Cogent Biosciences, Inc. (COGT) Balance Sheet
COGT balance sheet, 2025
December 31, 2025 · U.S. dollars$937.6M assets = $301.2M liabilities + $636.4M equity
Both columns are drawn to the same scale: what COGT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
COGT financial health
Descriptive bands, not a rating. Fiscal 2025.
COGT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $75.5M2016 | $937.6M2025 | +32.3%/yr | |
| Total liabilities | $23.2M2016 | $301.2M2025 | +33.0%/yr | |
| Shareholders’ equity | $52.4M2016 | $636.4M2025 | +32.0%/yr | |
| Cash & short-term investments | $68.5M2016 | $900.8M2025 | +33.1%/yr | |
| Total debt | $1.2M2016 | $253.2M2025 | +81.2%/yr | |
| Net cash (debt) | $67.3M2016 | $647.6M2025 | +$580.3M | |
| Working capital | $61.0M2016 | $846.4M2025 | +$785.4M | |
| Book value per share | $5.532021 | $3.952025 | −8.0%/yr | |
| Debt / equity | 0.022016 | 0.402025 | +0.37 | |
| Shares outstanding | 38.7M2021 | 161.0M2025 | +42.8%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
COGT assets
COGT liabilities and equity
COGT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
COGT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $900.8M | $287.1M | $265.7M | $259.3M | $219.7M | $242.2M | $37.4M | $78.6M | $41.0M | $68.5M |
| Cash & equivalents | $312.0M | $98.2M | $53.2M | $139.9M | $219.7M | $242.2M | $37.4M | $55.7M | $28.3M | $41.3M |
| Short-term investments | $588.8M | $188.9M | $212.5M | $119.4M | $0 | — | $0 | $22.9M | $12.7M | $27.2M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $2.0M | $1.7M | $830,000 | $928,000 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $75,000 | $0 |
| Other current assets | $9.6M | $9.4M | $5.1M | $5.7M | $2.9M | $2.7M | $1.2M | $740,000 | $513,000 | $296,000 |
| Total current assets | $910.4M | $296.5M | $270.8M | $265.0M | $222.6M | $244.9M | $40.6M | $81.0M | $42.4M | $69.7M |
| Property, plant & equipment (net) | $23.5M | $26.6M | $30.3M | $31.1M | $4.5M | $4.7M | $7.2M | $3.3M | $4.1M | $4.6M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $7.5M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $3.7M | $4.9M | $4.9M | $4.7M | $5.0M | $1.3M | $1.7M | $1.7M | $2.6M | $1.3M |
| Total assets | $937.6M | $327.9M | $313.4M | $300.8M | $232.1M | $250.9M | $49.4M | $85.9M | $49.1M | $75.5M |
| Liabilities | ||||||||||
| Accounts payable | $9.5M | $12.0M | $10.7M | $5.8M | $3.5M | $732,000 | $3.2M | $1.5M | $1.3M | $1.5M |
| Short-term debt | $1.5M | $1.6M | $1.4M | $1.4M | $2.3M | $2.1M | $1.6M | $3.8M | $2.8M | $1.2M |
| Deferred revenue | — | — | $25.7M | $1.7M | $3.1M | $3.8M | $1.3M | $17.9M | $6.9M | $6.0M |
| Total current liabilities | $64.0M | $55.7M | $38.2M | $26.8M | $17.1M | $13.1M | $13.2M | $24.9M | $11.2M | $8.7M |
| Long-term debt | $222.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $15.9M | $17.5M | $18.9M | $19.6M | $3.2M | $5.2M | $6.0M | — | — | — |
| Other long-term liabilities | $14.4M | $15.9M | $17.5M | $18.2M | $831,000 | $3.2M | $4.4M | $748,000 | $9.6M | $14.4M |
| Total liabilities | $301.2M | $71.6M | $55.6M | $45.1M | $17.9M | $16.2M | $17.7M | $25.7M | $20.8M | $23.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $161,000 | $110,000 | $86,000 | $70,000 | $44,000 | $32,000 | $8,000 | $30,000 | $10,000 | $10,000 |
| Retained earnings (deficit) | −$1.19B | −$859.5M | −$603.6M | −$411.2M | −$271.0M | −$198.7M | −$123.9M | −$92.1M | −$51.3M | −$25.8M |
| Accumulated other comprehensive income | $355,000 | $447,000 | $246,000 | −$104,000 | $0 | — | $0 | −$12,000 | −$16,000 | −$24,000 |
