Cogent Biosciences提交第二季10-Q 淨虧損9640萬美元 料下半年推bezuclastinib

10-Q
 
 
 
 --12-310001622229falseQ2May 01 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

  
UNITED STATES 
SECURITIES AND EXCHANGE COMMISSION 
WASHINGTON, DC 20549 
 
FORM 10-Q 
 
(Mark One) 
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the quarterly period ended June 30, 2026 
OR 
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 
For the transition period from to 
Commission File Number: 001-38443 
 
Cogent Biosciences, Inc. 
(Exact name of registrant as specified in its charter) 
 
 

 
 
 
 
 
 

 
 Delaware

  

 46-5308248

 

 
 (State or other jurisdiction of
incorporation or organization)

  

 (I.R.S. Employer
Identification Number)

 

  

 
 
 
 
 
 

 
 180 Third Avenue, 4th Floor
Waltham, Massachusetts

  

 02451

 

 
 (Address of principal executive offices)

  

 (Zip code)

 

 (617) 945-5576 
(Registrant’s telephone number, including area code) 
 
275 Wyman Street, 3rd Floor
Waltham, Massachusetts
(Former name or former address, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act: 
 

 
 
 
 
 
 
 
 

 
 Title of each class

  

 Trading
Symbol(s)

  

 Name of each exchange
on which registered

 

 
 Common Stock, $0.001 Par Value

  

 COGT

  

 The Nasdaq Global Select Market

 

  
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐ 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. 
 

 
 
 
 
 
 
 
 

 
 Large accelerated filer

 ☒

  

 Accelerated filer

 ☐

 

 
 Non-accelerated filer

 ☐

  

 Smaller reporting company

 ☐

 

 
  

  

  

 Emerging growth company

 ☐

 

 If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒ 
 
As of August 6, 2026, there were 173,524,982 shares of the registrant’s common stock, $0.001 par value per share, outstanding. 
 
 

  

 
  

 FORWARD-LOOKING STATEMENTS 
This Quarterly Report on Form 10-Q contains forward-looking statements, which reflect our current views with respect to, among other things, our operations and financial performance. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations and financial position, anticipated regulatory approval and commercial launch of bezuclastinib, business strategy and plans, and objectives of management for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties, and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. 
In some cases, you can identify forward-looking statements by terms such as “may,” “should,” “expects,” “might,” “plans,” “anticipates,” “could,” “intends,” “target,” “projects,” “contemplates,” “believes,” “estimates,” “predicts,” “potential,” “seek,” “would” or “continue,” or the negative of these terms or other similar expressions. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee that the future results, levels of activity, performance or events and circumstances reflected in the forward-looking statements will be achieved or occur. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties and assumptions described in Item 1A “Risk Factors.” Because forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, you should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially from those projected in the forward-looking statements. Some of the key factors that could cause actual results to differ from our expectations include: 
•the potential impacts of raising additional capital, including dilution to our existing stockholders, restrictions on our operations or requirements that we relinquish rights to our technologies or product candidates;

•the success, cost, and duration of our product development activities and clinical trials, including the enrollment rates in our clinical trials; 

•the timing of the U.S. Food and Drug Administration’s (“FDA”) review and anticipated approval of our three pending new drug applications for our bezuclastinib product candidate and any other product candidates we may develop;

•our ability to obtain and maintain regulatory approval for our bezuclastinib product candidate and any other product candidates we may develop, and any related restrictions, limitations, and/or warnings in the label of an approved product candidate; 

•the potential for our identified research priorities to advance our bezuclastinib product candidate or for our teams to discover and develop additional product candidates; 

•the ability to license additional intellectual property rights relating to our bezuclastinib product candidate or future product candidates from third-parties and to comply with our existing or future license agreements and/or collaboration agreements; 

•our ability to commercialize our bezuclastinib product candidate and future product candidates in light of the intellectual property rights of others; 

