v3.26.1
Segment Information
6 Months Ended
Jun. 30, 2026
Segment Reporting [Abstract]  
Segment Information

11. Segment Information

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is the development and commercialization of precision therapies for genetically defined diseases. Cogent’s chief operating decision maker (“CODM”) is the Chief Executive Officer (“CEO”). The CODM manages and allocates resources to the operations of the Company on a total company basis and segment performance is evaluated based on consolidated net loss. The Company’s CEO uses consolidated financial information for purposes of evaluating performance, understanding future forecasted results and allocating resources. The measure of segment assets is reported on the balance sheet as total consolidated assets. All of the Company’s tangible assets are held in the United States.

The accounting policies for each operating segment are consistent with the Company’s policies for the condensed consolidated financial statements.

The following table is a summary of segment information for the three and six months ended June 30, 2026 and 2025 (in thousands):

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating Expenses

 

 

 

 

 

 

 

 

 

 

 

 

Late-stage development

 

$

25,593

 

 

$

27,115

 

 

$

53,695

 

 

$

55,212

 

Early-stage, preclinical and discovery programs

 

 

11,791

 

 

 

10,039

 

 

 

25,766

 

 

 

19,817

 

R&D personnel related

 

 

17,600

 

 

 

14,568

 

 

 

35,647

 

 

 

29,442

 

Research and development software, facilities and other strategic support

 

 

6,537

 

 

 

4,907

 

 

 

12,271

 

 

 

9,332

 

Other operational infrastructure and advisory support

 

 

23,269

 

 

 

8,582

 

 

 

43,484

 

 

 

15,693

 

Stock-based compensation expense

 

 

17,107

 

 

 

9,716

 

 

 

34,015

 

 

 

19,724

 

Depreciation expense

 

 

741

 

 

 

655

 

 

 

1,367

 

 

 

1,295

 

Interest income

 

 

(7,461

)

 

 

(2,373

)

 

 

(15,069

)

 

 

(5,325

)

Interest expense

 

 

1,217

 

 

 

314

 

 

 

2,430

 

 

 

314

 

Other expense (income), net

 

 

11

 

 

 

6

 

 

 

151

 

 

 

11

 

Segment net loss and consolidated net loss

 

$

96,405

 

 

$

73,529

 

 

$

193,757

 

 

$

145,515