| Total shareholders' equity | $636.4M | $256.3M | $257.8M | $255.7M | $214.2M | $234.7M | $31.8M | $60.2M | $28.3M | $52.4M |
| Key figures | ||||||||||
| Total debt | $253.2M | $17.5M | $18.9M | $19.6M | $3.2M | $5.2M | $6.0M | $3.8M | $2.8M | $1.2M |
| Net cash (debt) | $647.6M | $269.6M | $246.9M | $239.6M | $216.5M | $237.0M | $31.4M | $74.8M | $38.2M | $67.3M |
| Working capital | $846.4M | $240.8M | $232.6M | $238.1M | $205.6M | $231.8M | $27.3M | $56.1M | $31.2M | $61.0M |
| Tangible book value | $636.4M | $256.3M | $257.8M | $255.7M | $214.2M | $234.7M | $31.8M | $60.2M | $28.3M | $52.4M |
| Book value per share | $3.95 | $2.32 | $3.24 | $4.35 | $5.53 | — | — | — | — | — |
| Shares outstanding | 161.0M | 110.5M | 79.7M | 58.7M | 38.7M | — | — | — | — | — |
| Current ratio | 14.23 | 5.32 | 7.09 | 9.87 | 13.04 | 18.70 | 3.06 | 3.25 | 3.79 | 7.98 |
| Quick ratio | 14.08 | 5.15 | 6.96 | 9.66 | 12.86 | 18.50 | 2.98 | 3.22 | 3.73 | 7.95 |
| Debt / equity | 0.40 | 0.07 | 0.07 | 0.08 | 0.01 | 0.02 | 0.19 | 0.06 | 0.10 | 0.02 |
| Equity / assets | 67.9% | 78.2% | 82.3% | 85.0% | 92.3% | 93.5% | 64.3% | 70.1% | 57.6% | 69.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $792.3M | $866.4M | $900.8M | $390.9M | $237.8M | $245.7M | $287.1M | $335.5M | $363.2M | $435.7M | $265.7M | $279.0M |
| Cash & equivalents | $181.2M | $241.2M | $312.0M | $125.3M | $127.6M | $126.0M | $98.2M | $97.0M | $88.2M | $215.8M | $53.2M | $86.8M |
| Short-term investments | $611.1M | $625.2M | $588.8M | $265.6M | $110.2M | $119.7M | $188.9M | $238.5M | $275.0M | $219.9M | $212.5M | $192.2M |
| Receivables | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $12.5M | $11.4M | $9.6M | $6.4M | $7.2M | $7.2M | $9.4M | $6.0M | $6.8M | $6.2M | $5.1M | $6.9M |
| Total current assets | $804.8M | $877.8M | $910.4M | $397.2M | $245.0M | $252.9M | $296.5M | $341.5M | $370.0M | $441.9M | $270.8M | $286.0M |
| Property, plant & equipment (net) | $27.4M | $22.8M | $23.5M | $23.9M | $24.9M | $26.1M | $26.6M | $27.6M | $28.4M | $29.3M | $30.3M | $30.8M |
| Goodwill & intangible assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $10.0M | $26.7M | $0 | $7.5M | $33.8M |
| Other non-current assets | $2.4M | $2.4M | $3.7M | $4.8M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M | $4.9M |
| Total assets | $834.5M | $903.0M | $937.6M | $425.9M | $274.8M | $283.8M | $327.9M | $384.0M | $429.9M | $476.1M | $313.4M | $355.4M |
| Liabilities | ||||||||||||
| Accounts payable | $7.5M | $13.7M | $9.5M | $16.0M | $16.6M | $14.2M | $12.0M | $15.1M | $9.0M | $15.6M | $10.7M | $9.9M |
| Short-term debt | $1.5M | $1.4M | $1.5M | $1.7M | $1.7M | $1.6M | $1.6M | $1.5M | $1.5M | $1.4M | $1.4M | $1.3M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | $19.1M | $25.7M | — |
| Total current liabilities | $59.3M | $58.0M | $64.0M | $62.2M | $58.4M | $49.3M | $55.7M | $53.0M | $40.0M | $36.7M | $38.2M | $34.7M |
| Long-term debt | $223.5M | $223.2M | $222.9M | $44.2M | $43.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Lease obligations | $20.8M | $15.5M | $15.9M | $16.3M | $16.7M | $17.1M | $17.5M | $17.8M | $18.2M | $18.5M | $18.9M | $19.2M |
| Other long-term liabilities | $19.4M | $14.2M | $14.4M | $17.0M | $17.4M | $15.5M | $15.9M | $16.3M | $16.7M | $17.1M | $17.5M | $17.8M |
| Total liabilities | $302.2M | $295.3M | $301.2M | $123.5M | $119.8M | $64.8M | $71.6M | $69.4M | $56.7M | $53.8M | $55.6M | $52.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $171,000 | $171,000 | $161,000 | $141,000 | $114,000 | $114,000 | $110,000 | $110,000 | $109,000 | $96,000 | $86,000 | $86,000 |
