Cogent Biosciences (COGT) 10-Q 7 May 24 2024 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2024	May 03, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Registrant Name	Cogent Biosciences, Inc.
Entity Central Index Key	0001622229
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Common Stock, Shares Outstanding		95,613,396
Entity Shell Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity File Number	001-38443
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-5308248
Entity Address, Address Line One	275 Wyman Street
Entity Address, Address Line Two	3rd Floor
Entity Address, City or Town	Waltham
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02451
City Area Code	(617)
Local Phone Number	945-5576
Title of 12(b) Security	Common Stock, $0.001 Par Value
Trading Symbol	COGT
Security Exchange Name	NASDAQ

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 215,801	$ 53,229
Short-term marketable securities	219,939	212,481
Prepaid expenses and other current assets	6,163	5,061
Total current assets	441,903	270,771
Long-term marketable securities	0	7,460
Operating lease, right-of-use assets	21,531	21,998
Property and equipment, net	7,815	8,344
Other assets	4,862	4,864
Total assets	476,111	313,437
Current liabilities:
Accounts payable	15,565	10,655
Accrued expenses and other current liabilities	19,689	26,127
Operating lease liabilities	1,432	1,386
Total current liabilities	36,686	38,168
Operating lease liabilities, net of current portion	17,091	17,467
Total liabilities	53,777	55,635
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, value
Common stock, $0.001 par value; 150,000,000 shares authorized; 95,613,396 shares and 86,124,249 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively	96	86
Additional paid-in capital	862,096	801,059
Accumulated other comprehensive income (loss)	(39)	246
Accumulated deficit	(661,972)	(603,624)
Total stockholders’ equity	422,334	257,802
Total liabilities and stockholders’ equity	476,111	313,437
Series A Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	60,035	60,035
Series B Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred stock, value	$ 162,118

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Preferred stock, par value	$ 0.001
Preferred stock, shares authorized	10,000,000
Preferred stock, shares issued	0
Common stock, Par value	$ 0.001	$ 0.001
Common stock, Shares authorized	150,000,000	150,000,000
Common stock, Shares issued	95,613,396	86,124,249
Common stock, Shares outstanding	95,613,396	86,124,249
Series A Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	1,000,000	1,000,000
Preferred stock, shares issued	74,465	74,465
Preferred stock, shares outstanding	74,465	74,465
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	20,580	20,580
Preferred stock, shares issued	20,580	0
Preferred stock, shares outstanding	20,580	0
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	8,979,420	8,979,420
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating expenses:
Research and development	$ 52,705	$ 36,038
General and administrative	9,699	7,199
Total operating expenses	62,404	43,237
Loss from operations	(62,404)	(43,237)
Other income:
Interest income	4,057	2,268
Other income, net	(1)	682
Change in fair value of CVR liability	0	1,700
Total other income, net	4,056	4,650
Net loss	$ (58,348)	$ (38,587)
Net loss per share attributable to common stockholders, basic	$ (0.62)	$ (0.55)
Net loss per share attributable to common stockholders, diluted	$ (0.62)	$ (0.55)
Weighted average common shares outstanding, basic	94,804,659	70,734,950
Weighted average common shares outstanding, diluted	94,804,659	70,734,950
Comprehensive loss:
Net loss	$ (58,348)	$ (38,587)
Other comprehensive loss
Net unrealized losses on marketable securities	(285)	120
Total other comprehensive loss	(285)	120
Comprehensive loss	$ (58,633)	$ (38,467)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Preferred Stock [Member] Series A Non-Voting Convertible Preferred Stock [Member]	Preferred Stock [Member] Series B Non-Voting Convertible Preferred Stock	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Other Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]
Beginning Balances at Dec. 31, 2022	$ 255,735	$ 65,830		$ 70	$ 601,153	$ (104)	$ (411,214)
Beginning Balances, Shares at Dec. 31, 2022		81,050		69,893,434
Conversion of Series A non-voting preferred stock into common stock		$ (3,520)		$ 1	3,519
Conversion of Series A non-voting preferred stock into common stock, Shares		(4,000)		1,000,000
Pre funded warrant exercise	120					120
Issuance of common stock under Employee Stock Purchase Plan	313				313
Issuance of common stock under Employee Stock Purchase Plan, Shares				39,228
Issuance of common stock upon exercise of stock options	132				132
Issuance of common stock upon exercise of stock options, Shares				14,128
Stock-based compensation expense	5,850				5,850
Net loss	(38,587)						(38,587)
Ending Balances at Mar. 31, 2023	223,563	$ 62,310		$ 71	610,967	16	(449,801)
Ending Balances, Shares at Mar. 31, 2023		77,050		70,946,790
Beginning Balances at Dec. 31, 2023	257,802	$ 60,035		$ 86	801,059	246	(603,624)
Beginning Balances, Shares at Dec. 31, 2023		74,465		86,124,249
Issuance of Series B Preferred Stock and common stock, net of issuance costs of $11.6 million, in connection with the Private Placement	213,416		$ 87,364	$ 18	126,034
Issuance of Series B Preferred Stock and common stock, net of issuance costs of $11.6 million, in connection with the Private Placement, Shares			12,280	17,717,997
Exchange of common stock for Series B Preferred Stock			$ 74,754	$ (8)	(74,746)
Exchange of common stock for Series B Preferred Stock, Shares			8,300	(8,300,000)
Conversion of Series A non-voting preferred stock into common stock, Shares				22,215,000
Issuance of common stock upon exercise of stock options	356				356
Issuance of common stock upon exercise of stock options, Shares				71,150
Unrealized gains on marketable securities	(285)					(285)
Stock-based compensation expense	9,393				9,393
Net loss	(58,348)						(58,348)
Ending Balances at Mar. 31, 2024	$ 422,334	$ 60,035	$ 162,118	$ 96	$ 862,096	$ (39)	$ (661,972)
Ending Balances, Shares at Mar. 31, 2024		74,465	20,580	95,613,396

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Issuance cost	$ 11.6
Private Placement [Member]
Issuance cost	$ 11.6

