Cogent Biosciences Reports Strong Financials & Funding Position

By Tamara Parker • Monday, February 26 16:20 • Permanent Link

Cogent Biosciences, Inc. has reported its recent business highlights and financial results for the fourth quarter and full year of 2023. The company's president and CEO, Andrew Robbins, emphasized the strong position the company has entered in 2024. Here are the key financial and business highlights:

In terms of cash and cash equivalents, as of December 31, 2023, Cogent had $273.2 million. With the gross proceeds from the oversubscribed $225.0 million private placement, closed on February 16, 2024, the company believes it has sufficient funding to support its operating expenses and capital expenditure requirements into 2027.
Research and development (R&D) expenses were $48.7 million for the fourth quarter of 2023 and $173.8 million for the year ended December 31, 2023, showing an increase compared to the same periods in 2022. This increase is attributed to progress on various clinical trials and the continued development of the research pipeline.
General and administrative (G&A) expenses were $9.5 million for the fourth quarter of 2023 and $34.4 million for the year ended December 31, 2023, also showing an increase compared to the same periods in 2022. This increase was also driven partly by non-cash stock compensation expense.
The net loss was $54.4 million for the fourth quarter of 2023 and $192.4 million for the year ended December 31, 2023, compared to a net loss of $39.6 million for the fourth quarter of 2022 and $140.2 million for the year ended December 31, 2022.

In terms of recent business highlights, Cogent Biosciences reported several positive developments:

The company initiated and is actively enrolling nonadvsm patients in a study of bezuclastinb at 40 sites globally, with topline results expected by the end of 2025.
The peak phase 3 study of bezuclastinib + sunitinib in 2nd-line GIST patients is on track to complete enrollment by the end of 2024, with topline results also expected by the end of 2025.
The apex part 2 registration-directed study of bezuclastinib in advsm patients is on track to complete enrollment by the end of 2024, with topline results expected by mid-2025.
Cogent Biosciences closed an oversubscribed $225 million private investment in public equity (PIPE) financing in February 2024.

The market has reacted to these announcements by moving the company's shares 0.8% to a price of $7.5. Check out the company's full 8-K submission here.

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