Cogent Biosciences Inc (COGT) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 5, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the COGT SEC filings page.
This page shows Cogent Biosciences Inc (COGT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Externally financed research expansion keeps liquidity high even as development losses deepen and cash conversion remains negative.
In FY2025, the net loss was$329M while operating cash flow was-$264M , showing that accounting losses are translating into substantial cash use rather than being mainly non-cash. Free cash flow was-$266M , nearly matching operating cash flow because capital spending was only$2M ; the cash burden is therefore centered on operations, especially development activity.
The cost structure is research-led: R&D reached
The balance sheet expanded sharply, with total assets rising from
Financial Health Signals
Cogent Biosciences Inc does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Cogent Biosciences Inc passes 3 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
Cogent Biosciences Inc reported a net loss of $328.9M while operations used $264.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cogent Biosciences Inc reported an operating loss of $333.4M against $3.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cogent Biosciences Inc's EBITDA was -$101.9M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 36.0% from the same quarter a year earlier. Against the prior quarter it is up 1.1%.
Cogent Biosciences Inc reported -$96.4M in net income in Q2 2026. This represents a decrease of 31.1% from the same quarter a year earlier. Against the prior quarter it is up 1.0%.
Cogent Biosciences Inc earned -$0.52 per diluted share (EPS) in Q2 2026. This represents an increase of 1.9% from the same quarter a year earlier. Against the prior quarter it is up 1.9%.
Not reported for Q2 2026.
Cash & Balance Sheet
Cogent Biosciences Inc recorded an outflow of $77.6M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 42.0% from the same quarter a year earlier. Against the prior quarter it is up 11.1%.
Cogent Biosciences Inc held $181.2M in cash against $223.5M in long-term debt as of Q2 2026.
Not reported for Q2 2026.
Margins & Returns
Cogent Biosciences Inc's ROE was -18.1% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 29.3 percentage points from the same quarter a year earlier. Against the prior quarter it is down 2.1 percentage points.
Not reported for Q2 2026.
Not reported for Q2 2026.
Not reported for Q2 2026.
Capital Allocation
Cogent Biosciences Inc invested $70.8M in research and development in Q2 2026. This represents an increase of 13.8% from the same quarter a year earlier. Against the prior quarter it is down 6.0%.
Cogent Biosciences Inc invested $370K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 182.4% from the same quarter a year earlier. Against the prior quarter it is down 17.6%.
Not reported for Q2 2026.
COGT Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| R&D Expenses | $70.8M+13.8% | $75.4M+19.6% | N/A | $69.0M+8.4% | $62.2M+14.6% | $63.0M+19.6% | N/A | $63.6M+26.9% |
| SG&A Expenses | $31.8M+137.9% | $28.2M+137.2% | N/A | $14.4M+21.7% | $13.4M+32.6% | $11.9M+22.7% | N/A | $11.8M+24.8% |
| Operating Income | -$102.6M-35.8% | -$103.6M-38.3% | N/A | -$83.4M-10.5% | -$75.6M-17.4% | -$74.9M-20.1% | N/A | -$75.4M-26.6% |
| EBITDA | -$101.9M-36.0% | -$103.0M-38.6% | N/A | -$82.7M-10.6% | -$74.9M-17.5% | -$74.3M-20.2% | N/A | -$74.8M-26.8% |
| Interest Expense | $1.2M+287.6% | $1.2M | N/A | $1.5M | $314K | N/A | N/A | N/A |
| Net Income | -$96.4M-31.1% | -$97.4M-35.2% | N/A | -$80.9M-14.6% | -$73.5M-24.7% | -$72.0M-23.4% | N/A | -$70.6M-27.5% |
| EPS (Basic) | -$0.52+1.9% | -$0.53-1.9% | -$0.61-22.0% | -$0.50+3.8% | -$0.53-23.3% | -$0.52-6.1% | -$0.50-233.3% | -$0.52+18.8% |
| EPS (Diluted) | -$0.52+1.9% | -$0.53-1.9% | -$0.61-22.0% | -$0.50+3.8% | -$0.53-23.3% | -$0.52-6.1% | -$0.50-233.3% | -$0.52 |
| Diluted Shares (Avg) | 171M+49.4% | 162M+43.1% | N/A | 138M+24.9% | 114M+15.3% | 113M+19.5% | N/A | 110M |
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, Income Tax.