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash flows from operating activities:
Net loss	$ (58,348)	$ (38,587)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	599	529
Stock-based compensation expense	9,393	5,850
Amortization of operating leases, right-of-use assets	467	194
Change in fair value of CVR liability	0	(1,700)
Net amortization (accretion) of premiums (discounts) on marketable securities	(1,396)	(1,043)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,102)	(316)
Other assets	(2)	(30)
Accounts payable	4,910	(1,670)
Accrued expenses and other current liabilities	(6,720)	(2,557)
Operating lease liability	(330)	(187)
Net cash used in operating activities	(52,529)	(39,517)
Cash flows from investing activities:
Purchases of property and equipment	(70)	(1,103)
Purchases of marketable securities	(73,014)	(59,013)
Maturities and sales of marketable securities	74,128	120,000
Net cash provided by investing activities	1,044	59,884
Cash flows from financing activities:
Proceeds from issuance of common stock and Series B Preferred Stock in connection with the Private Placement, net of offering costs $11.6 million	213,701	0
Proceeds from issuance of stock from employee stock purchase plan	356	313
Proceeds from issuance of common stock upon stock option exercises	0	132
Net cash provided by financing activities	214,057	445
Net increase in cash, cash equivalents and restricted cash	162,572	20,812
Cash, cash equivalents and restricted cash at beginning of period	53,229	141,141
Cash, cash equivalents and restricted cash at end of period	215,801	161,953
Supplemental disclosure of noncash investing and financing information:
Offering costs included in accounts payable and accrued expenses	282	0
Property & equipment included in accounts payable and accrued expenses	0	674
Conversion of Series A Preferred Stock into common shares	0	3,520
Unrealized gain/loss on marketable securities	$ (285)	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2024 USD ($)
Offering/Issuance costs	$ 11.6

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Cogent Biosciences, Inc. (“Cogent” or the “Company”) is a biotechnology company focused on developing precision therapies for genetically defined diseases. Cogent’s approach is to design rational precision therapies that treat the underlying cause of disease and improve the lives of patients. Cogent’s most advanced program is bezuclastinib, also known as CGT9486, a highly selective tyrosine kinase inhibitor designed to potently inhibit the KIT D816V mutation as well as other mutations in KIT exon 17. In the vast majority of cases, KIT D816V is responsible for driving Systemic Mastocytosis (“SM”), a serious and rare disease caused by unchecked proliferation of mast cells. Exon 17 mutations are also found in patients with advanced gastrointestinal stromal tumors (“GIST”), a type of cancer with strong dependence on oncogenic KIT signaling. Bezuclastinib is a highly selective and potent KIT inhibitor with the potential to provide a new treatment option for these patient populations. In addition to bezuclastinib, the Company’s research team is developing a portfolio of novel targeted therapies to help patients fighting serious, genetically driven diseases initially targeting mutations in FGFR2, ErbB2 and PI3Kα. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. The accompanying condensed consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including a net loss of $ 58.3 million for the three months ended March 31, 2024. As of March 31, 2024, the Company had an accumulated deficit of $ 662.0 million. The Company expects to continue to generate operating losses in the foreseeable future. As of the issuance date of the interim condensed consolidated financial statements, the Company expects that its cash, cash equivalents and marketable securities will be sufficient to fund its operating expenses and capital expenditure requirements for at least the next 12 months from issuance of the condensed consolidated financial statements. The Company expects that it will continue to incur significant expenses in connection with its ongoing business activities. The Company will need to seek additional funding through equity offerings, debt financings, collaborations, licensing arrangements or other marketing and distribution arrangements, partnerships, joint ventures, combinations or divestitures of one or more of its assets or businesses. The Company may not be able to obtain financing on acceptable terms, or at all, and the Company may not be able to enter into collaborative arrangements or divest its assets. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Arrangements with collaborators or others may require the Company to relinquish rights to certain of its technologies or product candidates. If the Company is unable to obtain funding, the Company could be forced to delay, reduce or eliminate its research and development programs or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations. The Company’s condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”).

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Unaudited Interim Financial Information The consolidated balance sheet at December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying condensed unaudited consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2024 and results of operations for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended March 31, 2024 and 2023 have been made. The Company’s results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024 . Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Mono, Inc. and Kiq Bio LLC. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. Marketable Securities The Company’s marketable securities, consisting of debt securities, are classified as available-for-sale. Available-for-sale marketable debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, and if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss). Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures related to reportable segment disclosure requirements. The pronouncement improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, and requires disclosure of incremental segment information on an annual and interim basis. The pronouncement is effective for annual periods beginning after December 15, 2023. The Company is evaluating the impact of the ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures related to income tax disclosure requirements. The pronouncement enhances the transparency and decision usefulness of income tax disclosures. The pronouncement is effective for annual periods beginning after December 15, 2024. The Company is evaluating the impact of the ASU on its financial statements.

Marketable Securities and Fair

Marketable Securities and Fair Value of Financial Assets and Liabilities	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Marketable Securities and Fair Value of Financial Assets and Liabilities	3. Marketable Securities and Fair Value of Financial Assets and Liabilities The following table summarizes the Company’s marketable securities (in thousands) : March 31, 2024 Amortized Gross Gross Fair U.S. Treasury bills and notes (due within one year) $ 219,978 $ 24 $ ( 63 ) $ 219,939 $ 219,978 $ 24 $ ( 63 ) $ 219,939 December 31, 2023 Amortized Gross Gross Fair U.S. Treasury bills and notes (due within one year) $ 212,274 $ 213 $ ( 6 ) $ 212,481 U.S. Treasury bills and notes (due after one through five year) $ 7,421 $ 39 $ — $ 7,460 $ 219,695 $ 252 $ ( 6 ) $ 219,941 As of March 31, 2024 , the Company held 43 securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of March 31, 2024 was $ 158.3 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. As of December 31, 2023, the Company held 9 securities that were in an unrealized loss position. The aggregate fair value of securities held by the Company in an unrealized loss position for less than twelve months as of December 31, 2023 was $ 34.7 million and there were no securities held by the Company in an unrealized loss position for more than twelve months. The Company has the intent and ability to hold such securities until recovery. As a result, the Company did no t record any charges for impairments for its marketable debt securities for the three months ended March 31, 2024 and for the year ended December 31, 2023. The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands) : Fair Value Measurements at March 31, 2024 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 188,092 $ — $ — $ 188,092 Marketable securities: U.S. Treasury bills and notes $ — $ 219,939 $ — $ 219,939 Total assets $ 188,092 $ 219,939 $ — $ 408,031 Fair Value Measurements at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 46,184 $ — $ — $ 46,184 Marketable securities: U.S. Treasury bills and notes $ — $ 219,941 $ — $ 219,941 Total assets $ 46,184 $ 219,941 $ — $ 266,125 Money market funds were valued using quoted prices in active markets, which represent a Level 1 measurement in the fair value hierarchy. U.S. Treasury bills and notes were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the three months ended March 31, 2024 and 2023 , there were no transfers between Level 1, Level 2 and Level 3.