•our ability to obtain funding for our operations, including funding necessary to complete further discovery, development and commercialization of our existing and future product candidates; 

•the scalability and commercial viability of our manufacturing methods and processes; 

•the commercialization of our product candidates, if approved;

•our ability to attract collaborators with development, regulatory, and commercialization expertise; 

•future agreements with third parties in connection with the commercialization of our product candidates and any other approved product; 

•the size and growth potential of the markets for our product candidates, and our ability to serve those markets; 

•the rate and degree of market acceptance of our product candidates; 

•the pricing and reimbursement of our product candidates, if approved; 

•regulatory developments in the United States and foreign countries, including pharmaceutical and biological product marketing regulation; 

 i

 
  

 •the impact of adverse business and economic conditions including inflationary pressures, general economic slowdown or a recession, high interest rates, changes in monetary policy, banking institution instability, changes in trade policies, including tariffs or other trade-related actions or the threat of such actions, and the prospect of a shutdown of the U.S. federal government;

•our ability to contract with third-party suppliers and manufacturers and their ability to perform adequately; 

•the development and success of competing therapies that are or may be under development in clinical trials or become available commercially; 

•our ability to attract and retain key scientific and management personnel;

•our ability to satisfy the conditions, covenants, and obligations applicable to our convertible notes;

•the accuracy of our estimates regarding expenses, future revenue, capital requirements, and needs for additional financing; 

•our use of the proceeds from the private placements, debt issuance, sales of our preferred stock and public offerings of our common stock from time to time; and

•our expectations regarding our ability to obtain and maintain intellectual property protection for our bezuclastinib product candidate and future product candidates.

 While we may elect to update these forward-looking statements at some point in the future, whether as a result of any new information, future events, or otherwise, we have no current intention of doing so except to the extent required by applicable law. 

 ii

 
  

 Cogent Biosciences, Inc. 
Table of Contents 
 

 
 
 
 
 
 

 
  

 

 Page

 

 
  

 PART I—FINANCIAL INFORMATION

  

 

 
 Item 1.

 Financial Statements (Unaudited)

 1

 

 
  

 Condensed Consolidated Balance Sheets

 1

 

 
  

 Condensed Consolidated Statements of Operations and Comprehensive Loss

 2

 

 
  

 Condensed Consolidated Statements of Stockholders’ Equity

 3

 

 
  

 Condensed Consolidated Statements of Cash Flows

 5

 

 
  

 Notes to Unaudited Condensed Consolidated Financial Statements

 6

 

 
 Item 2.

 Management’s Discussion and Analysis of Financial Condition and Results of Operations

 18

 

 
 Item 3.

 Quantitative and Qualitative Disclosures About Market Risk

 28

 

 
 Item 4.

 Controls and Procedures

 29

 

 
  

 PART II—OTHER INFORMATION

  

 

 
 Item 1.

 Legal Proceedings

 30

 

 
 Item 1A.

 Risk Factors

 30

 

 
 Item 2.

 Recent Sales of Unregistered Securities and Use of Proceeds

 30

 

 
 Item 3.

 Defaults Upon Senior Securities

 30

 

 
 Item 4.

 Mine Safety Disclosures

 30

 

 
 Item 5.

 Other Information

 30

 

 
 Item 6.

 Exhibits

 32

 

 
 Signatures 

 33

 

  

 iii

 
  

 PART I—FINANCIAL INFORMATION 
Item 1. Financial Statements (Unaudited) 
COGENT BIOSCIENCES, INC. 
CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts) 
(unaudited) 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 June 30,

  

  

 December 31,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Assets

  

  

  

  

  

  

 

 
 Current assets:

  

  

  

  

  

  

 

 
 Cash and cash equivalents

  

 $

 181,172

  

  

 $

 312,012

  

 

 
 Short-term marketable securities

  

  

 611,128

  

  

  

 588,753

  

 

 
 Prepaid expenses and other current assets

  

  

 12,520

  

