Compugen Ltd, the Israeli startup in predictive discovery of immuno-oncology drugs, reported early today. The numbers for such a firm are not really as important as the fact that it now has an internal pipeline moving toward clinical trials, and the fact that it has more targets it has discovered which can also be developed in house or by licensing drug majors like Bayer AG.

This actually hurt Q4 results because CGEN revenues, boosted to $8.3 mn by the BAYRY milestone payments in 2015 fell to $53,000 last year. The same hit full-year revenues, which in 2015 amortized the last of the $10 mn Bayer had paid. CGEN full year revenues fell to $700 thousand from prior year $9.3 mn.

Meanwhile R&D expenses rose by 10% in Q4 to $6.3 mn and by 14% to $24.5 mn for the full year, because of spending on its pipeline program candidates (mostly on COM 701 and anti-Tigit). The result was a net loss of $8.49 mn (17 cents/sh) in Q4 and $31.5 mn (62 cents/sh) for 2016. The full year loss was up about 50%. All these numbers are roughly in-line with forecasts by analysts covering CGEN.

CGEN has no debt and cash of $61.5 mn down by 20.9% during 2016. Its chairman, Martin Gerstel, an American and former CEO, announced that he will retire.