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Cogent Biosciences (NASDAQ:COGT) Is In A Good Position To Deliver On Growth Plans

Cogent Biosciences (NASDAQ:COGT) Is In A Good Position To Deliver On Growth Plans

Cogent Biosciences(納斯達克股票代碼:COGT)處於實現增長計劃的有利地位
Simply Wall St ·  05/23 22:03

Even when a business is losing money, it's possible for shareholders to make money if they buy a good business at the right price. For example, biotech and mining exploration companies often lose money for years before finding success with a new treatment or mineral discovery. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

即使企業虧損,如果股東以合適的價格收購一家優秀的企業,他們也有可能賺錢。例如,生物技術和礦業勘探公司通常會虧損多年,然後才能通過新的處理方法或礦物發現獲得成功。話雖如此,無利可圖的公司是有風險的,因爲它們可能會耗盡所有現金並陷入困境。

So should Cogent Biosciences (NASDAQ:COGT) shareholders be worried about its cash burn? In this article, we define cash burn as its annual (negative) free cash flow, which is the amount of money a company spends each year to fund its growth. The first step is to compare its cash burn with its cash reserves, to give us its 'cash runway'.

那麼,Cogent Biosciences(納斯達克股票代碼:COGT)的股東應該擔心其現金消耗嗎?在本文中,我們將現金消耗定義爲其年度(負)自由現金流,即公司每年爲其增長提供資金的金額。第一步是將其現金消耗與現金儲備進行比較,爲我們提供 “現金流”。

Does Cogent Biosciences Have A Long Cash Runway?

Cogent Biosciences 的現金流是否很長?

A cash runway is defined as the length of time it would take a company to run out of money if it kept spending at its current rate of cash burn. As at March 2024, Cogent Biosciences had cash of US$436m and no debt. Importantly, its cash burn was US$168m over the trailing twelve months. So it had a cash runway of about 2.6 years from March 2024. Importantly, analysts think that Cogent Biosciences will reach cashflow breakeven in 3 years. That means unless the company reduces its cash burn quickly, it may well look to raise more cash. Depicted below, you can see how its cash holdings have changed over time.

現金流道的定義是,如果公司保持目前的現金消耗率,則需要多長時間才能耗盡資金。截至2024年3月,Cogent Biosciences的現金爲4.36億美元,沒有債務。重要的是,在過去的十二個月中,其現金消耗爲1.68億美元。因此,從2024年3月起,它的現金流約爲2.6年。重要的是,分析師認爲,Cogent Biosciences將在3年內實現現金流盈虧平衡。這意味着,除非該公司迅速減少現金消耗,否則它很可能會尋求籌集更多現金。如下所示,您可以看到其現金持有量隨着時間的推移而發生了怎樣的變化。

debt-equity-history-analysis
NasdaqGS:COGT Debt to Equity History May 23rd 2024
NASDAQGS: COGT 債券與股本的比率歷史記錄 2024 年 5 月 23 日

How Is Cogent Biosciences' Cash Burn Changing Over Time?

隨着時間的推移,Cogent Biosciences的現金消耗如何變化?

Because Cogent Biosciences isn't currently generating revenue, we consider it an early-stage business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. With the cash burn rate up 23% in the last year, it seems that the company is ratcheting up investment in the business over time. That's not necessarily a bad thing, but investors should be mindful of the fact that will shorten the cash runway. Clearly, however, the crucial factor is whether the company will grow its business going forward. So you might want to take a peek at how much the company is expected to grow in the next few years.

由於Cogent Biosciences目前沒有創造收入,因此我們認爲這是一項處於早期階段的業務。儘管如此,作爲評估其現金消耗情況的一部分,我們仍然可以研究其現金消耗軌跡。去年的現金消耗率上升了23%,隨着時間的推移,該公司似乎正在加大對該業務的投資。這不一定是一件壞事,但投資者應注意這樣一個事實,這將縮短現金流道。但是,顯然,關鍵因素是該公司未來是否會發展其業務。因此,你可能想看看該公司在未來幾年預計將增長多少。

Can Cogent Biosciences Raise More Cash Easily?

Cogent Biosciences 能否輕鬆籌集更多現金?

While Cogent Biosciences does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

儘管Cogent Biosciences確實有穩健的現金流,但其現金消耗軌跡可能會讓一些股東考慮公司何時可能需要籌集更多資金。發行新股或承擔債務是上市公司爲其業務籌集更多資金的最常見方式。上市公司的主要優勢之一是,它們可以向投資者出售股票以籌集現金和爲增長提供資金。通過觀察公司相對於其市值的現金消耗,我們可以深入了解如果公司需要籌集足夠的現金來彌補下一年的現金消耗,股東會被稀釋多少。

Cogent Biosciences' cash burn of US$168m is about 22% of its US$768m market capitalisation. That's not insignificant, and if the company had to sell enough shares to fund another year's growth at the current share price, you'd likely witness fairly costly dilution.

Cogent Biosciences的1.68億美元現金消耗約佔其7.68億美元市值的22%。這並非微不足道,如果公司必須以當前股價出售足夠的股票來爲下一年的增長提供資金,那麼您可能會看到相當昂貴的稀釋。

How Risky Is Cogent Biosciences' Cash Burn Situation?

Cogent Biosciences的現金消耗情況有多危險?

On this analysis of Cogent Biosciences' cash burn, we think its cash runway was reassuring, while its increasing cash burn has us a bit worried. One real positive is that analysts are forecasting that the company will reach breakeven. Cash burning companies are always on the riskier side of things, but after considering all of the factors discussed in this short piece, we're not too worried about its rate of cash burn. On another note, Cogent Biosciences has 3 warning signs (and 1 which is a bit concerning) we think you should know about.

在對Cogent Biosciences現金消耗的分析中,我們認爲其現金流令人放心,而現金消耗的增加使我們有點擔心。一個真正的積極因素是,分析師預測該公司將達到盈虧平衡。現金消耗公司總是站在風險較高的一邊,但在考慮了這篇簡短文章中討論的所有因素之後,我們並不太擔心其現金消耗率。另一方面,Cogent Biosciences有3個警告信號(其中一個有點令人擔憂),我們認爲你應該知道。

Of course Cogent Biosciences may not be the best stock to buy. So you may wish to see this free collection of companies boasting high return on equity, or this list of stocks with high insider ownership.

當然,Cogent Biosciences可能不是最好的買入股票。因此,你可能希望看到這份擁有高股本回報率的公司的免費集合,或者這份內部所有權高的股票清單。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章本質上是籠統的。我們僅使用公正的方法根據歷史數據和分析師的預測提供評論,我們的文章無意作爲財務建議。它不構成買入或賣出任何股票的建議,也沒有考慮到您的目標或財務狀況。我們的目標是爲您提供由基本數據驅動的長期重點分析。請注意,我們的分析可能不考慮最新的價格敏感型公司公告或定性材料。簡而言之,華爾街沒有持有任何上述股票的頭寸。

譯文內容由第三人軟體翻譯。


以上內容僅用作資訊或教育之目的,不構成與富途相關的任何投資建議。富途竭力但無法保證上述全部內容的真實性、準確性和原創性。
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