$COGT
Cogent Biosciences, Inc.

2023 Q1 Form 10-K Financial Statement

#000095017023007729 Filed on March 14, 2023

View on sec.gov

Income Statement

Concept 2023 Q1 2022 Q4 2022
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.199M $7.003M $26.21M
YoY Change 21.03% 36.62% 33.48%
% of Gross Profit
Research & Development $36.04M $36.74M $121.6M
YoY Change 41.49% 79.11% 117.53%
% of Gross Profit
Depreciation & Amortization $529.0K $420.0K $842.0K
YoY Change 666.67% 517.65% 472.79%
% of Gross Profit
Operating Expenses $36.04M $43.75M $121.6M
YoY Change 14.7% 70.61% 117.53%
Operating Profit -$43.24M -$147.8M
YoY Change 37.62% 95.68%
Interest Expense $2.268M $2.110M $3.989M
YoY Change 2019.63% 1871.96% 754.18%
% of Operating Profit
Other Income/Expense, Net $4.650M $2.017M $7.598M
YoY Change 586.85% 224.8% 170.3%
Pretax Income -$38.59M -$39.62M -$140.2M
YoY Change 25.96% 59.03% 94.04%
Income Tax
% Of Pretax Income
Net Earnings -$38.59M -$39.62M -$140.2M
YoY Change 25.96% 59.03% 94.04%
Net Earnings / Revenue
Basic Earnings Per Share -$0.55 -$2.39
Diluted Earnings Per Share -$0.55 -$0.56 -$2.39
COMMON SHARES
Basic Shares Outstanding 69.95M 69.89M 58.74M
Diluted Shares Outstanding 70.73M 58.74M

Balance Sheet

Concept 2023 Q1 2022 Q4 2022
SHORT-TERM ASSETS
Cash & Short-Term Investments $220.3M $259.3M $259.3M
YoY Change 15.29% 18.02% 18.02%
Cash & Equivalents $160.7M $139.9M $139.9M
Short-Term Investments $59.57M $119.4M $119.4M
Other Short-Term Assets $6.006M $5.690M $5.690M
YoY Change 62.94% 92.95% 92.95%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $226.3M $265.0M $265.0M
YoY Change 16.19% 19.01% 19.01%
LONG-TERM ASSETS
Property, Plant & Equipment $9.031M $7.783M $31.10M
YoY Change 71.2% 356.21% 594.64%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.775M $4.745M $4.745M
YoY Change -30.4% 27.31% -4.76%
Total Long-Term Assets $36.93M $35.84M $35.84M
YoY Change 204.28% 278.94% 278.94%
TOTAL ASSETS
Total Short-Term Assets $226.3M $265.0M $265.0M
Total Long-Term Assets $36.93M $35.84M $35.84M
Total Assets $263.2M $300.8M $300.8M
YoY Change 27.23% 29.61% 29.61%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.172M $5.842M $5.842M
YoY Change 3.91% 67.73% 67.73%
Accrued Expenses $15.93M $18.90M $18.90M
YoY Change 51.0% 83.54% 83.54%
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 $21.12M $26.85M $26.85M
YoY Change 18.13% 57.22% 57.22%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.52M $18.23M $18.23M
YoY Change 1542.86% 2093.26% 2093.26%
Total Long-Term Liabilities $18.52M $18.23M $18.23M
YoY Change 1542.86% 2093.26% 2093.26%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.12M $26.85M $26.85M
Total Long-Term Liabilities $18.52M $18.23M $18.23M
Total Liabilities $39.64M $45.08M $45.08M
YoY Change 108.54% 151.7% 151.7%
SHAREHOLDERS EQUITY
Retained Earnings -$449.8M -$411.2M
YoY Change 49.14% 51.75%
Common Stock $611.0M $601.2M
YoY Change 50.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $223.6M $255.7M $255.7M
YoY Change
Total Liabilities & Shareholders Equity $263.2M $300.8M $300.8M
YoY Change 27.23% 29.61% 29.61%

Cashflow Statement

Concept 2023 Q1 2022 Q4 2022
OPERATING ACTIVITIES
Net Income -$38.59M -$39.62M -$140.2M
YoY Change 25.96% 59.03% 94.04%
Depreciation, Depletion And Amortization $529.0K $420.0K $842.0K
YoY Change 666.67% 517.65% 472.79%
Cash From Operating Activities -$39.52M -$29.41M -$118.6M
YoY Change 39.47% 41.54% 101.89%
INVESTING ACTIVITIES
Capital Expenditures $1.103M $1.967M $6.863M
YoY Change 150.11% -554.27% 299.24%
Acquisitions
YoY Change
Other Investing Activities $60.99M $30.38M -$117.9M
YoY Change
Cash From Investing Activities $59.88M $28.41M -$124.7M
YoY Change -13679.14% -6661.43% 7155.26%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 445.0K 315.0K 163.6M
YoY Change 222.46% -99.17% 330.69%
NET CHANGE
Cash From Operating Activities -39.52M -29.41M -118.6M
Cash From Investing Activities 59.88M 28.41M -124.7M
Cash From Financing Activities 445.0K 315.0K 163.6M
Net Change In Cash 20.81M -682.0K -79.80M
YoY Change -172.68% -104.06% 254.56%
FREE CASH FLOW
Cash From Operating Activities -$39.52M -$29.41M -$118.6M
Capital Expenditures $1.103M $1.967M $6.863M
Free Cash Flow -$40.62M -$31.38M -$125.5M
YoY Change 41.16% 54.22% 107.5%

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CY2022 us-gaap Use Of Estimates
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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of 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 consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these 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>
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CY2022 us-gaap Concentration Risk Credit Risk
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<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Concentrations of Credit Risk and of Significant Suppliers</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents and marketable securities. Periodically, the Company maintains deposits in accredited financial institutions in excess of federally insured limits. The Company maintains most of its cash and cash equivalents at two accredited financial institutions. The Company has not experienced any losses on such accounts and does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. Such deposits have and will continue to exceed federally insured limits.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The Company is dependent on third-party vendors for its product candidates. In particular, the Company relies, and expects to continue to rely, on a small number of vendors to manufacture supplies and process its product candidates for its development programs. These programs could be adversely affected by a significant interruption in the manufacturing process.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p>
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