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	4. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following (in thousands) : March 31, December 31, Accrued employee compensation and benefits $ 2,431 $ 9,874 Accrued external research and development expense 8,912 10,252 Accrued external manufacturing costs 4,844 3,302 Accrued professional and consulting services 2,866 2,258 Other 636 441 Total $ 19,689 $ 26,127

Preferred Stock, Series A Non-V

Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock	5. Preferred Stock, Series A and Series B Non-Voting Convertible Preferred Stock and Common Stock The Company’s authorized capital stock consists of 150,000,000 shares of common stock, par value $ 0.001 per share, and 10,000,000 shares of preferred stock, par value $ 0.001 per share, 1,000,000 of which are designated as Series A Preferred Stock, 20,580 of which are designated as Series B Preferred Stock and 8,979,420 of which shares of preferred stock are undesignated. Series A Non-Voting Convertible Preferred Stock On July 6, 2020, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series A Non-Voting Convertible Preferred Stock (“Series A Preferred Stock”) with the Secretary of State of the State of Delaware (the “Series A Certificate of Designation”) in connection with the Company’s acquisition of Kiq Bio LLC and concurrent private placement of Series A Preferred Stock. The Series A Certificate of Designation provides for the issuance of shares of Series A Preferred Stock, par value $ 0.001 per share. Holders of Series A Preferred Stock are entitled to receive dividends on shares of Series A Preferred Stock equal, on an as-if-converted-to-common-stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the Series A Preferred Stock does not have voting rights. However, as long as any shares of Series A Preferred Stock are outstanding, the Company will not, without the affirmative vote of the holders of a majority of the then outstanding shares of the Series A Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series A Preferred Stock, (b) alter or amend the Series A Certificate of Designation, (c) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series A Preferred Stock, (d) increase the number of authorized shares of Series A Preferred Stock, (e) at any time while at least 40 % of the originally issued Series A Preferred Stock remains issued and outstanding, consummate a Fundamental Transaction (as defined in the Series A Certificate of Designation) or (f) enter into any agreement with respect to any of the foregoing. The Series A Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. Each share of Series A Preferred Stock is convertible at any time at the option of the holder thereof, into 250 shares of common stock, subject to certain limitations, including that a holder of Series A Preferred Stock is prohibited from converting shares of Series A Preferred Stock into shares of common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (to be established by the holder between 4.9 % and 19.9 %) of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion. Series B Non-Voting Convertible Preferred Stock On February 13, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) for a private placement (the “Private Placement”) with certain institutional and accredited investors (each, a “Purchaser” and collectively, the “Purchasers”), pursuant to which the Purchasers purchased (i) an aggregate of 17,717,997 shares of the Company’s common stock at a price per share of $ 7.50 , and (ii) 12,280 shares of the Company’s Series B Preferred Stock, at a price per share of $ 7,500.00 . Net proceeds were approximately $ 213.4 million after deducting placement fees and offering costs. On February 14, 2024, the Company filed a Certificate of Designation of Preferences, Rights and Limitations of the Series B Non-Voting Convertible Preferred Stock (“Series B Preferred Stock”) with the Secretary of State of the State of Delaware (the “Series B Certificate of Designation”) in connection with the Private Placement. The Series B Certificate of Designation provided for the issuance of up to 12,280 shares of Series B Preferred Stock, par value $ 0.001 per share. Subsequently, on March 21, 2024, the Company entered into exchange agreements (the “Exchange Agreements”) with certain of the Purchasers (the “Exchange Stockholders”), pursuant to which the Exchange Stockholders agreed to exchange an aggregate of 8,300,000 shares of the Company’s common stock, for an aggregate of 8,300 shares of the Company’s Series B Preferred Stock (the “Exchange”). On March 21, 2024, in connection with the Exchange, the Company filed a Certificate of Amendment to the Series B Certificate of Designation (the “Certificate of Amendment”) to increase the number of authorized shares of Series B Preferred Stock from 12,280 to 20,580 . Holders of shares of Series B Preferred Stock are entitled to receive dividends on shares of Series B Preferred Stock equal to, on an as-if-converted-to-common stock basis, and in the same form as dividends actually paid on shares of the common stock. Except as otherwise required by law, the Series B Preferred Stock does not have voting rights. However, as long as any shares of Series B Preferred Stock are outstanding, the Company will not, without the affirmative vote of each of the holders of the then outstanding shares of the Series B Preferred Stock, (a) alter or change adversely the powers, preferences or rights given to the Series B Preferred Stock, (b) alter or amend the Series B Certificate of Designation, or (c) amend its certificate of incorporation or other charter documents in any manner that adversely affects any rights of the holders of Series B Preferred Stock. The Series B Preferred Stock does not have a preference upon any liquidation, dissolution or winding-up of the Company. Following approval by the stockholders of the Company of an increase in the authorized shares of common stock, each share of Series B Preferred Stock will automatically convert