each reporting period by the weighted average number of ordinary shares outstanding during the period, plus dilutive potential ordinary shares considered outstanding during the period in accordance with ASC 260, “Earnings per Share”.
For the year ended December 31, 2025, 389,742 outstanding options and RSUs have been included in the calculation of the diluted net profit per share. All outstanding options, RSUs and warrants for the years ended December 31, 2024 and 2023 have been excluded from the calculation of the diluted net profit (loss) per share, because all such securities are anti-dilutive for all periods presented. As of December 31, 2025, 2024 and 2023 the average number of shares related to outstanding options, RSUs and warrants excluded from the calculations of diluted net profit (loss) per share were 8,970,492, 8,496,655 and 7,921,020, respectively.
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| Income taxes: |
The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes”, (“ASC 740”) which prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. As of December 31, 2025, and 2024, a full valuation allowance was provided by the Company.
ASC 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company believes that its income tax filing positions and deductions will be sustained on audit and does not anticipate any adjustments that will result in a material change to its financial position. Therefore, no reserves for uncertain income tax positions have been recorded pursuant to ASC 740-10.
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| Fair value of financial instruments: |
The Company applies ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”), pursuant to which fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date.
In determining fair value, the Company uses various valuation approaches. ASC 820 establishes a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputting that market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the Company.
Unobservable inputs are inputs that reflect the Company’s assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.
The hierarchy is broken down into three levels based on the inputs as follows:
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value.
The carrying amounts of cash and cash equivalents, restricted cash, short-term bank deposits, marketable securities, restricted long-term bank deposit, other accounts receivable and prepaid expenses, trade payable and employees and related accruals and accrued expenses approximate their fair values due to the short-term maturities of such instruments.
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| Recently adopted accounting pronouncement: |
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| Recently issued accounting pronouncements not yet adopted: |
In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40) - Disaggregation of Income Statement Expenses. The ASU requires, among other items, additional disaggregated disclosures in the notes to financial statements for certain categories of expenses that are included on the consolidated Statements of Operations. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted, and may be applied either prospectively or retrospectively. The Company is currently evaluating the effect of adopting the ASU on its consolidated financial statements and related disclosures.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This amendment introduces a practical expedient for the application of the current expected credit loss (“CECL”) model to current accounts receivable and contract assets. ASU 2025-05 is effective for fiscal years beginning after December 15, 2025, and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Company is currently evaluating the timing of adoption and impact of this amendment on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The update provides recognition, measurement, presentation, and disclosure requirements for government grants, including guidance for grants related to an asset and grants related to income. The amendments introduced two permitted approaches for asset-related grants: a deferred income approach or a cost accumulation approach. The guidance is effective for the Company beginning December 15, 2028, with early adoption permitted. The Company is currently evaluating the impact on its consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11 to amend the guidance in Interim Reporting (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. The Company is currently evaluating the impact on its consolidated financial statements disclosures.
