Cogent Biosciences(COGT) - 2023 Q4 - Annual Results

Financial Performance - Cogent Biosciences reported a net loss of $54.4 million for Q4 2023 and $192.4 million for the full year, compared to a net loss of $39.6 million and $140.2 million in the same periods of 2022, respectively[18]. - Net loss for Q4 2023 was $54,365 thousand, up from a net loss of $39,618 thousand in Q4 2022, reflecting a 37.4% increase in losses[22]. - Net loss per share attributable to common stockholders was $(0.63) in Q4 2023, compared to $(0.56) in Q4 2022[22]. Research and Development - Research and development expenses increased to $48.7 million for Q4 2023 and $173.8 million for the full year, up from $36.7 million and $121.6 million in 2022, driven by progress in clinical trials[16]. - Research and development expenses increased to $48,719 thousand in Q4 2023 from $36,742 thousand in Q4 2022, representing a 32.5% increase[22]. - The company is actively enrolling three registration-directed clinical trials of bezuclastinib, with topline results expected by the end of 2025 for SUMMIT and PEAK trials, and mid-2025 for the APEX trial[3][12]. - Bezuclastinib demonstrated a 56% overall response rate in TKI-naïve patients, with 86% achieving a pure pathological response[6]. - The APEX trial for advanced systemic mastocytosis is on track to complete enrollment by the end of 2024[7]. - The PEAK Phase 3 trial for second-line GIST patients is also expected to complete enrollment by the end of 2024[12]. - Cogent plans to initiate a Phase 1 trial for its FGFR2 inhibitor in the second half of 2024, targeting best-in-class potential[13]. - The company reported a 51% mean improvement in total symptom score for bezuclastinib at week 12, with 70% of patients achieving at least a 50% improvement in symptom severity[8]. Financial Position - As of December 31, 2023, Cogent had cash, cash equivalents, and marketable securities totaling $273.2 million, which, along with the $225 million from a recent PIPE financing, is expected to fund operations into 2027[15]. - Cash, cash equivalents, and marketable securities totaled $273,170 thousand as of December 31, 2023, up from $259,276 thousand a year earlier, indicating a 5.5% increase[23]. - Total assets increased to $313,437 thousand as of December 31, 2023, compared to $300,810 thousand as of December 31, 2022, representing a 4.2% growth[23]. - Total liabilities rose to $55,635 thousand as of December 31, 2023, up from $45,075 thousand in the previous year, reflecting a 23.4% increase[23]. - Total stockholders' equity slightly increased to $257,802 thousand as of December 31, 2023, compared to $255,735 thousand a year earlier, showing a 0.8% growth[23]. Capital Financing - The company closed a $225 million oversubscribed PIPE financing, selling approximately 17 million shares at $7.50 per share, a 37% premium to the closing price prior to the offering[5].