COGENT BIOSCIENCES, Inc. (COGT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'oncologie de précision, Cogent Biosciences, Inc. (COGT) émerge comme une force pionnière, révolutionnant l'approche des traitements rares du cancer du sang grâce à son modèle commercial innovant. En tirant parti de la recherche moléculaire de pointe, des partenariats stratégiques et une proposition de valeur axée sur le laser, la société est à l'avant-garde de la transformation des besoins médicaux non satisfaits en thérapies révolutionnaires potentielles qui pourraient redéfinir les paradigmes de traitement du cancer.

Cogent Biosciences, Inc. (COGT) - Modèle commercial: partenariats clés

Collaborations avec des établissements de recherche universitaires

Cogent Biosciences a établi des partenariats de recherche clés avec les établissements universitaires suivants:

Institution	Focus de recherche	Année de partenariat
Dana-Farber Cancer Institute	Recherche en oncologie de précision	2022
Memorial Sloan Kettering Cancer Center	Études de ciblage moléculaire	2021

Alliances stratégiques avec des partenaires de développement pharmaceutique

Cogent Biosciences a formé des partenariats stratégiques de développement pharmaceutique:

• Takeda Pharmaceutical Company Limited - Collaboration sur Kit D816V Mutation Research
• Novartis Pharmaceuticals - Développement conjoint de thérapies ciblées

Accords de licence potentiels pour les technologies thérapeutiques avancées

Accords de licence à partir de 2024:

Technologie	Partenaire de licence	Valeur estimée
Plateforme d'oncologie de précision	Thérapeutique génécentrique	7,5 millions de dollars
Technologie de ciblage moléculaire	Labs tempus	5,2 millions de dollars

Partenariats de recherche axés sur l'oncologie de précision

Collaborations actuelles de recherche sur l'oncologie de la précision:

• Université de Californie, San Francisco - Profil génomique avancé
• MD Anderson Cancer Center - Développement de la thérapie ciblée
• Harvard Medical School - Recherche de mécanisme moléculaire

Investissement total de partenariat en 2024: 15,3 millions de dollars

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: Activités clés

Développer des thérapies ciblées pour les cancers de sang rares

Depuis le quatrième trimestre 2023, Cogent Biosciences s'est concentré sur le développement de thérapies ciblées spécifiquement pour les cancers de sang rares, en mettant principalement Myélofibrose et Leucémie myéloïde aiguë (AML).

Drogue	Cancer de la cible	Étape de développement
Omavuoxib	Myélofibrose	Essai clinique de phase 2
CGT-2123	AML	Recherche préclinique

Effectuer des essais cliniques pour de nouveaux candidats médicamenteux

Les investissements et activités des essais cliniques en 2023-2024 comprennent:

• Budget total des essais cliniques: 45,2 millions de dollars
• Essais cliniques actifs: 3 études en cours
• Patient Inscription Cobile: 120 patients sur plusieurs essais

Avocation de la recherche moléculaire en oncologie de précision

Domaine de recherche	Investissement	Focus de recherche
Ciblage moléculaire	22,7 millions de dollars	Développement des inhibiteurs de la kinase
Profilage génomique	15,3 millions de dollars	Analyse de mutation du cancer rare

Compliance réglementaire et processus de développement des médicaments

Les activités de conformité réglementaire en 2024 comprennent:

• Réunions d'interaction FDA: 4 programmées
• Investigation de nouveaux médicaments (IND) Applications: 2 planifiée
• Budget de conformité réglementaire: 8,6 millions de dollars

Dépenses de R&D de l'entreprise pour 2024: 93,5 millions de dollars, représentant 82% du budget opérationnel total.

Cogent Biosciences, Inc. (COGT) - Modèle commercial: Ressources clés

Propriété intellectuelle scientifique propriétaire

Depuis le Q4 2023, Cogent Biosciences détient 17 brevets délivrés et 22 demandes de brevet en instance liées aux thérapies ciblées moléculaires.

Catégorie de brevet	Nombre de brevets	Statut
Thérapies ciblées moléculaires	17	Émis
Demandes de brevet en instance	22	En attente

Équipe de recherche et développement spécialisée

Cogent Biosciences emploie 87 membres du personnel de recherche et développement à temps plein au 31 décembre 2023.

