Full Press Release Details
Cogent Biosciences Reports Fourth Quarter 2020
and Full Year 2020 Financial Results
CGT9486 clinical trial initiations on-track: Advanced Systemic Mastocytosis (1H21), Non-Advanced Systemic Mastocytosis (2H21), Gastrointestinal Stromal Tumors (GIST) (2H21)
data from CGT9486 + sunitinib Phase 1/2 study presented at CTOS 2020 demonstrated 12 months median PFS and 20% ORR, including a complete response, in heavily pre-treated advanced GIST patients. Randomized GIST
clinical trial initiation expected in 2H21
Rapidly Growing with Several Key Additions to Management Team and Board of Directors
Ended Q4 2020 with $242.2 million in cash, funding operations into 2024
CAMBRIDGE, Mass., March 16, 2021 Cogent Biosciences, Inc. (Nasdaq: COGT), a biotechnology company focused on developing precision
therapies for genetically defined diseases, today announced financial results for the fourth quarter ended December 31, 2020 and provided several corporate updates.
Cogent Biosciences was formed in July 2020, and we are extremely proud of the progress our team has made in such a short amount of time, said
Andrew Robbins, President and CEO of Cogent Biosciences. We remain on track and plan to initiate clinical trials of CGT9486 in advanced systemic mastocytosis in the first half of this year, and will follow in
non-advanced systemic mastocytosis and GIST in the second half of this year. We are excited to demonstrate the role of this novel, potent, selective KIT-mutant inhibitor
for these patient populations with significant remaining unmet medical need.
Recent Program and Corporate Highlights
Fourth Quarter and Year End 2020 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. Cogent Biosciences is headquartered in Cambridge, MA. Visit our website for more information at www.cogentbio.com. Follow Cogent Biosciences on social media: Twitter and LinkedIn.
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; upcoming results from clinical trials including from its lead program, CGT9486. 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 (expressed or 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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except share and per share amounts)
| Year Ended December 31, | Three Months Ended December 31, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| Collaboration revenue | $ | 7,871 | $ | 22,499 | $ | $ | 15,288 | |||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 25,738 | 43,709 | 6,107 | 10,354 | ||||||||||||
| General and administrative | 17,422 | 10,968 | 5,348 | 2,694 | ||||||||||||
| Acquired in-process research and development | 46,910 | |||||||||||||||
| Total operating expenses | 90,070 | 54,677 | 11,455 | 13,048 | ||||||||||||
| Loss from operations | (82,199 | ) | (32,178 | ) | (11,455 | ) | 2,240 | |||||||||
| Other income (expense): | ||||||||||||||||
| Interest income | 144 | 267 | 70 | 61 | ||||||||||||
| Gain on disposal of long-lived assets | 7,493 | 78 | 31 | |||||||||||||
| Other income | 779 | 531 | (4 | ) | ||||||||||||
| Change in fair value of CVR liability | (1,025 | ) | (516 | ) | ||||||||||||
| Total other income (expense), net | 7,391 | 345 | 116 | 57 | ||||||||||||
| Net income (loss) | $ | (74,808 | ) | $ | (31,833 | ) | $ | (11,339 | ) | $ | 2,297 | |||||
| Net income (loss) attributable to common shareholders | $ | (179,208 | ) | $ | (31,833 | ) | $ | (115,739 | ) | $ | 2,297 | |||||
| Net loss per common share, basic and diluted | $ | (16.17 | ) | $ | (4.18 | ) | $ | (6.06 | ) | $ | 0.28 | |||||
| Weighted average common shares outstanding, basic and diluted | 11,081,257 | 7,620,082 | 19,088,362 | 7,798,905 |
COGENT BIOSCIENCES, INC.
CONSOLIDATED BALANCE SHEETS
(in thousands, except share and per share amounts)
| December 31, 2020 | December 31, 2019 | |||||||
| Cash, cash equivalents and marketable securities | $ | 242,190 | $ | 37,424 | ||||
| Working capital | $ | 231,818 | $ | 27,343 | ||||
| Total assets | $ | 250,916 | $ | 49,423 | ||||
| Total liabilities | $ | 16,249 | $ | 17,661 | ||||
| Total stockholders equity | $ | 234,667 | $ | 31,762 |