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Cogent Biosciences, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in research and development expenses to $63,614,000 from $50,127,000 in the same quarter the previous year. This increase is primarily due to higher costs associated with the manufacture and development of bezuclastinib and progression of the research pipeline.
General and administrative expenses increased to $11,800,000 from $9,453,000, largely driven by higher personnel costs and initial commercial readiness activities.
Net loss for the quarter was $70,634,000, compared to $55,382,000 in the previous year. The company attributes this increase to higher operating expenses.
Interest income for the quarter was $4,779,000, up from $4,198,000, due to higher average interest rates and invested balances.
Cash used in operating activities was $147,214,000 for the nine months ended September 30, 2024, compared to $109,554,000 in the previous year, reflecting increased operating expenses.
Cogent reported cash, cash equivalents, and marketable securities of $345,500,000 as of September 30, 2024. The company expects these funds to support operations through late 2026.
The company continues to focus on the development of bezuclastinib for systemic mastocytosis and gastrointestinal stromal tumors, with ongoing clinical trials including SUMMIT, APEX, and PEAK.
Cogent is also advancing its pipeline with the development of CGT4859, a selective FGFR2 inhibitor, and other novel targeted therapies.
The filing details various financial agreements, including a private placement completed in February 2024, which raised net proceeds of approximately $213,400,000.
Cogent anticipates continued operating losses as it advances its clinical and preclinical development activities and expands its research pipeline.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cogent Biosciences Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.