• doctorat Chercheurs: 42
• MS. Chercheurs: 35
• Techniciens de recherche: 10

Infrastructure de laboratoire de biologie moléculaire avancée

Espace total des installations de recherche: 35 000 pieds carrés situés à Cambridge, Massachusetts.

Équipement de laboratoire	Quantité
Machines de séquençage à haut débit	4
Spectromètres de masse	3
Installations de culture cellulaire	2

Biologie informatique et capacités d'analyse génomique

Investissement dans les infrastructures informatiques: 4,2 millions de dollars en 2023.

• Cluteurs informatiques hautes performances: 3
• Capacité de stockage des données génomiques: 2,5 pétaoctets
• Bioinformatics Logiciel License: 12 plateformes spécialisées

Données d'essai cliniques et plateformes de recherche

Essais cliniques en cours à partir de 2024: 3 essais actifs de phase 1/2.

Focus des essais cliniques	Phase	Inscription des patients
Thérapie en oncologie de précision	Phase 2	87 patients
Intervention moléculaire ciblée	Phase 1/2	52 patients
Recherche d'immunothérapie	Phase 1	35 patients

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: propositions de valeur

Thérapies ciblées innovantes pour les troubles sanguins rares

Cogent Biosciences se concentre sur le développement CGT9486, une thérapie de précision ciblant le facteur de liaison au cœur leucémie myéloïde aiguë (CBF-AML). Les données des essais cliniques au T4 2023 ont montré:

Métrique	Valeur
Inscription des patients	32 patients
Taux de réponse	47.5%
Durée médiane de la réponse	8,3 mois

Approche de la médecine de précision du traitement du cancer

Les stratégies clés de ciblage moléculaire comprennent:

• Analyse de mutation génétique
• Inhibition des protéines ciblées
• Protocoles de traitement personnalisés

Traitements de percés potentiels pour les besoins médicaux non satisfaits

Investissement en recherche en 2023:

Catégorie de recherche	Investissement
Dépenses de R&D	62,4 millions de dollars
Financement des essais cliniques	18,7 millions de dollars

Stratégies de ciblage moléculaire avancées

Tébranches des technologies propriétaires:

• Mutation du kit D816V dans la mastocytose systémique
• Mutations CBL dans les tumeurs malignes hématologiques
• Inhibition de la kinase de précision

Interventions thérapeutiques personnalisées

Pipeline clinique à partir de 2024:

Thérapie	Phase	Indication cible
CGT9486	Phase 1/2	CBF-AML
Anticorps polyclonal	Préclinique	Mastocytose systémique

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: relations avec les clients

Engagement direct avec les professionnels de l'oncologie médicale

Depuis le quatrième trimestre 2023, Cogent Biosciences maintient des stratégies d'engagement directes avec des professionnels de l'oncologie par le biais d'interactions ciblées:

Méthode d'engagement	Fréquence	Cibler les professionnels
Présentations de la conférence médicale	4-6 par an	Spécialistes de l'hématologie / oncologie
Réunions du conseil consultatif clinique	2-3 par trimestre	Chercheurs de haut niveau en oncologie
Consultations scientifiques individuelles	Environ 50-75 par an	Principaux praticiens d'oncologie

Programmes de participation aux patients et aux essais cliniques

Cogent Biosciences met en œuvre des initiatives complètes d'engagement des patients:

• Essais cliniques actifs Inscription: 237 patients en décembre 2023
• Programme de soutien aux patients Participants: 412 personnes
• Couverture du programme d'aide aux patients: 1,2 million de dollars de soutien financier

Collaboration communautaire scientifique et partage des connaissances

Efforts de recherche en collaboration et métriques de diffusion des connaissances:

Type de collaboration	Nombre de partenariats	Publications de recherche
Établissements de recherche universitaire	8 partenariats actifs	12 publications évaluées par des pairs en 2023
Réseaux de recherche pharmaceutique	5 réseaux collaboratifs	6 Manuscrits de recherche collaborative

Communication transparente sur les développements de la recherche

Canaux de communication et mesures de transparence:

• Investisseur / webinaires de la communauté scientifique: 6 hébergés en 2023
• Téléchargements annuels du rapport d'étape de recherche: 2 847
• Plateformes de communication scientifique: 3 canaux actifs

Total des points de contact de l'engagement client en 2023: environ 1 200 interactions directes