into 1,000 shares of common stock, subject to certain limitations, including that a holder of Series B Preferred Stock is prohibited from converting shares of Series B Preferred Stock into shares of common stock if, as a result of such conversion, such holder, together with its affiliates, would beneficially own more than a specified percentage (to be established by the holder between 0 % and 19.9 %) of the total number of shares of common stock issued and outstanding immediately after giving effect to such conversion. Cumulatively, through March 31, 2024 , 88,860 shares of Series A Preferred Stock, or 54.4 % of the issued Series A Preferred Stock, have been converted into 22,215,000 shares of common stock. The 74,465 shares of Series A Preferred Stock outstanding as of March 31, 2024 are convertible into 18,616,250 shares of common stock. Cumulatively, through March 31, 2024, no shares of the Series B Preferred Stock have been converted into shares of common stock. No other classes of preferred stock have been designated and no other preferred shares have been issued or are outstanding as of March 31, 2024. Common Stock Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors. In the event of the Company’s liquidation, dissolution or winding up, holders of the Company’s common stock will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities and any liquidation preference of any outstanding preferred stock. The shares to be issued by us in this offering will be, when issued and paid for, validly issued, fully paid and non-assessable. On May 6, 2022, the Company filed a shelf registration statement on Form S-3 with the SEC. The shelf registration statement allows the Company to sell from time-to-time up to $ 300.0 million of common stock, preferred stock, debt securities, warrants or units comprised of any combination of these securities, for its own account in one or more offerings. The terms of any offering under the shelf registration statement will be established at the time of such offering and will be described in a prospectus supplement filed with the SEC prior to the completion of any such offering. Additionally, on May 6, 2022, pursuant to the Form S-3, the Company entered into a Sales Agreement (the “Sales Agreement”) with Guggenheim Securities, LLC (“Guggenheim Securities”), pursuant to which the Company may issue and sell, from time to time, shares of its common stock having an aggregate offering price of up to $ 75.0 million through Guggenheim Securities, as the sales agent. As of March 31, 2024 , no shares have been sold under the Sales Agreement. On June 13, 2022, the Company completed an underwritten public offering of 17,899,698 shares of its common stock at a public offering price of $ 8.25 per share (including the exercise in full by the underwriters of their 30 -day option to purchase up to 2,730,000 additional shares of common stock) and, in lieu of common stock to certain investors, pre-funded warrants to purchase 3,030,302 shares of its common stock at a purchase price of $ 8.24 per underlying share. The net proceeds from the offering were approximately $ 161.9 million, after deducting the underwriting discounts and commissions of $ 10.4 million and offering expenses of $ 0.4 million. Each pre-funded warrant entitles the holder to purchase shares of common stock at an exercise price of $ 0.01 per share and is exercisable at any time beginning on the date of issuance. These warrants were recorded as a component of stockholders’ equity within additional paid-in capital. Per the terms of the warrant agreement, a holder of the outstanding warrant is not entitled to exercise any portion of the pre-funded warrant if, upon giving effect to such exercise, would cause the aggregate number of shares of common stock beneficially owned by such holder (together with its affiliates and any other person whose beneficial ownership of common stock would be aggregated with the holder) to exceed 9.99 % of the total number of then issued and outstanding shares of common stock, as such percentage ownership is determined in accordance with the terms of the pre-funded warrant and subject to such holder’s rights under the pre-funded warrant to increase or decrease such percentage to any other percentage not in excess of 19.99 % upon at least 61 days’ prior notice from such holder. As of March 31, 2024 , 2,424,242 pre-funded warrants have been exercised and 606,060 pre-funded warrants remain outstanding. On February 10, 2023, the Company filed a Form S-3ASR with the SEC (“2023 Shelf Registration”) for the issuance of common stock, preferred stock, warrants, rights, debt securities and units, which became effective immediately upon filing. At the time any of the securities covered by the 2023 Shelf Registration Statement are offered for sale, a prospectus supplement will be prepared and filed with the SEC containing specific information about the terms of any such offering. In June 2023, the Company completed an underwritten public offering of 14,375,000 shares of its common stock at a public offering price of $ 12.00 per share (including the exercise in full by the underwriters of their 30 -day option to purchase up to 1,875,000 additional shares of common stock). The net proceeds from the offering were approximately $ 161.8 million, after deducting the underwriting discounts and commissions of $ 10.3 million and offering expenses of $ 0.4 million. In February 2024, in connection with the Private Placement, the Company issued (i) an aggregate of 17,717,997 shares of the Company’s common stock at a price per share of $ 7.50 , and (ii) 12,280 shares of the Company’s Series B Preferred Stock, at a price per share of $ 7,500.00 . Net proceeds were approximately $ 213.4 million after deducting placement fees and offering costs. In March 2024, in connection with the Exchange, the Exchange Stockholders exchanged an aggregate of 8,300,000 shares of the Company’s common stock, for an aggregate of 8,300 shares of the Company’s Series B Preferred Stock.

