Cogent Biosciences, Inc.

Cogent Biosciences, Inc. reported a net loss of $328.9 million for fiscal year 2025, driven by significant operating expenses of $333.4 million, primarily from research and development costs of $269.8 million and general and administrative expenses of $63.6 million. The company generated $4.4 million in other income, net, including $14.7 million in interest income, partially offset by $3.1 million in interest expense and a $7.2 million loss on debt extinguishment. Comprehensive loss totaled $329.0 million. The balance sheet shows strong liquidity with total assets of $937.6 million, including $910.4 million in current assets ($312.0 million cash and cash equivalents, $588.8 million short-term marketable securities). Total liabilities were $301.2 million, with $222.9 million in convertible senior notes, resulting in stockholders' equity of $636.4 million. Cash flow from operations was negative $264.4 million, while financing activities provided $878.2 million primarily from equity issuances, leading to a net increase in cash of $214.3 million.

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