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SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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MARKETABLE SECURITIES (Tables) |
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FAIR VALUE MEASUREMENTS (Tables) |
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OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables) |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of property and equipment, net |
|
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SHAREHOLDERS' EQUITY (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share option plan |
|
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| Schedule Of RSUs activity |
|
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| Schedule of stock-based compensation expenses |
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TAXES ON INCOME, NET (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of loss (income) before taxes |
|
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| Schedule of deferred tax assets and liabilities |
|
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| Schedule of effective income tax rate reconciliation |
|
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| Schedule of domestic and foreign taxes of income |
|
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SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial information with respect to single operating segment |
|
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| Schedule of total revenues and long-lived assets by geographic area |
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| Schedule of sales to single customer exceeding 10% |
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FINANCIAL AND OTHER INCOME, NET (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial and other income, net |
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RELATED PARTY BALANCES AND TRANSACTIONS (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of related party balances and transactions |
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PROFIT (LOSS) PER SHARE (Tables) |
12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of computation of basic and diluted losses per share |
|
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GENERAL (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
|---|---|---|---|---|---|
Dec. 16, 2025 |
Jan. 31, 2024 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
| Net profit (loss) | $ 35,343 | $ (14,231) | $ (18,754) | ||
| Accumulated deficit | (453,415) | (488,758) | |||
| Net cash used in operating activities | 31,634 | $ 49,604 | $ (35,886) | ||
| Non-refundable upfront payment | $ 65,000 | $ 60,000 | |||
| Milestone payment | $ 25,000 | 30,000 | |||
| Potential milestone compensation company is now eligible for | $ 758,000 | ||||
| Upfront payment received | 10,000 | ||||
| Accrued milestone payment | 30,500 | ||||
| Potential milestone compensation | $ 200,000 | ||||
| Percentage of expected from payment amount paid | 15.00% | ||||
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | 12 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|---|
Dec. 16, 2025 |
May 30, 2024 |
Jan. 31, 2024 |
Dec. 27, 2023 |
Dec. 18, 2023 |
Dec. 18, 2020 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Average interest rate, short-term bank deposits in U.S. dollars | 4.89% | 5.51% | |||||||
| Amortization in R&D expenses | $ 0 | $ 0 | $ 325 | ||||||
| Revenue recognition under milestone method | $ 5,000 | $ 10,000 | $ 65,000 | ||||||
| Deferred revenue | 7,764 | 43,677 | |||||||
| Severance expenses | 557 | 481 | $ 432 | ||||||
| Total transaction price allocated to remaining performance obligations | $ 35,913 | ||||||||
| Percentage of total remaining performance obligations | 31.00% | ||||||||
| Upfront payment received | $ 10,000 | ||||||||
| Potential milestone compensation | 200,000 | ||||||||
| Accrued milestone payment | 30,500 | ||||||||
| License revenue | 7,764 | $ 22,864 | |||||||
| Deferred revenues included in current liabilities | 10,970 | ||||||||
| Deferred revenues included in non current liabilities | $ 24,943 | ||||||||
| Milestone payment | $ 25,000 | $ 30,000 | |||||||
| Outstanding options and RSUs included in diluted net profit per share calculation | 389,742 | ||||||||
| Options [Member] | |||||||||
