Cognition Therapeutics Reports Financial Results for the Third Quarter 2026 and Provides Business Update
Remaining obligated National Institute on Aging grant funds totaled $18.2 million alongside the company’s cash resources.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Cognition Therapeutics (NASDAQ: CGTX) reported a narrower third-quarter net loss while advancing plans for a Phase 3 zervimesine trial. Net loss was $4.145 million, or $0.04 per basic and diluted share, versus $4.930 million, or $0.06 per share, a year earlier. Research and development expenses rose to $5.124 million from $3.773 million; general and administrative expenses fell to $2.253 million from $2.602 million.
Cash, cash equivalents and restricted cash equivalents totaled $31.475 million at September 30, 2026, versus $37.000 million at December 31, 2025. The company estimates funding will support operations and capital expenditures into the fourth quarter of 2027. Cognition aligned with the FDA on primary and key secondary endpoints for its planned Phase 3 dementia with Lewy bodies trial. It expects Phase 2 START results in early Alzheimer’s disease in the second half of 2027.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter net loss narrowed to $4.145 million, or $0.04 per share, from $4.930 million, or $0.06.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Cognition estimates cash will fund operations and capital expenditures into the fourth quarter of 2027.
- Moderate pointFDA alignment reached on primary and key secondary endpoints for the planned Phase 3 DLB trial.
- Moderate pointRemaining obligated National Institute on Aging grant funds totaled $18.2 million. 28% of market cap
- Moderate pointThird-quarter grant income increased to $2.966 million from $1.215 million a year earlier.
- Moderate pointNine-month research and development expenses fell to $16.341 million from $26.040 million a year earlier.
8 minor points
- Minor pointNine-month net loss narrowed to $12.647 million, or $0.14 per share, from $20.144 million, or $0.30.
- Minor pointPhase 3 protocol development began with input from people with DLB and caregivers.
- Minor point. Forward-looking: it has not happened yet and may not happen.Phase 2 START top-line results are anticipated in the second half of 2027.
- Minor pointIssued patent covers a novel crystalline form of zervimesine, with natural expiration in 2045.
- Minor pointThird-quarter general and administrative expenses fell to $2.253 million from $2.602 million a year earlier.
- Minor pointNine-month general and administrative expenses fell to $7.591 million from $8.088 million a year earlier.
- Minor pointOther income, net, rose to $267,000 for the quarter and $831,000 for nine months, from $230,000 and $585,000.
- Minor pointTotal liabilities decreased to $5.526 million at September 30, 2026, from $14.119 million at December 31, 2025.
Negative
- Moderate pointCash, cash equivalents and restricted cash equivalents fell to $31.475 million from $37.000 million at year-end 2025.
- Moderate pointThird-quarter research and development expenses rose to $5.124 million from $3.773 million on higher trial activity and professional fees.
- Moderate pointNine-month grant income declined to $10.463 million from $13.407 million a year earlier.
- Moderate pointThird-quarter operating loss widened to $7.377 million from $6.375 million a year earlier.
- Moderate pointQuarterly weighted-average common shares increased to 95,096,095 from 77,951,513 a year earlier.
3 minor points
- Minor pointNine-month weighted-average common shares increased to 91,658,892 from 67,488,145 a year earlier.
- Minor pointTotal assets fell to $34.803 million at September 30, 2026, from $48.390 million at year-end 2025.
- Minor pointStockholders’ equity declined to $29.277 million at September 30, 2026, from $34.271 million at year-end 2025.
News Explained
Cognition reports that a U.S. patent has issued covering a novel crystalline form of zervimesine, with natural expiration in 2045, adding patent coverage to the candidate’s disclosed intellectual-property position.
Key Figures
- Cash and restricted cash
- $31,475 thousand
- As of September 30, 2026
- Remaining obligated grant funds
- $18.2 million
- Third quarter 2026 financial update
- Research and development expenses
- $5,124 thousand vs. $3,773 thousand
- Three months ended September 30, 2026 vs. 2025
- General and administrative expenses
- $2,253 thousand vs. $2,602 thousand
- Three months ended September 30, 2026 vs. 2025
- Net loss
- $4,145 thousand vs. $4,930 thousand
- Three months ended September 30, 2026 vs. 2025
- Net loss per share
- $(0.04) vs. $(0.06) per share
- Third quarter 2026 vs. third quarter 2025
- START top-line results
- Second half of 2027
- Anticipated timing for Phase 2 study results
Previous Earnings Reports
-
Reported cash and remaining grant funds supported a funding horizon into Q4 2027.
