What is COGNITION THERAPEUTICS INC's earnings per share (EPS)?

COGNITION THERAPEUTICS INC (CGTX) reported diluted earnings per share of $-0.32 for fiscal year 2026. This represents a 62.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

COGNITION THERAPEUTICS INC Financials

CGTX

Source SEC Filings (10-K/10-Q) Updated Mar 31, 2026 Currency USD FYE December

This page shows COGNITION THERAPEUTICS INC (CGTX) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI CGTX FY2025 2026-05-08

Fresh equity, not operations, is the main engine keeping this R&D-heavy business liquid.

The least obvious shift is that balance-sheet improvement came from financing, not operations: FY2025 financing inflow of $36.6M exceeded operating cash burn of $24.6M. As a result, cash rose to $36.8M even while the business remained cash-consuming. That is why liquidity and leverage improved together, with debt-to-equity dropping from 0.6x to 0.4x.

Spending is overwhelmingly research-led: FY2025 R&D was $37.2M versus SG&A of $10.6M, so most resources are aimed at development work rather than supporting a scaled commercial operation. That mix means external financing capacity still matters more than internally generated funds.

Cash burn closely tracks accounting loss, which points to an asset-light cost structure: FY2025 operating cash outflow was $24.6M against a net loss of $23.5M. With only tiny capital spending in prior years, cash use appears to come mainly from ongoing operating expense, not from building out equipment or inventory.

Financial Health Signals

Financial Profile 27/100

Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →

Health score ≠ stock price. This rates the quality of COGNITION THERAPEUTICS INC's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Leverage

COGNITION THERAPEUTICS INC carries a low D/E ratio of 0.41, meaning only $0.41 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 94/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

With a current ratio of 3.45, COGNITION THERAPEUTICS INC holds $3.45 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 67/100.

Returns

COGNITION THERAPEUTICS INC generates a -68.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is up from -181.2% the prior year.

Piotroski F-Score Weak

2/9

COGNITION THERAPEUTICS INC passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

1.05x

For every $1 of reported earnings, COGNITION THERAPEUTICS INC generates $1.05 in operating cash flow (-$24.6M OCF vs -$23.5M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Key Financial Metrics

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Earnings & Revenue

Revenue

N/A

EBITDA

-$47.8M

YoY+11.3%

COGNITION THERAPEUTICS INC's EBITDA was -$47.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 11.3% from the prior year.

Net Income

-$23.5M

YoY+30.9%

COGNITION THERAPEUTICS INC reported -$23.5M in net income in fiscal year 2026. This represents an increase of 30.9% from the prior year.

EPS (Diluted)

$-0.32

YoY+62.8%

COGNITION THERAPEUTICS INC earned $-0.32 per diluted share (EPS) in fiscal year 2026. This represents an increase of 62.8% from the prior year.

Cash & Balance Sheet

Free Cash Flow

N/A

Cash & Debt

$36.8M

YoY+47.2%

5Y CAGR+48.0%

COGNITION THERAPEUTICS INC held $36.8M in cash against $0 in long-term debt as of fiscal year 2026.

Dividends Per Share

N/A

Shares Outstanding

89M

YoY+48.5%

COGNITION THERAPEUTICS INC had 89M shares outstanding in fiscal year 2026. This represents an increase of 48.5% from the prior year.

Margins & Returns

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

-68.5%

YoY+112.7pp

COGNITION THERAPEUTICS INC's ROE was -68.5% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is up 112.7 percentage points from the prior year.

Capital Allocation

R&D Spending

$37.2M

YoY-10.8%

5Y CAGR+23.6%

COGNITION THERAPEUTICS INC invested $37.2M in research and development in fiscal year 2026. This represents a decrease of 10.8% from the prior year.

Share Buybacks

N/A

Capital Expenditures

N/A

CGTX Income Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$37.2M-10.8%	$41.7M+12.0%	$37.2M+22.7%	$30.3M+63.3%	$18.6M+44.1%	$12.9M
SG&A Expenses	$10.6M-13.7%	$12.3M-9.2%	$13.5M+2.3%	$13.2M+31.9%	$10.0M+121.8%	$4.5M
Operating Income	-$47.8M+11.4%	-$54.0M-6.4%	-$50.7M-16.5%	-$43.6M-52.3%	-$28.6M-64.3%	-$17.4M
Interest Expense	N/A	N/A	-$27K+3.6%	-$28K-103.1%	$895K-49.1%	$1.8M
Income Tax	$0	$0	$0	$0	$0	N/A
Net Income	-$23.5M+30.9%	-$34.0M-31.7%	-$25.8M-20.5%	-$21.4M-82.6%	-$11.7M-49.5%	-$7.8M
EPS (Diluted)	$-0.32+62.8%	$-0.860.0%	$-0.86+5.5%	$-0.91+70.9%	$-3.13	$-23.76