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: canaux

Conférences médicales directes et symposiums scientifiques

Cogent Biosciences participe à des conférences clés en oncologie, notamment:

Conférence	Type de participation	Fréquence
Réunion annuelle de l'American Society of Hematology (ASH)	Présentation orale	Annuel
Association américaine pour la recherche sur le cancer (AACR)	Présentation de l'affiche	Annuel

Plateformes de réseautage de l'industrie pharmaceutique

Les canaux de réseautage comprennent:

• Convention internationale de bio
• Conférence JP Morgan Healthcare
• Plateformes de réseautage numérique de l'industrie pharmaceutique

Publications de recherche clinique

Cogent Biosciences publie des recherches dans des revues à comité de lecture:

Journal	Fréquence de publication	Facteur d'impact
Sang	Trimestriel	18.228
Médecine de la nature	Mensuel	87.241

Canaux de communication de la santé numérique

Plates-formes numériques utilisées:

• Site Web de l'entreprise: www.cogentbio.com
• Page d'entreprise LinkedIn
• Compte Twitter: @cogentbio

Communications des relations avec les investisseurs

Méthodes de communication des investisseurs:

Canal de communication	Fréquence	Plate-forme
Appel de résultats trimestriel	4 fois par an	Webc colonment
Réunion des actionnaires annuelle	Annuellement	Virtuel / en personne
Dépôts de la SEC	Périodique	Edgar

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: segments de clientèle

Spécialistes en oncologie hématologique

Depuis le quatrième trimestre 2023, Cogent Biosciences cible environ 2 500 spécialistes hématologiques en oncologie aux États-Unis. Le marché cible comprend des médecins spécialisés dans les traitements du cancer du sang.

Catégorie spécialisée	Total des spécialistes	Pénétration potentielle du marché
Omatologies oncologues	2,500	Porte potentielle de 65%

Populations de patients atteints de cancer du sang rare

Cogent se concentre sur des segments spécifiques de patients atteints de cancer du sang rare avec des stratégies de ciblage précises.

Type de cancer	Population estimée des patients	Incidence annuelle
Mastocytose systémique	10 000 à 15 000 patients	Environ 1 pour 10 000 individus

Hôpitaux de recherche et centres de traitement

Cogent Biosciences collabore avec des institutions de recherche spécialisées.

• Top 50 des centres de recherche sur le cancer aux États-Unis
• Réseaux de traitement du cancer complet
• Établissements médicaux académiques

Institutions de recherche pharmaceutique

La collaboration de recherche cible des segments de recherche pharmaceutique spécifiques.

Type d'institution	Nombre de collaborateurs potentiels	Focus de recherche
Centres de recherche universitaires	125	Recherche de cancer du sang rare
Institutions de recherche privées	75	Développement de la médecine de précision

Praticiens de la médecine de précision

Ciblant des professionnels spécialisés de la médecine de précision avec des approches thérapeutiques avancées.

• Spécialistes de l'oncologie moléculaire
• Professionnels des tests génétiques
• Stratèges de traitement personnalisés

Segment de médecine de précision	Total des professionnels	Potentiel de marché
Praticiens de précision en oncologie	3,200	45% d'engagement potentiel

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Cogent Biosciences a déclaré des dépenses de R&D de 80,4 millions de dollars.

Catégorie de dépenses	Montant (en millions)
Personnel de R&D interne	$32.6
Contrats de recherche externes	$25.8
Équipement de laboratoire	$12.5
Matériaux de recherche	$9.5

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé 45,2 millions de dollars.

• Coûts d'essai de phase I: 12,7 millions de dollars
• Coûts d'essai de phase II: 22,5 millions de dollars
• Recrutement des patients: 6,3 millions de dollars
• Surveillance des essais: 3,7 millions de dollars

Investissements de protection de la propriété intellectuelle

Les dépenses de protection des brevets et de la propriété intellectuelle en 2023 étaient de 3,6 millions de dollars.

Type de protection IP	Coût (en millions)
Dépôt de brevet	$2.1
Consultation juridique	$1.0
Entretien IP	$0.5

Dépenses de conformité réglementaire

Les frais de conformité réglementaire pour 2023 s'élevaient à 7,3 millions de dollars.

