Cogent Biosciences, Inc. (COGT)

Price$34.76Cached quoteAs of 2026-09-05 09:47 UTC

AI: Fair-priced

Price checkThe market price looks fair only if bezuclastinib becomes a large commercial success.

Using roughly 173 million shares after post-quarter share sales, the equity is worth about $6.0 billion. Pro forma cash and marketable securities are about $866 million, while debt is about $223 million, leaving roughly $642 million of net financial assets and an operating value near $5.4 billion. At an illustrative four-times mature-sales value, that requires about $1.3 billion of annual sales. That hurdle is achievable after multiple successful launches, but Cogent has no existing revenue base proving it yet.

Big pictureCogent has no durable earnings yet, and cash burn is still rising.

The company remained pre-revenue through mid-2026. Net loss widened to $329 million in 2025 from $256 million in 2024, while operating cash outflow rose to $264 million from $208 million. In the first half of 2026, free cash flow—cash left after operations and capital spending—was about negative $165 million. Research spending kept climbing, and commercial hiring pushed administrative costs higher. This is not mainly an economic-cycle business; value moves around clinical, regulatory, and launch milestones instead.

Business strengthStrong trial results and ample liquidity give Cogent meaningful launch capacity despite ongoing losses.

Bezuclastinib produced positive pivotal results in three indications. In gastrointestinal stromal tumors, median time before disease progression was 16.5 months versus 9.2 months for sunitinib alone. In advanced systemic mastocytosis, response rates reached 65% under one standard and 81% under another. Cogent held $792 million of cash and marketable securities at June 30 and raised more afterward; management says funding should last into late 2028. Current liabilities were only $59 million, while about $223 million of debt remained on the balance sheet.

What could change the storyApprovals and early launch demand matter more than another quarter of reported losses.

The biggest upside is timely U.S. approval in gastrointestinal stromal tumors and systemic mastocytosis, followed by adoption strong enough to support billion-dollar sales. The clearest downside is delay, rejection, or weak uptake after approval. Dilution also matters: shares outstanding rose about 55% from year-end 2024 to June 2026, and another 1.74 million shares were sold afterward. Cogent paid no dividends or buybacks in the supplied history and continues relying heavily on outside financing. Strong launch cash generation would reduce that dependence.

AI: News

Priority review grantedThe FDA accelerated review of the tumor application after a trial showed much longer disease control.

On May 28, the FDA accepted the bezuclastinib combination application for previously treated gastrointestinal stromal tumors and granted priority review, with a November 30 target decision. Detailed May 30 data showed median progression-free survival, meaning time before disease worsened or death, of 16.5 months versus 9.2 months on sunitinib alone. Shares rose 2.5% on May 28, but subsequent moves were mixed, so the price reaction cannot be cleanly attributed to this event.

Third application submittedStrong response data led to a third drug application, widening the possible revenue base.

On June 12, Cogent reported updated advanced systemic mastocytosis data showing a 65% objective response rate under one consensus standard and 81% under another; 91% of patients also achieved at least a 50% reduction in a key disease mutation measure. The company submitted its third bezuclastinib U.S. drug application on June 30. Shares gained about 1.5% on June 12 and were nearly flat on June 30, suggesting investors may already have expected the filing.

Runway extended through financingCogent extended its cash runway, but fresh share sales increased dilution risk.

On August 10, Cogent reported $792.3 million of cash and marketable securities at quarter-end plus $73.6 million of gross proceeds from shares sold afterward, supporting management's runway into late 2028. The financing improves Cogent's ability to fund regulatory work and early launches but spreads future value across more shares. Shares fell 2.0% that day and 6.8% the next session. That timing is consistent with financing concerns, but it does not prove the disclosures caused the decline.

