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Jun 30
Cogent Biosciences Q2 2025 Earnings Report
Cogent Biosciences reported a wider net loss in Q2 2025 driven by increased R&D and G&A expenses, while advancing key clinical trials and maintaining strong liquidity.
Key Takeaways
Cogent Biosciences ended Q2 2025 with a net loss of $73.5 million as it ramped up clinical and operational activities. The company highlighted strong cash reserves and progress in clinical trials, particularly the SUMMIT trial for bezuclastinib, which met all endpoints. A recent public offering further strengthened its financial position ahead of key milestones expected later in the year.
Reported Q2 2025 net loss of $73.5 million, up from $59.0 million in Q2 2024
Research and development expenses rose to $62.2 million due to ongoing trials
General and administrative expenses increased to $13.4 million year-over-year
Ended Q2 with $237.8 million in cash, plus proceeds from a $230 million offering in July
Cogent Biosciences
Cogent Biosciences
Forward Guidance
Cogent anticipates key clinical readouts in 2H 2025 and remains confident in its financial runway to support operations into 2027, including FDA submission and early commercialization activities.
Positive Outlook
- Top-line results from PEAK and APEX trials expected in 2H 2025
- NDA submission for bezuclastinib planned by end of 2025
- Strong liquidity from July public offering and $400M credit facility
- Favorable safety and efficacy profile for bezuclastinib in SUMMIT trial
- Clinical pipeline advancing across multiple targeted therapies
Challenges Ahead
- Rising R&D costs due to clinical trial progression
- G&A expenses increased with company expansion
- Net loss widened compared to Q2 2024
- Some treatment-related ALT/AST adverse events observed
- Discontinuations occurred in bezuclastinib arm due to AEs