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Mar 31, 2021
Cogent Biosciences Q1 2021 Earnings Report
Cogent Biosciences reported first quarter 2021 financial results and provided corporate updates.
Key Takeaways
Cogent Biosciences reported a net loss of $11.7 million for the first quarter of 2021, with R&D expenses at $8.2 million and G&A expenses at $4.6 million. The company ended the quarter with $230.7 million in cash and cash equivalents, expected to fund operations into 2024. Key highlights included IND clearance for a Phase 2 study of CGT9486 and the appointment of John Robinson as Chief Scientific Officer and Evan Kearns as Chief Legal Officer.
IND was cleared for Phase 2 study of CGT9486 in Advanced Systemic Mastocytosis patients.
John Robinson, PhD, was appointed as Chief Scientific Officer.
Evan Kearns, JD, joined Cogent as Chief Legal Officer.
Cogent Biosciences ended Q1 2021 with $230.7 million in cash, sufficient to fund operations into 2024.
Forward Guidance
Cogent Biosciences is on track to initiate three clinical trials of CGT9486 this year, beginning with a study in Advanced Systemic Mastocytosis (AdvSM) patients for which they recently received IND clearance from the FDA. The company continues to make great progress building a world-class R&D organization.
Positive Outlook
- On track to initiate three clinical trials of CGT9486 this year
- Received IND clearance from the FDA for study in Advanced Systemic Mastocytosis (AdvSM) patients
- Building a world-class R&D organization
- Cash and cash equivalents will be sufficient to fund operating expenses and capital expenditure requirements into 2024
- Focus on developing precision therapies for genetically defined diseases
Challenges Ahead
- Net loss was $11.7 million for the first quarter of 2021
- Research and development expenses were $8.2 million for the first quarter of 2021
- General and administrative expenses were $4.6 million for the first quarter of 2021
Historical Earnings Impact
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Avg. Return Before/After Earnings
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