Loading local price history

Revenue

2017

2018

2019

2020

2022

2023

2024

2025

Net income

2017

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2017

2018

2019

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2017

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017
Revenue	$0	$0	$0	$0	—	$7.9M	$22.5M	$9.7M	$8.4M
Research & development	$269.8M	$232.7M	$173.8M	$121.6M	$55.9M	$25.7M	$43.7M	$38.3M	$29.8M
Operating expenses	$333.4M	$275.9M	$208.1M	$147.8M	—	$90.1M	$54.7M	$45.7M	$34.5M
Operating income	−$333.4M	−$275.9M	−$208.1M	−$147.8M	−$75.6M	−$82.2M	−$32.2M	−$36.0M	−$26.2M
Operating margin	—	—	—	—	—	−1,044.33%	−143.02%	−369.89%	−312.82%
EBITDA	−$330.8M	−$273.4M	−$205.8M	−$147.0M	−$75.4M	−$81.5M	−$30.9M	−$34.7M	−$25.0M
EBITDA margin	—	—	—	—	—	−1,035.18%	−137.27%	−356.32%	−298.82%
Net income	−$328.9M	−$255.9M	−$192.4M	−$140.2M	−$72.3M	−$74.8M	−$31.8M	−$34.5M	−$25.5M
Net profit margin	—	—	—	—	—	−950.43%	−141.49%	−354.76%	−304.93%
Basic EPSper basic share	-$2.16	-$1.94	-$1.94	-$1.73	-$1.87	-$16.17	-$4.18	-$5.56	-$10.04
Diluted EPSper diluted share	-$2.16	-$1.94	-$1.94	-$1.73	-$1.87	-$16.17	-$4.18	-$5.56	-$10.04

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

14.97%of listed shares

FMR LLC25.68M shares · Jun 30, 2026

View holders

Top 20 reported holders of COGT
Holder	% owned
FMR LLC	14.97%25.68M shares
BlackRock, Inc.	10.11%17.35M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	4.70%8.07M shares
VANGUARD CAPITAL MANAGEMENT LLC	4.32%7.41M shares
STATE STREET CORP	4.06%6.96M shares
Jupiter Topco LLC	3.86%6.62M shares
Fairmount Funds Management LLC	3.21%5.5M shares
DEERFIELD MANAGEMENT COMPANY, L.P.	2.92%5.01M shares
TCG Crossover Management, LLC	2.83%4.85M shares
PRICE T ROWE ASSOCIATES INC /MD/	2.71%4.65M shares
GEODE CAPITAL MANAGEMENT, LLC	2.63%4.51M shares
WELLINGTON MANAGEMENT GROUP LLP	2.53%4.34M shares
Kynam Capital Management, LP	2.14%3.67M shares
LORD, ABBETT & CO. LLC	2.00%3.43M shares
Polar Capital Holdings Plc	1.88%3.23M shares
Commodore Capital LP	1.78%3.05M shares
Assenagon Asset Management S.A.	1.68%2.88M shares
Invesco Ltd.	1.52%2.61M shares
Woodline Partners LP	1.52%2.6M shares
Pictet Asset Management Holding SA	1.39%2.39M shares

Percentages use 171.6M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$25.33M disclosed value

Sells (SEC code S)6$382.20M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Mar 31, 2026Form 4	Fairmount Funds Management LLCDirector	SellCommon Stock · indirect	7.00M	$34.66	$242.62M	5.50M
Jan 22, 2026Form 4	Fairmount Funds Management LLCDirector	SellCommon Stock · indirect	3.50M	$36.40	$127.40M	5.50M
Dec 26, 2025Form 4	Kearns EvanChief Legal Officer	SellCommon Stock	65.0K	$38.70	$2.52M	109.4K
Dec 26, 2025Form 4	Green John L.Chief Financial Officer	SellCommon Stock	77.0K	$38.68	$2.98M	131.8K
Dec 26, 2025Form 4	Sachs JessicaChief Medical Officer	SellCommon Stock	82.6K	$38.70	$3.20M	133.9K

Review ownership filings at SEC.gov ↗

Community posts

View community

It’s quiet here.

No posts about COGT yet. Start the conversation.

Write the first post

Cogent Biosciences, Inc. (COGT)

Financial charts

Financial statements

Owners

Insider buys & sells

Community posts

It’s quiet here.