  

  

 9,590

  

 

 
 Total current assets

  

  

 804,820

  

  

  

 910,355

  

 

 
 Operating lease, right-of-use assets

  

  

 22,596

  

  

  

 18,078

  

 

 
 Property and equipment, net

  

  

 4,775

  

  

  

 5,457

  

 

 
 Restricted cash

  

  

 416

  

  

  

 416

  

 

 
 Other assets

  

  

 1,939

  

  

  

 3,301

  

 

 
 Total assets

  

 $

 834,546

  

  

 $

 937,607

  

 

 
 Liabilities and Stockholders’ Equity

  

  

  

  

  

  

 

 
 Current liabilities:

  

  

  

  

  

  

 

 
 Accounts payable

  

 $

 7,488

  

  

 $

 9,504

  

 

 
 Accrued expenses and other current liabilities

  

  

 50,319

  

  

  

 52,902

  

 

 
 Operating lease liabilities

  

  

 1,489

  

  

  

 1,547

  

 

 
 Total current liabilities

  

  

 59,296

  

  

  

 63,953

  

 

 
 Convertible senior notes, net

  

  

 223,457

  

  

  

 222,895

  

 

 
 Operating lease liabilities, net of current portion

  

  

 19,315

  

  

  

 14,355

  

 

 
 Other liabilities

  

  

 90

  

  

  

 33

  

 

 
 Total liabilities

  

  

 302,158

  

  

  

 301,236

  

 

 
 Commitments and contingencies (Note 7)

  

  

  

  

  

  

 

 
 Stockholders’ equity:

  

  

  

  

  

  

 

 
 Preferred stock, $0.001 par value; 8,979,420 shares authorized; no shares issued or outstanding

  

  

 —

  

  

  

 —

  

 

 
 Series A non-voting convertible preferred stock, $0.001 par value; 1,000,000 shares authorized; 39,414 and 67,414 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

  

  

 29,190

  

  

  

 53,830

  

 

 
 Series B non-voting convertible preferred stock, $0.001 par value; 20,580 shares authorized; 4,516 shares issued and outstanding at June 30, 2026 and December 31, 2025

  

  

 35,563

  

  

  

 35,563

  

 

 
 Common stock, $0.001 par value; 300,000,000 shares authorized; 171,598,409 and 160,980,024 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively

  

  

 171

  

  

  

 161

  

 

 
 Additional paid-in capital

  

  

 1,850,411

  

  

  

 1,734,882

  

 

 
 Accumulated other comprehensive income (loss)

  

  

 (770

 )

  

  

 355

  

 

 
 Accumulated deficit

  

  

 (1,382,177

 )

  

  

 (1,188,420

 )

 

 
 Total stockholders’ equity

  

  

 532,388

  

  

  

 636,371

  

 

 
 Total liabilities and stockholders’ equity

  

 $

 834,546

  

  

 $

 937,607

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements. 

 1

 
  

 COGENT BIOSCIENCES, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS 
(in thousands, except share and per share amounts) 
(unaudited) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Three Months Ended June 30,

  

  

 Six Months Ended June 30,

  

 

 
  

 2026

  

  

 2025

  

  

 2026

  

  

 2025

  

 

 
 Operating expenses:

  

  

  

  

  

  

  

  

  

  

  

 

 
 Research and development

 $

 70,811

  

  

 $

 62,203

  

  

 $

 146,176

  

  

 $

 125,232

  

 

 
 General and administrative

  

 31,827

  

  

  

 13,379

  

  

  

 60,069

  

  

  

 25,283

  

 

 
 Total operating expenses

  

 102,638

  

  

  

 75,582

  

  

  

 206,245

  

  

  

 150,515

  

 

 
 Loss from operations

  

 (102,638

 )

  

  

 (75,582

 )

  

  

 (206,245

 )

  

  

 (150,515

 )

 

 
 Other income:

  

  

  

  

  

  

  

  

  

