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COGT

Cogent Biosciences, Inc.

COGT

Cogent Biosciences, Inc. • NASDAQ
$40.22 ▼ -0.42% (-0.17)
Market Cap $5.73 B
52w High $41.27
52w Low $3.72
Dividend Yield 0%
P/E -19.62
Volume 877.10K
Outstanding Shares 142.45M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $83.355M ▲ $-80.93M ▼ 0% $-0.71 ▼ $-78.83M ▼
Q2-2025 $0 $74.425M ▼ $-73.529M ▼ 0% $-0.64 ▼ $-72.058M ▲
Q1-2025 $0 $74.933M ▲ $-71.986M ▼ 0% $-0.52 ▲ $-73.795M ▼
Q4-2024 $0 $73.734M ▼ $-67.927M ▲ 0% $-0.61 ▲ $-72.626M ▲
Q3-2024 $0 $75.414M $-70.634M 0% $-0.64 $-74.317M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $390.89M ▲ $425.933M ▲ $123.469M ▲ $302.464M ▲
Q2-2025 $237.848M ▼ $274.817M ▼ $119.781M ▲ $155.036M ▼
Q1-2025 $245.661M ▼ $283.798M ▼ $64.803M ▼ $218.995M ▼
Q4-2024 $287.077M ▼ $327.898M ▼ $71.612M ▲ $256.286M ▼
Q3-2024 $335.519M $384.016M $69.357M $314.659M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-80.93M ▼ $-64.286M ▼ $-155.046M ▼ $217.367M ▲ $-2.301M ▼ $-64.351M ▼
Q2-2025 $-73.529M ▼ $-54.542M ▲ $8.91M ▼ $47.227M ▲ $1.595M ▼ $-54.673M ▲
Q1-2025 $-71.986M ▼ $-66.511M ▼ $69.379M ▲ $24.97M ▲ $27.838M ▲ $-67.058M ▼
Q4-2024 $-67.927M ▲ $-60.577M ▼ $61.671M ▲ $26K ▼ $1.12M ▼ $-60.652M ▼
Q3-2024 $-70.634M $-51.984M $60.186M $624K $8.826M $-52.264M

Five-Year Company Overview

Income Statement

Income Statement Cogent is still a pure research-stage biotech: it essentially has no product revenue yet and runs consistent losses, mainly driven by R&D and operating expenses. Losses have widened over the last several years as programs moved deeper into the clinic and the company scaled up trials and infrastructure. Per‑share losses are sizeable, but they’ve been relatively steady recently, which suggests spending is increasing in a more controlled way rather than exploding. Overall, this is a classic early-stage biotech income statement: heavy investment, no commercial income, and full dependence on future clinical and regulatory success to change the picture.

Balance Sheet

Balance Sheet The balance sheet is fairly typical for a clinical-stage firm: a meaningful cash position, modest total assets, and very limited debt. Equity makes up the bulk of the capital structure, indicating the company has mainly funded itself through share issuance rather than borrowing. Cash levels have moved around as the company raises capital and then spends on trials, but there is no sign of a heavily leveraged balance sheet. The key risk is not current indebtedness but the need to periodically refresh cash as development spending continues.

Cash Flow

Cash Flow Cash flow is clearly negative, reflecting ongoing operating and R&D spending with no offsetting product revenue. Operating cash outflows have grown as the pipeline has advanced, and free cash flow is similarly negative, with only light capital spending on physical assets. This means the business model currently consumes cash rather than generates it and will likely require external funding over time, as is common for companies at this stage of drug development. The sustainability of the cash burn will depend on future fundraising and the timing and outcome of clinical milestones.

Competitive Edge

Competitive Edge Cogent is positioning itself in a focused but competitive niche within precision oncology and mast cell diseases. Its lead drug, bezuclastinib, aims to offer a cleaner, more selective approach to targeting KIT mutations, with an emphasis on better tolerability and fewer neurological side effects than certain existing treatments. Early data in gastrointestinal stromal tumors and systemic mastocytosis suggest a potentially attractive profile, especially when combined with current standards of care. However, the company faces strong competitors, including larger firms with approved drugs in these same indications. Success will depend on confirming a clear safety and efficacy edge, navigating crowded treatment guidelines, and differentiating itself in physician and payer decisions.

Innovation and R&D

Innovation and R&D Innovation is the core of Cogent’s strategy and its main asset today. The company is deeply focused on precision kinase inhibition—designing drugs that hit specific mutations while sparing normal variants, which may translate into better safety and long-term use. Bezuclastinib is the flagship program, targeting KIT-driven diseases with a CNS‑sparing design that could reduce cognitive and brain-related side effects seen with some peers. Beyond that, Cogent is building a broad early-stage pipeline against several high‑value targets (FGFR2, ErbB2, PI3Kα, KRAS, JAK2 and others), often with the theme of improved selectivity or coverage of resistance mutations. This breadth reduces reliance on a single asset but also increases R&D spending and execution risk, since multiple programs must be shepherded through long, uncertain development paths.

Summary

Cogent Biosciences is a classic clinical‑stage biotech: no commercial revenue, meaningful and growing losses, but a differentiated scientific story centered on highly selective kinase inhibitors. Financially, the company is dependent on its cash reserves and capital markets to fund ongoing negative cash flow, though it does not appear heavily burdened by debt. Strategically, its potential lies in turning bezuclastinib into a meaningful therapy in GIST and systemic mastocytosis and then leveraging that success into a broader precision oncology franchise. The upside case revolves around successful late-stage trials, regulatory approvals, and a clearly superior safety/efficacy profile versus existing drugs; the downside centers on the usual biotech risks—clinical setbacks, delays, competitive pressures, and the need for continued external financing. Overall, Cogent represents a high‑risk, innovation‑driven story where the science and trial results will largely determine future financial health.

NEWS

November 14, 2025 · 8:00 AM UTC

Cogent Biosciences Announces Participation in the Jefferies Global Healthcare Conference

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November 11, 2025 · 11:16 PM UTC

Cogent Biosciences Announces Pricing of Concurrent Public Offerings of Common Stock and 1.625% Convertible Senior Notes Due 2031

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November 10, 2025 · 4:01 PM UTC

Cogent Biosciences Announces Proposed Concurrent Public Offerings of Convertible Senior Notes Due 2031 and Common Stock

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November 10, 2025 · 7:00 AM UTC

Cogent Biosciences Reports Positive Results from Bezuclastinib PEAK Phase 3 Trial in Gastrointestinal Stromal Tumors (GIST)

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November 3, 2025 · 9:01 AM UTC

Cogent Biosciences Reports Recent Business Highlights and Third Quarter 2025 Financial Results

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