Cognition Therapeutics, Inc.

Cognition Therapeutics, Inc. (CGTX), a clinical-stage biopharmaceutical company, reported a net loss of $23.5 million for FY 2025, an improvement from $34.0 million in FY 2024, driven by reduced operating expenses of $47.8 million (down from prior year) and grant income of $23.4 million. Research and development expenses were $37.2 million, primarily for ongoing Phase 2 trials of lead candidate zervimesine (CT1812) in Alzheimer's disease (AD) and dementia with Lewy bodies (DLB), while general and administrative costs were $10.6 million. No revenue from product sales; grant income offset losses from operations of $47.8 million. Balance sheet strengthened with cash and equivalents at $36.8 million (up from prior), total assets $48.4 million, and stockholders' equity $34.3 million, bolstered by $36.6 million in financing cash flows. Net cash used in operations was $24.6 million. The company maintains one operating segment focused on neurodegenerative disorders. Forward-looking, cash supports operations through Q2 2027, with topline data expected from START trial in MCI/early AD and plans for Phase 3 in AD and DLB psychosis, reliant on non-dilutive grants ($171 million cumulative) and equity raises.

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