Cogent Biosciences(COGT) - 2024 Q3 - Quarterly Results

Clinical Trials - Top-line results from the registration-directed SUMMIT, PEAK, and APEX trials are expected in 2025[1] - Enrollment in the Phase 3 PEAK trial for GIST patients was completed with a total of 413 patients, focusing on median progression-free survival (mPFS) as the primary endpoint[3] - A Phase 1 trial for CGT-4859, a reversible FGFR2 inhibitor, was initiated, with preliminary results expected in 2025[6] - The company plans to present updated clinical data from SUMMIT and APEX at the ASH annual meeting in December 2024[5] - Anticipated milestones include completing enrollment in SUMMIT Part 2 in Q1 2025 and delivering top-line results from PEAK by the end of 2025[10] Financial Performance - Research and development expenses for Q3 2024 were $63.6 million, up from$50.1 million in Q3 2023, reflecting increased costs associated with trial enrollments[14] - General and administrative expenses for Q3 2024 were $11.8 million, compared to$9.5 million in Q3 2023, primarily due to organizational growth[15] - Net loss for Q3 2024 was $70.6 million, compared to a net loss of$55.4 million for the same period in 2023[16] - Cash position as of September 30, 2024, was $345.5 million, down from$389.9 million as of June 30, 2024, sufficient to fund operations into late 2026[13] - Total assets as of September 30, 2024, were $384.0 million, compared to$313.4 million as of December 31, 2023[21]