The company exhibits deeply negative operating leverage, with quarterly operating losses widening to $103.6 million in 2026Q1 as R&D expenditures climbed to $75.4 million.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 7.87M | 22.5M | 9.73M | 8.36M | 6.36M | 2.99M |
| Revenue Growth % | - | - | - | - | - | -100% | -65.02% | 131.14% | 16.44% | 31.55% | 112.83% | - |
| Cost of Goods Sold | 3.49M | 4.62M | 0 | 0 | 0 | 0 | 25.74M | 43.71K | 0 | 0 | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - | - | 327% | 0.19% | - | - | - | - |
| Gross Profit | -3.49M | -4.62M | 0 | 0 | 0 | 0 | -17.87M | 22.46M | 9.73M | 8.36M | 6.36M | 2.99M |
| Gross Margin % | - | - | - | - | - | - | -227% | 99.81% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | - | - | - | - | 100% | -179.57% | 130.69% | 16.44% | 31.55% | 112.83% | - |
| Operating Expenses | 358.55M | 328.74M | 275.94M | 208.13M | 147.84M | 75.55M | 64.33M | 54.68M | 45.74M | 34.51M | 25.43M | 9.58M |
| OpEx % of Revenue | - | - | - | - | - | - | 817.33% | 243.02% | 469.89% | 412.82% | 400.08% | 320.76% |
| Selling, General & Admin | 79.92M | 63.58M | 43.28M | 34.38M | 26.21M | 19.64M | 17.42M | 10.97M | 7.45M | 4.68M | 3.43M | 2.73M |
| SG&A % of Revenue | - | - | - | - | - | - | 221.34% | 48.75% | 76.58% | 55.98% | 54.02% | 91.29% |
| Research & Development | 279.78M | 269.78M | 232.66M | 173.75M | 121.63M | 55.91M | 72.65M | 43.71M | 38.28M | 29.83M | 21.99M | 6.85M |
| R&D % of Revenue | - | - | - | - | - | - | 922.98% | 194.27% | 393.31% | 356.84% | 346.06% | 229.47% |
| Other Operating Expenses | -1000K | -4.62M | 0 | 0 | 0 | 0 | -25.74M | 78K | 320K | 274K | 0 | 0 |
| Operating Income | -362.04M | -333.36M | -275.94M | -208.13M | -147.84M | -75.55M | -82.2M | -32.18M | -36.01M | -26.15M | -19.07M | -6.59M |
| Operating Margin % | - | - | - | - | - | - | -1044.33% | -143.02% | -369.89% | -312.82% | -300.08% | -220.76% |
| Operating Income Growth % | - | -20.81% | -32.58% | -40.78% | -95.68% | 8.09% | -155.45% | 10.63% | -37.68% | -37.14% | -189.29% | - |
| EBITDA | -362.02M | -328.74M | -271.59M | -204.54M | -141.96M | -73.56M | -81.48M | -30.89M | -34.68M | -24.98M | -18.24M | -6.41M |
| EBITDA Margin % | - | - | - | - | - | - | -1035.18% | -137.27% | -356.32% | -298.82% | -287.02% | -214.77% |
| EBITDA Growth % | -27.45% | -21.05% | -32.78% | -44.08% | -92.99% | 9.72% | -163.81% | 10.95% | -38.84% | -36.96% | -184.42% | - |
| D&A (Non-Cash Add-back) | 17K | 4.62M | 4.35M | 3.59M | 5.88M | 1.99M | 720K | 1.29M | 1.32M | 1.17M | 830K | 179K |
| EBIT | -362.04M | -333.36M | -275.94M | -208.13M | -147.84M | -75.55M | -35.29M | -32.18M | -36.01M | -26.15M | -19.07M | -6.59M |
| Net Interest Income | 15.07M | 11.63M | 18.09M | 13.08M | 0 | 467K | 144K | 267K | 1.15M | 386K | 265K | 0 |
| Interest Income | 19.34M | 14.69M | 18.09M | 13.08M | 3.99M | 467K | 144K | 267K | 1.15M | 386K | 265K | 0 |
| Interest Expense | 4.28M | 3.06M | 0 | 0 | 3.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 7.73M | 4.43M | 20.08M | 15.72M | 7.6M | 3.28M | 7.39M | 345K | 1.47M | 660K | 946K | 0 |
| Pretax 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 |
| Pretax Margin % | - | - | - | - | - | - | -950.43% | -141.49% | -354.76% | -304.93% | -285.19% | -220.76% |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -354.3M | -328.94M | -255.86M | -192.41M | -140.24M | -72.27M | -74.81M | -30.27M | -34.53M | -25.49M | -18.12M | -6.59M |
| Net Margin % | - | - | - | - | - | - | -950.43% | -134.55% | -354.76% | -304.93% | -285.19% | -220.76% |
| Net Income Growth % | -31.47% | -28.56% | -32.98% | -37.2% | -94.04% | 3.39% | -147.11% | 12.33% | -35.46% | -40.65% | -174.94% | - |