Stock-Based Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	6. Stock-Based Compensation 2018 Stock Option and Incentive Plan The Company’s 2018 Stock Option and Incentive Plan, (the “2018 Plan”), which became effective on March 27, 2018, provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards, cash-based awards and dividend equivalent rights. The number of shares initially reserved for issuance under the 2018 Plan was 700,180 . Additionally, the shares of common stock that remained available for issuance under the previously outstanding 2015 Stock Incentive Plan (the “2015 Plan”) became available under the 2018 Plan. The number of shares reserved for the 2018 Plan automatically increases on each January 1 by 4 % of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or a lesser number of shares determined by the Company’s board of directors. At the Company’s 2021 annual stockholder meeting, the Company’s stockholders approved the amendment and restatement of the 2018 Stock Plan to increase the number of shares of common stock issuable under the 2018 Plan by 6,000,000 shares. At the Company's 2023 annual stockholder meeting, the Company's stockholders approved the amendment and restatement of the 2018 Plan to increase the number of shares of common stock issuable under the 2018 Plan by an additional 6,000,000 shares. The shares of common stock underlying any awards that are forfeited, canceled, held back upon exercise or settlement of an award to satisfy the exercise price or tax withholding, repurchased or are otherwise terminated by the Company under the 2018 Plan or the 2015 Plan will be added back to the shares of common stock available for issuance under the 2018 Plan. The number of authorized shares reserved for issuance under the 2018 Plan was increased by 3,444,970 shares effective as of January 1, 2024. As of March 31, 2024 , 3,230,783 shares of common stock remain available for issuance under the 2018 Plan. Inducement Plan On October 22, 2020, the board of directors adopted the Cogent Biosciences, Inc. 2020 Inducement Plan (the “Inducement Plan”). The board of directors also adopted a form of non-qualified stock option agreement for use with the Inducement Plan. A total of 3,750,000 shares of common stock have been reserved for issuance under the Inducement Plan, subject to adjustment for stock dividends, stock splits, or other changes in Cogent’s common stock or capital structure. On November 5, 2020, the Company filed a Registration Statement on Form S-8 related to the 3,750,000 shares of its common stock reserved for issuance under the Inducement Plan. As of March 31, 2024 , 677,995 shares of common stock remain available for issuance under the Inducement Plan. 2018 Employee Stock Purchase Plan The Company’s 2018 Employee Stock Purchase Plan (the “ESPP”) became effective on March 28, 2018, at which time a total of 78,500 shares of common stock were reserved for issuance. In addition, the number of shares of common stock that may be issued under the ESPP automatically increases on each January 1 through January 1, 2027, by the least of (i) 125,000 shares of common stock, (ii) 1 % of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or (iii) such lesser number of shares as determined by the ESPP administrator. The number of authorized shares reserved for issuance under the ESPP was increased by 125,000 shares effective as of January 1, 2024. As of March 31, 2024 , 497,240 shares remain available for issuance under the ESPP. Performance-based restricted stock units In February 2023, the board of directors approved grants in aggregate of up to 2,500,000 performance-based restricted stock units (“PSUs”) under the 2018 Plan, which grants were subject to forfeiture in the event that the Company’s stockholders did not approve an in increase to the number of shares reserved for issuance under the 2018 Plan (the “2023 Pool Increase”). On June 7, 2023, stockholders approved the 2023 Pool Increase and a grant date was established for accounting purposes for these PSUs in accordance with ASC 718 Compensation- Stock Compensation. An award holder can generally receive between 0 % and 200 % of the target award based on achievement of specified stock price hurdles and/or research and development milestones over a three-year performance period ending in February 2026. Any PSUs earned will vest, if at all, in a single tranche in February 2026 subject to a condition of continuing employment through the end of the performance period. As of March 31, 2024, none of the research or development performance targets are probable of achievement. The fair value of the market-based awards was estimated on the date of grant for accounting purposes using a Monte Carlo simulation model. The fair value of the performance-based awards was based on the closing share price of the Company’s common stock on the accounting grant date. Stock-Based Compensation The following table summarizes stock-based compensation expense during the three months ended March 31, 2024 (in thousands) : Three Months Ended March 31, 2024 2023 Stock-based compensation expense by type of award: Time-based stock options $ 7,358 $ 5,750 Employee stock purchase plan 161 100 Time-based restricted stock units 39 — Performance-based restricted stock units 1,835 — Total $ 9,393 $ 5,850 The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands) : Three Months Ended March 31, 2024 2023 Research and development expenses $ 4,432 $ 2,956 General and administrative expenses 4,961 2,894 Total $ 9,393 $ 5,850 As of March 31, 2024 , total unrecognized compensation cost related to the unvested stock-based options and time-based restricted stock units was $ 55.6 million and $ 0.3 million, respectively, which is expected to be recognized over a weighted averag e period of 2.63 ye ars and 1.42 years, respectively. As of March 31, 2024 , the total minimum amount of unrecognized compensation cost related to the stock price hurdles for the unvested PSUs was $ 13.8 million based on the maximum achievement of 200 % of the target award, which is expected to be recognized ratably over a weighted average period of 1.87 years. If any research or development milestones become probable of achievement, the Company will recognize incremental stock compensation expense of up to $ 2.4 million through a cumulative catch up adjustment in the period of change in probability.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	7. Commitments and Contingencies License Agreements Plexxikon License Agreement In July 2020, the Company obtained an exclusive, sublicensable, worldwide license (the “License Agreement”) to certain patents and other intellectual property rights to research, develop and commercialize bezuclastinib. Under the terms of the License Agreement, the Company is required to pay Plexxikon Inc., a member of the Daiichi Sankyo Group (“Plexxikon”), aggregate 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. During the second quarter of 2022, as a result of the progression of the PEAK study, the first clinical milestone was achieved, resulting in payment of $ 2.5 million to Plexxikon in June 2022. As of March 31, 2024 , no other milestone payments have been made or are considered probable of occurring. The Company is also required to pay Plexxikon tiered royalties ranging from a low-single digit percentage to a high-single digit percentage on annual net sales of products. These royalty obligations last on a product-by-product basis and country-by-country basis until the latest of (i) the date on which there is no valid claim of a licensed Plexxikon patent covering a subject product in such country or (ii) the 10th anniversary of the date of the first commercial sale of the product in such country. In addition, if the Company sublicenses the rights under the License Agreement, the Company is required to pay a certain percentage of the sublicense revenue to Plexxikon ranging from mid-double digit percentages to mid-single digit percentages, depending on whether the sublicense is entered into prior to or after certain clinical trial events. The license agreement will expire on a country-by-country and licensed product-by-licensed product basis until the later of the last to expire of the patents covering such licensed products or services or the 10-year anniversary of the date of first commercial sale of the licensed product in such country. The Company may terminate the license agreement within 30 days after written notice in the event of a material breach. The Company may also terminate the agreement upon written notice in the event of the Company’s bankruptcy, liquidation or insolvency. In addition, the Company has the right to terminate this agreement in its entirety at will upon 90 days’ advance written notice to Plexxikon. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements that will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its condensed consolidated financial statements as of March 31, 2024 or its consolidated financial statements as of December 31, 2023. Legal Proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Net Loss Per Share	8. Net Loss Per Share Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts) : Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 58,348 ) $ ( 38,587 ) Net loss attributable to common stockholders $ ( 58,348 ) $ ( 38,587 ) Denominator: Weighted average common shares outstanding, basic 94,804,659 70,734,950 Net loss per common share, basic and diluted $ ( 0.62 ) $ ( 0.55 ) The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive and would result in a reduction to net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: March 31, 2024 2023 Stock options to purchase common stock 19,824,593 15,503,250 Time-based restricted stock units subject to vesting 80,000 — Performance-based restricted stock units subject to vesting 2,500,000 — Series A Preferred Stock 18,616,250 19,262,500 41,020,843 34,765,750 In accordance with ASC Topic 260, Earnings Per Share, the outstanding pre-funded warrants are included in the computation of basic and diluted net loss per share because the exercise price is negligible ($ 0.01 per share) and they are fully vested and exercisable at any time after the original issuance date. Shares of Series B Preferred Stock are not included in the computation of basic and diluted net loss per share or disclosed as having an anti-dilutive effect because their conversion is contingent upon stockholder approval and they are not convertible as of March 31, 2024.

