Cogent Biosciences, Inc.

For the period ended Dec 31, 2025. Filed Feb 17, 2026.

About this filing

A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 17, 2026

COGT$31.64-5.7%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

	Year Ended December 31,
	2025	2024	2023
Cash flows from operating activities:
Net loss	$(328,937)	$(255,859)	$(192,410)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	2,564	2,450	2,270
Stock-based compensation expense	46,079	39,740	30,621
Amortization of right-of-use operating lease assets	2,019	1,901	1,318
Change in fair value of CVR liability	—	—	(1,700)
Net amortization (accretion) of premiums (discounts) on marketable securities	(1,962)	(7,619)	(5,173)
Loss on disposal of property and equipment	—	—	8
Amortization of debt discount and issuance costs	601	—	—
Loss on debt extinguishment	7,181	—	—
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(195)	(4,334)	(626)
Other assets	1,561	2	(119)
Accounts payable	(2,509)	1,358	4,813
Accrued expenses and other current liabilities	10,686	15,956	8,170
Operating lease liability	(1,565)	(1,386)	(796)
Other liabilities	33	—	—
Net cash used in operating activities	(264,444)	(207,791)	(153,624)
Cash flows from investing activities:
Purchases of property and equipment	(1,554)	(573)	(2,796)
Purchases of marketable securities	(687,171)	(255,603)	(348,803)
Maturities and sales of marketable securities	289,199	294,452	253,775
Net cash provided by (used in) investing activities	(399,526)	38,276	(97,824)
Cash flows from financing activities:
Proceeds from long-term debt	49,291	—	—
Repayment of long-term debt	(54,635)	—	—
Proceeds from convertible senior notes	223,100	—	—
Payment of debt issuance costs	(2,622)	—	—
Proceeds from issuance of common stock in public offerings, net of offering costs of $35.3 million	539,776	—	—
Proceeds from issuance of common stock in public offering, net of offering costs of $10.7 million	—	—	161,819
Proceeds from issuance of common stock under ATM, net of issuance costs of $4.9 million	159,323	—	—
Proceeds from issuance of common stock and Series B non-voting convertible preferred stock in connection with the Private Placement, net of offering costs $11.7 million	—	213,336	—
Taxes paid related to net share settlement of equity awards	(48,896)	—	—
Proceeds from issuance of common stock upon stock option exercises	11,546	199	965
Proceeds from issuance of stock from employee stock purchase plan	1,350	916	752
Net cash provided by financing activities	878,233	214,451	163,536
Net increase (decrease) in cash, cash equivalents and restricted cash	214,263	44,936	(87,912)
Cash, cash equivalents and restricted cash at beginning of period	98,165	53,229	141,141
Cash, cash equivalents and restricted cash at end of period	$312,428	$98,165	$53,229
Supplemental disclosure of cash flow information:
Cash paid for interest	2,015	—	—
Supplemental disclosure of noncash investing and financing information:
Debt discount included in accrued expenses and other liabilities	20	—	—
Offering costs included in accounts payable and accrued expenses	64	49	30
Property & equipment included in accounts payable and accrued expenses	—	—	43
Conversion of Series A Preferred Stock into common stock	2,685	3,520	5,795
Conversion of Series B Preferred Stock into common stock	18,522	107,980	—

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