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Mar 31, 2022
Cogent Biosciences Q1 2022 Earnings Report
Cogent Biosciences reported financial results for Q1 2022 and provided business highlights.
Key Takeaways
Cogent Biosciences reported a net loss of $30.6 million for the first quarter of 2022, with cash and cash equivalents totaling $191.0 million as of March 31, 2022. The company anticipates that its current cash reserves will fund operations into 2024.
Initial bezuclastinib APEX data will be presented at the European Hematology Association (EHA) 2022 Annual Congress.
The company is building a portfolio of discovery stage programs, creating potential best-in-class small molecule kinase inhibitors.
Ended 1Q 2022 with $191.0 million in cash, sufficient to fund operations into 2024.
Advancing a potent, selective FGFR2 inhibitor toward candidate selection with a product profile that includes best-in-class selectivity and potency against all known FGFR2 primary driver and secondary resistance mutations.
Cogent Biosciences
Cogent Biosciences
Forward Guidance
This press release contains forward-looking statements regarding the company’s anticipated cash runway, the presentation of initial clinical data from APEX at EHA in June 2022, the best-in-class potential of the company’s research programs, including its FGFR2 and ErbB2 programs, and clinical development and regulatory plans and timelines, including the plan to file an IND in the second half of 2023 for the company’s FGFR2 inhibitor candidate.
Positive Outlook
- The company anticipates that its current cash reserves will fund operations into 2024.
- Initial bezuclastinib APEX data will be presented at the European Hematology Association (EHA) in June 2022.
- The company's research programs, including FGFR2 and ErbB2, have best-in-class potential.
- The company plans to file an IND in the second half of 2023 for its FGFR2 inhibitor candidate.
- Bezuclastinib has a unique profile as a potent, mutant KIT inhibitor with minimal brain penetration.
Challenges Ahead
- The company's net loss for the first quarter of 2022 was $30.6 million, compared to a net loss of $11.7 million for the first quarter of 2021.
- The company's research and development expenses increased to $25.5 million for the first quarter of 2022, compared to $8.2 million for the first quarter of 2021.
- The company's general and administrative expenses increased to $5.9 million for the first quarter of 2022, compared to $4.6 million for the first quarter of 2021.
- The company's working capital decreased to $176.9 million as of March 31, 2022, compared to $205.6 million as of December 31, 2021.
- The company's total assets decreased to $206.9 million as of March 31, 2022, compared to $232.1 million as of December 31, 2021.