Retirement Plan

Retirement Plan	3 Months Ended
	Mar. 31, 2024
Retirement Benefits [Abstract]
Retirement Plan	9. Retirement Plan The Company has a defined-contribution plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax b asis. The 401(k) Plan allows for discretionary matching contributions of 100 % of the first 4 % of elective contributions, which vest immediately. Contributions under the plan were approximately $ 0.5 million and $ 0.4 million for the three months ended March 31, 2024 and 2023, respectively.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Unaudited Interim Financial Information	Unaudited Interim Financial Information The consolidated balance sheet at December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying condensed unaudited consolidated financial statements as of March 31, 2024 and for the three months ended March 31, 2024 and 2023 have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of March 31, 2024 and results of operations for the three months ended March 31, 2024 and 2023 and cash flows for the three months ended March 31, 2024 and 2023 have been made. The Company’s results of operations for the three months ended March 31, 2024 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2024 .
Principles of Consolidation	Principles of Consolidation The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Mono, Inc. and Kiq Bio LLC. All intercompany accounts and transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates, as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.
Marketable Securities	Marketable Securities The Company’s marketable securities, consisting of debt securities, are classified as available-for-sale. Available-for-sale marketable debt securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expense over the life of the instrument. Realized gains and losses are determined using the specific identification method and are included in other income (expense). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in net income, and if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).
Recently Adopted and Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures related to reportable segment disclosure requirements. The pronouncement improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, and requires disclosure of incremental segment information on an annual and interim basis. The pronouncement is effective for annual periods beginning after December 15, 2023. The Company is evaluating the impact of the ASU on its financial statements. In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures related to income tax disclosure requirements. The pronouncement enhances the transparency and decision usefulness of income tax disclosures. The pronouncement is effective for annual periods beginning after December 15, 2024. The Company is evaluating the impact of the ASU on its financial statements.

Marketable Securities and Fai_2

Marketable Securities and Fair Value of Financial Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
Summary of Marketable Securities	The following table summarizes the Company’s marketable securities (in thousands) : March 31, 2024 Amortized Gross Gross Fair U.S. Treasury bills and notes (due within one year) $ 219,978 $ 24 $ ( 63 ) $ 219,939 $ 219,978 $ 24 $ ( 63 ) $ 219,939 December 31, 2023 Amortized Gross Gross Fair U.S. Treasury bills and notes (due within one year) $ 212,274 $ 213 $ ( 6 ) $ 212,481 U.S. Treasury bills and notes (due after one through five year) $ 7,421 $ 39 $ — $ 7,460 $ 219,695 $ 252 $ ( 6 ) $ 219,941
Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis	The following tables present the Company’s fair value hierarchy for its financial assets and liabilities, which are measured at fair value on a recurring basis (in thousands) : Fair Value Measurements at March 31, 2024 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 188,092 $ — $ — $ 188,092 Marketable securities: U.S. Treasury bills and notes $ — $ 219,939 $ — $ 219,939 Total assets $ 188,092 $ 219,939 $ — $ 408,031 Fair Value Measurements at December 31, 2023 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 46,184 $ — $ — $ 46,184 Marketable securities: U.S. Treasury bills and notes $ — $ 219,941 $ — $ 219,941 Total assets $ 46,184 $ 219,941 $ — $ 266,125

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following (in thousands) : March 31, December 31, Accrued employee compensation and benefits $ 2,431 $ 9,874 Accrued external research and development expense 8,912 10,252 Accrued external manufacturing costs 4,844 3,302 Accrued professional and consulting services 2,866 2,258 Other 636 441 Total $ 19,689 $ 26,127

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-based Compensation Expense by Type of Award	The following table summarizes stock-based compensation expense during the three months ended March 31, 2024 (in thousands) : Three Months Ended March 31, 2024 2023 Stock-based compensation expense by type of award: Time-based stock options $ 7,358 $ 5,750 Employee stock purchase plan 161 100 Time-based restricted stock units 39 — Performance-based restricted stock units 1,835 — Total $ 9,393 $ 5,850
Schedule of Stock Based Compensation Expense	The Company recorded stock-based compensation expense in the following expense categories of its condensed consolidated statements of operations and comprehensive loss (in thousands) : Three Months Ended March 31, 2024 2023 Research and development expenses $ 4,432 $ 2,956 General and administrative expenses 4,961 2,894 Total $ 9,393 $ 5,850

Net Loss per Share (Tables)

Net Loss per Share (Tables)	3 Months Ended
	Mar. 31, 2024
Earnings Per Share [Abstract]
Schedule of Earnings Per Share Basic and Diluted	Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts) : Three Months Ended March 31, 2024 2023 Numerator: Net loss $ ( 58,348 ) $ ( 38,587 ) Net loss attributable to common stockholders $ ( 58,348 ) $ ( 38,587 ) Denominator: Weighted average common shares outstanding, basic 94,804,659 70,734,950 Net loss per common share, basic and diluted $ ( 0.62 ) $ ( 0.55 )
Summary of Potential Dilutive Securities	The Company’s potential dilutive securities have been excluded from the computation of diluted net loss per share as the effect would be anti-dilutive and would result in a reduction to net loss per share. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common stockholders for the periods indicated above because including them would have had an anti-dilutive effect: March 31, 2024 2023 Stock options to purchase common stock 19,824,593 15,503,250 Time-based restricted stock units subject to vesting 80,000 — Performance-based restricted stock units subject to vesting 2,500,000 — Series A Preferred Stock 18,616,250 19,262,500 41,020,843 34,765,750

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (58,348)	$ (38,587)
Accumulated deficit	$ (661,972)		$ (603,624)

