Cogent Biosciences Reports $72M Net Loss in Q1 2025, Increases R&D Spending

Cogent Biosciences, Inc. reported a net loss of $72.0 million for the first quarter of 2025, an increase from a net loss of $58.3 million during the same period in 2024. The company's total operating expenses rose to $74.9 million, up from $62.4 million year-over-year, primarily driven by increased research and development costs, which amounted to $63.0 million compared to $52.7 million in the prior year. The increase in R&D expenses reflects ongoing development efforts for its lead product candidate, bezuclastinib, as well as early-stage programs. The company’s cash, cash equivalents, and marketable securities totaled $245.7 million as of March 31, 2025, which management believes will be sufficient to fund operations through late 2026.

In terms of operational metrics, Cogent's research and development expenses included $28.1 million specifically for bezuclastinib, which is being developed for the treatment of systemic mastocytosis and gastrointestinal stromal tumors. The company also reported a significant increase in personnel-related costs, attributed to a growing workforce and stock-based compensation. General and administrative expenses also increased to $11.9 million from $9.7 million, reflecting the company's expansion and preparations for potential commercialization activities.

During the first quarter, Cogent continued to advance its clinical programs, including the SUMMIT and APEX trials for bezuclastinib, with top-line results expected in July and the second half of 2025, respectively. The company has initiated an expanded access program for patients with systemic mastocytosis, allowing eligible patients to receive investigational treatment. Additionally, Cogent is pursuing the development of bezuclastinib in combination with sunitinib for patients with gastrointestinal stromal tumors, with enrollment for the pivotal PEAK trial completed in late 2024.

The company has also made strategic moves to bolster its financial position, including a private placement in February 2024 that raised approximately $213.3 million. As of March 31, 2025, Cogent had 113.9 million shares of common stock outstanding, reflecting ongoing efforts to manage its capital structure effectively. Looking ahead, Cogent anticipates continued operating losses as it invests in clinical trials and product development, emphasizing the need for additional funding through equity offerings or collaborations to support its growth strategy.