| Retained earnings (deficit) | −$1.38B | −$1.29B | −$1.19B | −$1.09B | −$1.00B | −$931.5M | −$859.5M | −$791.6M | −$720.9M | −$662.0M | −$603.6M | −$549.3M |
| Accumulated other comprehensive income | −$770,000 | −$415,000 | $355,000 | $208,000 | $13,000 | $164,000 | $447,000 | $896,000 | −$192,000 | −$39,000 | $246,000 | −$172,000 |
| Total shareholders' equity | $532.4M | $607.7M | $636.4M | $302.5M | $155.0M | $219.0M | $256.3M | $314.7M | $373.2M | $422.3M | $257.8M | $302.9M |
| Key figures | ||||||||||||
| Total debt | $244.3M | $238.7M | $253.2M | $60.6M | $60.7M | $17.1M | $17.5M | $17.8M | $18.2M | $18.5M | $18.9M | $19.2M |
| Net cash (debt) | $548.0M | $627.7M | $647.6M | $330.3M | $177.2M | $228.6M | $269.6M | $317.7M | $345.0M | $417.2M | $246.9M | $259.9M |
| Working capital | $745.5M | $819.8M | $846.4M | $335.0M | $186.6M | $203.6M | $240.8M | $288.5M | $330.0M | $405.2M | $232.6M | $251.2M |
| Tangible book value | $532.4M | $607.7M | $636.4M | $302.5M | $155.0M | $219.0M | $256.3M | $314.7M | $373.2M | $422.3M | $257.8M | $302.9M |
| Book value per share | $3.11 | $3.56 | $3.95 | $2.16 | $1.36 | $1.92 | $2.32 | $2.86 | $3.76 | $4.45 | $2.97 | $3.52 |
| Shares outstanding | 171.0M | 170.8M | 161.0M | 139.8M | 113.9M | 113.9M | 110.5M | 110.2M | 99.2M | 94.8M | 86.7M | 86.2M |
| Current ratio | 13.57 | 15.14 | 14.23 | 6.38 | 4.19 | 5.13 | 5.32 | 6.44 | 9.25 | 12.05 | 7.09 | 8.24 |
| Quick ratio | 13.36 | 14.94 | 14.08 | 6.28 | 4.07 | 4.98 | 5.15 | 6.32 | 9.08 | 11.88 | 6.96 | 8.04 |
| Debt / equity | 0.46 | 0.39 | 0.40 | 0.20 | 0.39 | 0.08 | 0.07 | 0.06 | 0.05 | 0.04 | 0.07 | 0.06 |
| Equity / assets | 63.8% | 67.3% | 67.9% | 71.0% | 56.4% | 77.2% | 78.2% | 81.9% | 86.8% | 88.7% | 82.3% | 85.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 17, 2026); data from EODHD.
COGT financial position
At the end of fiscal 2025 (December 31, 2025), Cogent Biosciences had total assets of $937.6 million (up 185.9% from a year earlier), total liabilities of $301.2 million and shareholders' equity of $636.4 million. It held $900.8 million in cash and short-term investments against $253.2 million of debt, a net cash position of $647.6 million. Its current ratio was 14.23. In the latest quarter (ended June 30, 2026) total assets were $834.5 million and equity $532.4 million.
Related: COGT income statement, COGT cash flow statement, COGT key metrics. See the COGT stock overview for the latest quote and news.
COGT balance sheet FAQ
What are Cogent Biosciences's total assets?
Cogent Biosciences reported total assets of $937.6 million at the end of fiscal 2025 (December 31, 2025), compared with $327.9 million a year earlier.
How much debt does Cogent Biosciences have?
Cogent Biosciences had $253.2 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.40.
How much cash does Cogent Biosciences have?
Cogent Biosciences held $900.8 million in cash and short-term investments at the end of fiscal 2025; with $253.2 million of debt that is net cash of $647.6 million.
What is Cogent Biosciences's book value?
Cogent Biosciences's shareholders' equity (book value) was $636.4 million at the end of fiscal 2025, or $3.95 per share.
What is Cogent Biosciences's current ratio?
Cogent Biosciences had current assets of $910.4 million and current liabilities of $64.0 million, a current ratio of 14.23 (it can cover its short-term obligations).