Full Press Release Details
Cogent Biosciences Provides Corporate Updates and
Reports First Quarter 2021 Financial Results
IND cleared for Phase 2 study of CGT9486, a selective mutant KIT inhibitor, in Advanced Systemic Mastocytosis patients
John Robinson, PhD appointed as Chief Scientific Officer to lead newly created Cogent Research team
Evan Kearns, JD joined Cogent as Chief Legal Officer
Ended Q1 2021 with $230.7 million in cash, sufficient to fund operations into 2024
CAMBRIDGE, Mass. and BOULDER, Colo., May 12, 2021 Cogent Biosciences, Inc. (Nasdaq: COGT), a biotechnology company focused on
developing precision therapies for genetically defined diseases, today announced financial results for the first quarter ended March 31, 2021 and provided several corporate updates.
We are on track to initiate three clinical trials of CGT9486 this year, beginning with a study in Advanced Systemic Mastocytosis (AdvSM) patients for
which we recently received IND clearance from the FDA, said Andrew Robbins, President and CEO of Cogent Biosciences. In parallel, we continue to make great progress building a world-class R&D organization, and I m particularly
excited to welcome John and Evan to the Cogent leadership team as I know they will make tremendous contributions toward achieving our goals.
Recent Program and Corporate Highlights
Summarized Financial Results
About Cogent Biosciences, Inc.
Cogent Biosciences is a
biotechnology company focused on developing precision therapies for genetically defined diseases. The most advanced clinical program, CGT9486, is a selective tyrosine kinase inhibitor that is designed to potently inhibit the KIT D816V mutation as
well as other mutations in KIT exon 17. KIT D816V is responsible for driving systemic mastocytosis, a serious disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal
stromal tumors (GIST), a type of cancer with strong dependence on oncogenic KIT signaling. In addition to CGT9486, the newly formed Cogent Research team is developing a portfolio of novel targeted therapies to help patients fighting serious,
genetically driven diseases. Cogent Biosciences is based in Cambridge, MA and Boulder, Co. Visit our website for more information at www.cogentbio.com. Follow Cogent Biosciences on social media: Twitter and LinkedIn. Information
that may be important to investors will be routinely posted on our website and Twitter.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited
to, statements regarding: discussion of the company s business and operations; projected cash runways; future product development plans; clinical development plans and timelines including for its lead program, CGT9486; the anticipated
contributions of recent new hires and the Cogent Research Team. The use of words such as, but not limited to, anticipate, believe, continue, could, estimate, expect,
intend, may, might, plan, potential, predict, project, should, target, will, or would and similar words expressions
are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of
our business, future plans and strategies, our clinical results and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties
implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts disclosed in our forward-looking statements, and you should not place undue
reliance on our forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption Risk Factors in Cogent
Biosciences most recent Annual Report on Form 10-K filed with the SEC, as well as discussions of potential risks, uncertainties, and other important factors in our subsequent filings with the SEC. Any
forward-looking statement speaks only as of the date on which it was made. Neither we, nor our affiliates, advisors or representatives, undertake any obligation to publicly update or revise any forward-looking statement, whether as result of new
information, future events or otherwise, except as required by law. These forward-looking statements should not be relied upon as representing our views as of any date subsequent to the date hereof.
COGENT BIOSCIENCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(in thousands, except share and per share amounts)
| Three Months Ended March 31, | ||||||||
| 2021 | 2020 | |||||||
| Collaboration revenue | $ | $ | 7,031 | |||||
| Operating expenses: | ||||||||
| Research and development | 8,213 | 9,498 | ||||||
| General and administrative | 4,587 | 3,674 | ||||||
| Total operating expenses | 12,800 | 13,172 | ||||||
| Loss from operations | (12,800 | ) | (6,141 | ) | ||||
| Other income: | ||||||||
| Interest income | 125 | 47 | ||||||
| Other income | 604 | |||||||
| Change in fair value of CVR liability | 343 | |||||||
| Total other income | 1,072 | 47 | ||||||
| Net loss and comprehensive loss | $ | (11,728 | ) | $ | (6,094 | ) | ||
| Net loss per share attributable to common shareholders, basic and diluted | $ | (0.34 | ) | $ | (0.81 | ) | ||
| Weighted average common shares outstanding, basic and diluted | 34,879,296 | 7,534,187 |
COGENT BIOSCIENCES, INC.
CONSOLIDATED SELECTED BALANCE SHEET DATA
(in thousands, except share and per share amounts)
| March 31, 2021 | December 31, 2020 | |||||||
| Cash, cash equivalents and marketable securities | $ | 230,739 | $ | 242,190 | ||||
| Working capital | $ | 223,827 | $ | 231,818 | ||||
| Total assets | $ | 237,610 | $ | 250,916 | ||||
| Total liabilities | $ | 10,847 | $ | 16,249 | ||||
| Total stockholders equity | $ | 226,763 | $ | 234,667 |