Cogent Biosciences Inc · Q3 2022 earnings

Briefing

Reported financial results for the third quarter ended September 30, 2022.

Cogent Biosciences reported a net loss of $35.1 million for the third quarter of 2022. As of September 30, 2022, cash, cash equivalents and marketable securities were $289.1 million, providing cash runway into 2025. The Phase 3 PEAK trial was initiated, and initial safety and pharmacokinetic data from the lead-in phase will be presented at CTOS 2022. An oral presentation at ASH 2022 will include an assessment of patient response from the Phase 2 APEX trial.

• Initiated Phase 3 PEAK trial comparing bezuclastinib + sunitinib vs. sunitinib alone in second line gastrointestinal stromal tumor (GIST) patients.
• Initial safety and pharmacokinetic data from PEAK lead-in phase to be presented at CTOS 2022.
• Oral presentation at ASH 2022 including assessment of patient response from Phase 2 APEX trial in Advanced Systemic Mastocytosis (AdvSM).
• Ended 3Q 2022 with $289.1 million, providing cash runway into 2025.

Headline financials

Revenue & EPS history

The press release contains forward-looking statements regarding 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.