$COGT
Cogent Biosciences, Inc.

2023 Q3 Form 10-Q Financial Statement

#000095017023039394 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.450M $8.214M
YoY Change 37.25% 28.83%
% of Gross Profit
Research & Development $50.13M $38.87M
YoY Change 67.45% 31.86%
% of Gross Profit
Depreciation & Amortization $580.0K $562.0K
YoY Change 126.56% 479.38%
% of Gross Profit
Operating Expenses $50.13M $38.87M
YoY Change 67.45% 31.86%
Operating Profit -$59.58M -$47.09M
YoY Change 61.81% 31.32%
Interest Expense $4.200M $2.741M
YoY Change 180.0% 907.72%
% of Operating Profit
Other Income/Expense, Net $4.198M $3.009M
YoY Change 138.66% 224.25%
Pretax Income -$55.38M -$44.08M
YoY Change 57.95% 26.19%
Income Tax
% Of Pretax Income
Net Earnings -$55.38M -$44.08M
YoY Change 57.95% 26.19%
Net Earnings / Revenue
Basic Earnings Per Share -$0.64 -$0.59
Diluted Earnings Per Share -$0.64 -$0.59
COMMON SHARES
Basic Shares Outstanding 85.47M 70.95M
Diluted Shares Outstanding 86.17M 74.75M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $279.0M $329.4M
YoY Change -3.48% 1.18%
Cash & Equivalents $86.81M $214.3M
Short-Term Investments $192.2M $115.1M
Other Short-Term Assets $6.900M $5.120M
YoY Change -5.78% 0.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $286.0M $334.5M
YoY Change -3.53% 1.16%
LONG-TERM ASSETS
Property, Plant & Equipment $8.643M $9.095M
YoY Change 32.1% 153.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $33.80M $21.51M
YoY Change
Other Assets $4.862M $4.775M
YoY Change 1.97% -2.45%
Total Long-Term Assets $69.49M $57.85M
YoY Change 97.74% 63.52%
TOTAL ASSETS
Total Short-Term Assets $286.0M $334.5M
Total Long-Term Assets $69.49M $57.85M
Total Assets $355.4M $392.4M
YoY Change 7.2% 7.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.868M $7.161M
YoY Change 141.09% 105.07%
Accrued Expenses $24.40M $18.10M
YoY Change 60.52% -7.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $34.72M $25.76M
YoY Change 47.42% -6.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $17.80M $18.18M
YoY Change -1.48% -4.34%
Total Long-Term Liabilities $17.80M $18.18M
YoY Change -1.48% -4.34%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.72M $25.76M
Total Long-Term Liabilities $17.80M $18.18M
Total Liabilities $52.55M $43.94M
YoY Change 26.26% -5.84%
SHAREHOLDERS EQUITY
Retained Earnings -$549.3M -$493.9M
YoY Change 47.82% 46.78%
Common Stock $792.3M $780.1M
YoY Change 32.96% 33.46%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $302.9M $348.4M
YoY Change
Total Liabilities & Shareholders Equity $355.4M $392.4M
YoY Change 7.2% 7.19%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$55.38M -$44.08M
YoY Change 57.95% 26.19%
Depreciation, Depletion And Amortization $580.0K $562.0K
YoY Change 126.56% 479.38%
Cash From Operating Activities -$37.97M -$32.07M
YoY Change 10.25% 21.21%
INVESTING ACTIVITIES
Capital Expenditures $120.0K $1.257M
YoY Change -103.62% -209.88%
Acquisitions
YoY Change
Other Investing Activities -$90.41M -$76.40M
YoY Change -39.01%
Cash From Investing Activities -$90.53M -$77.66M
YoY Change -40.26% 6688.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.000M 162.1M
YoY Change 1.01% -0.01%
NET CHANGE
Cash From Operating Activities -37.97M -32.07M
Cash From Investing Activities -90.53M -77.66M
Cash From Financing Activities 1.000M 162.1M
Net Change In Cash -127.5M 52.36M
YoY Change -31.08% -61.07%
FREE CASH FLOW
Cash From Operating Activities -$37.97M -$32.07M
Capital Expenditures $120.0K $1.257M
Free Cash Flow -$38.09M -$33.32M
YoY Change 22.36% 31.65%

Facts In Submission

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220939000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
25184000
cogt Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
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cogt Offering Costs Included In Accounts Payable And Accrued Expenses
OfferingCostsIncludedInAccountsPayableAndAccruedExpenses
200000
cogt Property And Equipment Included In Accounts Payable And Accrued Expenses
PropertyAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
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cogt Property And Equipment Included In Accounts Payable And Accrued Expenses
PropertyAndEquipmentIncludedInAccountsPayableAndAccruedExpenses
466000
us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
3520000
us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
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us-gaap Net Income Loss
NetIncomeLoss
-82700000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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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>
CY2023Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
136691000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
8000
CY2023Q2 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
105000
CY2023Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
136594000
CY2022Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
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
AvailableForSaleSecuritiesDebtSecurities
119390000
CY2023Q2 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
27
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
92100000
CY2023Q2 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2022Q4 us-gaap Debt Securities Available For Sale Unrealized Loss Position Number Of Positions
DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions
7
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position Less Than12 Months
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months
99500000
CY2022Q4 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2023Q2 cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
0
cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
0
CY2022 cogt Debt Securities Available For Sale Credit Related Impairments Charges
DebtSecuritiesAvailableForSaleCreditRelatedImpairmentsCharges
0
CY2020Q3 us-gaap Share Price
SharePrice
8.80
CY2023Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2023Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2022Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2022Q2 cogt Fair Value Assets Transfers Between Level One Two And Three
FairValueAssetsTransfersBetweenLevelOneTwoAndThree
0
CY2023Q2 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4757000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
6063000
CY2023Q2 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
8380000
CY2022Q4 cogt Accrued External Research And Development Expenses Current
AccruedExternalResearchAndDevelopmentExpensesCurrent
5898000
CY2023Q2 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
1624000
CY2022Q4 cogt Accrued External Manufacturing Cost Current
AccruedExternalManufacturingCostCurrent
3741000
CY2023Q2 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
2162000
CY2022Q4 cogt Accrued Professional And Consulting Services
AccruedProfessionalAndConsultingServices
1778000
CY2023Q2 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
496000
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
404000
CY2023Q2 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
17419000
CY2022Q4 cogt Accrued Expenses And Other Liabilities Current
AccruedExpensesAndOtherLiabilitiesCurrent
17884000
CY2023Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
150000000
CY2023Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2023Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4534000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13013000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8709000
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7163000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4534000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
13013000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
8709000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y8M1D
CY2023Q2 us-gaap Net Income Loss
NetIncomeLoss
-44076000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-34927000
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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CY2023Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2022Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-34927000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-82663000
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-65561000
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
74753269
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
74753269
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
49388936
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
49388936
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72755210
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72755210
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
47259261
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
47259261
CY2023Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.59
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.59
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.14
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.14
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.39
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.39
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
37527626
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
34354849
CY2023Q2 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
CY2023Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
300000
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
200000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000

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