Marketable Securities and Fai_3

Marketable Securities and Fair Value of Financial Assets and Liabilities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	$ 219,978	$ 219,695
Marketable Securities, Gross Unrealized Gains	24	252
Marketable Securities, Gross Unrealized Losses	(63)	(6)
Marketable Securities, Fair Value	219,939	219,941
U.S. Treasury Bills and Notes (Due within One Year) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost	219,978	212,274
Marketable Securities, Gross Unrealized Gains	24	213
Marketable Securities, Gross Unrealized Losses	(63)	(6)
Marketable Securities, Fair Value	$ 219,939	212,481
U.S. Treasury Bills and Notes (Due After One Through Five Years) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable Securities, Amortized Cost		7,421
Marketable Securities, Gross Unrealized Gains		39
Marketable Securities, Fair Value		$ 7,460

Marketable Securities and Fai_4

Marketable Securities and Fair Value of Financial Assets and Liabilities - Schedule of Financial Assets and Liabilities at Fair Value on Recurring Basis (Detail) - Recurring Basis [Member] - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Assets:
Total assets	$ 408,031	$ 266,125
Level 1 [Member]
Assets:
Total assets	188,092	46,184
Level 2 [Member]
Assets:
Total assets	219,939	219,941
Money Market Funds [Member]
Assets:
Cash equivalents	188,092	46,184
Money Market Funds [Member] | Level 1 [Member]
Assets:
Cash equivalents	188,092	46,184
U.S. Treasury Bills and Notes [Member]
Assets:
Marketable Securities	219,939	219,941
U.S. Treasury Bills and Notes [Member] | Level 2 [Member]
Assets:
Marketable Securities	$ 219,939	$ 219,941

Marketable Securities and Fai_5

Marketable Securities and Fair Value of Financial Assets and Liabilities - Additional Information (Detail)	3 Months Ended	12 Months Ended
	Mar. 31, 2024 USD ($) Security	Dec. 31, 2023 USD ($) Security	Mar. 31, 2023 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value asset, transfers between Level 1, Level 2 and Level 3, amount	$ 0		$ 0
Number of held securities in an unrealized loss position | Security	43	9
Unrealized loss possition less than 12 months	$ 158,300,000	$ 34,700,000
Unrealized loss position more than 12 months	0	0
Marketable debt securities, charges for credit-related impairments	$ 0	$ 0

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee compensation and benefits	$ 2,431	$ 9,874
Accrued external research and development expense	8,912	10,252
Accrued external manufacturing costs	4,844	3,302
Accrued professional and consulting services	2,866	2,258
Other	636	441
Total	$ 19,689	$ 26,127

Preferred Stock, Series A Non_2

Preferred Stock, Series A Non-Voting Convertible Preferred Stock and Common Stock - Additional Information (Detail) - USD ($)						1 Months Ended		3 Months Ended
	Mar. 21, 2024	Feb. 14, 2024	Feb. 13, 2024	Jun. 13, 2022	May 06, 2022	Feb. 29, 2024	Jun. 30, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Class Of Stock [Line Items]
Common stock, Shares authorized								150,000,000		150,000,000
Common stock, Par value								$ 0.001		$ 0.001
Preferred stock, par value								$ 0.001
Preferred stock, shares authorized								10,000,000
Preferred stock, shares issued								0
Pre-funded warrants, purchase price per share								$ 0.01
Proceeds form private placement, net						$ 213,400,000
Underwritten Public Offering [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding				9.99%
Shares of common stock issued and sold				17,899,698			14,375,000
Exercise of stock options additional shares of common stock				2,730,000			1,875,000
Stock offering price, per share				$ 8.25			$ 12
Proceeds from issuance of common stock to LPC				$ 161,900,000			$ 161,800,000
Underwriting discounts and commissions expenses				10,400,000			10,300,000
Offering expenses				$ 400,000			$ 400,000
Pre-funded warrants, shares				3,030,302
Pre-funded warrants exercised								2,424,242
Pre-funded warrants remain outstanding								606,060
Underwriters exercise period option				30 days			30 days
Purchase Agreement [Member]
Class Of Stock [Line Items]
Sale of securities, value			$ 213,400,000
Guggenheim Securities, LLC [Member]
Class Of Stock [Line Items]
Shares of common stock issued and sold								0
Maximum [Member]
Class Of Stock [Line Items]
Proceeds from issuance of equity and debt financing					$ 300,000,000
Maximum [Member] | Underwritten Public Offering [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding				19.99%
Maximum [Member] | Guggenheim Securities, LLC [Member]
Class Of Stock [Line Items]
Stock offering cost					$ 75,000,000
Common Stock [Member]
Class Of Stock [Line Items]
Conversion of preferred stock into common stock, Shares								22,215,000	1,000,000
Exchange of common stock for Series B Preferred Stock, Shares	8,300,000							(8,300,000)
Common stock issued upon conversion of preferred stock								18,616,250
Common stock voting right								Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders.
Exercise of stock options additional shares of common stock								71,150	14,128
Pre-funded warrants, purchase price per share				$ 0.01
Common Stock [Member] | Underwritten Public Offering [Member]
Class Of Stock [Line Items]
Pre-funded warrants, purchase price per share				$ 8.24
Common Stock [Member] | Purchase Agreement [Member]
Class Of Stock [Line Items]
Stock offering price, per share			$ 7.5
Stock issued (in shares)			17,717,997
Common Stock [Member] | Exchange Agreements [Member]
Class Of Stock [Line Items]
Exchange of common stock for Series B Preferred Stock, Shares	8,300,000
Common Stock [Member] | Private Placement [Member]
Class Of Stock [Line Items]
Stock offering price, per share						$ 7.5
Stock issued (in shares)						17,717,997
Series A Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value								$ 0.001
Minimum percentage of originally issued shares remain issued and outstanding								40%
Convertible preferred stock, common stock issuable upon conversion								250
Percentage of preferred stock issued								54.40%
Cumulative amount of shares conversion								88,860
Preferred stock, shares outstanding								74,465
Series A Preferred Stock [Member] | Minimum [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding								4.90%
Series A Preferred Stock [Member] | Maximum [Member]
Class Of Stock [Line Items]
Beneficial ownership limitation percentage for conversion of common stock issued and outstanding								19.90%
Series B Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized								20,580
Exchange of common stock for Series B Preferred Stock, Shares	8,300
Series B Preferred Stock [Member] | Purchase Agreement [Member]
Class Of Stock [Line Items]
Stock offering price, per share			$ 7,500
Stock issued (in shares)			12,280
Series B Preferred Stock [Member] | Exchange Agreements [Member]
Class Of Stock [Line Items]
Exchange of common stock for Series B Preferred Stock, Shares	8,300
Series B Preferred Stock [Member] | Private Placement [Member]
Class Of Stock [Line Items]
Stock offering price, per share						$ 7,500
Stock issued (in shares)						12,280
Series A Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value								$ 0.001		$ 0.001
Preferred stock, shares authorized								1,000,000		1,000,000
Preferred stock, shares outstanding								74,465		74,465
Preferred stock, shares issued								74,465		74,465
Series B Convertible Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value								$ 0.001		$ 0.001
Preferred stock, shares authorized								20,580		20,580
Preferred stock, shares outstanding								20,580		0
Preferred stock, shares issued								20,580		0
Series B Convertible Preferred Stock [Member] | Purchase Agreement [Member]
Class Of Stock [Line Items]
Preferred stock, par value		$ 0.001
Maximum number of shares issuable under certificate of designation		12,280
Series B Convertible Preferred Stock [Member] | Minimum [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized	12,280
Converstion of shares percentage								0%
Series B Convertible Preferred Stock [Member] | Maximum [Member]
Class Of Stock [Line Items]
Preferred stock, shares authorized	20,580
Converstion of shares percentage								19.90%
Series B Convertible Preferred Stock [Member] | Common Stock [Member]
Class Of Stock [Line Items]
Number of shares convertible								1,000
Undesignated Preferred Stock [Member]
Class Of Stock [Line Items]
Preferred stock, par value								$ 0.001		$ 0.001
Preferred stock, shares authorized								8,979,420		8,979,420
Preferred stock, shares outstanding								0		0
Preferred stock, shares issued								0		0