  

  

 

 
 Interest income

  

 7,461

  

  

  

 2,373

  

  

  

 15,069

  

  

  

 5,325

  

 

 
 Interest expense

  

 (1,217

 )

  

  

 (314

 )

  

  

 (2,430

 )

  

  

 (314

 )

 

 
 Other income (expense), net

  

 (11

 )

  

  

 (6

 )

  

  

 (151

 )

  

  

 (11

 )

 

 
 Total other income, net

  

 6,233

  

  

  

 2,053

  

  

  

 12,488

  

  

  

 5,000

  

 

 
 Net loss

 $

 (96,405

 )

  

 $

 (73,529

 )

  

 $

 (193,757

 )

  

 $

 (145,515

 )

 

 
 

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss per share, basic and diluted, Series A non-voting convertible preferred stock

 $

 (130.00

 )

  

 $

 (132.95

 )

  

 $

 (262.58

 )

  

 $

 (263.08

 )

 

 
 Weighted average Series A non-voting convertible preferred stock outstanding, basic and diluted

  

 39,414

  

  

  

 67,686

  

  

  

 53,337

  

  

  

 67,788

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss per share, basic and diluted, Series B non-voting convertible preferred stock

 $

 (520.15

 )

  

 $

 (531.89

 )

  

 $

 (1,050.27

 )

  

 $

 (1,052.27

 )

 

 
 Weighted average Series B non-voting convertible preferred stock outstanding, basic and diluted

  

 4,516

  

  

  

 6,868

  

  

  

 4,516

  

  

  

 6,868

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss per share, basic and diluted, common stock

 $

 (0.52

 )

  

 $

 (0.53

 )

  

 $

 (1.05

 )

  

 $

 (1.05

 )

 

 
 Weighted average common stock outstanding, basic and diluted

  

 171,005,468

  

  

  

 114,466,080

  

  

  

 166,624,462

  

  

  

 114,463,810

  

 

 
 

  

  

  

  

  

  

  

  

  

  

  

 

 
 Comprehensive loss:

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net loss

 $

 (96,405

 )

  

 $

 (73,529

 )

  

 $

 (193,757

 )

  

 $

 (145,515

 )

 

 
 Other comprehensive income (loss):

  

  

  

  

  

  

  

  

  

  

  

 

 
 Net unrealized gains (losses) on marketable securities

  

 (355

 )

  

  

 (151

 )

  

  

 (1,125

 )

  

  

 (434

 )

 

 
 Total other comprehensive income (loss)

  

 (355

 )

  

  

 (151

 )

  

  

 (1,125

 )

  

  

 (434

 )

 

 
 Comprehensive loss

 $

 (96,760

 )

  

 $

 (73,680

 )

  

 $

 (194,882

 )

  

 $

 (145,949

 )

 

  
 
The accompanying notes are an integral part of these condensed consolidated financial statements. 

 2

 
  

 COGENT BIOSCIENCES, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(in thousands, except share amounts) 
(unaudited) 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Series A Non-Voting 
Convertible Preferred
Stock

  

  

 Series B Non-Voting 
Convertible Preferred
Stock

  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated
Other Comprehensive

  

  

 Accumulated

  

  

 Total
Stockholders’

  

 

 
  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Capital

  

  

 Income (Loss)

  

  

 Deficit

  

  

 Equity

  

 

 
 Balances at December 31, 2025

  

 67,414

  

 $

 53,830

  

  

  

 4,516

  

 $

 35,563

  

  

  

 160,980,024

  

 $

 161

  

  

 $

 1,734,882

  

  

 $

 355

  

  

 $

 (1,188,420

 )

  

 $

 636,371

  

 

 
 Issuance of common stock under Employee Stock Purchase Plan

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 173,128

  

  

 —

  

  

  

 1,062

  

  

  

 —

  

  

  

 —

  

  

  

 1,062

  

 

