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Sep 30, 2021
Cogent Biosciences Q3 2021 Earnings Report
Announced third quarter 2021 financial results and provided corporate updates.
Key Takeaways
Cogent Biosciences reported a net loss of $19.1 million for Q3 2021 and ended the quarter with $202.9 million in cash and cash equivalents. The company initiated the SUMMIT trial, a Phase 2 study of bezuclastinib in patients with nonadvanced systemic mastocytosis, and remains on track to initiate the PEAK trial for GIST patients in 2021.
SUMMIT trial, a Phase 2 clinical trial of bezuclastinib for Nonadvanced Systemic Mastocytosis (NonAdvSM) patients, was initiated.
PEAK, a Phase 3 clinical trial of bezuclastinib and sunitinib for Gastrointestinal Stromal Tumor (GIST) patients, remains on track for 2021 start following positive FDA discussions.
New preclinical data was presented demonstrating bezuclastinib as a differentiated KIT inhibitor with minimal brain penetration.
Ended Q3 2021 with $202.9 million in cash, sufficient to fund operations into 2024.
Forward Guidance
This press release contains forward-looking statements regarding Cogent Biosciences' business and operations, projected cash runways, future product development plans, clinical development plans and timelines for its lead program, bezuclastinib, including the expectation to initiate the PEAK trial before the end of 2021, as well as the anticipated timeline for reporting clinical data from the APEX trial in 2022; the potential for bezuclastinib to be a best-in-class KIT mutant inhibitor; and the expected benefits of the updated bezuclastinib formulation planned for use in the PEAK trial.
Positive Outlook
- Initiate the PEAK trial before the end of 2021
- Anticipated timeline for reporting clinical data from the APEX trial in 2022
- Potential for bezuclastinib to be a best-in-class KIT mutant inhibitor
- Expected benefits of the updated bezuclastinib formulation planned for use in the PEAK trial
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