Cogent Biosciences Inc
COGTHealthcare|Biotechnology|USA
$38.87
-1.62 (-4.00%)
Tangible Book
$3.18
Earnings Power
$4.21
Financials
Financial Snapshot
Market Cap
$6.64B
Enterprise Value
$563.0M
Revenue (TTM)
$0.00
Net Income (TTM)
$-354.3M
Cash & Equivalents
—
Net Cash/Share
$3.34
Free Cash Flow (TTM)
$-286.3M
Operating CF (TTM)
$-284.8M
Debt/Equity
0.39
Cash Runway & Burn Rate
Cash on Hand
$0.00
Quarterly Burn
$71.2M
Monthly Burn
$23.7M
Est. Runway
—
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $68.5M | $41.0M | $78.6M | $37.4M | $242.2M | $219.7M | $259.3M | $265.7M | $287.1M | $900.8M | $866.4M | |
| Operating Cash Flow | $-18.6M | $-25.8M | $-32.5M | $-41.5M | $-35.9M | $-58.8M | $-118.6M | $-153.6M | $-207.8M | $-264.4M | $-284.8M | |
| Free Cash Flow | $-21.9M | $-26.7M | $-33.0M | $-41.5M | $-35.9M | $-60.5M | $-125.5M | $-156.4M | $-208.4M | $-266.0M | $-286.3M | |
| Capital Expenditure | $-3.3M | $-912.0K | $-549.0K | $-33.0K | $0.00 | $-1.7M | $-6.9M | $-2.8M | $-573.0K | $-1.6M | $-1.5M | |
| Financing Cash Flow | $-40.0K | $-729.0K | $70.3M | $108.0K | $232.2M | $38.0M | $163.6M | $163.5M | $214.5M | $878.2M | $905.8M |
R&D Spending
R&D (TTM)
$282.1M
R&D Intensity
—
R&D Growth YoY
+4.6%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4M | $8.4M | $9.7M | $22.5M | $7.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $22.0M | $29.8M | $38.3M | $43.7M | $25.7M | $55.9M | $121.6M | $173.8M | $232.7M | $269.8M | $282.1M | |
| R&D % of Revenue | 346.1% | 356.8% | 393.3% | 194.3% | 327.0% | — | — | — | — | — | — | |
| SG&A | $3.4M | $4.7M | $7.5M | $11.0M | $17.4M | $19.6M | $26.2M | $34.4M | $43.3M | $63.6M | $79.9M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.4M | $8.4M | $9.7M | $22.5M | $7.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Goods Sold | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Gross Profit | $6.4M | $8.4M | $9.7M | $22.5M | $7.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D | $22.0M | $29.8M | $38.3M | $43.7M | $25.7M | $55.9M | $121.6M | $173.8M | $232.7M | $269.8M | $282.1M | |
| SG&A | $3.4M | $4.7M | $7.5M | $11.0M | $17.4M | $19.6M | $26.2M | $34.4M | $43.3M | $63.6M | $79.9M | |
| Operating Income | $-19.1M | $-26.2M | $-36.0M | $-32.2M | $-35.3M | $-75.6M | $-147.8M | $-208.1M | $-275.9M | $-333.4M | $-362.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-3.1M | $-4.3M | |
| Pretax Income | $-18.1M | $-25.5M | $-34.5M | $-31.8M | $-74.8M | $-72.3M | $-140.2M | $-192.4M | $-255.9M | $-328.9M | $-354.3M | |
| Net Income | $-18.1M | $-25.5M | $-34.5M | $-31.8M | $-74.8M | $-72.3M | $-140.2M | $-192.4M | $-255.9M | $-328.9M | $-354.3M | |
| EPS (Diluted) | -3.11 | -3.46 | -5.56 | -4.18 | -16.17 | -1.87 | -1.73 | -1.94 | -1.94 | -2.16 | -2.20 | |
| EBITDA | $-18.2M | $-25.0M | $-34.7M | $-30.9M | $-34.6M | $-73.6M | $-142.0M | $-188.8M | $-251.5M | $-321.3M | $-345.4M | |
| Shares Out. (M) | 7.40 | 7.40 | 6.22 | 7.62 | 11.08 | 38.73 | 58.74 | 79.66 | 103.86 | 128.90 | 162.19 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $41.3M | $28.3M | $55.7M | $37.4M | $242.2M | $219.7M | $139.9M | $53.2M | $98.2M | $312.0M | $241.2M | |
| Marketable Securities | $27.2M | $12.7M | $22.9M | $0.00 | $0.00 | $0.00 | $119.4M | $212.5M | $188.9M | $588.8M | $625.2M | |
| Total Current Assets | $69.7M | $42.4M | $81.0M | $40.6M | $244.9M | $222.6M | $265.0M | $270.8M | $296.5M | $910.4M | $877.8M | |
| Total Assets | $75.5M | $49.1M | $85.9M | $49.4M | $250.9M | $232.1M | $300.8M | $313.4M | $327.9M | $937.6M | $903.0M | |
| Total Current Liabilities | $8.7M | $11.2M | $24.9M | $13.2M | $13.1M | $17.1M | $26.8M | $38.2M | $55.7M | $64.0M | $58.0M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $222.9M | $223.2M | |
| Total Liabilities | $23.2M | $20.8M | $25.7M | $17.7M | $16.2M | $17.9M | $45.1M | $55.6M | $71.6M | $301.2M | $295.3M | |
| Stockholders' Equity | $52.4M | $28.3M | $60.2M | $31.8M | $234.7M | $214.2M | $255.7M | $257.8M | $256.3M | $636.4M | $607.7M | |
| Retained Earnings | $-25.8M | $-51.3M | $-92.1M | $-123.9M | $-198.7M | $-271.0M | $-411.2M | $-603.6M | $-859.5M | $-1.19B | $-1.29B |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $-18.6M | $-25.8M | $-32.5M | $-41.5M | $-35.9M | $-58.8M | $-118.6M | $-153.6M | $-207.8M | $-264.4M | $-284.8M | |