 
 Issuance of common stock upon RSU vesting

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 3,200

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock under ATM, net of issuance costs of $1.4 million

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 1,340,699

  

  

 1

  

  

  

 45,711

  

  

  

 —

  

  

  

 —

  

  

  

 45,712

  

 

 
 Issuance of common stock from exercises of stock options

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 670,692

  

  

 1

  

  

  

 5,755

  

  

  

 —

  

  

  

 —

  

  

  

 5,756

  

 

 
 Issuance of common stock from pre-funded warrant exercises

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 606,060

  

  

 1

  

  

  

 5

  

  

  

 —

  

  

  

 —

  

  

  

 6

  

 

 
 Conversion of Series A non-voting preferred stock into common stock

  

 (28,000

 )

  

 (24,640

 )

  

  

 —

  

  

 —

  

  

  

 7,000,000

  

  

 7

  

  

  

 24,633

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Unrealized losses on marketable securities

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 (770

 )

  

  

 —

  

  

  

 (770

 )

 

 
 Stock-based compensation expense

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 16,908

  

  

  

 —

  

  

  

 —

  

  

  

 16,908

  

 

 
 Net loss

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (97,352

 )

  

  

 (97,352

 )

 

 
 Balances at March 31, 2026

  

 39,414

  

 $

 29,190

  

  

  

 4,516

  

 $

 35,563

  

  

  

 170,773,803

  

 $

 171

  

  

 $

 1,828,956

  

  

 $

 (415

 )

  

 $

 (1,285,772

 )

  

 $

 607,693

  

 

 
 Issuance of common stock from exercises of stock options

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 484,606

  

  

 —

  

  

  

 4,348

  

  

  

 —

  

  

  

 —

  

  

  

 4,348

  

 

 
 Issuance of common stock upon PSU vesting

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 340,000

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Unrealized losses on marketable securities

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 (355

 )

  

  

 —

  

  

  

 (355

 )

 

 
 Stock-based compensation expense

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 17,107

  

  

  

 —

  

  

  

 —

  

  

  

 17,107

  

 

 
 Net loss

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (96,405

 )

  

  

 (96,405

 )

 

 
 Balances at June 30, 2026

  

 39,414

  

 $

 29,190

  

  

  

 4,516

  

 $

 35,563

  

  

  

 171,598,409

  

 $

 171

  

  

 $

 1,850,411

  

  

 $

 (770

 )

  

 $

 (1,382,177

 )

  

 $

 532,388

  

 

  

 3

 
  

  
 
 

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
  

 Series A Non-Voting 
Convertible Preferred
Stock

  

  

 Series B Non-Voting 
Convertible Preferred
Stock

  

  

 Common Stock

  

  

 Additional
Paid-in

  

  

 Accumulated
Other Comprehensive

  

  

 Accumulated

  

  

 Total
Stockholders’

  

 

 
  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Shares

  

 Amount

  

  

 Capital

  

  

 Income (Loss)

  

  

 Deficit

  

  

 Equity

  

 

 
 Balances at December 31, 2024

  

 70,465

  

 $

 56,515

  

  

  

 6,868

  

 $

 54,085

  

  

  

 110,461,729

  

 $

 110

  

  

 $

 1,004,612

  

  

 $

 447

  

  

 $

 (859,483

 )

  

 $

 256,286

  

 

 
 Issuance of common stock under ATM, net of issuance costs of $0.7 million

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 2,587,992

  

  

 3

  

  

  

 24,247

  

  

  

 —

  

  

  

 —

  

  

  

 24,250

  

 

 
 Conversion of Series A non-voting preferred stock into common stock

  

 (2,767

 )

  

 (2,435

 )

  

  

 —

  

  

 —

  

  

  

 691,750

  

  

 1

  

  

  

 2,434

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock from exercises of stock options

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 26,842

  

  

 —

  

  

  

 136

  

  

  

 —

  

  

  

 —

  

  

  

 136

  

 

