$COGT
Cogent Biosciences, Inc.

2022 Q3 Form 10-Q Financial Statement

#000095017022015760 Filed on August 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $6.885M $6.376M $5.948M
YoY Change 37.12% 30.02% 29.59%
% of Gross Profit
Research & Development $29.94M $29.48M $25.47M
YoY Change 102.3% 137.96% 210.23%
% of Gross Profit
Depreciation & Amortization $256.0K $97.00K $69.00K
YoY Change 433.33% 781.82% 245.0%
% of Gross Profit
Operating Expenses $29.94M $29.48M $31.42M
YoY Change 51.05% 137.96% 145.45%
Operating Profit -$36.82M -$35.86M -$31.42M
YoY Change 85.79% 107.35%
Interest Expense $1.500M $272.0K $107.0K
YoY Change 1204.35% 126.67% -17.69%
% of Operating Profit
Other Income/Expense, Net $1.759M $928.0K $677.0K
YoY Change 139.32% 24.9% -36.85%
Pretax Income -$35.06M -$34.93M -$30.63M
YoY Change 83.72% 111.05% 161.16%
Income Tax
% Of Pretax Income
Net Earnings -$35.06M -$34.93M -$30.63M
YoY Change 83.72% 111.05% 161.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.50 -$0.71 -$0.68
Diluted Earnings Per Share -$0.50 -$0.71 -$679.2K
COMMON SHARES
Basic Shares Outstanding 65.76M 49.39M 45.11M
Diluted Shares Outstanding 69.58M 49.39M 45.11M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $289.1M $325.6M $191.0M
YoY Change 42.49% 49.27% -17.19%
Cash & Equivalents $140.6M $325.6M $192.3M
Short-Term Investments $148.5M
Other Short-Term Assets $7.323M $5.113M $3.686M
YoY Change 58.64% 57.57% 183.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $296.4M $330.7M $194.7M
YoY Change 42.85% 49.39% -16.1%
LONG-TERM ASSETS
Property, Plant & Equipment $6.543M $3.591M $5.275M
YoY Change 42.55% 1488.94% 22.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.768M $4.895M $6.861M
YoY Change 44.88% 148.48% 427.77%
Total Long-Term Assets $35.14M $35.38M $12.14M
YoY Change 345.92% 393.68% 120.25%
TOTAL ASSETS
Total Short-Term Assets $296.4M $330.7M $194.7M
Total Long-Term Assets $35.14M $35.38M $12.14M
Total Assets $331.6M $366.1M $206.9M
YoY Change 53.94% 60.19% -12.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.093M $3.492M $4.015M
YoY Change -5.89% 75.3% 1174.6%
Accrued Expenses $15.20M $19.55M $10.55M
YoY Change 67.5% 159.36% 177.68%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $23.55M $27.66M $17.88M
YoY Change 40.95% 102.16% 116.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.07M $19.01M $1.127M
YoY Change 1156.4% 835.94% -56.65%
Total Long-Term Liabilities $18.07M $19.01M $1.127M
YoY Change 1156.4% 835.94% -56.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $23.55M $27.66M $17.88M
Total Long-Term Liabilities $18.07M $19.01M $1.127M
Total Liabilities $41.62M $46.67M $19.01M
YoY Change 129.34% 197.02% 75.22%
SHAREHOLDERS EQUITY
Retained Earnings -$371.6M -$336.5M -$301.6M
YoY Change 50.99% 48.24%
Common Stock $595.9M $584.5M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $289.9M $319.4M $187.9M
YoY Change
Total Liabilities & Shareholders Equity $331.6M $366.1M $206.9M
YoY Change 53.94% 60.19% -12.93%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$35.06M -$34.93M -$30.63M
YoY Change 83.72% 111.05% 161.2%
Depreciation, Depletion And Amortization $256.0K $97.00K $69.00K
YoY Change 433.33% 781.82% 245.0%
Cash From Operating Activities -$34.44M -$26.46M -$28.33M
YoY Change 144.1% 111.53% 149.29%
INVESTING ACTIVITIES
Capital Expenditures -$3.311M -$1.144M $441.0K
YoY Change 184.69% 830.08%
Acquisitions
YoY Change
Other Investing Activities -$148.2M
YoY Change
Cash From Investing Activities -$151.5M -$1.144M -$441.0K
YoY Change 12930.44% 830.08%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 990.0K 162.1M 138.0K
YoY Change 1700.0% 3242200.0% -262.35%
NET CHANGE
Cash From Operating Activities -34.44M -26.46M -28.33M
Cash From Investing Activities -151.5M -1.144M -441.0K
Cash From Financing Activities 990.0K 162.1M 138.0K
Net Change In Cash -185.0M 134.5M -28.64M
YoY Change 1115.71% -1165.47% 150.08%
FREE CASH FLOW
Cash From Operating Activities -$34.44M -$26.46M -$28.33M
Capital Expenditures -$3.311M -$1.144M $441.0K
Free Cash Flow -$31.13M -$25.31M -$28.78M
YoY Change 140.45% 104.39%

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us-gaap Use Of Estimates
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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(34,34,34,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(34,34,34,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses, the valuation of the CVR liability and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.</span></p>
CY2022Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3161000
CY2020Q3 us-gaap Share Price
SharePrice
8.80
CY2022Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2021Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
us-gaap Operating Lease Payments
OperatingLeasePayments
1057000
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P11Y2M26D
CY2022Q2 us-gaap Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
0.0808
CY2021Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
3389000
CY2022Q2 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
4270000
CY2021Q4 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
1953000
CY2022Q2 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1480000
CY2021Q4 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1556000
CY2022Q2 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
1577000
CY2021Q4 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
1077000
CY2022Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1561000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
235000
CY2022Q2 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
12049000
CY2021Q4 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
8210000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2022Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2022Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4534000
CY2021Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2590000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8709000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4371000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
8496000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
2544000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
2780000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
2841000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
2697000
CY2022Q2 cogt Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
19678000
CY2022Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
39036000
CY2022Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10707000
CY2022Q2 cogt Lessee Operating Lease Liability Tenant Improvement Allowance Receivable
LesseeOperatingLeaseLiabilityTenantImprovementAllowanceReceivable
263000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
28066000
CY2022Q2 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
9057000
CY2022Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19009000
CY2022Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
28066000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-34927000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-16549000
us-gaap Net Income Loss
NetIncomeLoss
-65561000
us-gaap Net Income Loss
NetIncomeLoss
-28277000
CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34927000
CY2021Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-16549000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-65561000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-28277000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49388936
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49388936
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38441729
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38441729
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47259261
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47259261
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36670353
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36670353
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.43
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.43
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.39
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.77
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.77
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34354849
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
33573618
CY2022Q2 us-gaap Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
3030302
CY2022Q2 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000

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