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands				1 Months Ended	3 Months Ended
	Jan. 01, 2024	Mar. 28, 2018	Mar. 27, 2018	Feb. 28, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023	Nov. 05, 2020	Oct. 22, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued					95,613,396		86,124,249
Stock-based compensation expense					$ 9,393	$ 5,850
Unrecognized compensation expenses, recognition period					1 year 10 months 13 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Incremental stock compensation expense					$ 2,400
2020 Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance					677,995
Shares reserved for future issuance								3,750,000	3,750,000
Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost					$ 55,600	$ 300
Unrecognized compensation expenses, recognition period					2 years 7 months 17 days	1 year 5 months 1 day
Unvested PSUs [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost					$ 13,800
Percentage of Share Based Compensation Nonvested Awards Stock Maximum Achievement					200%
2018 Stock Option and Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increases in authorized shares			700,180
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance			4%
Increased in authorized shares reserved for issuance	3,444,970		6,000,000		6,000,000
Shares available for issuance					3,230,783
Expiration period				3 years
2018 Stock Option and Incentive Plan [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of vesting of award				0%
2018 Stock Option and Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares grants				2,500,000
Percentage of vesting of award				200%
2018 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Increased in authorized shares reserved for issuance	125,000
Shares reserved for future issuance		78,500
2018 Employee Stock Purchase Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of increases in authorized shares		125,000
Percentage of shares of common stock available for issuance		1%
2018 Employee Stock Purchase Plan [Member] | Employees [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares issued					497,240

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 9,393	$ 5,850
Employee Stock [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	161	100
Time Based Stock Options [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	7,358	5,750
Performance-Based Restricted Stock Units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	1,835	0
Time Based Restricted Stock Unit [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Payment Arrangement, Expense	$ 39	$ 0

Stock-Based Compensation - Sc_2

Stock-Based Compensation - Schedule of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 9,393	$ 5,850
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	4,432	2,956
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 4,961	$ 2,894

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Plexxikon License Agreement [Member] - USD ($)	1 Months Ended	3 Months Ended
	Jul. 30, 2020	Mar. 31, 2024	Jun. 30, 2022
Commitments And Contingencies Disclosure [Line Items]
Clinical milestone achieved, triggering payment			$ 2,500,000
Other milestone payments		$ 0
License agreement expiration terms		The license agreement will expire on a country-by-country and licensed product-by-licensed product basis until the later of the last to expire of the patents covering such licensed products or services or the 10-year anniversary of the date of first commercial sale of the licensed product in such country. The Company may terminate the license agreement within 30 days after written notice in the event of a material breach. The Company may also terminate the agreement upon written notice in the event of the Company’s bankruptcy, liquidation or insolvency. In addition, the Company has the right to terminate this agreement in its entirety at will upon 90 days’ advance written notice to Plexxikon.
Maximum [Member]
Commitments And Contingencies Disclosure [Line Items]
Aggregate payments received upon satisfaction of clinical milestones	$ 7,500,000
Aggregate payments received	$ 25,000,000

Net Loss Per Share - Schedule o

Net Loss Per Share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share [Abstract]
Net loss	$ (58,348)	$ (38,587)
Net loss attributable to common stockholders	$ (58,348)	$ (38,587)
Weighted average common shares outstanding, basic	94,804,659	70,734,950
Weighted average common shares outstanding, diluted	94,804,659	70,734,950
Net loss per common share, basic	$ (0.62)	$ (0.55)
Net loss per common share, diluted	$ (0.62)	$ (0.55)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potential Dilutive Securities (Detail) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	41,020,843	34,765,750
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	19,824,593	15,503,250
Time-Based Restricted Stock Units Subject To Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	80,000	0
Performance-Based Restricted Stock Units Subject to Vesting [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	2,500,000	0
Series A Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potential dilutive securities excluded from computation of diluted net loss per common share	18,616,250	19,262,500

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Details)	Mar. 31, 2024 $ / shares
Earnings Per Share [Abstract]
Pre-funded warrants, exercise price	$ 0.01

Retirement Plan - Additional In

Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution percentage of match	100%
Defined contribution plan, matching amount	$ 0.5	$ 0.4
Maximum [Member]
Defined Contribution Plan Disclosure [Line Items]
Defined contribution plan, employer matching contribution percent	4%