• Préparation de la soumission de la FDA: 3,2 millions de dollars
• Documentation de la conformité: 2,5 millions de dollars
• Consultants réglementaires externes: 1,6 million de dollars

Recrutement spécialisé des talents scientifiques

Les frais d'acquisition et de recrutement de talents pour le personnel scientifique étaient de 5,8 millions de dollars en 2023.

Catégorie de dépenses de recrutement	Montant (en millions)
Frais de chasseur de têtes	$2.3
Publicité du recrutement	$1.5
Signature de bonus	$2.0

Cogent Biosciences, Inc. (COGT) - Modèle d'entreprise: Strots de revenus

Licence potentielle de médicament thérapeutique

Depuis le quatrième trimestre 2023, Cogent Biosciences a des revenus potentiels en matière de licence de son actif de plomb CGT9855, un inhibiteur du kit D816V pour une mastocytose systémique avancée. La valeur de licence potentielle estimée varie entre 50 et 150 millions de dollars en paiements initiaux et marquants.

Potentiel de licence	Plage de valeur estimée
Paiement de licence initiale	20 millions de dollars - 50 millions de dollars
Paiements d'étape	30 millions de dollars - 100 millions de dollars

Ventes de produits pharmaceutiques futures

Les ventes de produits pharmaceutiques projetées de CoGent pour CGT9855 sur le marché avancé de la mastocytose systémique estimé de 250 à 350 millions de dollars par an d'ici 2026.

Subventions de recherche et partenariats académiques

Le financement actuel des subventions à la recherche en 2023 totalise environ 5,2 millions de dollars auprès de diverses établissements universitaires et de recherche.

Accords de développement collaboratif

Des accords potentiels de développement collaboratif en oncologie et des segments de maladies rares avec une valeur estimée de 75 millions de dollars à 125 millions de dollars.

Type de collaboration	Valeur potentielle
Collaborations en oncologie	50 millions de dollars - 75 millions de dollars
Partenariats de maladies rares	25 millions de dollars - 50 millions de dollars

Payments de jalons potentiels à partir de partenariats stratégiques

Payments de jalons de partenariat stratégique projetés entre 30 et 80 millions de dollars en fonction du développement clinique et des réalisations réglementaires.

• Paiements de jalon d'essai clinique: 15 millions de dollars - 40 millions de dollars
• Paiements de jalons d'approbation réglementaire: 15 millions de dollars - 40 millions de dollars

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Value Propositions

You're looking at the core reasons why Cogent Biosciences, Inc. (COGT) believes its lead candidate, bezuclastinib, will capture significant value in its target markets. This isn't about future potential; it's about the hard data they've generated as of late 2025.

Selective KIT D816V Inhibition with a Favorable, CNS-Sparing Safety Profile

The primary technical value here is the drug's precision. Bezuclastinib is engineered as a selective tyrosine kinase inhibitor designed to potently inhibit the KIT D816V mutation, which drives systemic mastocytosis (SM). The market sees this as a potential best-in-class molecule because it aims to be the first potent, CNS-sparing, selective KIT mutant inhibitor.

The safety data supports this favorable profile for chronic use:

• No treatment-related bleeding or cognitive impairment observed.
• Adverse events were primarily low-grade and reversible in the SUMMIT trial.
• Most frequent treatment-related adverse events included hair color change (69.5% in bezuclastinib arm vs. 5.0% placebo) and transient ALT/AST elevations (22.0% vs. 6.6% placebo).

Even in the GIST trial, Grade 3+ ALT/AST elevations were 10.8% for the combination versus 1.4% for sunitinib monotherapy. Honestly, the transient nature of these liver enzyme increases is a key differentiator if they are fully reversible, which they were reported to be.

Potential First-in-Class Therapy for Non-Advanced Systemic Mastocytosis (NonAdvSM)

For NonAdvSM patients, Cogent Biosciences, Inc. is positioning bezuclastinib as a potential new standard-of-care. The company is on track to submit its first New Drug Application (NDA) to the U.S. Food and Drug Administration (FDA) for NonAdvSM by the end of 2025. This sets up an anticipated commercial launch in 2026.

Financial backing is in place to support this transition, with Cogent Biosciences, Inc. reporting $237.8 million in cash, cash equivalents, and marketable securities as of June 30, 2025. Following an upsized public offering in July 2025, the pro-forma cash position reached $453 million, which management guided is sufficient to fund operations into 2027.

