Overview

• U.S. biotech firm's Q1 net loss widened yr/yr on higher R&D and G&A expenses

• Company ended Q1 with $866.4 mln in cash, expects runway into 2028

• Cogent preparing for dual launches of bezuclastinib in SM and GIST, pending FDA approvals

Outlook

• Company expects to launch bezuclastinib for SM and GIST in second half of 2026, pending FDA approval

• Cogent expects to submit NDA for bezuclastinib in Advanced Systemic Mastocytosis in first half of 2026

• Company says existing cash expected to fund operations and commercialization into 2028

Result Drivers

• R&D SPENDING - Higher R&D expenses driven by increased early-stage, preclinical and discovery programs, and one-time costs from winding down the FGFR clinical program

• COMMERCIAL PREPARATION - G&A expenses rose mainly due to organizational growth and activities related to anticipated commercial launch of bezuclastinib

Company press release: ID:nGNXbvHRz8

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 11 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Cogent Biosciences Inc is $55.00, about 49.7% above its May 4 closing price of $36.73

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