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what it is
Cogent Biosciences develops targeted medicines for genetically defined diseases.
how it gets paid
Cogent is pre-commercial: no meaningful product revenue in the filing view. Pipeline cards below show where attention sits—not dollars of sales.
what just happened
Cogent posted -$1.55 EPS in the latest quarter while revenue stayed undisclosed.
At a glance
B+ balance sheet — decent shape, but not bulletproof
40/100 earnings predictability — expect surprises
-$1.94 fy2024 eps est
0.9 beta
~$6B market cap
xvary composite: 65/100 — average
What they do
Cogent Biosciences develops targeted medicines for genetically defined diseases.
Bezuclastinib is built for the KIT D816V mutation and other KIT exon 17 mutations. That is a narrow target, which is the point. If your disease sits in that lane, leaving is painful because the alternatives are limited. The company also has 205 employees, so this is a small team aiming at a very specific problem.
How they make money
n/a
annual revenue
Bezuclastinib, systemic mastocytosis
$0
Bezuclastinib, GIST
$0
FGFR2 inhibitor
$0
Corporate and early discovery
$0
$0 across rows: no product revenue to chart; names are pipeline focus, not % of sales.
The products that matter
lead drug candidate
bezuclastinib
three planned 2026 regulatory shots
it is the entire clinical story, with three planned 2026 filings or approval paths across aGIST, NonAdvSM, and AdvSM. If this asset works, the company becomes commercial. If it slips, the wait gets longer.
pipeline
Key numbers
-$1.94
fy2024 eps est
n/a
fy rev est
n/a
trailing p/e
n/a
dividend yield
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 1 — safer than 95% of stocks
- price stability 5 / 100
- long-term debt $59M (1% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for COGT right now.
source: institutional data · return history unavailable
What just happened
verify Q vs FY est.
Cogent posted -$1.55 EPS in the latest quarter while revenue stayed undisclosed.
The latest quarter still showed a loss. Consensus on the strip was about -$1.94 EPS for FY2024 (full year), which is not the same window as a single-quarter -$1.55—beat/miss here depends on which estimate you pair with which period.
-$1.55
eps
n/a
n/a
n/a
n/a
the number that mattered
The -$1.55 EPS loss mattered most because it says the company is still spending on the pipeline, not harvesting sales.
source: company earnings report, 2025
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What could go wrong
The #1 risk here is bezuclastinib not becoming a real product on schedule. Cogent has zero revenue today, one clinical asset, and a valuation that assumes 2026 starts converting science into sales.
med
single-asset dependence
There is one asset that matters: bezuclastinib. At a ~$6B market cap and no revenue, you do not have portfolio diversification inside the company. You have concentration.
If this drug disappoints, there is no second business line to catch the fall.
med
regulatory slippage or rejection
The NonAdvSM NDA was accepted in March 2026, but review is not approval. Two more 2026 filings are planned, which means the timeline itself has become part of the thesis.
A delay or complete response would push revenue further out from a business already generating zero sales.
med
competition in all three target settings
Management is not launching into empty markets. Bezuclastinib faces competition across aGIST, NonAdvSM, and AdvSM, so approval alone may not settle the commercial debate.
You could get the label and still learn the market opportunity was priced too generously.
med
commercial transition risk
H2 2026 is supposed to mark the shift from R&D story to launch story. That sounds clean on a slide. It rarely is in real life.
If launch timing slips, the company remains a cash-burning biotech for longer, even with the June 2025 $400M financing in place.
A delay in approval, filing, or launch would pressure a ~$6B valuation that is currently backed by zero revenue and one core asset.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
NonAdvSM FDA review path
The NDA was accepted in March 2026. That keeps the first approval path live. Any review delay would matter because this is the nearest shot at turning zero revenue into commercial revenue.
filings
the other two planned 2026 submissions
Cogent still wants two more 2026 filings for bezuclastinib in aGIST and AdvSM. Same asset. More shots on goal. More ways for the timeline to slip.
competition
what approval would actually buy you
Competition exists in all three target indications. Watch how the company talks about differentiation, not just approval mechanics. A label is necessary. It is not sufficient.
launch
H2 2026 commercialization readiness
This is when the story is supposed to leave the clinic and meet the real world. Hiring, launch commentary, and early demand signals will tell you whether 2026 is a handoff or just another promise.
Analyst rankings
earnings predictability
40 / 100
Low predictability means the model is fragile. In human-speak, analysts cannot anchor this name with normal earnings math because the real variables are clinical and regulatory.
risk rank
1
This measure says safer than 95% of stocks. Read that carefully. It reflects balance-sheet and statistical factors, not whether one drug gets approved.
beta
0.9
Beta: 0.9. The stock has moved a bit less than the market on average. That does not make it safe. It means the real volatility comes from company-specific events.
source: institutional data
Institutional activity
institutional ownership data for COGT is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$38
current price
n/a
target midpoint · n/a from current
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