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$6.1M	N/A	$3.8M-67.1%	$11.5M+6.4%	$10.8M	N/A	$11.4M-1.6%	$11.6M
SG&A Expenses	$2.7M	N/A	$2.6M+4.2%	$2.5M-16.5%	$3.0M	N/A	$3.1M-1.0%	$3.1M
Operating Income	-$8.8M	N/A	-$6.4M+54.4%	-$14.0M-1.5%	-$13.8M	N/A	-$14.5M+1.5%	-$14.7M
Interest Expense	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$4.6M	N/A	-$4.9M+26.8%	-$6.7M+20.6%	-$8.5M	N/A	-$9.9M-41.1%	-$7.0M
EPS (Diluted)	$-0.05	N/A	$-0.06+45.5%	$-0.11+21.4%	$-0.14	N/A	$-0.25-38.9%	$-0.18

CGTX Balance Sheet

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Total Assets	$48.4M+60.1%	$30.2M-14.0%	$35.2M-30.3%	$50.4M-14.7%	$59.1M+730.7%	$7.1M
Current Assets	$48.0M+62.4%	$29.6M-13.6%	$34.2M-28.2%	$47.6M-19.2%	$59.0M+754.0%	$6.9M
Cash & Equivalents	$36.8M+47.2%	$25.0M-16.4%	$29.9M-28.0%	$41.6M-24.0%	$54.7M+954.6%	$5.2M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$14.1M+22.9%	$11.5M+7.4%	$10.7M+5.0%	$10.2M+29.4%	$7.9M-89.6%	$75.3M
Current Liabilities	$13.9M+25.0%	$11.1M+9.6%	$10.2M+30.5%	$7.8M-0.9%	$7.9M+142.0%	$3.3M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$34.3M+82.8%	$18.8M-23.4%	$24.5M-39.2%	$40.2M-21.5%	$51.3M+175.2%	-$68.2M
Retained Earnings	-$198.6M-13.4%	-$175.2M-24.1%	-$141.2M-22.3%	-$115.4M-22.8%	-$94.0M-37.8%	-$68.2M

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Total Assets	$36.1M-25.3%	$48.4M+11.5%	$43.4M+121.2%	$19.6M-16.5%	$23.5M-22.3%	$30.2M+9.6%	$27.6M-19.8%	$34.4M
Current Assets	$35.8M-25.4%	$48.0M+11.9%	$42.9M+125.1%	$19.0M-16.7%	$22.9M-22.6%	$29.6M+10.2%	$26.8M-20.0%	$33.5M
Cash & Equivalents	$31.1M-15.4%	$36.8M-6.4%	$39.3M+266.1%	$10.7M-34.6%	$16.4M-34.3%	$25.0M+13.6%	$22.0M-22.9%	$28.5M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$6.2M-55.9%	$14.1M+105.6%	$6.9M-45.5%	$12.6M+12.1%	$11.2M-2.2%	$11.5M-12.3%	$13.1M+15.3%	$11.4M
Current Liabilities	$6.1M-56.5%	$13.9M+109.3%	$6.7M-46.2%	$12.4M+12.9%	$10.9M-1.7%	$11.1M-12.3%	$12.7M+16.3%	$10.9M
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$29.9M-12.7%	$34.3M-6.2%	$36.5M+419.7%	$7.0M-42.7%	$12.3M-34.6%	$18.8M+29.5%	$14.5M-37.1%	$23.0M
Retained Earnings	-$203.2M-2.3%	-$198.6M-1.7%	-$195.3M-2.6%	-$190.4M-3.7%	-$183.6M-4.8%	-$175.2M-4.7%	-$167.3M-6.3%	-$157.4M

