Income statement, balance sheet and cash flow statement for the last 9 fiscal years, taken from the XBRL data Cogent Biosciences, Inc. files with the SEC in its annual reports.
In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.
Income statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Revenue
8.36
9.73
22.5
7.87
Research and development
29.8
38.3
43.7
25.7
55.9
122
174
233
270
General and administrative
4.68
7.45
11
17.4
19.6
26.2
34.4
43.3
63.6
Operating income
-26.2
-36
-32.2
-82.2
-75.6
-148
-208
-276
-333
Interest expense
3.06
Interest income
0.39
1.15
0.27
0.14
0.47
3.99
13.1
18.1
14.7
Other non-operating income
0.66
1.47
0.35
7.39
3.28
7.6
15.7
20.1
4.43
Income tax
0
Net income
-25.5
-34.5
-31.8
-74.8
-72.3
-140
-192
-256
-329
EBITDA
-25
-34.7
-30.9
-81.5
-75.4
-147
-206
-273
-331
EPS, basic
-7.30
-4.04
-3.03
-11.70
-1.35
-1.73
-1.94
-1.94
-2.16
EPS, diluted
-7.30
-4.04
-3.03
-11.70
-1.35
-1.73
-1.94
-1.94
-2.16
Shares, basic (weighted)
3.5
8.56
10.5
15.3
53.5
58.7
79.7
104
129
Shares, diluted (weighted)
3.5
8.56
10.5
15.3
53.5
58.7
79.7
104
129
Balance sheet
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Cash and equivalents
28.3
55.7
37.4
242
220
140
53.2
98.2
312
Short-term investments
12.7
0
119
212
189
589
Receivables
0.83
1.67
2
Other current assets
0.51
0.74
1.17
2.72
2.95
4.44
5.06
9.4
9.59
Total current assets
42.4
81
40.6
245
223
265
271
296
910
Property, plant and equipment
4.11
3.25
1.87
0.13
1.71
7.78
8.34
6.47
5.46
Lease right-of-use assets
5.29
4.62
2.77
23.3
22
20.1
18.1
Long-term investments
0
7.46
Other non-current assets
0.42
0.43
3.73
4.75
4.86
4.86
3.3
Total assets
49.1
85.9
49.4
251
232
301
313
328
938
Accounts payable
1.35
1.52
3.18
0.73
3.48
5.84
10.7
12
9.5
Accrued liabilities
1.32
1.6
2.5
1.44
3.39
6.06
9.87
12.3
15.7
Deferred revenue
6.89
17.9
1.32
Total current liabilities
11.2
24.9
13.2
13.1
17.1
26.8
38.2
55.7
64
Long-term debt
0
Lease liabilities
4.41
3.16
0.83
18.2
17.5
15.9
14.4
Other non-current liabilities
0
0.03
Total liabilities
20.8
25.7
17.7
16.2
17.9
45.1
55.6
71.6
301
Total debt
0
223
Paid-in capital
2.5
152
156
322
400
601
801
1,005
1,735
Retained earnings
-51.3
-92.1
-124
-199
-271
-411
-604
-859
-1,188
Other comprehensive income
-0.02
-0.01
-0.1
0.25
0.45
0.36
Shareholders' equity
-48.8
60.2
31.8
235
214
256
258
256
636
Total equity
-48.8
60.2
31.8
235
214
256
258
256
636
Total liabilities and equity
49.1
85.9
49.4
251
232
301
313
328
938
Shares outstanding
3.51
10.3
10.6
44.7
60.5
69.9
86.1
110
161
Cash flow statement
FY2018
FY2018
FY2019
FY2020
FY2021
FY2022
FY2023
FY2024
FY2025
Net income
-25.5
-34.5
-31.8
-74.8
-72.3
-140
-192
-256
-329
Depreciation and amortization
1.17
1.32
1.29
0.72
0.15
0.8
2.3
2.5
2.6
Stock-based compensation
1.34
3.09
3.24
6.02
11.7
18.4
30.6
39.7
46.1
Deferred income tax
0
0
0
0
0
0
0
0
0
Change in receivables
0.1
-0.84
-0.33
2
Change in payables
-0.03
0.37
1.66
-2.45
2.75
2.36
4.81
1.36
-2.51
Cash from operations
-25.8
-32.5
-41.5
-35.9
-58.8
-119
-154
-208
-264
Capital expenditures
-0.91
-0.55
-0.03
-1.72
-6.86
-2.8
-0.57
-1.55
Purchases of investments
-6.5
-47.7
0
-178
-349
-256
-687
Sales and maturities of investments
21
37.7
23
0
60
254
294
289
Cash from investing
13.6
-10.5
23.2
8.42
-1.72
-125
-97.8
38.3
-400
Debt issued
0
0
49.3
Debt repaid
0
0
-54.6
Stock issued
0.06
0.61
0.11
25
0
0
162
0
11.5
Cash from financing
-0.73
70.3
0.11
232
38
164
164
214
878
Net change in cash
-13
27.3
-18.2
205
-22.5
-79.8
-87.9
44.9
214
Free cash flow
-26.7
-33
-41.5
-60.5
-126
-156
-208
-266
Interest paid
0
0
2.02
Income taxes paid
0
Key metrics
Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $32.31 on September 25, 2026.
Profitability
Metric
Value
How it is calculated
Return on equity (ROE)
-70.8%
Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)
-45.2%
Net income / average total assets.
Return on invested capital (ROIC)
-53.5%
Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Growth
Metric
Value
How it is calculated
Book value growth, 1y
148.3%
Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y
35.5%
Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y
22.1%
Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y
185.9%
Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y
46.1%
Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y
30.2%
Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y
24.1%
Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y
29.9%
Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y
53.1%
Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.
Balance sheet health
Metric
Value
How it is calculated
Current ratio
13.6x
Current assets / current liabilities.
Quick ratio
13.4x
(Cash + short-term investments + receivables) / current liabilities.
Cash ratio
13.4x
(Cash + short-term investments) / current liabilities.
Debt / equity
0.42x
Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets
26.8%
Total debt / total assets.
Liabilities / assets
36.2%
Total liabilities / total assets.
Net debt
-$568.8M
Total debt - cash - short-term investments. Negative means more cash than debt.
Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share
-$1.81
Free cash flow / diluted weighted shares.
Operating cash flow per share
-$1.80
Cash from operations / diluted weighted shares.
Book value per share
$3.10
Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Market cap + total debt - cash - short-term investments.
P/B
10.5x
Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book
10.5x
Market cap / tangible book value, when positive.
FCF yield
-5.5%
Free cash flow / market cap.
Earnings yield
-6.7%
Net income / market cap (the inverse of P/E).
Was Cogent Biosciences, Inc. profitable in fiscal 2025?
No. It reported a net loss of $328.9M.
How much free cash flow did Cogent Biosciences, Inc. generate in fiscal 2025?
Cash from operations of $264.4M minus capital expenditures of $1.6M left free cash flow of -$266.0M.
Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.