Press Release Details
Cogent Biosciences Provides Corporate Updates and Reports Second Quarter 2021 Financial Results
"People fighting advanced systemic mastocytosis live every day in need of additional treatment options. We initiated the Phase 2 APEX clinical study for our lead program bezuclastinib, designed to specifically target the underlying genetic cause of advanced systemic mastocytosis with the goal of providing new therapeutic options for patients," said
Recent Program and Corporate Highlights
- APEX Study in AdvSM Patients Initiated
- Cogent initiated APEX, a Phase 2 clinical study of bezuclastinib in patients with AdvSM. APEX is an open-label, global, multicenter study that will evaluate the safety, efficacy, pharmacokinetic, and pharmacodynamic profiles of bezuclastinib. Learn more about the APEX study at www.cogentclinicaltrials.com
- Cogent expects to report preliminary clinical data from the APEX study in the first half of 2022, including levels of serum tryptase, a validated biomarker of mast cell activity.
- SUMMIT Study of bezuclastinib in NonAdvSM Patients on track to start 2H 2021
- Following recent positive interactions with FDA, Cogent is on track to initiate SUMMIT, a randomized, double-blind placebo-controlled Phase 2 clinical study of bezuclastinib in patients with NonAdvSM.
- FDA Granted Orphan Drug Designation for bezuclastinib in GIST (Gastrointestinal Stromal Tumors)
- FDA granted orphan drug designation for bezuclastinib for the treatment of GIST with an estimated 4,000 to 6,000 GIST cases diagnosed annually in
the United States . - Cogent remains on track to initiate a new study of bezuclastinib and sunitinib in GIST patients during 2H 2021.
- FDA granted orphan drug designation for bezuclastinib for the treatment of GIST with an estimated 4,000 to 6,000 GIST cases diagnosed annually in
- Cogent Research Team continues to evolve efforts in pioneering best-in-class, small molecule therapeutics
- Based in
Boulder, Colorado , the Cogent Research Team continues to focus on developing best-in-class, small molecule therapeutics to expand Cogent's pipeline and deliver novel precision therapies for patients living with unmet medical needs. - Announced long-term lease on ~40,000 sq. ft. facility which will serve as laboratory and office space headquarters for Cogent Research Team.
- Based in
- Formed the
Cogent Scientific Advisory Board - Comprised of world-class experts involved in the discovery and development of novel therapeutics for patients with genetically-driven diseases, this group has been brought together to provide external perspective for the Cogent Research Team as it develops a robust portfolio of novel, small molecule discovery programs designed to address significant patient unmet needs.
- Dr.
Ryan Corcoran , MD, PhD - Director of the Gastrointestinal Cancer Center Program and Scientific Director,Termeer Center for Targeted Therapy at theMassachusetts General Hospital Cancer Center and Associate Professor of Medicine atHarvard Medical School - Dr.
Michael Vasconcelles , MD - Chief Medical Officer ofFlatiron Health , a healthcare technology and services company focused on accelerating cancer research and improving patient care - Dr. Srdan Verstovsek, MD, PhD - United
Energy Resources, Inc. Professor of Medicine and a hematologist-oncologist at theMD Anderson Cancer Center ,Houston, Texas , USA - Dr.
Kwok-Kin Wong , MD, PhD - Director,Division of Hematology and Medical Oncology ,Anne Murnick Cogan andDavid H. Cogan Professor of Oncology,Department of Medicine , Laura andIsaac Perlmutter Cancer Center ,NYU Langone Health
- Dr.
- Comprised of world-class experts involved in the discovery and development of novel therapeutics for patients with genetically-driven diseases, this group has been brought together to provide external perspective for the Cogent Research Team as it develops a robust portfolio of novel, small molecule discovery programs designed to address significant patient unmet needs.
Second Quarter 2021 Summarized Financial Results
- R&D Expenses: Research and development expenses were
$12.4 million for the second quarter of 2021 as compared to$5.1 million for the second quarter of 2020. R&D expenses include non-cash stock compensation expense of$1.0 million for the second quarter of 2021 compared to$0.5 million for the second quarter of 2020.
