0001104659-26-034880
SEC filingCognition 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.
Cognition Therapeutics reported FY2025 net loss of $23.5 million, improved from $34.0 million in FY2024, primarily due to lower operating expenses ($47.8 million vs higher prior) and grant income of $23.4 million. Loss from operations was $47.8 million, with R&D at $37.2 million (clinical trials for zervimesine) and G&A $10.6 million. Total comprehensive loss $23.5 million. Cash position strengthened to $36.8 million from financing ($36.6 million inflow), supporting runway through Q2 2027.
No product revenue; grant income $23.4 million (up from $19.5 million prior), from NIA grants funding trials like START ($81 million) and SHIMMER ($30 million). Cumulative grants $171 million. Single segment: neurodegenerative disorders (AD, DLB).
Pre-revenue biotech; operating loss $47.8 million. Other income net $24.3 million (grants $23.4M, other $919K). Equity compensation $2.1 million. No margins applicable.
Operating cash use $24.6 million. Investing provided $9K. Financing $36.6 million (stock issuances). Net cash increase $12.0 million. Total assets $48.4 million (current $48.0M, cash $36.8M). Liabilities $14.1 million (current $13.9M). Equity $34.3 million. Shares outstanding 88.9 million.
Cash funds to Q2 2027. START topline post-18 months (enrollment complete Dec 2025). End-Phase 2 FDA alignment for AD Phase 3. DLB psychosis focus post-Type C meeting. $35.7 million remaining NIA funds. Risks: trial delays, funding needs.