CGTX Cash Flow Statement

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	-$24.6M+13.6%	-$28.5M-77.8%	-$16.0M+13.6%	-$18.5M-410.4%	-$3.6M-5.8%	-$3.4M
Capital Expenditures	N/A	$4K-97.3%	$147K-14.0%	$171K+533.3%	$27K+170.0%	$10K
Free Cash Flow	N/A	-$28.5M-76.2%	-$16.2M+13.6%	-$18.7M-411.3%	-$3.7M-6.2%	-$3.4M
Investing Cash Flow	$9K+325.0%	-$4K+97.3%	-$147K+14.0%	-$171K-533.3%	-$27K-170.0%	-$10K
Financing Cash Flow	$36.6M+55.2%	$23.6M+421.2%	$4.5M-18.5%	$5.5M-89.6%	$53.2M+822.8%	$5.8M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Operating Cash Flow	-$5.5M-61.2%	-$3.4M+39.2%	-$5.7M-0.5%	-$5.6M+43.1%	-$9.9M-17.8%	-$8.4M-22.3%	-$6.9M-14.2%	-$6.0M
Capital Expenditures	N/A	N/A	N/A	N/A	N/A	$1K	$0	N/A
Free Cash Flow	N/A	N/A	N/A	N/A	N/A	-$8.4M-22.4%	-$6.9M	N/A
Investing Cash Flow	N/A	N/A	N/A	N/A	N/A	-$1K	$0	N/A
Financing Cash Flow	-$233K-138.5%	$605K-98.2%	$33.9M+4410.2%	$752K-42.0%	$1.3M-88.6%	$11.4M+3359.3%	$329K+338.4%	-$138K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

CGTX Financial Ratios

Metric	FY26	FY24	FY23	FY22	FY21	FY20
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-68.5%+112.7pp	-181.2%-75.8pp	-105.4%-52.2pp	-53.2%-30.3pp	-22.9%	N/A
Return on Assets	-48.5%+63.8pp	-112.4%-39.0pp	-73.3%-30.9pp	-42.4%-22.6pp	-19.8%+90.3pp	-110.1%
Current Ratio	3.45+0.8	2.65-0.7	3.37-2.7	6.11-1.4	7.50+5.4	2.13
Debt-to-Equity	0.41-0.2	0.61+0.2	0.44+0.2	0.25+0.1	0.15+1.3	-1.10
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	-15.3%	N/A	-13.5%+82.3pp	-95.8%-26.7pp	-69.1%	N/A	-68.6%-38.0pp	-30.6%
Return on Assets	-12.7%	N/A	-11.4%+23.0pp	-34.3%+1.8pp	-36.1%	N/A	-36.0%-15.5pp	-20.5%
Current Ratio	5.92+2.5	3.45-3.0	6.44+4.9	1.54-0.5	2.09-0.6	2.65+0.5	2.11-1.0	3.07
Debt-to-Equity	0.21-0.2	0.41+0.2	0.19-1.6	1.79+0.9	0.92+0.3	0.61-0.3	0.90+0.4	0.49
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is COGNITION THERAPEUTICS INC profitable?

No, COGNITION THERAPEUTICS INC (CGTX) reported a net income of -$23.5M in fiscal year 2026.

What is COGNITION THERAPEUTICS INC's EBITDA?

COGNITION THERAPEUTICS INC (CGTX) had EBITDA of -$47.8M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.

What is COGNITION THERAPEUTICS INC's return on equity (ROE)?

COGNITION THERAPEUTICS INC (CGTX) has a return on equity of -68.5% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.

What is COGNITION THERAPEUTICS INC's operating cash flow?

COGNITION THERAPEUTICS INC (CGTX) generated -$24.6M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.

What are COGNITION THERAPEUTICS INC's total assets?

COGNITION THERAPEUTICS INC (CGTX) had $48.4M in total assets as of fiscal year 2026, including both current and long-term assets.

How much does COGNITION THERAPEUTICS INC spend on research and development?

COGNITION THERAPEUTICS INC (CGTX) invested $37.2M in research and development during fiscal year 2026.

How many shares does COGNITION THERAPEUTICS INC have outstanding?

COGNITION THERAPEUTICS INC (CGTX) had 89M shares outstanding as of fiscal year 2026.

What is COGNITION THERAPEUTICS INC's current ratio?

COGNITION THERAPEUTICS INC (CGTX) had a current ratio of 3.45 as of fiscal year 2026, which is generally considered healthy.

What is COGNITION THERAPEUTICS INC's debt-to-equity ratio?

COGNITION THERAPEUTICS INC (CGTX) had a debt-to-equity ratio of 0.41 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is COGNITION THERAPEUTICS INC's return on assets (ROA)?

COGNITION THERAPEUTICS INC (CGTX) had a return on assets of -48.5% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.

What is COGNITION THERAPEUTICS INC's cash runway?

Based on fiscal year 2026 data, COGNITION THERAPEUTICS INC (CGTX) had $36.8M in cash against an annual operating cash burn of $24.6M. This gives an estimated cash runway of approximately 18 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is COGNITION THERAPEUTICS INC's Piotroski F-Score?

COGNITION THERAPEUTICS INC (CGTX) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are COGNITION THERAPEUTICS INC's earnings high quality?

COGNITION THERAPEUTICS INC (CGTX) has an earnings quality ratio of 1.05x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is COGNITION THERAPEUTICS INC?

COGNITION THERAPEUTICS INC (CGTX) scores 27 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.