Cogent Biosciences, Inc. COGT
We are a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. Our approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Our most advanced program is bezuclastinib, also known as CGT9486, a highly selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis ("SM"), a serious and rare disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors ("GIST"), a type of cancer with strong dependence on oncogenic KIT signaling. Bezuclastinib is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. We are developing bezuclastinib to treat patients living with Non-Advanced Systemic Mastocytosis ("NonAdvSM"), Advanced Systemic Mastocytosis ("AdvSM") and GIST, and in 2025 we reported positive top-line results from registrational trials in each of these indications. We are building an internal commercial organization and expect to launch bezuclastinib commercially in the United State in the second half of 2026, pending regulatory approval. We also have an ongoing Phase 1 study of our novel internally developed FGFR2/3 inhibitor and have initiated a Phase 1 study of our CNS-penetrant, selective mutant ErbB2 inhibitor. In addition, the Cogent Research Team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases targeting mutations in PI3Kα, KRAS and JAK2.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | $7.9M | $22.5M | $9.7M | $8.4M | — |
| R&D | $269.8M | $232.7M | $173.8M | $121.6M | $55.9M | $25.7M | $43.7M | $38.3M | $29.8M | — |
| SG&A | $63.6M | $43.3M | $34.4M | $26.2M | $19.6M | $17.4M | $11.0M | $7.5M | $4.7M | — |
| Total operating expenses | $333.4M | $275.9M | $208.1M | $147.8M | $75.6M | $90.1M | $54.7M | $45.7M | $34.5M | — |
| Operating income | -$333.4M | -$275.9M | -$208.1M | -$147.8M | -$75.6M | -$82.2M | -$32.2M | -$36.0M | -$26.2M | — |
| Interest expense | $3.1M | — | — | — | — | — | — | — | — | — |
| Pre-tax income | -$328.9M | — | — | — | — | — | — | — | — | — |
| Income tax | $0 | — | — | — | — | — | — | — | — | — |
| Net income | -$328.9M | -$255.9M | -$192.4M | -$140.2M | -$72.3M | -$74.8M | -$31.8M | -$34.5M | -$25.5M | — |
| EPS, basic | -2.16 | -1.94 | -1.94 | -1.73 | -1.87 | — | — | — | — | — |
| EPS, diluted | -2.16 | -1.94 | -1.94 | -1.73 | -1.87 | -16.17 | -4.18 | -1.39 | -2.51 | — |
| Shares, diluted (wtd. avg.) | 128.9M | 103.9M | 79.7M | 58.7M | 38.7M | — | — | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $312.0M | $98.2M | $53.2M | $141.1M | $220.9M | $243.4M | $38.7M | $56.9M | $29.6M | $42.6M |
| Short-term investments | $588.8M | $188.9M | $212.5M | $119.4M | $0 | — | — | — | — | — |
| Receivables | — | — | — | — | — | — | $2.0M | $1.7M | $830.0K | — |
| Total current assets | $910.4M | $296.5M | $270.8M | $265.0M | $222.6M | $244.9M | $40.6M | $81.0M | $42.4M | — |
| Property, plant and equipment | $5.5M | $6.5M | $8.3M | $7.8M | $1.7M | $134.0K | $1.9M | $3.3M | $4.1M | — |
| Total assets | $937.6M | $327.9M | $313.4M | $300.8M | $232.1M | $250.9M | $49.4M | $85.9M | $49.1M | — |
| Accounts payable | $9.5M | $12.0M | $10.7M | $5.8M | $3.5M | $732.0K | $3.2M | $1.5M | $1.3M | — |
| Total current liabilities | $64.0M | $55.7M | $38.2M | $26.8M | $17.1M | $13.1M | $13.2M | $24.9M | $11.2M | — |
| Long-term debt | $222.9M | — | — | — | — | — | — | — | — | — |
| Total liabilities | $301.2M | $71.6M | $55.6M | $45.1M | $17.9M | $16.2M | $17.7M | $25.7M | $20.8M | — |
| Retained earnings | -$1.19B | -$859.5M | -$603.6M | -$411.2M | -$271.0M | -$198.7M | -$123.9M | -$92.1M | -$51.3M | — |
| Total equity | $636.4M | $256.3M | $257.8M | $255.7M | $214.2M | $234.7M | $31.8M | $60.2M | -$48.8M | -$24.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$264.4M | -$207.8M | -$153.6M | -$118.6M | -$58.8M | -$35.9M | -$41.5M | -$32.5M | -$25.8M | — |
| Depreciation and amortisation | $2.6M | $2.5M | $2.3M | $842.0K | — | — | — | — | — | — |
| Stock-based compensation | $46.1M | $39.7M | $30.6M | $18.4M | $11.7M | $6.0M | $3.2M | $3.1M | $1.3M | — |
| Capital expenditure | $1.6M | $573.0K | $2.8M | $6.9M | $1.7M | — | $33.0K | $549.0K | $912.0K | — |
| Investing cash flow | -$399.5M | $38.3M | -$97.8M | -$124.7M | -$1.7M | $8.4M | $23.2M | -$10.5M | $13.6M | — |
| Financing cash flow | $878.2M | $214.5M | $163.5M | $163.6M | $38.0M | $232.2M | $108.0K | $70.3M | -$729.0K | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-173834.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $8.4M | $9.7M | $22.5M | $7.9M | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — | — | — |
| Net income | — | -$25.5M | -$34.5M | -$31.8M | -$74.8M | -$72.3M | -$140.2M | -$192.4M | -$255.9M | -$328.9M |
Recent filings and events
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Material agreement signed Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Material agreement signed Item 1.01
- Other event Item 8.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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