| Weighted average number of shares related to outstanding options excluded from the calculations of diluted net loss per share | 8,970,492 | 8,496,655 | 7,921,020 | ||||||
| License Agreement With Gilead [Member] | |||||||||
| Upfront payment received | $ 60,000 | ||||||||
| Potential milestone compensation | 758,000 | ||||||||
| Milestone payment | $ 30,000 | ||||||||
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates for Property and Equipment) (Details) |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Computers, software and related equipment [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Annual depreciation rate | 33.00% |
| Laboratory equipment and office furniture [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Annual depreciation rate | 20.00% |
| Laboratory equipment and office furniture [Member] | Minimum [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Annual depreciation rate | 6.00% |
| Laboratory equipment and office furniture [Member] | Maximum [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Annual depreciation rate | 20.00% |
| Leasehold improvements [Member] | |
| Property, Plant and Equipment [Line Items] | |
| Annual depreciation rate | Shorter of the term of the lease or useful life |
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Weighted-Average Assumptions for Granted Options) (Details) - Employee Option [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Dividend yield | 0.00% | 0.00% | 0.00% |
| Minimum [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Volatility | 86.54% | 90.45% | 75.93% |
| Risk-free interest rate | 3.60% | 3.47% | 3.37% |
| Expected life (years) | 4 years 1 month 20 days | 4 years 7 days | 4 years 7 days |
| Maximum [Member] | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Volatility | 90.99% | 95.88% | 80.95% |
| Risk-free interest rate | 4.37% | 4.54% | 4.81% |
| Expected life (years) | 5 years 1 month 2 days | 4 years 11 months 19 days | 5 years 21 days |
MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Investments, Debt and Equity Securities [Abstract] | |||
| Proceeds from maturities of available-for-sale marketable securities | $ 50,306 | $ 53,230 | $ 10,145 |
MARKETABLE SECURITIES (Schedule of available-for-sale marketable securities) (Details) - U.S. Treasury [Member] - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Debt Securities, Available-for-Sale [Line Items] | ||
| Amortized cost | $ 9,276 | $ 23,618 |
| Gross unrealized gains | 8 | 11 |
| Gross unrealized losses | 0 | 0 |
| Fair value | $ 9,284 | $ 23,629 |
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
| Short-term investments: | ||
| Cash equivalents | $ 4,043 | $ 13,919 |
| Fair Value, Inputs, Level 2 [Member] | U.S. Treasury [Member] | ||
| Short-term investments: | ||
| Cash equivalents | 35,290 | 0 |
| Marketable securities | $ 9,284 | $ 23,629 |
OTHER ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Schedule Of Other Accounts Receivable And Prepaid Expenses) (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
| Prepaid expenses | $ 2,088 | $ 2,473 |
| Government authorities | 150 | 127 |
| Other | 144 | 142 |
| Other accounts receivable and prepaid expenses | $ 2,382 | $ 2,742 |
LEASES (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Lessee Disclosure [Abstract] | |||
| Operating lease expenses | $ 785 | $ 775 | $ 800 |
| Variable payments as CPI | 102 | 79 | 61 |
| Cash paid for amounts included in measurement of lease liabilities | $ 785 | $ 761 | $ 852 |
LEASES (Schedule of Weighted-Average Remaining Lease Term and Discount Rate) (Details) |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Lessee Disclosure [Abstract] | ||
| Weighted average remaining lease term | 5 years 25 days | 6 years 18 days |
| Weighted average discount (annual) rate | 7.91% | 7.96% |
LEASES (Schedule of Operating Leases) (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Lessee Disclosure [Abstract] | ||
| 2026 | $ 721 | |
| 2027 | 714 | |
| 2028 | 680 | |
| 2029 | 646 | |
| 2030 | 646 | |
| 2031 and on | 131 | |
| Total operating lease payments | 3,538 | |
| Less: imputed interest | 578 | |
| Present value of lease liabilities | 2,960 | |
| Lease liabilities, current | 521 | $ 448 |
| Lease liabilities, non- current | 2,439 | $ 2,464 |
| Present value of lease liabilities | $ 2,960 |
PROPERTY AND EQUIPMENT, NET (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Property, Plant and Equipment [Line Items] | |||
