Cogent Biosciences(US:COGT)2024-05-07 12:19Financial Performance - As of March 31, 2024, cash, cash equivalents, and marketable securities totaled $435.7 million, up from $273.2 million as of December 31, 2023, providing a cash runway into 2027[8] - The net loss for Q1 2024 was $58.3 million, compared to a net loss of $38.6 million for Q1 2023, with a net loss per share of $0.62[22][25] - The total operating expenses for Q1 2024 were $62.4 million, compared to $43.2 million for Q1 2023[25] - The company completed an oversubscribed private placement, resulting in net proceeds of $213.4 million, extending its cash runway into 2027[4] Research and Development - Research and development expenses for Q1 2024 were $52.7 million, compared to $36.0 million in Q1 2023, reflecting increased costs associated with clinical trials[21] - The company is developing a portfolio of novel targeted therapies, including a preclinical ErbB2 candidate showing promising results in early studies[18] Clinical Trials - The company expects to complete enrollment in the APEX trial by the end of 2024 and report top-line results in mid-2025[19] - Enrollment in the PEAK trial is on track to be completed by the end of 2024, with top-line results expected by the end of 2025[5][12] - The SUMMIT trial's Part 2 enrollment is anticipated to be completed in Q2 2025, with top-line results also expected by the end of 2025[7][12] - A 49% mean improvement in quality-of-life was observed at week 12 in the ongoing trials, with no significant safety concerns reported[4][26]