Cogent reports positive SUMMIT trial, Q2 net loss $73.5M; pro-forma cash $453M

Cogent Biosciences, Inc.

2025-Q2 EPS reported -$1.05

SUMMIT trial met primary endpoint: TSS improvement 8.91 points vs placebo (p=0.0002); 87.4% bezuclastinib patients had ≥50% tryptase reduction.
Upcoming milestones: PEAK and APEX top-line results in 2H 2025; NDA submission by end of 2025.
Q2 net loss $73.5M (vs $59.0M YoY); R&D $62.2M; G&A $13.4M; cash $237.8M at June 30, 2025.
Pro-forma cash $453M including $215.8M net from July upsized offering; $400M debt facility with SLR Capital.
Inducement grants to 6 new employees: 172,450 options at $9.00, 10-yr term, 4-yr vest.

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