Cognition Therapeutics, Inc.
- Open
- 1.03
- Day high
- 1.05
- Day low
- 1.01
- Prev close
- 1.02
- Volume
- 289K
- Mkt cap
- $98M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 3.0
- P/S
- —
- Yield
- —
- Per share
- —
Cognition Therapeutics, Inc. (CGTX) is a Healthcare company listed on NASDAQ. The stock is down 58% over the past year.
Cognition Therapeutics, Inc. (CGTX) financials & analyst ratings
Fundamentals (TTM)
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
CGTX earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Aug 6, 2026 | $-0.06 | $-0.04 | +36.8% | — | — |
| May 7, 2026 | $-0.06 | $-0.05 | +16.7% | — | — |
| Mar 26, 2026 | $-0.06 | $-0.02 | +66.7% | — | — |
| Nov 6, 2025 | $-0.07 | $-0.06 | +14.3% | — | — |
| Aug 7, 2025 | $-0.12 | $-0.11 | +8.3% | — | — |
| May 7, 2025 | $-0.12 | $-0.14 | -16.7% | — | — |
| Mar 20, 2025 | $-0.16 | $-0.17 | -6.3% | — | — |
| Aug 8, 2024 | $-0.22 | $-0.18 | +18.2% | — | — |
| Nov 2, 2023 | $-0.31 | $-0.22 | +29.0% | — | — |
| May 4, 2023 | $-0.17 | $-0.21 | -23.5% | — | — |
| Mar 23, 2023 | $-0.49 | $-0.20 | +59.2% | — | — |
| Nov 14, 2022 | $-0.55 | $-0.29 | +47.3% | — | — |
CGTX insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 22, 2026 | Fletcher Aaron G.L.director, 10 percent owner: | Grant | 25,000 | — |
| Jun 22, 2026 | Khattar Jack A.director | Grant | 25,000 | — |
| Jun 22, 2026 | Monia Brett Pdirector | Grant | 25,000 | — |
| Jun 22, 2026 | Wallace Peggydirector | Grant | 25,000 | — |
| Jun 22, 2026 | RICHSTONE ELLEN Bdirector | Grant | 25,000 | — |
| May 4, 2026 | Doyle John Brendanofficer: Chief Financial Officer | Tax | 8,567 | $1.28 |
| Apr 20, 2026 | Caggiano Anthonyofficer: Chief Medical Officer | Buy | 10,000 | $1.11 |
| Apr 20, 2026 | Doyle John Brendanofficer: Chief Financial Officer | Buy | 10,000 | $1.13 |
| Apr 20, 2026 | Ricciardi Lisadirector, officer: CEO & President | Buy | 9,175 | $1.10 |
| Feb 18, 2026 | Doyle John Brendanofficer: Chief Financial Officer | Tax | 1,560 | $1.12 |
| Feb 18, 2026 | Caggiano Anthonyofficer: Chief Medical Officer | Tax | 4,680 | $1.12 |
| Feb 18, 2026 | Ricciardi Lisadirector, officer: CEO & President | Tax | 5,850 | $1.12 |
| Feb 5, 2026 | Doyle John Brendanofficer: Chief Financial Officer | Tax | 26,921 | $1.03 |
| Feb 5, 2026 | Ricciardi Lisadirector, officer: CEO & President | Grant | 800,000 | — |
| Feb 5, 2026 | Ricciardi Lisadirector, officer: CEO & President | Tax | 26,036 | $1.12 |
Source: CGTX SEC Form 4 filings, latest Jun 22, 2026. For informational purposes only — not investment advice.
See the full CGTX insider & 13F page →Cognition Therapeutics, Inc. company profile
Overview
Cognition Therapeutics, Inc. (NASDAQ:CGTX) is a clinical-stage biopharmaceutical company founded in 2007 and headquartered in Purchase, New York. The company went public in October 2021 and focuses on developing small molecule therapeutics for age-related degenerative diseases affecting the central nervous system and retina. Cognition Therapeutics is currently advancing multiple clinical trials for its lead drug candidate across several neurodegenerative conditions, with significant backing from National Institutes of Health grants totaling over $170 million in non-dilutive funding.
Business
Cognition Therapeutics operates in the biotechnology sector, specifically developing treatments for neurodegenerative diseases that primarily affect aging populations. The company's core focus is on sigma-2 receptor antagonism, a novel therapeutic approach targeting cellular dysfunction in brain and retinal diseases. The company's lead product candidate is CT1812 (zervimesine), a small molecule drug that works by blocking sigma-2 receptors. These receptors are proteins found on cell surfaces that, when overactive, contribute to cellular damage and death in neurodegenerative conditions. By blocking these receptors, CT1812 aims to protect neurons and slow disease progression. The drug is designed to be taken orally and cross the blood-brain barrier to reach affected brain tissue. CT1812 is currently being tested in multiple Phase II clinical trials for three main conditions: 1. Alzheimer's disease - the most common form of dementia affecting memory and cognitive function, with trials including SHINE (mild-to-moderate Alzheimer's) and START (early-stage Alzheimer's). 2. Dementia with Lewy Bodies (DLB) - the second most common dementia type, characterized by abnormal protein deposits in the brain, being studied in the SHIMMER trial. 3. Dry age-related macular degeneration (AMD) - a leading cause of vision loss in older adults, though the company recently concluded its Phase II MAGNIFY study to focus resources on the neurological indications. The company is also developing two earlier-stage compounds: CT2168 for synucleinopathies (diseases involving abnormal protein accumulation like DLB and Parkinson's disease) and CT2074 for dry AMD, both in preclinical development.