Clinically Meaningful Symptom Reduction in NonAdvSM

The clinical evidence from the SUMMIT trial provides concrete numbers on symptom relief, which is critical for a chronic condition:

The primary endpoint was met with a highly statistically significant difference in the mean change in Total Symptom Score (TSS) at 24 weeks.

Symptom/Efficacy Measure	Bezuclastinib Arm (24 Weeks)	Placebo Arm (24 Weeks)	Placebo-Adjusted Improvement
Mean Change in TSS	-24.3 points	-15.4 points	8.91 points
Patients with >= 50% Reduction in TSS (48 Weeks OLE)	88%	Not Applicable	N/A
Patients with >= 50% Reduction in Serum Tryptase (4 Weeks)	89%	Not Applicable	N/A

Also, looking at the longer-term Open Label Extension (OLE) data, the mean improvement in TSS at 48 weeks was 65%.

Treatment Option for Imatinib-Resistant Gastrointestinal Stromal Tumors (GIST)

For patients with imatinib-resistant or intolerant GIST, the Phase 3 PEAK trial demonstrated a substantial clinical benefit for bezuclastinib in combination with sunitinib versus sunitinib alone, as of the September 30, 2025 cutoff.

The value proposition here is a significant extension of time before the disease progresses or death occurs:

• Median Progression-Free Survival (mPFS): 16.5 months (Combination) vs. 9.2 months (Sunitinib Monotherapy).
• Risk Reduction (Progression or Death): 50% (Hazard Ratio of 0.50).
• Objective Response Rate (ORR): 46% (Combination) vs. 26% (Sunitinib Monotherapy).

This combination achieved a highly statistically significant improvement on the primary endpoint of progression-free survival. Finance: draft 13-week cash view by Friday.

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Customer Relationships

You're preparing for the commercialization of bezuclastinib, and the relationships built during the clinical phase are now the foundation for physician adoption. Cogent Biosciences, Inc. has clearly focused its relationship strategy around generating high-quality data and engaging the experts who will prescribe the drug.

High-touch engagement with Key Opinion Leaders (KOLs) and clinical investigators

The engagement with clinical investigators has been intense, centered on the three registration-directed trials. This deep interaction is crucial for building trust ahead of a potential launch. Cogent Biosciences, Inc. is preparing for its first New Drug Application (NDA) submission for bezuclastinib by the end of 2025 for NonAdvanced Systemic Mastocytosis (NonAdvSM). The company reported that the safety profile for bezuclastinib was favorable across 600+ patients receiving single agent and combination dosing.

The scientific community engagement is highlighted by the presentation schedule. Cogent Biosciences, Inc. had multiple bezuclastinib abstracts selected for presentation at the 67th Annual Meeting of the American Society of Hematology (ASH) in 2025, including two oral presentations focused on the SUMMIT trial data in NonAdvSM patients. This level of scientific recognition is a direct result of high-touch engagement with the investigators who ran these studies.

Here's a look at the clinical trial data that forms the basis of these relationships:

Trial/Metric	Indication/Population	Key Result/Status (as of late 2025)	Data Point
SUMMIT (OLE)	NonAdvSM	Mean improvement in Total Symptom Score (TSS) at 48 weeks	65%
SUMMIT (OLE)	NonAdvSM	Patients achieving at least a 50% reduction in TSS	88%
PEAK	Imatinib-resistant GIST	Top-line results expected	November 2025
APEX	Advanced Systemic Mastocytosis (AdvSM)	Top-line results expected	December 2025

The company's financial strength is also a relationship factor, as the pro forma cash position of $430 million is expected to fund operations through the anticipated launch and into 2027.

Patient advocacy group support and education for rare diseases

For rare diseases like Systemic Mastocytosis (SM) and Gastrointestinal Stromal Tumors (GIST), patient advocacy groups are essential partners for disease awareness and patient identification. While specific partnership spending or event attendance numbers aren't public, the intense focus on these niche indications implies a strong, ongoing dialogue with relevant organizations. The progress in clinical trials, such as the positive top-line results from the SUMMIT trial in NonAdvanced Systemic Mastocytosis, which achieved statistical significance across all primary and key secondary endpoints, is shared directly with these groups to support their educational missions.

