Cogent Biosciences, Inc.
COGT evidence brief
What we can confirm
What it means
What to watch
Prepared research question
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Traceable citations · Unknowns marked
BioSniper AI · COGT
Cogent Biosciences is a clinical-stage biotechnology company developing bezuclastinib for systemic mastocytosis and gastrointestinal stromal tumors, with no approved products and a cash runway into late 2028.
Key risk: No approved products or revenue
BioSniper Score
Based on 6 of 6 signals
Market Cap
$6.02B
Cash Runway
29.7 moLead Asset
Bezuclastinib (Phase 2)Next Catalyst
Phase3_Topline · Jan 1, 2030Financial data as of Jun 30, 2026.
Tracking 3 pipeline candidates · 8 clinical trials · 1 catalyst for Cogent Biosciences, Inc..
Cogent Biosciences is a clinical-stage biotechnology company developing bezuclastinib for systemic mastocytosis and gastrointestinal stromal tumors, with no approved products and a cash runway into late 2028.
- Cogent Biosciences has no products approved for sale and has not generated any revenue from product sales [sec_mda · as of 2026-02-17].
- As of June 30, 2026, the company reported cash, cash equivalents and marketable securities of $792.3 million, with an additional $71.4 million in net proceeds from an ATM after quarter-end [sec_mda · as of 2026-08-10].
- Net loss was $328.9 million for the year ended December 31, 2025, compared to $255.9 million for the prior year [sec_mda · as of 2026-02-17].
- The company plans to submit an IND for a JAK2 program in 2026 [sec_mda · as of 2026-02-17].
- Management believes current cash will fund operations into late 2028, including through potential FDA approval and commercial launch of bezuclastinib for SM and GIST [sec_mda · as of 2026-08-10].
What works
- Cash position of $792.3 million as of June 30, 2026, plus $71.4 million in subsequent ATM proceeds, provides a runway into late 2028 [sec_mda · as of 2026-08-10].
- The company is advancing bezuclastinib toward potential FDA approval and commercial launch for systemic mastocytosis (SM) and gastrointestinal stromal tumors (GIST) [sec_mda · as of 2026-08-10].
- A JAK2 inhibitor program is in preclinical development, with an IND submission planned for 2026 [sec_mda · as of 2026-02-17].
What to weigh
- The company has no approved products and has never generated product revenue [sec_mda · as of 2026-02-17].
- Net losses are increasing, reaching $328.9 million in 2025 compared to $255.9 million in 2024 [sec_mda · as of 2026-02-17].
- The company faces significant risks including regulatory delays, adverse safety findings, and the need to establish commercialization capabilities if bezuclastinib is approved [sec_mda · as of 2026-05-05].
- Even if product sales begin, the company may not achieve or sustain profitability [sec_mda · as of 2026-05-05].
From the filings
Quoted directly from source documents.
No approved products or product revenue
“We do not have any products approved for sale and have not generated any revenue from product sales.”
SEC MD&A · February 17, 2026
Cash position as of June 30, 2026
“As of June 30, 2026, we had cash, cash equivalents and marketable securities of $792.3 million.”
SEC MD&A · August 10, 2026
Net loss for 2025
“Our net loss was $328.9 million for the year ended December 31, 2025 compared to net loss of $255.9 million for the year ended December 31, 2024.”
SEC MD&A · February 17, 2026
Cash runway into late 2028
“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.”
SEC MD&A · August 10, 2026
Catalyst timeline
- 2030-01-01 · Phase3_Topline · cgt9486 — Phase 3 Topline: A Phase 3 Randomized, Open-Label, Multicenter Clinical Study of CGT9486+Sunitinib vs. Sunitinib in S — Topline results from a Phase 3 study of CGT9486 (bezuclastinib) in combination with sunitinib versus sunitinib alone are expected.
Risks & what to watch (4)›
Key risks
- No approved products or revenue — The company has no products approved for sale and has never generated product revenue [sec_mda · as of 2026-02-17].
- Increasing net losses — Net loss grew to $328.9 million in 2025 from $255.9 million in 2024 [sec_mda · as of 2026-02-17].
- Regulatory and clinical risks — Potential delays in regulatory filings, adverse decisions, or safety concerns could derail bezuclastinib approval [sec_mda · as of 2026-05-05].
- Commercialization uncertainty — If approved, the company may need to build internal commercialization capabilities, incurring significant expenses [sec_mda · as of 2026-08-10].
What to watch
- Regulatory filing and FDA decision on bezuclastinib for SM and GIST [sec_mda · as of 2026-08-10].
- IND submission for the JAK2 program, planned for 2026 [sec_mda · as of 2026-02-17].
- Cash burn rate and any additional financing activities, including ATM usage [sec_mda · as of 2026-08-10].
- Clinical trial results and safety data for bezuclastinib and pipeline candidates [sec_mda · as of 2026-05-05].
Sources: SEC MD&A · Generated August 28, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
29.7 months
D/E 0.57 · 0% dilution
Lead: Phase 3
3 candidates
1 upcoming, next in ~1220d
0 buys · 1 sell (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
305
Total value held
$7.13B
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 23,122,748 | $890.0M |
| blackrock, inc. | 16,045,014 | $617.6M |
| vanguard capital management llc | 13,789,918 | $530.8M |
| janus henderson group plc | 11,930,250 | $459.3M |
| deerfield management company, l.p. | 9,043,903 | $348.1M |
| vanguard portfolio management llc | 7,333,333 | $282.3M |
| state street corp | 5,663,543 | $218.0M |
| rtw investments, lp | 5,458,675 | $210.1M |
| goldman sachs group inc | 4,434,054 | $170.7M |
| kynam capital management, lp | 4,037,331 | $155.4M |
Showing top 10 of 305 institutional holders of Cogent Biosciences, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 6.9%
- Days to cover
- 5.4
- Shares short
- 11,751,022
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
COGT short interestGovernance
Frequently asked questions
What is the AI investment thesis for Cogent Biosciences, Inc.?
Cogent Biosciences is a clinical-stage biotechnology company developing bezuclastinib for systemic mastocytosis and gastrointestinal stromal tumors, with no approved products and a cash runway into late 2028.
What is Cogent Biosciences, Inc.'s lead drug candidate?
Cogent Biosciences, Inc.'s most advanced tracked candidate is Bezuclastinib (Phase 2) for Advanced Systemic Mastocytosis (AdvSM); SSM; Systemic Mastocytoses, Indolent.
What is Cogent Biosciences, Inc.'s next catalyst?
Cogent Biosciences, Inc.'s next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: A Phase 3 Randomized, Open-Label, Multicenter Clinical Study of CGT9486+Sunitinib vs. Sunitinib in S" — expected January 1, 2030.
Who is the CEO of Cogent Biosciences, Inc.?
Mr. Andrew R. Robbins M.B.A. is the chief executive officer of Cogent Biosciences, Inc. (COGT).
Where is Cogent Biosciences, Inc. headquartered?
Cogent Biosciences, Inc. (COGT) is headquartered in Waltham, MA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.