Revenue model
Cognition Therapeutics currently generates no revenue as it remains in the clinical development phase, with all drug candidates still undergoing testing and none yet approved for commercial sale. The company's business model is typical of early-stage biotechnology firms - it relies on external funding to support research and development activities until drugs can be brought to market. The company's primary funding sources include: 1. Grant funding - Cognition has secured approximately $171 million in non-dilutive funding from the National Institute on Aging (NIA), part of the National Institutes of Health. As of 2024, $50 million in grant funds remain available to support ongoing trials. 2. Equity financing - The company raises capital through public stock offerings and has an equity financing agreement with Lincoln Park Capital. 3. Potential future partnerships - Management is actively pursuing pharmaceutical partnerships that could provide upfront payments, milestone payments, and royalties. Once approved, the revenue model would shift to traditional pharmaceutical sales, likely involving: licensing agreements with larger pharmaceutical companies for commercialization, direct sales in certain markets, or royalty arrangements. The company's future profitability will depend on successfully completing clinical trials, obtaining regulatory approval, and either commercializing drugs independently or through partnerships. Several factors could significantly impact the company's financial prospects: Clinical trial outcomes represent the primary risk, as negative results could eliminate entire revenue streams and require pivoting to alternative approaches. Regulatory approval timelines affect when revenue generation can begin, with longer approval processes extending the cash burn period. Competition from other Alzheimer's treatments could reduce market share, particularly given recent approvals of other dementia drugs. Healthcare reimbursement policies will determine pricing power and market access. Manufacturing costs for the novel chemical processes being developed could impact gross margins once commercialized.
Competitive moat
Cognition Therapeutics operates in a highly competitive biotechnology landscape with limited sustainable competitive advantages at this stage. The company's primary potential moat lies in its sigma-2 receptor antagonism approach, which represents a novel mechanism of action distinct from currently approved Alzheimer's treatments that focus on amyloid plaques or tau proteins. The strength of this moat is currently unproven and faces several challenges. Scientific differentiation could provide temporary advantages if CT1812 demonstrates superior efficacy or safety compared to existing treatments, but this remains unvalidated until Phase III trials are completed. The company's extensive clinical data across multiple indications could create some barriers to entry for competitors pursuing similar mechanisms. However, the moat is relatively weak due to several factors: High replication risk exists as other pharmaceutical companies could develop competing sigma-2 receptor antagonists once the mechanism proves successful. Patent protection provides limited duration exclusivity, and the company faces potential competition from well-funded pharmaceutical giants with superior resources for drug development and commercialization. Regulatory barriers that protect the company also protect competitors, creating a level playing field rather than sustainable advantages. The competitive landscape includes established players like Biogen and Eisai with approved Alzheimer's treatments, as well as numerous biotechnology companies pursuing alternative approaches. The company's relatively small size and limited financial resources compared to major pharmaceutical companies represent significant competitive disadvantages. Without proven clinical efficacy and successful commercialization, Cognition Therapeutics lacks the strong intellectual property portfolio, brand recognition, or distribution networks that typically constitute durable competitive moats in the pharmaceutical industry.
Risks & safety
The margin of safety is extremely limited for this pre-revenue biotechnology company facing significant execution and financial risks. • Cash burn and solvency: Quarterly cash burn of approximately $8-10 million with $16.4 million in cash as of Q1 2025, providing runway only through Q4 2025. The company has $50 million in remaining NIH grant funds but this requires meeting specific milestones. • Debt levels: Minimal debt with debt-to-equity ratio of 0.04, indicating low leverage risk but also limited financial flexibility. • Valuation metrics: Market cap of $18.3 million represents significant downside risk if clinical trials fail. Price-to-book ratio of 2.1x suggests limited asset protection. • Clinical trial risks: Multiple Phase II trials ongoing with binary outcomes - success could drive significant upside while failure could result in near-total loss. • Dilution risk: Likely need for additional equity financing within 12 months given current cash burn rate, potentially at unfavorable terms given low stock price. • NASDAQ compliance: Currently under grace period for minimum bid price requirements, adding delisting risk.
Recent development
Over the past few years, Cognition Therapeutics has made several strategic pivots and achieved important clinical milestones. The company has narrowed its focus from four therapeutic areas to concentrate resources on its most promising indications - Alzheimer's disease and Dementia with Lewy Bodies - while concluding the Phase II dry AMD study in 2024. Clinical progress has been the primary driver of recent developments. The SHINE trial in Alzheimer's disease was completed, showing a 39% slowing of cognitive decline, which management considers a strong efficacy signal. The company is preparing for FDA end-of-Phase II meetings for both Alzheimer's and DLB indications, positioning for potential Phase III trials. The START trial for early-stage Alzheimer's continues enrollment with NIH support, and the SHIMMER trial for DLB is expected to report results by year-end 2024. Manufacturing innovation represents another key development, with the company developing a novel chemical manufacturing process for CT1812 that could provide cost advantages and supply chain control. This process development suggests preparation for potential commercial-scale production. Partnership strategy has become increasingly important as the company faces funding constraints. Management has launched an active business development program seeking pharmaceutical partnerships, exploring both traditional licensing deals and innovative collaboration structures. The company is also pursuing additional non-dilutive funding opportunities beyond its existing NIH grants. Strategic positioning for future studies includes plans to enrich patient populations with lower tau levels based on clinical learnings, and exploration of dosing strategies below 300 milligrams to optimize efficacy and safety profiles.
CGTX company profile · for informational purposes only — not investment advice.
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