Press Release Details
Cogent Biosciences Reports Third Quarter 2020 Financial Results and Provides Corporate Updates
"Over the past quarter,
Recent Program and Corporate Highlights
Andrew Robbins appointed President, CEO and Director- Mr. Robbins is an accomplished executive with extensive commercial, development, and strategic leadership experience during a 20-year career in the pharmaceutical industry, with a specific focus on oncology and hematology products. Most recently, as COO of Array Biopharma, he led the successful launch of MEKTOVI® (binimetinib) and BRAFTOVI® (encorafenib) for BRAF-mutant metastatic melanoma patients.
- PLX9486 + sunitinib GIST Phase 1/2 trial selected for CTOS 2020 oral presentation
- Title: The Potent and Selective Kit Inhibitor PLX9486 Dosed in Combination with Sunitinib Demonstrates Promising Progression Free Survival (PFS) in Patients with Advanced Gastrointestinal Stromal Tumor (GIST): Final Results of a Phase 1/2 Study
- Date: Friday, November 20, 2020 from
11:30 a.m. –12:30 p.m. ET
Presenter:Jonathan Trent , M.D., Ph.D.,University of Miami Health System ,Sylvester Comprehensive Cancer Center
Cogent Biosciences positioned as an emerging leader in the field of precision medicine for patients with genetically driven diseases- Completed
Kiq LLC acquisition: OnJuly 6, 2020 ,Cogent Biosciences (previouslyUnum Therapeutics ) announced the sign and close of theKiq LLC ("Kiq") acquisition including global rights to PLX9486, a selective and potent KIT inhibitor. - Completed
$104.4M Series A preferred stock private placement: Concurrent with the acquisition of Kiq,Cogent Biosciences completed the sale of Series A non-voting convertible Preferred Stock ("Series A Preferred Stock") in exchange for gross proceeds of$104.4 million . - Announced new company as
Cogent Biosciences : The new name reflects our mission to design rational precision therapies that treat the underlying cause of disease in order to improve patients' lives. - Out licensed BOXR programs to
SOTIO : OnAugust 31 ,Cogent Biosciences announced the sale of its cell based BOXR programs toSOTIO , a clinical stage immuno-oncology company owned byPPF Group . Under the terms of the agreement,SOTIO made an upfront payment of$8.1 million , and certainCogent Biosciences stockholders of record (as ofJuly 6, 2020 ) were granted a non-tradeable contingent value right (CVR). Holders of the CVR will be entitled to receive certain stock and/or cash payments from net proceeds received byCogent Biosciences .
- Completed
Reverse Stock Split Enabling Preferred Share Conversion
At a special shareholder meeting held on
The reverse stock split impacts all holders of
Third Quarter 2020 Financial Results
- Collaboration Revenue: Collaboration revenue recognized during the third quarter ended September 30, 2020 of $0.3 million compared to $1.0 million in the same period of 2019.
- R&D Expenses: Research and development expenses of $5.0 million for the third quarter ended September 30, 2020 compared to $10.3 million for the same period of 2019. This decrease is primarily related to the reduction in clinical activity of legacy cell-therapy clinical trials.
- G&A Expenses: General and administrative expenses for the third quarter ended September 30, 2020 were $5.6 million, compared to $2.7 million for the same period of 2019. The increase is primarily related to higher professional fees and stock compensation.
- Acquired In-Process R&D Expense: Acquired in-process R&D expense of
$46.9 million during the current quarter was a result of the accounting treatment related to the asset acquisition ofKiq LLC , including PLX9486, onJuly 6, 2020 . - Other Income (expense): Other income (expense) for the third quarter ended
September 30, 2020 was$7.2 million , compared to$0.1 million for the same period of 2019. The increase is primarily related to the gain on the sale of the BOXR platform toSOTIO . - Net Loss: Net loss attributable to common stockholders was $50.0 million, or $5.07 per share, for the third quarter ended September 30, 2020 compared with a net loss attributable to common stockholders of $11.9 million, or $1.56 per share, for the same period of 2019.
- Cash and Cash Equivalents: As of September 30, 2020,
Cogent Biosciences had cash and cash equivalents of $129.4 million.
About Cogent Biosciences, Inc.
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: projected cash runways; future product development plans; upcoming results from clinical trials including from its lead program, PLX9486; and any future payouts under the CVR. 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 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 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 Cogent's most recent Annual Report on Form 10-K filed with the
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||||||||||||||||
Three Months Ended |
Nine Months Ended |
|||||||||||||||
2020 |
2019 |
2020 |
2019 |
|||||||||||||
Collaboration revenue |
$ |
312 |
$ |
1,020 |
$ |
7,871 |
$ |
7,211 |
||||||||
Operating expenses: |
||||||||||||||||
Research and development |
5,003 |
10,335 |
19,630 |
33,355 |
||||||||||||
General and administrative |
5,598 |
2,721 |
12,074 |
8,274 |
||||||||||||
Acquired in-process research and development |
46,910 |
— |
46,910 |
— |
||||||||||||
Total operating expenses |
57,511 |
13,056 |
78,614 |
41,629 |
||||||||||||
Loss from operations |
(57,199) |
(12,036) |
(70,743) |
(34,418) |
||||||||||||
Other income (expense): |
||||||||||||||||
Interest income |
23 |
31 |
73 |
206 |
||||||||||||
Gain on disposal of long-lived assets |
7,463 |
82 |
7,470 |
82 |
||||||||||||
Other income |
239 |
— |
239 |
— |
||||||||||||
Change in fair value of CVR liability |
(509) |
— |
(509) |
— |
||||||||||||
Total other income (expense), net |
7,216 |
113 |
7,273 |
288 |
||||||||||||
Net loss |
$ |
(49,983) |
$ |
(11,923) |
$ |
(63,470) |
$ |
(34,130) |
||||||||
Net loss per common share, basic and diluted |
$ |
(5.07) |
$ |
(1.56) |
$ |
(7.56) |
$ |
(4.49) |
||||||||
Weighted average common shares outstanding, basic and diluted |
9,850,530 |
7,665,281 |
8,392,741 |
7,604,688 |
||||||||||||
Comprehensive loss: |
||||||||||||||||
Net loss |
$ |
(49,983) |
$ |
(11,923) |
$ |
(63,470) |
$ |
(34,130) |
|
||||||||
|
|
|||||||
Cash, cash equivalents and marketable securities |
$ |
129,420 |
$ |
37,424 |
||||
Working capital |
$ |
113,295 |
$ |
27,343 |
||||
Total assets |
$ |
139,870 |
$ |
49,423 |
||||
Total liabilities |
$ |
23,812 |
$ |
17,661 |
||||
Total stockholders' equity (deficit) |
$ |
(22,174) |
$ |
31,762 |
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SOURCE
Amanda Sellers, asellers@vergescientific.com, 301.332.5574