Cogent Biosciences reported a net loss of $80.9 million for the nine‑month period ended September 30, 2025, compared with a $70.6 million loss for the same period in 2024. Research and development expenses rose to $69.0 million, up from $63.6 million, while general and administrative costs increased to $14.4 million from $11.8 million. Cash, cash equivalents and marketable securities stood at $390.9 million at September 30, 2025, up from $345.5 million at June 30, 2025.
The company’s loss narrowed from the $73.5 million net loss reported for the second quarter of 2025, indicating a modest improvement in operating performance. R&D spending continued to climb, driven by ongoing clinical trials for bezuclastinib in systemic mastocytosis and gastrointestinal stromal tumors, as well as pre‑clinical work on a pan‑KRAS inhibitor and an H1047R PI3Kα inhibitor.
Management attributed the increase in R&D expenses to the expansion of late‑stage studies, including the SUMMIT, PEAK, and APEX programs, and to additional pre‑clinical development activities. The rise in general and administrative costs reflects organizational growth and the scaling of support functions required to sustain the company’s pipeline.
Cogent raised $39.0 million in gross proceeds from an at‑the‑market offering during the quarter and secured a debt financing facility of up to $400 million with SLR Capital Partners, drawing an initial tranche of $50 million. These financing activities reinforce the company’s liquidity position and extend its runway through 2027.
The company stated that the combined cash and proceeds are sufficient to fund operating expenses and capital expenditures through the anticipated launch of bezuclastinib and into 2027. Cogent plans to share pivotal trial results from the PEAK (GIST) and APEX (AdvSM) studies in the second half of 2025 and aims to submit its first New Drug Application by the end of 2025. The company’s competitive landscape includes other developers of precision therapies for rare diseases, but its focus on genetically defined indications positions it to capture a niche market.
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