COGTCogent Biosciences, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$331M
- 21% YoY
- Market cap
- $5.3B
- Employees
- 500
- Net debt / EBITDA
- —
- $42M net debt
- AI in 10-K
- 0.0
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo2 of 4 years3+ of last 5 years
- High CEO pay despite TSRNo$6M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes585% of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentNo84% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo$16K · 26th pctBottom quartile of its SIC industry
- Quiet on AIYes0.0 per 10K words · 0th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedNo$5.3B market capMarket cap $500M–$5B
Catalysts 1 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingYes−$384M netNet sales over $10M in 12 months
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
| Filed | Form | Acquirer | Price | Premium |
|---|---|---|---|---|
| Oct 9, 2020 | DEFM14A | Kiq Bio LLC | $104401000.00 | 100% |
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Mar 31, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 8.6% | Passive |
| Jan 22, 2026 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Nov 17, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Jul 14, 2025 | Fairmount Funds Management LLC | SCHEDULE 13D/A | 9.9% | Passive |
| Jun 13, 2024 | Fairmount Funds Management LLC | SC 13D/A | 9.9% | Passive |
| Apr 1, 2024 | Fairmount Funds Management LLC | SC 13D/A | 9.9% | Passive |
| Mar 27, 2024 | Fairmount Funds Management LLC | SC 13D/A | 24.0% | Passive |
| Feb 16, 2024 | Fairmount Funds Management LLC | SC 13D/A | 18.9% | Passive |
| Jun 13, 2023 | Fairmount Funds Management LLC | SC 13D/A | 4.8% | Passive |
| Jun 21, 2022 | Fairmount Funds Management LLC | SC 13D/A | 50.0% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $384M · 8
- Net
- −$384M
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 |