Segment Information

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Information

10. 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 consolidated financial statements.

The following table is a summary of segment information for the three and six months ended June 30, 2025 and 2024 (in thousands):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Operating Expenses
Late-stage development	$	27,115		$	28,765		$	55,212		$	56,057
Early-stage, preclinical and discovery programs		10,039			5,562			19,817			12,082
R&D personnel related		14,568			10,844			29,442			21,524
Research and development software, facilities and other strategic support		4,907			3,836			9,332			7,057
Other operational infrastructure and advisory support		8,582			4,762			15,693			9,461
Stock-based compensation expense		9,716			10,012			19,724			19,405
Depreciation expense		655			606			1,295			1,205
Interest income		(2,373	)		(5,393	)		(5,325	)		(9,450	)
Interest expense		314			—			314			—
Other expense (income), net		6			(44	)		11			(43	)
Segment net loss and consolidated net loss	$	73,529		$	58,950		$	145,515		$	117,298