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Jun 30, 2021
Cogent Biosciences Q2 2021 Earnings Report
Announced financial results for the second quarter and provided corporate updates.
Key Takeaways
Cogent Biosciences reported a net loss of $16.5 million for the second quarter of 2021, with cash and cash equivalents of $218.1 million as of June 30, 2021. The company initiated a Phase 2 clinical study for bezuclastinib in patients with Advanced Systemic Mastocytosis and expects to start the SUMMIT study for patients with Non-Advanced Systemic Mastocytosis in the second half of 2021.
Initiated Phase 2 APEX clinical study for bezuclastinib in patients with Advanced Systemic Mastocytosis (AdvSM).
SUMMIT study for patients with Non-Advanced Systemic Mastocytosis (NonAdvSM) is on track to start in 2H 2021.
Formed Cogent Scientific Advisory Board, including experts in targeted therapy.
Ended Q2 2021 with $218.1 million in cash, sufficient to fund operations into 2024.
Forward Guidance
Cogent Biosciences is focused on advancing bezuclastinib into clinical studies and progressing novel discovery programs. The company expects to report preliminary clinical data from the APEX study in the first half of 2022 and initiate a new study of bezuclastinib and sunitinib in GIST patients during 2H 2021.
Positive Outlook
- SUMMIT study of bezuclastinib in NonAdvSM patients on track to start 2H 2021.
- Cogent remains on track to initiate a new study of bezuclastinib and sunitinib in GIST patients during 2H 2021.
- Cogent Research Team continues to evolve efforts in pioneering best-in-class, small molecule therapeutics.
- Announced long-term lease on ~40,000 sq. ft. facility which will serve as laboratory and office space headquarters for Cogent Research Team.
- Company believes that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into 2024.
Challenges Ahead
- The company faces material risks and uncertainties including those set forth under the caption “Risk Factors” in Cogents’ most recent Annual Report on Form 10-K filed with the SEC.
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