COGTCogent Biosciences, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$331M
- 21% YoY
- Market cap
- —
- Employees
- —
- Net debt / EBITDA
- —
- $42M net debt
- AI in 10-K
- —
Red flags 1 of 9
- TSR below peersClear—3+ of last 5 years
- High CEO pay despite TSRClear—Median CEO pay ≥ $15M and TSR flag
- Active 13DClear0 filingsActive-intent 13D in 18 months
- Net insider sellingClear$0 netNet sales over $10M in 12 months
- Earnings not backed by cashClear—Cash flow under 80% of net income
- Dilutive SBCFired585% of revenueOver 10% of revenue
- Payouts exceed cash flowClear0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyClear—Over 40% of assets
- Shareholder dissentClear—Any vote under 80% support
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$76M | −$148M | −$208M | −$276M | −$333M | 21% |
| Net income | −$72M | −$140M | −$192M | −$256M | −$329M | 29% |
| Operating cash flow | −$59M | −$119M | −$154M | −$208M | −$264M | 27% |
| Capex | $2M | $7M | $3M | $573K | $2M | 171% |
| Stock-based comp | $12M | $18M | $31M | $40M | $46M | 16% |
Deal filings
None.
13D filers
None on file.
Insider trading
No open-market trades in the last 12 months.
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $28M | $117M | 414 | 121 |
| FY2024 | $5M | $12M | 91 | 91 |
| FY2023 | $8M | −$202K | 69 | 92 |
| FY2022 | $4M | $10M | 135 | 89 |