| Capital Expenditure | $-3.3M | $-912.0K | $-549.0K | $-33.0K | $0.00 | $-1.7M | $-6.9M | $-2.8M | $-573.0K | $-1.6M | $-1.5M | |
| Free Cash Flow | $-21.9M | $-26.7M | $-33.0M | $-41.5M | $-35.9M | $-60.5M | $-125.5M | $-156.4M | $-208.4M | $-266.0M | $-286.3M | |
| Investing Cash Flow | $-30.4M | $13.6M | $-10.5M | $23.2M | $8.4M | $-1.7M | $-124.7M | $-97.8M | $38.3M | $-399.5M | $-505.4M | |
| Financing Cash Flow | $-40.0K | $-729.0K | $70.3M | $108.0K | $232.2M | $38.0M | $163.6M | $163.5M | $214.5M | $878.2M | $905.8M | |
| Issuance of Stock | $0.00 | $0.00 | $71.8M | $0.00 | $132.7M | $38.0M | $161.9M | $161.8M | $213.3M | $159.3M | $180.8M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Issuance of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $272.4M | $168.5M | |
| Payments of Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $-54.6M | $0.00 | |
| Stock Based Comp. | $1.0M | $1.3M | $3.1M | $3.2M | $6.0M | $11.7M | $18.4M | $30.6M | $39.7M | $46.1M | $53.0M | |
| Net Change in Cash | $-49.1M | $-13.0M | $27.3M | $-18.2M | $204.8M | $-22.5M | $-79.8M | $-87.9M | $44.9M | $214.3M | $115.6M |
Dilution Tracker
Shares outstanding grew 318.8% over 5 years — significant dilution
Shares Outstanding
162M
5-Year Share Growth
+318.8%
Stock Issuance (TTM)
$180.8M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 7.40 | 7.40 | 6.22 | 7.62 | 11.08 | 38.73 | 58.74 | 79.66 | 103.86 | 128.90 | 162.19 | |
| YoY Change % | — | 0.0% | -15.8% | 22.4% | 45.4% | 249.5% | 51.7% | 35.6% | 30.4% | 24.1% | 25.8% | |
| Stock Issuance | $0.00 | $0.00 | $71.8M | $0.00 | $132.7M | $38.0M | $161.9M | $161.8M | $213.3M | $159.3M | $180.8M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $1.0M | $1.3M | $3.1M | $3.2M | $6.0M | $11.7M | $18.4M | $30.6M | $39.7M | $46.1M | $53.0M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Margin % | -300.1% | -312.8% | -369.9% | -143.0% | -448.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| Net Margin % | -285.2% | -304.9% | -354.8% | -141.5% | -950.4% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| EBITDA Margin % | -287.0% | -298.8% | -356.3% | -137.3% | -439.2% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | - | |
| FCF Margin % | -345.4% | -319.9% | -339.4% | -184.7% | -455.5% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| ROE % | -34.6% | -63.2% | -78.0% | -69.2% | -56.2% | -32.2% | -59.7% | -74.9% | -99.5% | -73.7% | -92.2% | |
| ROA % | -24.0% | -40.9% | -51.1% | -47.0% | -49.8% | -29.9% | -52.6% | -62.6% | -79.8% | -52.0% | -62.7% | |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - | - |
Valuation
P/E (TTM)At Loss
HistoricalAt Loss / At Loss / At Loss
Industry Med.27.41
P/S—
Historical0.37 / 215.63 / 1315.94
Industry Med.9.51
P/B12.23
Historical0.31 / 2.69 / 13.16
Industry Med.2.93
EV/EBITDA-17.60
Historical-29.36 / -4.09 / 0.70
Industry Med.13.14
EV/Revenue—
Historical-2.10 / 438.33 / 4776.61
Industry Med.8.71
P/FCF—
Historical— / — / —
Industry Med.27.54
Intrinsic Value Models
Tangible Book
$3.18
Net Current Assets
$3.030
Net-Net Working Capital
$2.96
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| PE Ratio | N/A | N/A | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | At Loss | |
| PS Ratio | 0.00 | 0.00 | 11.25 | 0.98 | 15.82 | - | - | - | - | - | 0.00 | |
| PB Ratio | 0.00 | 0.00 | 2.20 | 0.70 | 2.93 | 2.92 | 4.25 | 2.56 | 5.91 | 10.45 | 12.22 | |
| EV/EBITDA | 0.00 | 0.00 | -1.55 | 0.30 | -6.86 | -3.33 | -4.47 | -1.69 | -2.79 | -16.01 | -17.60 | |
| EV/Revenue | 0.00 | 0.00 | 5.51 | -0.41 | 30.13 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
—
Distress
Piotroski F-Score
2
Weak
Beneish M-Score
—
Possible Manipulator
Forward Estimates
| Metric | Current Year | Next Year | 2 Years Out |
|---|---|---|---|
| Revenue | $11.35M | $345.28M | $686.10M |
| Net Income | $-396.16M | $-163.29M | $97.20M |
| EPS | -2.29 | -0.89 | 0.53 |
| Book Value per Share | 1.95 | 1.95 | 2.80 |
| Operating Cash Flow per Share | -1.90 | -0.95 | 0.47 |
| Operating CF | $-308.17M | $-153.27M | $75.42M |
Dividends
Revenue Segments
By Business
| Segment | 2020 |
|---|---|
| Development and commercialization of precision therapies for genetically defined diseases | $7.9M |
By Geography
| Segment | 2020 |
|---|---|
| United States | $7.9M |