COGT Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $834.5M+203.7% | $903.0M+218.2% | $937.6M+185.9% | $425.9M+10.9% | $274.8M-36.1% | $283.8M-40.4% | $327.9M+4.6% | $384.0M+8.0% |
| Current Assets | $804.8M+228.5% | $877.8M+247.1% | $910.4M+207.1% | $397.2M+16.3% | $245.0M-33.8% | $252.9M-42.8% | $296.5M+9.5% | $341.5M+19.4% |
| Cash & Equivalents | $181.2M+42.0% | $241.2M+91.4% | $312.0M+217.8% | $125.3M+29.1% | $127.6M+44.6% | $126.0M-41.6% | $98.2M+84.4% | $97.0M+11.8% |
| Short-Term Investments | $611.1M+454.3% | $625.2M+422.5% | $588.8M+211.7% | $265.6M+11.4% | $110.3M-59.9% | $119.7M-45.6% | $188.9M-11.1% | $238.5M+24.1% |
| Long-Term Investments | $0 | $0 | $0 | $0-100.0% | $0-100.0% | $0 | $0-100.0% | $10.0M-70.3% |
| Total Liabilities | $302.2M+152.3% | $295.3M+355.7% | $301.2M+320.7% | $123.5M+78.0% | $119.8M+111.2% | $64.8M+20.5% | $71.6M+28.7% | $69.4M+32.0% |
| Current Liabilities | $59.3M+1.5% | $58.0M+17.6% | $64.0M+14.8% | $62.2M+17.3% | $58.4M+46.0% | $49.3M+34.4% | $55.7M+46.0% | $53.0M+52.8% |
| Non-Current Liabilities | $242.9M+295.8% | $237.3M+1432.7% | $237.3M+1392.2% | $61.2M+275.4% | $61.4M+267.2% | $15.5M-9.4% | $15.9M-9.0% | $16.3M-8.5% |
| Long-Term Debt | $223.5M+408.4% | $223.2M | $222.9M | $44.3M | $43.9M | N/A | $0 | N/A |
| Total Equity | $532.4M+243.4% | $607.7M+177.5% | $636.4M+148.3% | $302.5M-3.9% | $155.0M-58.5% | $219.0M-48.1% | $256.3M-0.6% | $314.7M+3.9% |
| Retained Earnings | -$1.4B-37.5% | -$1.3B-38.0% | -$1.2B-38.3% | -$1.1B-37.2% | -$1.0B-39.4% | -$931.5M-40.7% | -$859.5M-42.4% | -$791.6M-44.1% |
Not reported in any period shown, so not listed: Inventory, Accounts Receivable, Goodwill.
COGT Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$77.3M-41.7% | -$86.9M-30.6% | -$79.1M-30.6% | -$64.3M-23.7% | -$54.5M-27.7% | -$66.5M-26.6% | -$60.6M-37.5% | -$52.0M-36.9% |
| Depreciation & Amortization | $741K+13.1% | $626K-2.2% | $664K-1.6% | $641K+3.4% | $655K+8.1% | $640K+6.8% | $675K+7.5% | $620K+6.7% |
| Stock-Based Compensation | $17.1M+76.1% | $16.9M+68.9% | N/A | $10.6M+2.4% | $9.7M-3.0% | $10.0M+6.5% | N/A | $10.4M+18.3% |
| Capital Expenditures | $370K+182.4% | $449K-17.9% | $811K+981.3% | $65K-76.8% | $131K-11.5% | $547K+681.4% | $75K-76.2% | $280K+131.4% |
| Free Cash Flow | -$77.6M-42.0% | -$87.3M-30.2% | -$79.9M-31.8% | -$64.4M-23.1% | -$54.7M-27.6% | -$67.1M-27.5% | -$60.7M-36.6% | -$52.3M-37.2% |
| Investing Cash Flow | $14.3M+60.3% | -$36.5M-152.5% | -$322.8M-623.4% | -$155.0M-357.6% | $8.9M+110.5% | $69.4M+6545.5% | $61.7M+488.0% | $60.2M+166.5% |
| Financing Cash Flow | $3.0M-93.7% | $52.5M+110.4% | $588.7M+2264011.5% | $217.4M+34734.5% | $47.2M+18548.0% | $25.0M-88.3% | $26K | $624K-37.6% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
COGT Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Return on Equity | -18.1%+29.3pp | -16.0%+16.8pp | N/A | -26.8%-4.3pp | -47.4%-31.6pp | -32.9%-19.1pp | N/A | -22.4%-4.2pp |
| Return on Assets | -11.6%+15.2pp | -10.8%+14.6pp | N/A | -19.0%-0.6pp | -26.8%-13.1pp | -25.4%-13.1pp | N/A | -18.4%-2.8pp |
| Current Ratio | 13.57+9.4x | 15.14+10.0x | 14.23+8.9x | 6.38-0.1x | 4.19-5.1x | 5.13-6.9x | 5.32-1.8x | 6.44-1.8x |
| Debt-to-Equity | 0.42+0.1x | 0.37+0.1x | 0.35+0.4x | 0.15-0.1x | 0.28+0.1x | 0.30+0.2x | 0.00-0.2x | 0.220.0x |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Asset Turnover, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Cogent Biosciences Inc COGT | FY2025 | N/A | -$328.9M | N/A | $6.0B | — |
| Celldex Therapeutics Inc CLDX | FY2025 | $1.5M | -$258.8M | N/A | $3.1B | 54/100 |
