CGTX · Cognition Therapeutics, Inc.

Summary

Cognition Therapeutics, Inc. reported financial results for the year ended December 31, 2025, with a net loss of $23.5 million or $(0.32) per share, improved from $34.0 million or $(0.86) per share in 2024, and cash of $37.0 million sufficient through Q2 2027. The company provided clinical updates on zervimesine, including published Phase 2 SHIMMER results in DLB psychosis, planned FDA meeting mid-2026, and completed enrollment in Phase 2 START trial in early Alzheimer's with results in 2027.

Key takeaways

• Net loss $23.5 million or $(0.32) per basic and diluted share for year ended December 31, 2025 vs $34.0 million or $(0.86) per share in 2024
• Cash, cash equivalents, and restricted cash equivalents $37.0 million as of December 31, 2025; sufficient to fund operations through Q2 2027
• Published Phase 2 SHIMMER (COG1201) results in DLB showing strong responses in psychosis and other domains
• Completed enrollment December 2025 in Phase 2 START (COG0203, NCT05531656) in MCI/early Alzheimer's; topline results expected 2027
• Planned mid-2026 meeting with FDA Division of Psychiatry for zervimesine registrational plan in DLB psychosis
• Launched expanded access program (NCT06961760) for DLB patients