Cogent Biosciences, Inc.

Listed Company

COGTCIK 0001622229NasdaqLarge AcceleratedPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-328.90M

Total Assets

$937.61M

Equity

$636.37M

Shares Out

162.31M

Op. Cash Flow

$-264.44M

Business

Cogent Biosciences, Inc. is a clinical-stage biotechnology company that discovers and develops precision small-molecule therapies for genetically defined diseases. Its main product candidates include bezuclastinib, a selective KIT inhibitor for systemic mastocytosis and GIST, and CGT4859, a reversible, selective FGFR2 inhibitor, alongside preclinical programs targeting ErbB2, PI3Kα and KRAS. The company organizes activities across clinical development, preclinical research (the Cogent Research Team), licensing and intellectual property management, and outsourced manufacturing. It conducts global clinical trials and regulatory interactions and relies on third-party manufacturers and collaborative channels for supply and distribution.

Summary from filing dated 2025-02-25

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Research and development	270	233	174	122	56
General and administrative	64	43	34	26	20
Total operating expenses	333	276	208	148	76
Loss from operations	−333	−276	−208	−148	−76
Interest income	15	18	13	4	467,000
Interest expense	−3	—	—	—	—
Loss on debt extinguishment	−7	0	0	—	—
Change in fair value of CVR liability	0	0	2	1	343,000
Other income (expense), net	−20,000	2	943,000	—	—
Total other income, net	4	20	16	8	3
Net loss	−329	−256	−192	−140	−72
Net loss per share, basic	−2.16	−1.94	−1.94	−1.73	−1.87
Net loss per share, diluted	−2.16	−1.94	−1.94	−1.73	−1.87
Weighted average common stock outstanding, basic	129	104	80	59	39
Weighted average common stock outstanding, diluted	129	104	80	59	39
Net unrealized gains (losses) on marketable securities	−92,000	201,000	350,000	−104,000	0
Total other comprehensive income (loss)	−92,000	201,000	350,000	−104,000	0
Comprehensive loss	−329	−256	−192	−140	−72

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	312	98	53	140	220
Short-term marketable securities	589	189	212	119	0
Prepaid expenses and other current assets	10	9	5	4	3
Total current assets	910	296	271	265	223
Operating lease, right-of-use assets	18	20	22	23	3
Property and equipment, net	5	6	8	8	2
Restricted cash	416,000	0	—	—	1
Other assets	3	5	5	5	4
Total assets	938	328	313	301	232
Accounts payable	10	12	11	6	3
Accrued expenses and other current liabilities	53	42	26	18	8
Operating lease liabilities	2	2	1	1	2
Total current liabilities	64	56	38	27	17
Convertible senior notes, net	223	0	—	—	—
Operating lease liabilities, net of current portion	14	16	17	18	831,000
Other liabilities	33,000	0	—	—	—
Total liabilities	301	72	56	45	18
Commitments and contingencies (Note 9)	—	—	—	—	—
Preferred stock, value	—	—	—	—	—
Common stock, $0.001 par value; 300,000,000 shares authorized; 160,980,024 shares and 110,461,729 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	161,000	110,000	86,000	70,000	44,000
Additional paid-in capital	1,735	1,005	801	601	400
Accumulated other comprehensive income	355,000	447,000	246,000	−104,000	—
Accumulated deficit	−1,188	−859	−604	−411	−271
Total stockholders equity	636	256	258	256	214
Total liabilities and stockholders equity	938	328	313	301	232

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−329	−256	−192	−140	−72
Depreciation expense	3	2	2	842,000	—
Stock-based compensation expense	46	40	31	18	12
Amortization of right-of-use operating lease assets	2	2	1	5	2
Net amortization (accretion) of premiums (discounts) on marketable securities	−2	−8	−5	−2	0
Loss on disposal of property and equipment	0	0	8,000	0	0
Amortization of debt discount and issuance costs	601,000	0	0	—	—
Prepaid expenses and other current assets	−195,000	−4	−626,000	−1	−227,000
Other assets	2	2,000	−119,000	−1	−4
Accounts payable	−3	1	5	2	3
Accrued expenses and other current liabilities	11	16	8	10	3
Operating lease liability	−2	−1	−796,000	−9	−2
Other liabilities	33,000	0	0	—	—
Net cash used in operating activities	−264	−208	−154	−119	−59
Purchases of property and equipment	−2	−573,000	−3	−7	−2
Purchases of marketable securities	−687	−256	−349	−178	0
Maturities and sales of marketable securities	289	294	254	60	0
Net cash provided by (used in) investing activities	−400	38	−98	−125	−2
Proceeds from long-term debt	49	0	0	—	—
Repayment of long-term debt	−55	0	0	—	—
Proceeds from convertible senior notes	223	0	0	—	—
Payment of debt issuance costs	−3	0	0	—	—
Proceeds from issuance of common stock under ATM, net of issuance costs of $4.9 million	159	0	0	0	38
Proceeds from issuance of common stock and Series B non-voting convertible preferred stock in connection with the Private Placement, net of offering costs $11.7 million	0	213	0	0	—
Taxes paid related to net share settlement of equity awards	−49	0	0	—	—
Proceeds from issuance of common stock upon stock option exercises	12	199,000	965,000	1	24,000
Proceeds from issuance of stock from employee stock purchase plan	1	916,000	752,000	351,000	31,000
Net cash provided by financing activities	878	214	164	164	38
Net increase (decrease) in cash, cash equivalents and restricted cash	214	45	−88	−80	−23
Cash paid for interest	2	0	0	—	—
Debt discount included in accrued expenses and other liabilities	20,000	0	0	—	—
Offering costs included in accounts payable and accrued expenses	64,000	49,000	30,000	30,000	0
Property & equipment included in accounts payable and accrued expenses	0	0	43,000	58,000	0

Filings

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