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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cogent Biosciences Inc | NASDAQ:COGT | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 1.54% | 6.60 | 6.60 | 7.05 | 7.257 | 6.46 | 6.50 | 2,649,834 | 01:00:00 |
Recent Business Highlights
Upcoming Milestones
Third Quarter 2022 Financial Results
Cash Position: As of September 30, 2022, cash, cash equivalents and marketable securities were $289.1 million, as compared to $325.6 million as of June 30, 2022. The company believes that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into 2025. During the third quarter of 2022 Cogent incurred one-time cash payments of $8.6 million mainly related to the build-out and equipment costs associated with its newly-constructed Research Lab in Boulder, CO.
R&D Expenses: Research and development expenses were $29.9 million for the third quarter of 2022 as compared to $14.8 million for the third quarter of 2021. R&D expenses include non-cash stock compensation expense of $2.1 million for the third quarter of 2022 compared to $1.4 million for the third quarter of 2021. Additional increases resulted from costs associated with the APEX, SUMMIT and PEAK clinical trials as well as costs related to expanding the Cogent Research Team, which was formed in the second quarter of 2021.
G&A Expenses: General and administrative expenses were $6.9 million for the third quarter of 2022 as compared to $5.0 million for the third quarter of 2021. G&A expenses include non-cash stock compensation expense of $2.6 million for the third quarter of 2022 compared to $2.0 million for the third quarter of 2021.
Net Loss: Net loss was $35.1 million for the third quarter of 2022 as compared to a net loss of $19.1 million for the same period of 2021.
About Cogent Biosciences, Inc. Cogent Biosciences is a biotechnology company focused on developing precision therapies for genetically defined diseases. The most advanced clinical program, bezuclastinib, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. KIT D816V is responsible for driving systemic mastocytosis, a serious 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. In addition to bezuclastinib, the Cogent Research Team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases initially targeting FGFR2 and ErbB2. Cogent Biosciences is based in Waltham, MA and Boulder, CO. Visit our website for more information at www.cogentbio.com. Follow Cogent Biosciences on social media: Twitter and LinkedIn. Information that may be important to investors will be routinely posted on our website and Twitter.
Forward Looking StatementsThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: discussion of the company's business and operations; projected cash runways; future product development plans; clinical development plans and timelines including anticipated data presentations from each of the APEX, SUMMIT and PEAK trials; the anticipated benefits of the new formulation of bezuclastinib and the potential to expand patent protection into 2043; and the productivity of the company’s research pipeline and the expectation to file an IND in 2023 for an FGFR2 candidate. The use of words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results, the rate of enrollment in our clinical trials and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts or milestones disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption “Risk Factors” in Cogent’s most recent Quarterly Report on Form 10-Q filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. Any forward-looking statement speaks only as of the date on which it was made. Neither we, nor our affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
COGENT BIOSCIENCES, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except share and per share amounts) (unaudited)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | 29,936 | 14,798 | 84,885 | 35,399 | |||||||||||
General and administrative | 6,885 | 5,021 | 19,209 | 14,512 | |||||||||||
Total operating expenses | 36,821 | 19,819 | 104,094 | 49,911 | |||||||||||
Loss from operations | (36,821 | ) | (19,819 | ) | (104,094 | ) | (49,911 | ) | |||||||
Other income: | |||||||||||||||
Interest income | 1,500 | 115 | 1,879 | 360 | |||||||||||
Other income, net | 259 | 620 | 1,592 | 1,847 | |||||||||||
Change in fair value of CVR liability | — | — | — | 343 | |||||||||||
Total other income, net | 1,759 | 735 | 3,471 | 2,550 | |||||||||||
Net loss | $ | (35,062 | ) | $ | (19,084 | ) | $ | (100,623 | ) | $ | (47,361 | ) | |||
Net loss per share attributable to common stockholders, basic and diluted | $ | (0.50 | ) | $ | (0.48 | ) | $ | (1.84 | ) | $ | (1.25 | ) | |||
Weighted average common shares outstanding, basic and diluted | 69,576,359 | 39,848,943 | 54,780,041 | 37,741,526 |
COGENT BIOSCIENCES, INC. SELECTED CONDENSED CONSOLIDATED BALANCE SHEET DATA (in thousands) (unaudited)
September 30, 2022 | December 31, 2021 | |||||||
Cash, cash equivalents and marketable securities | $ | 289,094 | $ | 219,684 | ||||
Working capital | $ | 272,866 | $ | 205,556 | ||||
Total assets | $ | 331,560 | $ | 232,092 | ||||
Total liabilities | $ | 41,618 | $ | 17,908 | ||||
Total stockholders’ equity | $ | 289,942 | $ | 214,184 |
Contact:
Christi WaarichSenior Director, Investor Relationschristi.waarich@cogentbio.com617-830-1653
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