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Mar 31, 2023
Cogent Biosciences Q1 2023 Earnings Report
Cogent Biosciences reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Cogent Biosciences reported a net loss of $38.6 million for the first quarter of 2023. The company ended the quarter with $220.3 million in cash, which is expected to fund operations into 2025. The company is progressing with its clinical trials for bezuclastinib and presented preclinical data from ErbB2 and FGFR2 research programs.
Initiated Part 2 of the Phase 2 APEX trial evaluating bezuclastinib in Advanced Systemic Mastocytosis (AdvSM).
Presented preclinical data from the company’s ErbB2 and FGFR2 research programs at the American Association of Cancer Research (AACR) annual meeting.
Received approvals from European regulatory authorities to initiate the Phase 2 SUMMIT trial in patients with nonadvanced systemic mastocytosis (NonAdvSM).
FDA granted Orphan Drug Designation for bezuclastinib for the treatment of mastocytosis.
Forward Guidance
Cogent Biosciences anticipates several milestones, including presenting data from the PEAK trial at ASCO in June 2023, presenting initial data from the SUMMIT trial in the second half of 2023, and presenting updated data from the APEX trial in the second half of 2023. Enrollment for Part 2 of the APEX trial is expected to be complete by the end of 2024. The company's cash is expected to fund operations into 2025.
Positive Outlook
- Presenting data from Phase 3 PEAK trial at ASCO in June 2023.
- Presenting initial clinical data from SUMMIT trial in the second half of 2023.
- Presenting clinical data from Part 1 of APEX trial in the second half of 2023.
- Completing enrollment for Part 2 of the APEX trial by the end of 2024.
- Cash runway sufficient to fund operations into 2025.
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