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Sep 30, 2023
Cogent Biosciences Q3 2023 Earnings Report
Cogent Biosciences reported business highlights and financial results.
Key Takeaways
Cogent Biosciences reported meaningful progress in developing bezuclastinib, with clinical data presentations planned for upcoming meetings and a cash runway into 2026.
SUMMIT and APEX clinical presentations are planned for the 2023 ASH Annual Meeting, with SUMMIT NonAdvSM data selected for oral presentation.
SUMMIT Part 1 completed upsized enrollment during Q3, and SUMMIT Part 2 is expected to begin in 1H 2024 at over 50 sites globally.
Updated PEAK lead-in data presented at the 2023 CTOS Annual Meeting showed a 33% ORR and >14 months median duration of treatment for 2nd-line GIST patients.
Ended Q3 2023 with $312.8 million in cash, providing a cash runway into 2026.
Cogent Biosciences
Cogent Biosciences
Forward Guidance
Cogent Biosciences anticipates presenting clinical data from SUMMIT and APEX trials at upcoming conferences, completing enrollment in PEAK and APEX Part 2 by the end of 2024, and initiating a clinical trial for the FGFR2 program in 2024.
Positive Outlook
- SUMMIT Part 2 is on track for initiation in 1H 2024, ahead of schedule.
- Phase 3 portion of the PEAK study remains on track to complete enrollment by the end of 2024, with over 100 active sites globally.
- APEX Part 2 is on track to complete enrollment by the end of 2024.
- Cogent anticipates filing an Investigational New Drug (IND) Application and beginning a clinical trial in 2024.
- Company believes that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements into 2026.
Challenges Ahead
- The company's expectations are subject to material risks and uncertainties.
- The company may not actually achieve the forecasts or milestones disclosed in its forward-looking statements.
- New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties.
- The company's clinical results may vary.
- The rate of enrollment in the company's clinical trials may be slower than expected.