Cogent Biosciences, Inc.
COGT · Pharmaceutical Preparations · 170.9M shares · +27%/yr ↑ shares · EDGAR filings ↗
Reference price $34.66 · est. market cap ~$5.9B — last insider sale, 2026-03-31 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B75Well-capitalized clinical-stage biotech with positive registrational Phase 3 readouts across all three bezuclastinib indications and NDAs in flight.
Strengths
- ~$901M cash (92nd pct) and 13.5-quarter runway (77th pct) with current ratio >14
- Positive top-line Phase 3 PEAK (PFS 16.5 vs 9.2 mo, 50% risk reduction) plus SUMMIT/APEX hitting all primary endpoints
- Multiple Breakthrough/Orphan designations; NDAs submitted with launch expected H2 2026
Risks
- Still pre-revenue with deeply negative FCF (-$266M, 6th pct) and ROE -52%
- Single-asset concentration in bezuclastinib; commercial execution and approval risk remain
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-266.0M)
- Strong balance sheetStrong balance sheet — $901M cash & investments, ~14 quarters of runway
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 2 open-market sale(s) by 1 insider(s) (~$370M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2027-03 — PHASE1/PHASE2 · Intrahepatic Cholangiocarcinoma (Icc)
Key metrics
Return on equity
-51.7%
Return on assets
-35.1%
ROIC
-30.6%
Debt / equity
0.4×
Current ratio
14.2×
Free cash flow
-$266M
EBITDA
-$331M
Tangible book value
$636M
Cash & investments
$901M
Cash runway
14q
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-19 | Robbins Andrew R | Gift | 160K | — |
| 2026-05-19 | Robbins Andrew R | Gift | 160K | — |
| 2026-03-31 | Fairmount Funds Management LLC | Conversion | 7.0M | — |
| 2026-03-31 | Fairmount Funds Management LLC | Sell | 7.0M | $34.66 |
| 2026-01-22 | Fairmount Funds Management LLC | Sell | 3.5M | $36.40 |
| 2025-12-26 | Kearns Evan | Sell | 65K | $38.70 |
| 2025-12-26 | Green John L. | Sell | 77K | $38.68 |
| 2025-12-26 | Sachs Jessica | Sell | 83K | $38.70 |
| 2025-12-26 | Robinson John Edward | Sell | 90K | $38.74 |
| 2025-12-17 | Robinson John Edward | Grant | 50K | — |
| 2025-12-17 | Robinson John Edward | Grant | 320K | — |
| 2025-12-17 | Robinson John Edward | Tax withheld | 140K | $39.45 |
| 2025-12-17 | Robbins Andrew R | Grant | 185K | — |
| 2025-12-17 | Robbins Andrew R | Grant | 840K | — |
| 2025-12-17 | Robbins Andrew R | Tax withheld | 367K | $39.45 |
| 2025-12-17 | Pinnow Cole | Grant | 50K | — |
| 2025-12-17 | Pinnow Cole | Grant | 214K | — |
| 2025-12-17 | Pinnow Cole | Tax withheld | 95K | $39.45 |
| 2025-12-17 | Sachs Jessica | Grant | 50K | — |
| 2025-12-17 | Sachs Jessica | Grant | 320K | — |
| 2025-12-17 | Sachs Jessica | Tax withheld | 155K | $39.45 |
| 2025-12-17 | Kearns Evan | Grant | 40K | — |
| 2025-12-17 | Kearns Evan | Grant | 260K | — |
| 2025-12-17 | Kearns Evan | Tax withheld | 126K | $39.45 |
| 2025-12-17 | Green John L. | Grant | 50K | — |
| 2025-12-17 | Green John L. | Grant | 300K | — |
| 2025-12-17 | Green John L. | Tax withheld | 145K | $39.45 |
| 2025-07-10 | Fairmount Funds Management LLC | Buy | 2.8M | $9.00 |
| 2025-01-14 | Pinnow Cole | Buy | 44K | $7.60 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07383506 ↗ | A Study of Mutant Selective-Inhibitor (CGT6297), in Patients With Advanced Solid Tumors PIK3CA Mutations, Advanced Solid Tumors, Adult | PHASE1 | Recruiting | 2029-07-01 |
| NCT07361562 ↗ | A Study of a Selective ERBB2 Inhibitor (CGT4255), in Patients With Advanced Solid Tumors Advanced Solid Tumor, Adult, ERBB2 Altered Breast Cancer | PHASE1 | Recruiting | 2028-05-01 |
