Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2025	Sep. 30, 2024
Cash flows from operating activities:
Net loss	$ (226,445)	$ (187,932)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	1,936	1,825
Stock-based compensation expense	30,328	29,763
Amortization of operating leases, right-of-use assets	1,506	1,418
Net amortization (accretion) of premiums (discounts) on marketable securities	(906)	(5,015)
Amortization of long-term debt discount and issuance costs	363
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3,041	(948)
Other assets	374	(2)
Accounts payable	4,016	4,406
Accrued expenses and other current liabilities	1,586	10,295
Operating lease liability	(1,158)	(1,024)
Other liabilities	20
Net cash used in operating activities	(185,339)	(147,214)
Cash flows from investing activities:
Purchases of property and equipment	(743)	(498)
Purchases of marketable securities	(291,949)	(242,879)
Maturities and sales of marketable securities	215,935	219,982
Net cash used in investing activities	(76,757)	(23,395)
Cash flows from financing activities:
Proceeds from long-term debt	49,291
Payment of debt issuance costs	(2,304)
Proceeds from issuance of common stock under ATM, net of issuance costs of $0.7 million	24,250
Proceeds from issuance of common stock in public offering, net of offering costs of $14.3 million	215,792
Proceeds from issuance of common stock and Series B Preferred Stock in connection with the Private Placement, net of offering costs of $11.6 million	0	213,336
Proceeds from issuance of common stock upon stock option exercises	1,185	172
Proceeds from issuance of stock from employee stock purchase plan	1,350	917
Net cash provided by financing activities	289,564	214,425
Net increase in cash, cash equivalents and restricted cash	27,468	43,816
Cash, cash equivalents and restricted cash at beginning of period	98,165	53,229
Cash, cash equivalents and restricted cash at end of period	125,633	97,045
Supplemental disclosure of cash flow information:
Cash paid for interest	1,410
Supplemental disclosure of noncash investing and financing information:
Debt discount included in accrued expenses and other liabilities	3,100
Offering costs included in accounts payable and accrued expenses	43	45
Series A Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing information:
Conversion of Series Preferred Stock into common shares	2,685	3,520
Series B Preferred Stock [Member]
Supplemental disclosure of noncash investing and financing information:
Conversion of Series Preferred Stock into common shares	$ 0	$ 107,980

Cogent Biosciences, Inc. 10-Q