| Dyne Therapeutics, Inc. DYN | FY2025 | N/A | -$446 | N/A | $4.5B | — |
| Immunocore Holdings Plc IMCR | FY2025 | $400.0M | -$35.5M | -8.9% | $1.9B | 65/100 |
| Aurinia Pharmace AUPH | FY2025 | $283.1M | $287.2M | N/A | $2.1B | 56/100 |
| Mesoblast MESO | FY2025 | $17.2M | -$102.1M | N/A | $2.2B | 27/100 |
Where Cogent Biosciences Inc Ranks
Frequently Asked Questions
Is Cogent Biosciences Inc profitable?
No, Cogent Biosciences Inc (COGT) reported a net income of -$328.9M in fiscal year 2025.
What is Cogent Biosciences Inc's EBITDA?
Cogent Biosciences Inc (COGT) had EBITDA of -$330.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cogent Biosciences Inc have?
As of fiscal year 2025, Cogent Biosciences Inc (COGT) had $312.0M in cash and equivalents against $222.9M in long-term debt.
What is Cogent Biosciences Inc's return on equity (ROE)?
Cogent Biosciences Inc (COGT) has a return on equity of -51.7% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cogent Biosciences Inc's free cash flow?
Cogent Biosciences Inc (COGT) recorded an outflow of $266.0M in free cash flow during fiscal year 2025. This represents a -27.7% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cogent Biosciences Inc's operating cash flow?
Cogent Biosciences Inc (COGT) recorded an outflow of $264.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cogent Biosciences Inc's total assets?
Cogent Biosciences Inc (COGT) had $937.6M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cogent Biosciences Inc's capital expenditures?
Cogent Biosciences Inc (COGT) invested $1.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cogent Biosciences Inc spend on research and development?
Cogent Biosciences Inc (COGT) invested $269.8M in research and development during fiscal year 2025.
What is Cogent Biosciences Inc's current ratio?
Cogent Biosciences Inc (COGT) had a current ratio of 14.23 as of fiscal year 2025, which is generally considered healthy.
What is Cogent Biosciences Inc's debt-to-equity ratio?
Cogent Biosciences Inc (COGT) had a debt-to-equity ratio of 0.35 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cogent Biosciences Inc's return on assets (ROA)?
Cogent Biosciences Inc (COGT) had a return on assets of -35.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Cogent Biosciences Inc's P/E ratio?
Cogent Biosciences Inc (COGT) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (FY2025). The market capitalization is $6.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Cogent Biosciences Inc's price-to-sales ratio?
Cogent Biosciences Inc (COGT) has no price-to-sales ratio at the moment: no revenue reported. The market capitalization is $6.0B as of Sep 5, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Cogent Biosciences Inc's liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cogent Biosciences Inc (COGT) held $900.8M in cash, cash equivalents and investments, and reported an operating cash outflow of $264.4M over that year. Dividing the one by the other, the reported balance equals about 41 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cogent Biosciences Inc's Piotroski F-Score?
Cogent Biosciences Inc (COGT) has a Piotroski F-Score of 3 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cogent Biosciences Inc's earnings high quality?
Cogent Biosciences Inc (COGT) reported a net loss of $328.9M while operations used $264.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cogent Biosciences Inc cover its interest payments?
Cogent Biosciences Inc (COGT) reported an operating loss of $333.4M against $3.1M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.