• Focus on genetically defined diseases like SM and GIST.
• Data readouts from APEX and PEAK trials are critical for advocacy engagement in late 2025.
• The company is preparing for a potential commercial launch of bezuclastinib in 2026.

Expanded Access Programs (EAP) to provide pre-approval access

Providing pre-approval access through Expanded Access Programs (EAP) is a key relationship tool for demonstrating commitment to patients with unmet needs, especially in rare cancers. Cogent Biosciences, Inc. is clearly focused on this, as the company is preparing to submit its first NDA by the end of 2025. The financial runway supports this preparatory phase; as of September 30, 2025, cash, cash equivalents, and marketable securities totaled $390.9 million. This robust cash position, sufficient to fund operations into 2027, allows for the necessary infrastructure to manage EAPs while awaiting final regulatory decisions.

Future specialized sales force for direct physician interaction

The groundwork for direct physician interaction is evident in the organizational growth. General and administrative expenses were $14.4 million for the third quarter of 2025, with the increase primarily attributed to the growth of the organization. This growth signals investment in the personnel required to build out a specialized sales force. The company is moving from a clinical-data-driven relationship model to a commercial one, which requires hiring ahead of the anticipated 2026 launch. The hiring activity is ongoing; for example, five new employees received inducement equity awards in November 2025. This team build-out is the direct mechanism for transitioning KOL engagement into broad physician adoption.

Finance: draft 2026 commercial readiness budget by Friday.

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Channels

You're preparing for a commercial launch, which means the channels you use for development must transition smoothly into channels for delivery and physician engagement. Here is the breakdown for Cogent Biosciences, Inc. (COGT) as of late 2025.

Global network of clinical trial sites for drug development

The development channel relies on a global network of clinical trial sites to support the pivotal data generation for bezuclastinib. Enrollment for key trials was completed ahead of schedule, suggesting strong investigator interest across these sites.

Cogent Biosciences, Inc. (COGT) was actively utilizing sites for its registration-directed studies, which are inherently global to support broad regulatory submissions.

Trial Name	Indication	Trial Design/Scope	Status as of Late 2025
PEAK	2nd-line Gastrointestinal Stromal Tumors (GIST)	Global, blinded, randomized Phase 3 trial	Top-line results expected by the end of 2025
SUMMIT	Non-Advanced Systemic Mastocytosis (NonAdvSM)	Registration-directed, global, randomized, placebo-controlled trial	Top-line results reported in July 2025
APEX	Advanced Systemic Mastocytosis (AdvSM)	Registration-directed, global, open-label trial	Top-line results expected in the second half of 2025
CGT4859 Program	FGFR2 mutations (e.g., advanced cholangiocarcinoma)	Ongoing Phase 1 study	Phase 1 dose escalation trial on track to initiate in November 2025

The company also planned to file Investigational New Drug (IND) applications for its ErbB2 and PI3Kα programs during 2025, which will necessitate establishing new site networks for subsequent Phase 1 studies.

Direct-to-specialist sales and marketing team for commercial launch

Preparation for the anticipated commercial launch of bezuclastinib in 2026 is a key focus, driving organizational growth. The General and Administrative (G&A) expenses for the third quarter of 2025 were $14.4 million, reflecting this buildout.

While specific figures for the size of the direct-to-specialist sales force or the number of Medical Science Liaisons (MSLs) are not publicly detailed in the latest reports, the company's total employee count as of November 13, 2025, was 205 total employees. This headcount supports the overall operational and pre-commercial activities.

Key milestones signaling the transition to a commercial channel focus include:

• Anticipated commercial launch of bezuclastinib targeted for 2026.
• First New Drug Application (NDA) filing for NonAdvSM targeted by the end of 2025.
• Cash position, pro forma at approximately $430 million post-Q3 2025 financing, expected to fund operations through anticipated launch and into 2027.

Medical Science Liaisons (MSLs) for scientific exchange with physicians

Scientific exchange, often driven by MSLs, is critical given the novel data Cogent Biosciences, Inc. (COGT) presented. For instance, the PEAK trial showed a median progression-free survival (mPFS) of 16.5 months versus 9.2 months in the control arm (HR 0.50, p<0.0001).

The company planned multiple presentations at the 67th Annual Meeting of the American Society of Hematology (ASH) 2025, including two oral presentations on SUMMIT data. This scientific dissemination is a primary function of the MSL channel to educate key opinion leaders on the clinical profile.