| Cost | $ 6,900 | $ 6,600 | |
| Accumulated depreciation | 6,219 | 5,748 | |
| Depreciation | 475 | 486 | $ 476 |
| Gains from the sale of equipment | 1 | 0 | $ (7) |
| Laboratory equipment and office furniture [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Cost | 3,748 | 3,567 | |
| Accumulated depreciation | 3,245 | 3,059 | |
| Sale of equipment,cost | 4 | 3 | |
| Accumulated depreciation equipment | 4 | 2 | |
| Gains from the sale of equipment | 1 | ||
| Obsolete property and equipment and certain nonfunctional Lab equipment [Member] | |||
| Property, Plant and Equipment [Line Items] | |||
| Cost | 0 | 92 | |
| Accumulated depreciation | $ 0 | $ 92 | |
PROPERTY AND EQUIPMENT, NET (Schedule of Property and Equipment, Net) (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Cost | $ 6,900 | $ 6,600 |
| Accumulated depreciation | 6,219 | 5,748 |
| Depreciated cost | 681 | 852 |
| Computers, software and related equipment [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Cost | 833 | 719 |
| Accumulated depreciation | 685 | 622 |
| Laboratory equipment and office furniture [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Cost | 3,748 | 3,567 |
| Accumulated depreciation | 3,245 | 3,059 |
| Leasehold improvements [Member] | ||
| Property, Plant and Equipment [Line Items] | ||
| Cost | 2,319 | 2,314 |
| Accumulated depreciation | $ 2,289 | $ 2,067 |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Commitments [Line Items] | |||
| Bank guarantees in favor of lessor, foreign currency derivative contracts and credit card security | $ 402 | ||
| Royalty percentage | 1.00% | ||
| Research and development expenses milestone payment | $ 750 | $ 225 | $ 500 |
| IIA [Member] | |||
| Other Commitments [Line Items] | |||
| Maximum royalty repaid as percentage of grant received | 100.00% | ||
| Royalty expense | $ 1,950 | 554 | 1,004 |
| Contingent royalty obligations | $ 8,281 | ||
| IIA [Member] | Minimum [Member] | |||
| Other Commitments [Line Items] | |||
| Royalty percentage based on future revenues | 3.00% | ||
| IIA [Member] | Maximum [Member] | |||
| Other Commitments [Line Items] | |||
| Royalty percentage based on future revenues | 5.00% | ||
| Antibodies Discovery Collaboration Agreement [Member] | |||
| Other Commitments [Line Items] | |||
| Contingent fees | $ 0 | $ 0 | $ 1,000 |
| Gilead Agreement [Member] | |||
| Other Commitments [Line Items] | |||
| Royalties accrual | $ 704 | ||
SHAREHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||
|---|---|---|---|---|
Jan. 31, 2023 |
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Total fair value of RSUs vested | $ 118 | $ 0 | $ 0 | |
| Employees Directors And Non Employees [Member] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Weighted average fair value of stock options granted | $ 0.99 | $ 1.2 | $ 0.7 | |
| Aggregate intrinsic value of exercised options | $ 45 | $ 9 | $ 0 | |
| 2010 Share Option Plan [Member] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Ordinary shares reserved for issuance | 14,395,152 | |||
| Ordinary shares available for issuance | 718,981 | |||
| Vesting period | 4 years | |||
| Award expiration period | 10 years | |||
| Unrecognized share-based compensation expense | $ 2,856 | |||
| Unrecognized compensation cost, recognition period | 2 years 11 months 1 day | |||
| Leerink Partners LLC [Member] | ||||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||||
| Issuance of shares, net, shares | 7,767,626 | |||
| Issuance expenses | $ 943 | |||
| Proceeds from ordinary shares in offering | $ 50,000 | $ 14,152 | ||
SHAREHOLDERS' EQUITY (Schedule Of Share Option Plan) (Details) - Employees Directors And Non Employees [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
|
| Number of options | ||
| Options outstanding at beginning of year | 8,655,721 | |
| Options granted | 853,840 | |
| Options exercised | (70,383) | |
| Options forfeited | (419,652) | |
| Options expired | (390,783) | |
| Options outstanding at end of year | 8,628,743 | 8,655,721 |
| Exercisable at end of year | 6,366,415 | |
| Weighted average exercise price | ||
| Options outstanding at beginning of year | $ 4.31 | |
| Options granted | 1.67 | |
| Options exercised | 1.05 | |
| Options forfeited | 4.29 | |
| Options expired | 5.03 | |
| Options outstanding at end of year | 4.05 | $ 4.31 |
| Exercisable at end of year | $ 4.9 | |
