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Jun 30, 2023
Cogent Biosciences Q2 2023 Earnings Report
Reported financial results for the second quarter ended June 30, 2023.
Key Takeaways
Cogent Biosciences reported a net loss of $44.1 million for the second quarter of 2023. The company's cash, cash equivalents, and marketable securities totaled $350.9 million, expected to fund operations into 2026. They presented positive data from the lead-in portion of Phase 3 PEAK study and selected FGFR2 clinical candidate.
Presented positive lead-in data from the ongoing Phase 3 PEAK trial evaluating bezuclastinib in combination with sunitinib in patients with Gastrointestinal Stromal Tumors (GIST) at the 2023 ASCO annual meeting.
Selected a potent, selective, reversible FGFR2 kinase inhibitor as the first internally developed clinical candidate from the Cogent Research Team.
Closed an underwritten public offering of 14,375,000 shares of common stock at a public offering price of $12.00 per share, receiving net proceeds of approximately $161.8 million.
Cash, cash equivalents and marketable securities were $350.9 million, sufficient to fund operations into 2026.
Forward Guidance
Cogent plans to present initial clinical data from SUMMIT and updated clinical data from APEX in the second half of 2023. They also plan to present additional preclinical data on its FGFR2 candidate in the second half of 2023 and to initiate clinical trials in 2024. The company anticipates its cash runway into 2026 and plans to participate in the Morgan Stanley 21st Annual Global Healthcare Conference in September 2023.
Positive Outlook
- Present initial clinical data from SUMMIT in the second half of 2023.
- Present updated clinical data from APEX in the second half of 2023.
- Present additional preclinical data on its FGFR2 candidate in the second half of 2023.
- Initiate clinical trials for FGFR2 candidate in 2024.
- Participate in the Morgan Stanley 21st Annual Global Healthcare Conference in September 2023.
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