| NCT06777316 ↗ | A Study of an FGFR2/3 Inhibitor (CGT4859) in Patients With Cholangiocarcinoma and Other Advanced Solid Tumors Intrahepatic Cholangiocarcinoma (Icc), Cholangiocarcinoma | PHASE1/PHASE2 | Active Not Recruiting | 2027-03-01 |
| NCT05208047 ↗ | (Peak) A Phase 3 Randomized Trial of CGT9486+Sunitinib vs. Sunitinib in Subjects With Gastrointestinal Stromal Tumors Advanced Gastrointestinal Stromal Tumors, Metastatic Cancer | PHASE3 | Recruiting | 2025-09-30 |
| NCT04996875 ↗ | (Apex) Bezuclastinib in Patients With Advanced Systemic Mastocytosis Advanced Systemic Mastocytosis (AdvSM), SM With an Associated Hematologic Neoplasm (SM-AHN) | PHASE2 | Recruiting | 2025-09-19 |
| NCT05186753 ↗ | (Summit) A Study to Evaluate the Efficacy and Safety of CGT9486 Versus Placebo in Patients With Indolent or Smoldering Systemic Mastocytosis SSM, Mastocytosis, Indolent | PHASE2 | Active Not Recruiting | 2025-05-22 |
| NCT02840110 ↗ | Long-Term Follow-Up Study of Subjects Treated With ACTR T Cell Product B Cell Lymphomas, Multiple Myeloma | — | Terminated | 2020-10-23 |
| NCT03189836 ↗ | Study of ACTR707 in Combination With Rituximab in Subjects With Relapsed or Refractory B Cell Lymphoma Lymphoma | PHASE1 | Terminated | 2020-09-21 |
| NCT02401815 ↗ | CGT9486 (Formerly Known as PLX9486) as a Single Agent and in Combination With PLX3397 (Pexidartinib) or Sunitinib in Participants With Advanced Solid Tumors Gastrointestinal Stromal Tumors | PHASE1/PHASE2 | Completed | 2020-05-11 |
| NCT03680560 ↗ | Study of ACTR T Cell Product in Combination With Trastuzumab in Subjects With HER2-Positive Advanced Solid Tumor Cancers Solid Tumor, HER-2 Protein Overexpression | PHASE1 | Terminated | 2020-03-12 |
| NCT02776813 ↗ | Study of ACTR087 in Subjects With Relapsed or Refractory B-cell Lymphoma Lymphoma | PHASE1 | Completed | 2020-02-12 |
| NCT03266692 ↗ | Study of ACTR087 in Combination With SEA-BCMA in Subjects With Relapsed or Refractory Multiple Myeloma Multiple Myeloma, Multiple Myeloma in Relapse | PHASE1 | Terminated | 2019-10-01 |
| NCT06948955 ↗ | Expanded Access to Bezuclastinib to be Coadministered With Sunitinib for Patients With Gastrointestinal Stromal Tumors Gastrointestinal Neoplasms, Gastrointestinal Stromal Tumors | — | Available | |
| NCT06915766 ↗ | Expanded Access to Bezuclastinib for Patients With NonAdvanced Systemic Mastocytosis or Advanced Systemic Mastocytosis Systemic Mastocytoses, Indolent, Systemic Mastocytoses, Aggressive | — | Available |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-11 | Shareholder vote | filing ↗ |
| 2026-05-05 | ResultsExhibits | filing ↗ |
| 2026-02-17 | ResultsExhibits | filing ↗ |
| 2025-12-08 | Other | filing ↗ |
| 2025-11-18 | Material agreementDebt obligationExhibits | filing ↗ |
| 2025-11-13 | Material agreementOtherExhibits | filing ↗ |
| 2025-11-10 | Reg FDOtherExhibits | filing ↗ |
| 2025-11-03 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-11 | 2026-06-09 | 0001193125-26-267566 ↗ |
| 10-Q | 2026-05-05 | 2026-03-31 | 0001193125-26-205170 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001193125-26-205124 ↗ |
| 10-K | 2026-02-17 | 2025-12-31 | 0001193125-26-053334 ↗ |
| 8-K | 2026-02-17 | 2026-02-17 | 0001193125-26-053131 ↗ |
| 8-K | 2025-12-08 | 2025-12-06 | 0001193125-25-311217 ↗ |
| 8-K | 2025-11-18 | 2025-11-18 | 0001193125-25-286158 ↗ |
| 8-K | 2025-11-13 | 2025-11-11 | 0001193125-25-278679 ↗ |
| 8-K | 2025-11-10 | 2025-11-10 | 0001193125-25-273315 ↗ |
| 10-Q | 2025-11-07 | 2025-09-30 | 0001193125-25-272334 ↗ |
| 8-K | 2025-11-03 | 2025-11-03 | 0001193125-25-261797 ↗ |
| 8-K | 2025-09-11 | 2025-09-05 | 0001193125-25-201353 ↗ |