| Weighted average remaining contractual life | ||
| Options outstanding | 5 years 6 months 7 days | 6 years 18 days |
| Exercisable at end of year | 4 years 5 months 4 days | |
| Aggregate intrinsic value | ||
| Options outstanding at end of year | $ 796 | $ 802 |
| Exercisable at end of year | $ 453 | |
SHAREHOLDERS' EQUITY (Schedule Of RSUs Activity) (Details) - Restricted Stock Units (RSUs) [Member] |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
$ / shares
shares
| |
| Number of RSUs | |
| Unvested RSUs at beginning of year | shares | 317,350 |
| RSUs granted | shares | 376,480 |
| RSUs vested | shares | (79,486) |
| RSUs forfeited | shares | (44,418) |
| RSUs net settled | shares | (2,526) |
| Unvested RSUs at end of year | shares | 567,400 |
| Weighted average grant date per value | |
| Unvested RSUs at beginning of year | $ / shares | $ 1.7 |
| RSUs granted | $ / shares | 1.5 |
| RSUs vested | $ / shares | 1.7 |
| RSUs forfeited | $ / shares | 1.6 |
| RSUs net settled | $ / shares | 1.69 |
| Unvested RSUs at end of year | $ / shares | $ 1.57 |
SHAREHOLDERS' EQUITY (Schedule Of Stock-Based Compensation Expenses) (Details) - Employee Stock Purchase Plan [Member] - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expenses | $ 1,881 | $ 3,023 | $ 3,550 |
| Research and Development Expense [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expenses | 829 | 1,460 | 1,933 |
| Marketing and business development expenses [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expenses | 99 | 115 | (41) |
| General and administrative expenses [Member] | |||
| Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
| Stock-based compensation expenses | $ 953 | $ 1,448 | $ 1,658 |
TAXES ON INCOME, NET (Narrative) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 23.00% | 23.00% | 23.00% |
| Reduced tax rate | 25.00% | ||
| United States [Member] | |||
| Net operating loss carryforward, Expired | $ 1,500 | ||
| United States [Member] | Subsidiary [Member] | |||
| Net operating loss carryforward, Expired | 300 | ||
| Domestic Tax Authority [Member] | |||
| Net operating loss carryforward | $ 381,400 | ||
TAXES ON INCOME, NET (Schedule of Loss (Income) Before Taxes) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Income Tax Disclosure [Abstract] | |||
| Domestic (Israel) | $ (35,150) | $ 10,129 | $ 10,164 |
| Foreign | (247) | (420) | (380) |
| Loss before taxes on income | $ (35,397) | $ 9,709 | $ 9,784 |
TAXES ON INCOME, NET (Schedule of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2025 |
Dec. 31, 2024 |
|---|---|---|
| Deferred tax asset: | ||
| Operating loss carryforward | $ 46,083 | $ 95,485 |
| Research and development | 8,170 | 11,779 |
| Accrued social benefits and other | 1,365 | 2,535 |
| Lease liabilities | 355 | 670 |
| Property and equipment | 0 | 0 |
| Deferred tax asset before valuation allowance | 55,973 | 110,469 |
| Valuation allowance | (55,670) | (109,814) |
| Deferred tax asset after valuation allowance | 303 | 655 |
| Deferred tax liabilities: | ||
| Right of use assets | (303) | (655) |
| Deferred tax liabilities | (303) | (655) |
| Net deferred tax assets | $ 0 | $ 0 |
TAXES ON INCOME, NET - (Schedule of Reconciliation of Statutory and Effective Tax Rate) (Detail) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Amount | |||
| Income (loss) before income taxes | $ 35,397 | $ (9,709) | $ (9,784) |
| Israel statutory tax rate | 8,141 | ||
| Effect of benefitted income preferred technological enterprise in Israel | (3,867) | ||
| Changes in valuation allowance | (4,402) | ||
| Non taxable or non deductible items | 234 | ||
| Other | 7 | ||
| Foreign tax effects - United States: | |||
| Statutory tax rate difference between the United States and Israel | (5) | ||
| State tax change in rate | 86 | ||
| Changes in valuation allowance | (155) | ||
| Other | 15 | ||
| Effective tax rate | $ 54 | $ 4,522 | $ 8,970 |
| Percent | |||
| Income (loss) before income taxes | 100.00% | ||
| Israel statutory tax rate | 23.00% | 23.00% | 23.00% |
| Effect of benefitted income preferred technological enterprise in Israel | (10.93%) | ||
| Changes in valuation allowance | (12.43%) | ||
| Non taxable or non deductible items | 0.66% | ||
| Other | 0.02% | ||
| Foreign tax effects - United States: | |||
| Statutory tax rate difference between the United States and Israel | (0.01%) | ||