 
 Issuance of common stock under Employee Stock Purchase Plan

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 88,141

  

  

 —

  

  

  

 584

  

  

  

 —

  

  

  

 —

  

  

  

 584

  

 

 
 Unrealized losses on marketable securities

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 (283

 )

  

  

 —

  

  

  

 (283

 )

 

 
 Stock-based compensation expense

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 10,008

  

  

  

 —

  

  

  

 —

  

  

  

 10,008

  

 

 
 Net loss

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (71,986

 )

  

  

 (71,986

 )

 

 
 Balances at March 31, 2025

  

 67,698

  

 $

 54,080

  

  

  

 6,868

  

 $

 54,085

  

  

  

 113,856,454

  

 $

 114

  

  

 $

 1,042,021

  

  

 $

 164

  

  

 $

 (931,469

 )

  

 $

 218,995

  

 

 
 Conversion of Series A non-voting preferred stock into common stock

  

 (284

 )

  

 (250

 )

  

  

 —

  

  

 —

  

  

  

 71,000

  

  

 —

  

  

  

 250

  

  

  

 —

  

  

  

 —

  

  

  

 —

  

 

 
 Issuance of common stock from exercises of stock options

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 1,038

  

  

 —

  

  

  

 5

  

  

  

 —

  

  

  

 —

  

  

  

 5

  

 

 
 Unrealized losses on marketable securities

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 (151

 )

  

  

 —

  

  

  

 (151

 )

 

 
 Stock-based compensation expense

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

  

 9,716

  

  

  

 —

  

  

  

 —

  

  

  

 9,716

  

 

 
 Net loss

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

 —

  

  

  

 —

  

  

  

 —

  

  

  

 (73,529

 )

  

  

 (73,529

 )

 

 
 Balances at June 30, 2025

  

 67,414

  

 $

 53,830

  

  

  

 6,868

  

 $

 54,085

  

  

  

 113,928,492

  

 $

 114

  

  

 $

 1,051,992

  

  

 $

 13

  

  

 $

 (1,004,998

 )

  

 $

 155,036

  

 

 The accompanying notes are an integral part of these condensed consolidated financial statements. 

 4

 
  

 COGENT BIOSCIENCES, INC. 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS 
(in thousands) 
(unaudited) 
 

 
 
 
 
 
 
 
 
 
 
 
 

 
  

  

 Six Months Ended
June 30,

  

 

 
  

  

 2026

  

  

 2025

  

 

 
 Cash flows from operating activities:

  

  

  

  

  

  

 

 
 Net loss

  

 $

 (193,757

 )

  

 $

 (145,515

 )

 

 
 Adjustments to reconcile net loss to net cash used in operating activities:

  

  

  

  

  

  

 

 
 Depreciation and amortization expense

  

  

 1,367

  

  

  

 1,295

  

 

 
 Stock-based compensation expense

  

  

 34,015

  

  

  

 19,724

  

 

 
 Amortization of operating leases, right-of-use assets

  

  

 1,157

  

  

  

 1,000

  

 

 
 Net amortization (accretion) of premiums (discounts) on marketable securities

  

  

 (2,141

 )

  

  

 (739

 )

 

 
 Amortization of debt discount and issuance costs

  

  

 562

  

  

  

 63

  

 

 
 Loss on fixed asset disposal

  

  

 134

  

  

  

 —

  

 

 
 Changes in operating assets and liabilities:

  

  

  

  

  

  

 

 
 Prepaid expenses and other current assets

  

  

 (1,538

 )

  

  

 2,235

  

 

 
 Other assets

  

  

 1,362

  

  

  

 —

  

 

 
 Accounts payable

  

  

 (2,016

 )

  

  

 4,612

  

 

 
 Accrued expenses and other current liabilities

  

  

 (2,583

 )

  

  

 (2,979

 )

 

 
 Operating lease liability

  

  

 (773

 )

  

  

 (758

 )

 

