Cogent Biosciences(US:COGT)2024-08-06 12:20Financial Performance - As of June 30, 2024, cash, cash equivalents, and marketable securities totaled $389.9 million, down from $435.7 million as of March 31, 2024, sufficient to fund operations into 2027[9] - General and administrative expenses for Q2 2024 were $10.1 million, up from $8.2 million in Q2 2023, indicating a 23% increase due to organizational growth[11] - The net loss for Q2 2024 was $59.0 million, compared to a net loss of $44.1 million for the same period in 2023, representing a 34% increase in losses[11] Research and Development - Research and development expenses for Q2 2024 were $54.3 million, compared to $38.9 million in Q2 2023, reflecting an increase of 39% primarily due to accelerated enrollment in clinical trials[10] - The company expects to complete enrollment in the global Phase 3 PEAK trial in Q3 2024 and report top-line results by the end of 2025[13] - The company anticipates completing enrollment in the registration-directed APEX Phase 2 trial by the end of 2024 and reporting top-line results by mid-2025[13] Clinical Trial Results - The median progression-free survival (mPFS) for patients treated with bezuclastinib and sunitinib was 10.2 months, with a mPFS of 19.4 months observed in a subset of patients with second-line gastrointestinal stromal tumors[4] - The objective response rate (ORR) for all patients treated with bezuclastinib and sunitinib was 27.5%, while the ORR for the subset of second-line patients was 33.3%[5] Corporate Developments - The company appointed Cole Pinnow as Chief Commercial Officer, bringing extensive experience from Pfizer, where he led a $5 billion cancer portfolio[6] - The company initiated IND-enabling studies for the ErbB2 program, demonstrating 80% brain penetrance in mice and well-tolerated at high concentrations[7]