Free cash flow burn has accelerated to $87.3 million per quarter, while stock-based compensation of $16.9 million in 2026Q1 continues to obscure the firm's underlying cash-based operational deficit.
| Cash from Operations | -284.82M | -264.44M | -207.79M | -153.62M | -118.64M | -58.76M | -35.85M | -41.51M | -32.49M | -25.84M | -18.64M | 17.72M |
| Operating CF Margin % | - | - | - | - | - | - | -455.47% | -184.51% | -333.77% | -309.03% | -293.31% | 593.3% |
| Operating CF Growth % | -112.61% | -27.26% | -35.26% | -29.49% | -101.89% | -63.91% | 13.64% | -27.78% | -25.76% | -38.6% | -205.22% | - |
| Net Income | -354.3M | -328.94M | -255.86M | -192.41M | -140.24M | -72.27M | -74.81M | -31.83M | -34.53M | -25.49M | -18.12M | -6.59M |
| Depreciation & Amortization | 4.64M | 4.58M | 4.35M | 3.59M | 5.88M | 147K | 720K | 1.29M | 1.32M | 1.17M | 830K | 179K |
| Stock-Based Compensation | 37.23M | 46.08M | 39.74M | 30.62M | 18.37M | 11.69M | 6.02M | 3.24M | 3.09M | 1.34M | 1.02M | 248K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -236K | 17K | 17K | -248K |
| Other Non-Cash Items | 21.72M | 5.82M | -7.62M | -6.87M | -3.39M | -343K | 37.54M | -131K | 23K | 7K | -56K | 248K |
| Working Capital Changes | 5.9M | 8.01M | 11.6M | 11.44M | 751K | 2.02M | -5.32M | -14.08M | -2.15M | -2.88M | -2.32M | 23.88M |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 2M | -332K | -838K | 98K | -634K | -294K |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 2.21M | 931K | 784K | 220K |
| Change in Payables | -410K | -2.51M | 1.36M | 4.81M | 2.36M | 2.75M | -2.45M | 1.66M | 367K | -31K | 389K | 705K |
| Cash from Investing | -505.36M | -399.53M | 38.28M | -97.82M | -124.72M | -1.72M | 8.42M | 23.16M | -10.53M | 13.51M | -30.43M | -3.25M |
| Capital Expenditures | -1.46M | -1.55M | -573K | -2.8M | -6.86M | -1.72M | 0 | -33K | -549K | -912K | -3.31M | -1.99M |
| CapEx % of Revenue | - | - | - | - | - | - | - | 0.15% | 5.64% | 10.91% | 52.04% | 66.78% |
| Acquisitions | 0 | 0 | 0 | 0 | 117.86K | 0 | 0 | 204K | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | -117.86K | 0 | 8.42M | 0 | 0 | -75K | 50K | -1.25M |
| Cash from Financing | 905.8M | 878.23M | 214.45M | 163.54M | 163.56M | 37.98M | 232.2M | 108K | 70.35M | -729K | -40K | 70.75M |
| Debt Issued (Net) | 215.13M | 215.13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 739.56M | 712M | 213.34M | 163.54M | 161.94M | 38.01M | 231.64M | 108K | 71.79M | 60K | 0 | 70.75M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -48.9M | -48.9M | 1.11M | 0 | 1.61M | -30K | 560K | 0 | -1.45M | -789K | -40K | 0 |
| Net Change in Cash | 115.2M | 214.26M | 44.94M | -87.91M | -79.8M | -22.51M | 204.77M | -18.25M | 27.33M | -13.05M | -49.11M | 85.22M |
| Free Cash Flow | -286.27M | -266M | -208.36M | -156.42M | -125.5M | -60.48M | -35.85M | -41.55M | -33.04M | -26.75M | -21.95M | 15.72M |
| FCF Margin % | - | - | - | - | - | - | -455.47% | -184.66% | -339.41% | -319.94% | -345.35% | 526.52% |
| FCF Growth % | -28.48% | -27.66% | -33.21% | -24.64% | -107.5% | -68.71% | 13.71% | -25.76% | -23.52% | -21.87% | -239.59% | - |
| FCF per Share | -4.25 | -3.93 | -2.01 | -1.96 | -2.14 | -1.56 | -3.24 | -5.45 | -5.31 | -3.62 | -2.97 | 2.13 |
| FCF Conversion (FCF/Net Income) | 0.81x | 0.80x | 0.81x | 0.80x | 0.85x | 0.81x | 0.48x | 1.37x | 0.94x | 1.01x | 1.03x | -2.69x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical trial execution failure
As reported in financial statements, Cogent Biosciences consistently exhibits a net income to operating cash flow ratio ranging between 0.72 and 0.92, indicating that non-cash expenses like stock-based compensation are partially offsetting the reported net losses while the underlying cash burn remains structurally elevated.
The persistent gap between net income and operating cash flow suggests that the company's accounting losses are slightly more severe than the actual cash outflow, largely due to significant non-cash charges. Investors should monitor whether this conversion ratio remains stable as clinical trial activity intensifies, as any sudden shift could imply a change in the timing of R&D-related cash payments.
Based on the company's reported figures, free cash flow has deteriorated from a quarterly burn of $44.4 million in 2023Q4 to $87.3 million in 2026Q1, reflecting the aggressive capital requirements necessary to support the ongoing registrational trials for bezuclastinib in systemic mastocytosis.
The trajectory of free cash flow confirms a clear trend of increasing cash consumption as the company approaches critical data readouts. This trend appears to be a deliberate strategy to accelerate clinical timelines, though it necessitates constant access to capital markets to maintain the current operational pace.
According to recent SEC filings, quarterly working capital changes for Cogent Biosciences have fluctuated significantly, ranging from a $13.4 million inflow in 2024Q3 to a $6.8 million outflow in 2026Q1, highlighting the impact of milestone-driven payments to clinical research organizations on the firm's liquidity.
These fluctuations suggest that working capital is not a source of operational efficiency but rather a reflection of the timing of clinical trial milestones and vendor payments. Analysts should interpret these swings as temporary timing differences rather than structural improvements in the company's ability to manage its short-term liabilities.
As indicated by the financial data, stock-based compensation has reached $16.9 million in 2026Q1, which serves to obscure the true economic cost of talent retention while providing a non-cash buffer that prevents the reported operating cash flow from fully reflecting the company's total resource consumption.
The reliance on stock-based compensation as a significant portion of the expense structure warrants further investigation into the dilution risk for shareholders. By excluding these non-cash charges, the company's cash-based burn rate appears more manageable than the GAAP net loss suggests, yet the economic reality remains a heavy reliance on external financing.
Quick answers to the most common questions about buying COGT stock.
Cogent Biosciences, Inc. (COGT) generated $-264.4M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Cogent Biosciences, Inc. (COGT) reported negative free cash flow of $266.0M in 2025, indicating capital requirements exceeded cash from operations.
Cogent Biosciences, Inc. (COGT) spent $1.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.