Cambridge biotech tracker · Waltham
Cogent Biosciences
Listed on Nasdaq as COGT, filed under SEC industry code 2834 (pharmaceutical preparations). Fiscal year ends in December. Numbers below are from the company’s own SEC filings through Q2 '26.
- Cash & investments
- $792M
- Q2 '26 · Jun 30, 2026
- Burn per quarter
- $76.9M
- avg. operating cash flow, 4 qtrs
- Runway
- 2.6 yrs
- 24 to 36 months
- Net loss
- $96.4M
- Q2 '26
- R&D expense
- $70.8M
- 69% of opex
- Raised, last 4 qtrs
- +$862M
- net financing cash flow
- FDA decision
- Nov 2026
- FDA decision · cash past the catalyst
Cash & investments
Quarter-end balance
Operating cash flow
Per quarter; below zero is burn
R&D expense
Per quarter
Two views of the runway
Compare across the clusterThe outside view
2.6 years
Cash at Q2 '26 divided by the average burn of the last four quarters, $25.6M a month.
Management’s own date
Into late 2028
Sep–Dec 2028
Guidance counts money received after quarter end, so it is not converted into a burn rate.
“We believe that our cash, cash equivalents and marketable securities, with the $71.4 million net proceeds from shares sold under our ATM after the end of the quarter, will be sufficient to fund our operating expenses and capital expenditure requirements into late 2028, including through potential FDA approval of bezuclastinib and commercial launch for SM and GIST.”
Cash against the calendar
What the runway has to reach.
Nov 30, 2026
FDA target action date (PDUFA)
Disclosed in the 8-K filed Aug 10, 2026Does the cash reach it?
Cash past the catalyst
- Runway
- 2.6 years
- Time to the date
- 3 weeks
It is about 3 weeks out. At the current burn there is roughly 30 months of cash left on the far side of it, which is enough room to raise on the result rather than ahead of it.
Catalysts ahead
- Nov 2026FDA decisionFDA target action date (PDUFA)
- Dec 2026FDA decisionFDA target action date (PDUFA)
- Mar 2027Phase 1/2A Study of an FGFR2/3 Inhibitor (CGT4859) in Patients With Cholangiocarcinoma and Other Advanced Solid Tumors
- May 2028Phase 1A Study of a Selective ERBB2 Inhibitor (CGT4255), in Patients With Advanced Solid Tumors
- Jul 2029Phase 1A Study of Mutant Selective-Inhibitor (CGT6297), in Patients With Advanced Solid Tumors
FDA decision dates disclosed in filings
“…ng cells and induce molecular remission with improved hematologic tolerability. Anticipated Upcoming Milestones Potential FDA approval of bezuclastinib in GIST PDUFA date of November 30, 2026 Potential FDA approval of bezuclastinib in NonAdvSM PDUFA date of December 30, 2026 Submit Investigational New Drug (IND) applications for CGT1815,…”
“…cipated Upcoming Milestones Potential FDA approval of bezuclastinib in GIST PDUFA date of November 30, 2026 Potential FDA approval of bezuclastinib in NonAdvSM PDUFA date of December 30, 2026 Submit Investigational New Drug (IND) applications for CGT1815, Cogent s novel, selective pan-KRAS(ON) inhibitor, and CGT1145, Cogent s novel, selec…”
Pulled from the company’s own filing text. An approval decision is a financing event as much as a clinical one, since the commercial build-out has to be funded months before any revenue from it arrives.
Pipeline
6 active trials, through phase 3.
Phase 1 · 2Phase 2 · 2Phase 1/2 · 1Phase 3 · 1
Interventional studies where this company is the lead sponsor, from ClinicalTrials.gov. Primary completion is when the last patient is measured on the primary endpoint, which is when the data exists rather than when it is announced. Extension, rollover and healthy-volunteer studies are listed but marked as non-catalysts, because they finish long after the result that mattered. Sponsors revise these dates as enrollment moves, so an estimate is a plan rather than a promise.
The controller’s read
What the filings say.
Generated from the numbers above using the same questions I ask when I open a client’s books: how long the cash lasts, what is driving the gap between loss and burn, and where the accounting judgment sits.
Get this read on your companyThe cash clears the next catalyst
The next dated event is a FDA target action date in Nov 2026, about 3 weeks out. That leaves roughly 30 months of cash afterwards, which is the position you want: the raise can be negotiated on the data instead of on the calendar.
About 2.6 years of runway
Cash and investments of $792M at Q2 '26 against an average operating cash burn of $76.9M per quarter over the last four reported quarters runs out around December 2028. More than two years of runway means the finance conversation is about deployment, not survival.
Cash position up $447M since Q3 '24
Net financing inflows of $862M over the last four quarters, from equity, debt, or ATM sales, more than covered operating burn. The balance is the number the board watches; the trend is the number the auditors watch.
Net loss runs $19.1M above cash burn
The Q2 '26 net loss of $96.4M includes non-cash charges, including $17.1M of stock-based compensation, that do not consume cash. Burn, not net loss, is what runway is built on.
R&D is 69% of operating expenses
$70.8M of R&D against $103M of total operating expenses in Q2 '26, with G&A at $31.8M. For a clinical-stage company, the accounting questions live inside that R&D line: CRO and CMC accruals, milestone recognition, and what gets capitalized versus expensed under ASC 730.
$223M of long-term debt or convertible notes
Debt in a pre-revenue biotech usually comes with liquidity covenants and, for convertibles, embedded features that need ASC 815 and ASC 470 analysis each quarter.
Accumulated deficit of $1.38B
Total losses since inception. It is also roughly the size of the net operating loss carryforward the tax provision has to track, subject to Section 382 limits after each ownership change.
Quarterly detail, eight quarters
| Quarter | Cash & inv. | Op. cash flow | Net income | R&D | G&A | Revenue | Stock comp | Financing |
|---|---|---|---|---|---|---|---|---|
| Q3 '24 · Sep 30, 24 | $346M | −$52.0M | −$70.6M | $63.6M | $11.8M | — | $10.4M | $624K |
| Q4 '24 · Dec 31, 24 | $287M | −$60.6M | −$67.9M | $62.0M | $11.7M | — | $10.0M | $26K |
| Q1 '25 · Mar 31, 25 | $246M | −$66.5M | −$72.0M | $63.0M | $11.9M | — | $10.0M | $25.0M |
| Q2 '25 · Jun 30, 25 | $238M | −$54.5M | −$73.5M | $62.2M | $13.4M | — | $9.7M | $47.2M |
| Q3 '25 · Sep 30, 25 | $391M | −$64.3M | −$80.9M | $69.0M | $14.4M | — | $10.6M | $217M |
| Q4 '25 · Dec 31, 25 | $901M | −$79.1M | −$102M | $75.6M | $23.9M | — | $15.8M | $589M |
| Q1 '26 · Mar 31, 26 | $866M | −$86.9M | −$97.4M | $75.4M | $28.2M | — | $16.9M | $52.5M |
| Q2 '26 · Jun 30, 26 | $792M | −$77.3M | −$96.4M | $70.8M | $31.8M | — | $17.1M | $3.0M |
Source: SEC EDGAR XBRL company facts, latest filed value for each period. Fourth quarters are derived from annual less nine-month figures; quarterly cash flows are derived from year-to-date amounts. Not investment advice. If a figure disagrees with the filing, the filing is right.