NEW YORK (GenomeWeb News) — Compugen today reported it earned no revenue for the first quarter as R&D spending decreased 7 percent and net loss remained flat.
The company reported $200,000 in revenue for the first quarter last year.
Compugen said R&D spending in the quarter dipped to $2.5 million from $2.7 million year over year.
Net loss for the quarter increased slightly to $3.11 million from $3.09 million last year.
As of March 31, Compugen had $23.6 million in cash, cash equivalents, deposits, and marketable securities.