$COGT
Cogent Biosciences, Inc.

2023 Q2 Form 10-Q Financial Statement

#000095017023019166 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 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 $8.214M $7.199M $5.948M
YoY Change 28.83% 21.03% 29.59%
% of Gross Profit
Research & Development $38.87M $36.04M $25.47M
YoY Change 31.86% 41.49% 210.23%
% of Gross Profit
Depreciation & Amortization $562.0K $529.0K $69.00K
YoY Change 479.38% 666.67% 245.0%
% of Gross Profit
Operating Expenses $38.87M $36.04M $31.42M
YoY Change 31.86% 14.7% 145.45%
Operating Profit -$47.09M -$43.24M -$31.42M
YoY Change 31.32% 37.62%
Interest Expense $2.741M $2.268M $107.0K
YoY Change 907.72% 2019.63% -17.69%
% of Operating Profit
Other Income/Expense, Net $3.009M $4.650M $677.0K
YoY Change 224.25% 586.85% -36.85%
Pretax Income -$44.08M -$38.59M -$30.63M
YoY Change 26.19% 25.96% 161.16%
Income Tax
% Of Pretax Income
Net Earnings -$44.08M -$38.59M -$30.63M
YoY Change 26.19% 25.96% 161.2%
Net Earnings / Revenue
Basic Earnings Per Share -$0.59 -$0.55 -$0.68
Diluted Earnings Per Share -$0.59 -$0.55 -$679.2K
COMMON SHARES
Basic Shares Outstanding 70.95M 69.95M 45.11M
Diluted Shares Outstanding 74.75M 70.73M 45.11M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $329.4M $220.3M $191.0M
YoY Change 1.18% 15.29% -17.19%
Cash & Equivalents $214.3M $160.7M $192.3M
Short-Term Investments $115.1M $59.57M
Other Short-Term Assets $5.120M $6.006M $3.686M
YoY Change 0.14% 62.94% 183.54%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $334.5M $226.3M $194.7M
YoY Change 1.16% 16.19% -16.1%
LONG-TERM ASSETS
Property, Plant & Equipment $9.095M $9.031M $5.275M
YoY Change 153.27% 71.2% 22.67%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $21.51M
YoY Change
Other Assets $4.775M $4.775M $6.861M
YoY Change -2.45% -30.4% 427.77%
Total Long-Term Assets $57.85M $36.93M $12.14M
YoY Change 63.52% 204.28% 120.25%
TOTAL ASSETS
Total Short-Term Assets $334.5M $226.3M $194.7M
Total Long-Term Assets $57.85M $36.93M $12.14M
Total Assets $392.4M $263.2M $206.9M
YoY Change 7.19% 27.23% -12.94%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.161M $4.172M $4.015M
YoY Change 105.07% 3.91% 1174.6%
Accrued Expenses $18.10M $15.93M $10.55M
YoY Change -7.39% 51.0% 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 $25.76M $21.12M $17.88M
YoY Change -6.87% 18.13% 116.93%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $18.18M $18.52M $1.127M
YoY Change -4.34% 1542.86% -56.65%
Total Long-Term Liabilities $18.18M $18.52M $1.127M
YoY Change -4.34% 1542.86% -56.65%
TOTAL LIABILITIES
Total Short-Term Liabilities $25.76M $21.12M $17.88M
Total Long-Term Liabilities $18.18M $18.52M $1.127M
Total Liabilities $43.94M $39.64M $19.01M
YoY Change -5.84% 108.54% 75.22%
SHAREHOLDERS EQUITY
Retained Earnings -$493.9M -$449.8M -$301.6M
YoY Change 46.78% 49.14%
Common Stock $780.1M $611.0M
YoY Change 33.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $348.4M $223.6M $187.9M
YoY Change
Total Liabilities & Shareholders Equity $392.4M $263.2M $206.9M
YoY Change 7.19% 27.23% -12.93%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$44.08M -$38.59M -$30.63M
YoY Change 26.19% 25.96% 161.2%
Depreciation, Depletion And Amortization $562.0K $529.0K $69.00K
YoY Change 479.38% 666.67% 245.0%
Cash From Operating Activities -$32.07M -$39.52M -$28.33M
YoY Change 21.21% 39.47% 149.29%
INVESTING ACTIVITIES
Capital Expenditures $1.257M $1.103M $441.0K
YoY Change -209.88% 150.11%
Acquisitions
YoY Change
Other Investing Activities -$76.40M $60.99M
YoY Change
Cash From Investing Activities -$77.66M $59.88M -$441.0K
YoY Change 6688.55% -13679.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 162.1M 445.0K 138.0K
YoY Change -0.01% 222.46% -262.35%
NET CHANGE
Cash From Operating Activities -32.07M -39.52M -28.33M
Cash From Investing Activities -77.66M 59.88M -441.0K
Cash From Financing Activities 162.1M 445.0K 138.0K
Net Change In Cash 52.36M 20.81M -28.64M
YoY Change -61.07% -172.68% 150.08%
FREE CASH FLOW
Cash From Operating Activities -$32.07M -$39.52M -$28.33M
Capital Expenditures $1.257M $1.103M $441.0K
Free Cash Flow -$33.32M -$40.62M -$28.78M
YoY Change 31.65% 41.16%

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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:18.0pt;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:&quot;Times New Roman&quot;, serif;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;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:&quot;Times New Roman&quot;, serif;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 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>
CY2023Q1 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
59566000
CY2022Q4 us-gaap Debt Securities Available For Sale Amortized Cost Current
DebtSecuritiesAvailableForSaleAmortizedCostCurrent
119494000
CY2022Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
104000
CY2022Q4 us-gaap Available For Sale Securities Debt Securities Current
AvailableForSaleSecuritiesDebtSecuritiesCurrent
119390000
CY2020Q3 us-gaap Share Price
SharePrice
8.80
CY2023Q1 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2022Q1 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
2175000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6063000
CY2023Q1 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
6836000
CY2022Q4 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
5898000
CY2023Q1 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
3588000
CY2022Q4 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
3741000
CY2023Q1 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
2387000
CY2022Q4 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
1778000
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1015000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
404000
CY2023Q1 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
16001000
CY2022Q4 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
17884000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5850000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4175000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-38587000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-30634000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-38587000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-30634000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
70734950
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
70734950
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
45105923
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
45105923
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.55
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.55
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.68
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.68
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34765750
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
35934896
CY2023Q1 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2023Q1 us-gaap Defined Contribution Plan Employer Matching Contribution Percent Of Match
DefinedContributionPlanEmployerMatchingContributionPercentOfMatch
1
CY2023Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
100000

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