- G&A Expenses: General and administrative expenses were
$4.9 million for the second quarter of 2021 as compared to$2.8 million for the second quarter of 2020. G&A expenses include non-cash stock compensation expense of$1.6 million for the second quarter of 2021 compared to$0.4 million for the second quarter of 2020.
- Net Loss: Net loss was
$16.5 million for the second quarter of 2021 as compared to a net loss of$7.4 million for the second quarter of 2020. During the second quarter of 2021, the company spent$12.6 million of its cash and cash equivalents.
- Cash and Cash Equivalents: As of
June 30, 2021 , Cogent had cash and cash equivalents of$218.1 million . The company believes that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements into 2024.
About
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements regarding: discussion of the company's business and operations; projected cash runways; future product development plans; clinical development plans and timelines including for its lead program, bezuclastinib, and the expectation to initiate two new clinical trials before the end of 2021; the anticipated contributions of the Cogent Research Team; and the company's expectation to report preliminary data from its Apex study in the first half of 2022. The use of words such as, but not limited to, "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "project," "should," "target," "will," or "would" and similar words expressions are intended to identify forward-looking statements. Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, our clinical results, the rate of enrollment in our clinical trials and other future conditions. New risks and uncertainties may emerge from time to time, and it is not possible to predict all risks and uncertainties. No representations or warranties (expressed or implied) are made about the accuracy of any such forward-looking statements. We may not actually achieve the forecasts or milestones disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Such forward-looking statements are subject to a number of material risks and uncertainties including but not limited to those set forth under the caption "Risk Factors" in Cogents' most recent Annual Report on Form 10-K filed with the
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per share amounts) (unaudited) |
||||||||||||||||
Three Months Ended |
Six Months Ended |
|||||||||||||||
2021 |
2020 |
2021 |
2020 |
|||||||||||||
Collaboration revenue |
$ |
— |
$ |
528 |
$ |
— |
$ |
7,559 |
||||||||
Operating expenses: |
||||||||||||||||
Research and development |
12,388 |
5,129 |
20,601 |
14,627 |
||||||||||||
General and administrative |
4,904 |
2,802 |
9,491 |
6,476 |
||||||||||||
Total operating expenses |
17,292 |
7,931 |
30,092 |
21,103 |
||||||||||||
Loss from operations |
(17,292) |
(7,403) |
(30,092) |
(13,544) |
||||||||||||
Other income: |
||||||||||||||||
Interest income |
120 |
3 |
245 |
50 |
||||||||||||
Other income |
623 |
7 |
1,227 |
7 |
||||||||||||
Change in fair value of CVR liability |
— |
— |
343 |
— |
||||||||||||
Total other income |
743 |
10 |
1,815 |
57 |
||||||||||||
Net loss and comprehensive loss |
$ |
(16,549) |
$ |
(7,393) |
$ |
(28,277) |
$ |
(13,487) |
||||||||
Net loss per share attributable to common shareholders, basic |
$ |
(0.43) |
$ |
(0.95) |
$ |
(0.77) |
$ |
(1.76) |
||||||||
Weighted average common shares outstanding, basic and |
38,441,729 |
7,777,487 |
36,670,353 |
7,655,837 |
CONSOLIDATED SELECTED BALANCE SHEET DATA (in thousands) (unaudited) |
||||||||
|
|
|||||||
Cash and cash equivalents |
$ |
218,105 |
$ |
242,190 |
||||
Working capital |
$ |
207,669 |
$ |
231,818 |
||||
Total assets |
$ |
228,516 |
$ |
250,916 |
||||
Total liabilities |
$ |
15,712 |
$ |
16,249 |
||||
Total stockholders' equity |
$ |
212,804 |
$ |
234,667 |
View original content to download multimedia:https://www.prnewswire.com/news-releases/cogent-biosciences-provides-corporate-updates-and-reports-second-quarter-2021-financial-results-301355446.html
SOURCE
Amanda Sellers, asellers@vergescientific.com, 301.332.5574