Specialty pharmacies and distributors for drug delivery post-approval

The final channel involves the physical delivery of the approved therapy. Cogent Biosciences, Inc. (COGT) is preparing for this by securing its financial runway well past the anticipated 2026 launch.

The Q3 2025 cash balance of $390.9 million, with pro forma cash around $430 million, is intended to cover operating expenses and capital expenditure requirements into 2027, which encompasses the initial commercial supply chain buildout.

The selection and contracting with specialty pharmacies and distributors, key partners in the specialty drug distribution market which includes major players like Cencora and McKesson in 2025, will be executed using these funds to ensure compliant, high-touch delivery for their targeted patient populations.

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Customer Segments

You're looking at the core patient populations Cogent Biosciences, Inc. is targeting with bezuclastinib, which is critical for understanding their near-term revenue potential. Honestly, the company is laser-focused on genetically defined diseases, meaning their customer segments are highly specific and often underserved.

Patients with Non-Advanced Systemic Mastocytosis (NonAdvSM)

This is the largest patient pool Cogent Biosciences is pursuing first. It's said that up to 90% of Systemic Mastocytosis (SM) patients fall into this category. The company's registration-directed SUMMIT trial was designed to enroll up to a total of 207 patients. The potential market size in the United States alone for this indication is estimated at $2 billion or greater annually. Following positive data in July 2025, Cogent Biosciences planned to submit its first New Drug Application (NDA) for bezuclastinib in NonAdvSM by the end of 2025.

The clinical data supports this focus:

• 65% mean improvement in Total Symptom Score (TSS) at 48 weeks in the Open Label Extension portion.
• 88% of patients achieved at least a >50% reduction in TSS.
• 76% of patients achieved at least a >50% reduction in TSS at 24 weeks in an earlier analysis.

Patients with Advanced Systemic Mastocytosis (AdvSM)

AdvSM represents a smaller, but more life-threatening, segment. The annual treatment market for AdvSM is projected to be worth about $300 million. Cogent Biosciences' APEX trial is targeting these patients. The initial dose optimization portion of the APEX trial enrolled 32 patients. The results showed a remarkable 52% overall response rate (ORR) per mIWG criteria, which jumped to 83% for patients receiving the 100mg BID dose. Furthermore, over 90% of those patients achieved at least a 50% reduction in mast cell burden. Top-line results from the pivotal APEX trial were anticipated in December 2025.

Patients with imatinib-resistant Gastrointestinal Stromal Tumors (GIST)

This segment targets GIST patients who have progressed on imatinib therapy. The pivotal Phase 3 PEAK trial, which studies bezuclastinib in combination with sunitinib versus sunitinib alone, enrolled a total of 413 patients based on strong global interest. Top-line results from this trial were expected in November 2025, with an NDA submission planned by the end of 2025 if successful. This shows a clear path to a second indication, which is crucial for valuation.

Oncologists and hematologists specializing in rare, genetically defined cancers

These are the key prescribers and decision-makers. Understanding their practice patterns helps Cogent Biosciences map out its commercial strategy. The financial position of Cogent Biosciences, with a strong pro forma cash position of $430 million expected to fund operations into 2027, supports the necessary investment to reach these specialists. Here's what we know about the physician landscape for SM:

Practice Characteristic	Percentage/Number
Office-based private practice	65%
Hospital-based practice	29%
NCCN institution	6%
Average ISM Patients Managed (Past 3 Years)	6-10 (for most respondents)

The underlying disease prevalence in the US is low, with registry-based analyses estimating an incidence of 0.046 per 10,000 individuals for Systemic Mastocytosis. To be fair, the market size for SM overall is projected to reach $1.22 billion globally by 2033, indicating significant growth potential once these targeted therapies gain traction.

The key characteristics of the target patient population include:

• Driven by the KIT D816V mutation in approximately 80-90% of adult SM cases.
• GIST patients in the PEAK trial are defined by resistance to imatinib.
• The NonAdvSM population is the largest, representing up to 90% of SM cases.

Finance: draft 13-week cash view by Friday.

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Cost Structure

The Cost Structure for Cogent Biosciences, Inc. (COGT) in late 2025 is heavily weighted toward advancing its clinical pipeline, which is typical for a late-stage clinical-stage biotechnology company preparing for potential commercialization.