| State tax change in rate | 0.24% | ||
| Changes in valuation allowance | (0.44%) | ||
| Other | 0.04% | ||
| Effective tax rate | 0.15% | ||
TAXES ON INCOME, NET (Schedule of Domestic and Foreign taxes of income) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Tax paid during the year for Taxes of income | |||
| Domestic (Israel) | $ 54 | ||
| Foreign (United States) | 1 | ||
| Income Taxes Paid, Net, Total | $ 55 | $ 13,517 | $ 12 |
SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Narrative) (Details) |
12 Months Ended |
|---|---|
|
Dec. 31, 2025
Segment
| |
| Segment Reporting [Abstract] | |
| Number of operating segment | 1 |
SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Schedule Of Financial Information With Respect To Single Operating Segment) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Total revenues | $ 72,764 | $ 27,864 | $ 33,459 |
| Financial income, net | (4,071) | (5,182) | (3,208) |
| Taxes on income | 54 | 4,522 | 8,970 |
| Net profit (loss) | 35,343 | (14,231) | (18,754) |
| Single Operating Segment [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Total revenues | 72,764 | 27,864 | 33,459 |
| Preclinical | 13,459 | 15,374 | 20,948 |
| Clinical R&D expenses | 13,554 | 15,267 | 10,627 |
| G&A and BD | 9,606 | 9,485 | 9,320 |
| Financial income, net | (4,070) | (5,182) | (3,215) |
| Taxes on income | 54 | 4,522 | 8,970 |
| Other segment expenses | 4,818 | 2,629 | 5,563 |
| Net profit (loss) | $ 35,343 | $ (14,231) | $ (18,754) |
SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Schedule Of Total Revenues And Long-Lived Assets By Geographic Area) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue from sales to customers | $ 72,764 | $ 27,864 | $ 33,459 |
| Long-lived assets | 3,202 | 3,695 | |
| United Kingdom [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue from sales to customers | 65,000 | 5,000 | 10,000 |
| Israel [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Long-lived assets | 3,201 | 3,677 | |
| United States [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Revenue from sales to customers | 7,764 | 22,864 | $ 23,459 |
| Long-lived assets | $ 1 | $ 18 | |
SEGMENTS, GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER DATA (Schedule Of Sales To Single Customer Exceeding 10%) (Details) - Revenue [Member] - Customer Concentration Risk [Member] |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Customer A [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Sales to a single customer exceeding 10% | 89.00% | 18.00% | 30.00% |
| Customer B [Member] | |||
| Revenues from External Customers and Long-Lived Assets [Line Items] | |||
| Sales to a single customer exceeding 10% | 11.00% | 82.00% | 70.00% |
FINANCIAL AND OTHER INCOME, NET (Schedule of Financial and Other Income, Net) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Other Income and Expenses [Abstract] | |||
| Interest income | $ 3,905 | $ 3,489 | $ 2,960 |
| Amortization of discount on marketable securities, net | 503 | 1,747 | 281 |
| Bank fees and other finance expenses | (28) | (34) | (31) |
| Foreign currency transaction adjustments | (310) | (20) | 5 |
| Gain (loss) from sales and disposals of fixed assets | 1 | 0 | (7) |
| Financial and other income, net | $ 4,071 | $ 5,182 | $ 3,208 |
RELATED PARTY BALANCES AND TRANSACTIONS (Schedule of Related Party Transactions) (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Related Party Transactions [Abstract] | |||
| Trade payables and accrued expenses | $ 90 | $ 58 | |
| Amounts charged to research and development expenses | $ 139 | $ 141 | $ 147 |
PROFIT (LOSS) PER SHARE (Schedule of Computation of Basic and Diluted Losses Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2025 |
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Numerator: | |||
| Net profit (loss) for basic loss per share | $ 35,343 | $ (14,231) | $ (18,754) |
| Net profit (loss) for diluted loss per share | $ 35,343 | $ (14,231) | $ (18,754) |
| Denominator: | |||
| Weighted average number of ordinary shares used in computing basic net profit (loss) per share | 93,425,341 | 89,528,031 | 87,633,298 |
| Weighted average number of ordinary shares used in computing diluted net profit (loss) per share | 93,815,083 | 89,528,031 | 87,633,298 |
| Basic profit (loss) per ordinary share | $ 0.38 | $ (0.16) | $ (0.21) |
| Diluted profit (loss) per ordinary share | $ 0.38 | $ (0.16) | $ (0.21) |