CGTX · Cognition Therapeutics, Inc.

Cognition Therapeutics significantly narrowed its Q1 2026 net loss to $4.6 million, or $(0.05) per share, from $8.5 million, or $(0.14) per share, in the prior year quarter, driven by substantial reductions in operating expenses. Research and development costs dropped 43% to $6.1 million, primarily from lower contract research organization trial activities and professional fees, reflecting a strategic slowdown in certain development efforts. General and administrative expenses declined modestly to $2.7 million, aided by reduced stock compensation, compensation, and fees. Grant income of $4.0 million partially offset the $8.8 million operating loss. CEO Lisa Ricciardi highlighted progress on zervimesine (CT1812), with an FDA Division of Psychiatry meeting on May 20, 2026, to discuss registrational plans for dementia with Lewy bodies (DLB) psychosis, building on Phase 2 SHIMMER study efficacy signals. The company also anticipates topline data from the 545-patient Phase 2 START study in mild cognitive impairment and early Alzheimer's in 2027. Balance sheet remains solid with $31.2 million in cash, cash equivalents, and restricted cash as of March 31, 2026, plus $25.6 million in remaining obligated NIH grant funds, supporting operations through Q2 2027 without immediate dilution risk. Presentations at AD/PD 2026 conference underscored zervimesine's potential in DLB symptom management.