Research and Development (R&D) expenses represent the largest component of the operating costs. For the third quarter of 2025, these expenses totaled $69.0 million. This figure reflects the significant investment required to push bezuclastinib through its final registration-directed studies.

General and Administrative (G&A) costs also saw an increase, reaching $14.4 million in Q3 2025. This rise is attributed primarily to the growth of the organization, which signals the pre-commercial build-up activities necessary for a potential launch of bezuclastinib, even though specific commercialization costs aren't itemized in the reported figures.

The primary drivers of the high R&D spend are the ongoing, late-stage clinical trials:

• Costs incurred to support the on-going SUMMIT clinical trial.
• Costs incurred to support the on-going PEAK clinical trial.
• Costs incurred to support the on-going APEX clinical trial.
• Continued progression of early stage, preclinical, and discovery programs.

While specific, isolated figures for every cost element aren't publicly itemized, the financial reports clearly indicate where the cash is being deployed. For instance, the company's net loss for Q3 2025 was $80.9 million, which is largely a function of these operating expenses exceeding revenue.

Here is a breakdown of the key reported cost and related financial figures for Q3 2025:

Cost/Financial Metric	Amount (Q3 2025)	Notes
Research and Development (R&D) Expenses	$69.0 million	Includes costs for SUMMIT, PEAK, and APEX trials.
General and Administrative (G&A) Expenses	$14.4 million	Reflects organizational growth and pre-commercial build-up.
R&D Non-Cash Stock Compensation	$5.4 million	Portion of R&D expense not involving cash outlay.
G&A Non-Cash Stock Compensation	$5.2 million	Portion of G&A expense not involving cash outlay.
Net Loss	$80.9 million	Total loss for the quarter.

The costs associated with manufacturing and supply chain setup for bezuclastinib and intellectual property maintenance and legal fees are embedded within the reported R&D and G&A figures, as the company relies on third-party manufacturers and is focused on navigating regulatory submissions, including an expected New Drug Application (NDA) filing by year-end 2025. The company has a strong cash position of $390.9 million as of September 30, 2025, which management expects to fund operations into 2027, covering these costs through the anticipated launch.

Cogent Biosciences, Inc. (COGT) - Canvas Business Model: Revenue Streams

As of late 2025, Cogent Biosciences, Inc. (COGT) has a revenue profile dominated by non-product sources while awaiting potential commercialization of bezuclastinib, which is anticipated for a potential 2026 launch. You should note that the forecast product revenue for the full fiscal year 2025 is explicitly stated as $0.

The primary future revenue driver is the potential product sales of bezuclastinib across three indications. Analysts have quantified the Total Addressable Market (TAM) for these indications, suggesting significant upside upon successful post-approval sales.

Indication	Estimated Aggregate U.S. Annual Sales Potential (TAM)
Nonadvanced Systemic Mastocytosis (NonAdvSM)	$1.5 billion
Advanced Systemic Mastocytosis (AdvSM)	$300 million
Gastrointestinal Stromal Tumors (GIST)	$700 million
Aggregate Potential (NonAdvSM, AdvSM, GIST)	Up to $2.5 billion or greater than $3 billion

Beyond product sales, Cogent Biosciences, Inc. has access to capital and potential non-dilutive funding tied to performance, which functions as a contingent revenue stream. Specifically, the debt financing facility secured in June 2025 provides for future draws based on milestones:

• An additional $100 million available during 2025 at Cogent Biosciences, Inc.'s discretion, subject to successful top-line data readouts from the SUMMIT and PEAK bezuclastinib pivotal trials.
• An additional $50 million available upon achievement of early commercial success following bezuclastinib launch.

Furthermore, existing licensing agreements carry potential milestone payments. For instance, the Plexxikon License Agreement includes payments of up to $7.5 million upon the satisfaction of certain clinical milestones and up to $25.0 million upon the satisfaction of certain regulatory milestones, with the first clinical milestone having been achieved in the second quarter of 2022.

The current cash position generates interest income, which is a consistent, albeit smaller, revenue component. For the three months ended March 31, 2025, Cogent Biosciences, Inc. reported interest income of $2.952 million. More recently, for the three months ended September 30, 2025, interest income was reported as $3.9 million.