| Net Income (Continuing) | -354.3M | -328.94M | -255.86M | -192.41M | -140.24M | -72.27M | -74.81M | -31.83M | -34.53M | -25.49M | -18.12M | -6.59M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.26 | -2.55 | -2.46 | -2.42 | -2.26 | -1.85 | -6.00 | -3.97 | -5.55 | -3.45 | -2.45 | -0.89 |
| EPS Growth % | -30.51% | -3.66% | -1.65% | -7.08% | -22.16% | 69.17% | -51.13% | 28.47% | -60.87% | -40.82% | -175.28% | - |
| EPS (Basic) | - | -2.55 | -2.46 | -2.42 | -2.26 | -1.85 | -6.00 | -3.97 | -5.55 | -3.45 | -3.10 | -1.13 |
| Diluted Shares Outstanding | 67.41M | 67.6M | 103.86M | 79.66M | 58.74M | 38.73M | 11.08M | 7.62M | 6.22M | 7.4M | 7.4M | 7.4M |
| Basic Shares Outstanding | 67.41M | 67.6M | 103.86M | 79.66M | 58.74M | 38.73M | 11.08M | 7.62M | 6.22M | 7.4M | 5.86M | 5.86M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Clinical trial execution failure
As reported in financial statements, Cogent Biosciences has seen quarterly R&D expenditures climb from $48.7 million in 2023Q4 to $75.4 million by 2026Q1, reflecting the intensified clinical trial activity required to advance the bezuclastinib pipeline toward potential regulatory submission and commercial readiness.
The consistent upward trajectory in R&D spending suggests a deliberate acceleration of the SUMMIT and PEAK clinical programs. Investors should monitor whether this increased capital allocation translates into meaningful clinical differentiation or if it merely reflects the rising costs of late-stage trial enrollment and site management.
Based on the company's reported figures, operating losses have widened significantly, reaching $103.6 million in 2026Q1, as the firm continues to scale its administrative and research infrastructure without the offsetting benefit of commercial revenue to provide any degree of operating leverage.
The expansion of SG&A expenses alongside R&D indicates that the company is proactively building out its organizational capabilities ahead of potential commercialization. This strategy appears to prioritize market readiness, though it places substantial pressure on the company's cash reserves until a revenue-generating asset is successfully brought to market.
According to recent SEC filings, Cogent Biosciences recorded $16.9 million in stock-based compensation during 2026Q1, a non-cash expense that significantly masks the underlying cash-based operational burn rate when evaluating the company's true liquidity requirements for ongoing clinical development.
The reliance on equity-based incentives suggests a strategy to preserve cash while aligning employee interests with long-term clinical milestones. However, analysts should adjust for these non-cash charges to better understand the actual cash runway and the potential for future dilution as the company manages its capital structure.
As indicated by the income statement data, the company's quarterly net loss has expanded to $97.4 million, raising questions about the long-term sustainability of such high burn rates if clinical data readouts fail to provide a clear path to market leadership in the KIT-inhibitor space.
While the current cash position provides a buffer, the lack of revenue generation means the company remains entirely dependent on external capital markets. Investors should consider the risk that prolonged trial timelines or competitive clinical results could necessitate further dilutive financing, potentially undermining the current valuation thesis.
Quick answers to the most common questions about buying COGT stock.
For fiscal year 2025, Cogent Biosciences, Inc. (COGT) reported total revenue of $0.0M. This represents a 100.0% decline compared to $3.0M in 2015.
Cogent Biosciences, Inc. (COGT) reported a net loss of $328.9M for the fiscal year ending 2025.