 
 Other liabilities

  

  

 57

  

  

  

 9

  

 

 
 Net cash used in operating activities

  

  

 (164,154

 )

  

  

 (121,053

 )

 

 
 Cash flows from investing activities:

  

  

  

  

  

  

 

 
 Purchases of property and equipment

  

  

 (819

 )

  

  

 (678

 )

 

 
 Purchases of marketable securities

  

  

 (216,645

 )

  

  

 (67,883

 )

 

 
 Maturities and sales of marketable securities

  

  

 195,287

  

  

  

 146,850

  

 

 
 Net cash (used in) provided by investing activities

  

  

 (22,177

 )

  

  

 78,289

  

 

 
 Cash flows from financing activities:

  

  

  

  

  

  

 

 
 Proceeds from long-term debt

  

  

 —

  

  

  

 49,291

  

 

 
 Payment of debt issuance costs

  

  

 —

  

  

  

 (2,069

 )

 

 
 Proceeds from issuance of common stock under ATM, net of issuance costs of $1.4 million and $0.7 million, respectively

  

  

 45,712

  

  

  

 24,250

  

 

 
 Proceeds from pre-funded warrant exercises

  

  

 6

  

  

  

 —

  

 

 
 Proceeds from issuance of common stock upon stock option exercises

  

  

 8,711

  

  

  

 141

  

 

 
 Proceeds from issuance of common stock from Employee Stock Purchase Plan

  

  

 1,062

  

  

  

 584

  

 

 
 Net cash provided by financing activities

  

  

 55,491

  

  

  

 72,197

  

 

 
 Net (decrease) increase in cash, cash equivalents and restricted cash

  

  

 (130,840

 )

  

  

 29,433

  

 

 
 Cash, cash equivalents and restricted cash at beginning of period

  

  

 312,428

  

  

  

 98,165

  

 

 
 Cash, cash equivalents and restricted cash at end of period

  

 $

 181,588

  

  

 $

 127,598

  

 

 
 Supplemental disclosure of cash flow information:

  

  

  

  

  

  

 

 
 Cash paid for interest

  

 $

 1,838

  

  

 $

 252

  

 

 
 Supplemental disclosure of noncash investing and financing information:

  

  

  

  

  

  

 

 
 Conversion of Series A Preferred Stock into common shares

  

 $

 24,640

  

  

 $

 2,685

  

 

 
 Right-of-use assets obtained in exchange for new operating lease liabilities

  

 $

 5,675

  

  

 $

 —

  

 

 
 Stock options exercised for which cash proceeds had not yet been received

  

 $

 1,392

  

  

 $

 —

  

 

 
 Debt discount included in accrued expenses and other liabilities

  

 $

 —

  

  

 $

 3,100

  

 

 
 Debt issuance costs included in accounts payable and accrued expenses

  

 $

 —

  

  

 $

 236

  

 

  
The accompanying notes are an integral part of these condensed consolidated financial statements. 

 5

 
  

 COGENT BIOSCIENCES, INC. 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
(unaudited) 
1. Nature of the Business and Basis of Presentation 
Cogent Biosciences, Inc. (“Cogent” or the “Company”) is a clinical-stage biotechnology company focused on developing precision therapies for genetically defined diseases. Cogent’s approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Cogent’s 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. The Company is developing bezuclastinib to treat patients living with Non-Advanced Systemic Mastocytosis (“NonAdvSM”), Advanced Systemic Mastocytosis (“AdvSM”), and GIST. The Company is building an internal commercial organization and expects to launch bezuclastinib commercially in the United States in the second half of 2026, pending regulatory approval. The Company has ongoing Phase 1 studies of its CNS-penetrant, selective mutant ErbB2 inhibitor and its potential best-in-class, wild-type-sparing, PI3Kα inhibitor. In addition, the Company’s research team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases targeting mutations in KRAS and JAK2.
The Company is subject to risks and uncertainties common to clinical-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significan