-
Reported Q3 net loss of $4.9 million, the prior-year comparison in the current report.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
dlb medical
mci medical
AI-generated analysis. How Rhea-AI works. Not financial advice.
- Management conference call at 8:30 a.m. ET today -
PURCHASE, N.Y., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical-stage company developing product candidates that treat neurodegenerative disorders (the “Company” or “Cognition”), today reported financial results for the third quarter ended September 30, 2026, and provided a business update.
Lisa Ricciardi, Cognition’s president and CEO stated, “The work we conducted with the Office of Neuroscience at the FDA during 2026 culminated in the development of a trial protocol for a planned registrational study of zervimesine (CT1812) in people with dementia with Lewy bodies (DLB). We are now evaluating our plans for manufacturing, site selection, and patient recruitment.
“At the same time, we are working with our collaborators at the Alzheimer’s Clinical Trial Consortium (ACTC) to prepare for the conclusion of the Phase 2 START Study in people with MCI and early Alzheimer’s disease,” Ms. Ricciardi added. “Top-line results from START are anticipated in the second half of 2027 and will inform our plans for zervimesine in Alzheimer’s disease.”
Business and Corporate Highlights
- Aligned with FDA on primary and key secondary endpoints for Phase 3 trial of zervimesine in DLB.
- Began development of Phase 3 protocol with insights from panels of people with DLB and caregivers.
- Received issued patent with natural expiration of 2045 from United States Patent and Trademark Office (USPTO) covering a novel crystalline form of zervimesine.
- Received notice that poster developed with Alzheimer’s Clinical Trials Consortium (ACTC) has been accepted for presentation at Clinical Trials in Alzheimer’s Disease (CTAD) annual meeting. Presentation highlights efficiencies achieved in Phase 2 START study by using p-Tau 217 assay during screening.
Third Quarter 2026 Financial Results
Cash, cash equivalents, and restricted cash equivalents as of September 30, 2026 were approximately
Research and development expenses were
General and administrative expenses were
The Company reported a net loss of
Conference Call & Webcast Details
| Title: | Cognition Third Quarter 2026 Financial Results and Business Update |
| Date: | November 5, 2026 |
| Time: | 8:30 AM Eastern Time |
| Dial In: | Toll Free (US & Canada) 1-800-715-9871 |
| US/International Toll | 1-646-307-1963 |
| Conference ID: | 9023814 |
| Call me™: | https://registrations.events/easyconnect/9023814/recFvJxj663evg74H/ |
| Webcast: | https://webcast.ir-events.com/bKXwO501v80 |
About Cognition Therapeutics
Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company dedicated to helping millions of families seeking effective treatments for devastating neurodegenerative diseases through the development of novel, accessible therapies. The company has led pioneering research into the underlying mechanisms of degenerative nerve disorders. Our scientific approach builds on well-established biological pathways and translates across indications in which toxic oligomers drive disease progression, offering potential in dementia with Lewy bodies (DLB), Alzheimer’s disease, geographic atrophy, Parkinson’s, among others. The company’s lead candidate, zervimesine (CT1812), is an investigational once-daily oral therapy that has demonstrated promise in Phase 2 clinical trials in DLB and mild-to-moderate Alzheimer’s disease. Backed by nearly
About Dementia with Lewy Bodies (DLB)
Dementia with Lewy bodies (DLB) is a progressive, fatal neurodegenerative disease characterized by neuropsychiatric, cognitive, and motor deficits. It is the second most common cause of dementia. It is estimated that 1.4 million Americans are living with DLB. However, research shows that more than half are never diagnosed during their lifetime, suggesting that the prevalence of DLB could be substantially higher. There are no approved drugs to slow the decline of DLB or treat the symptoms that are core features of the disease.
About Zervimesine (CT1812)
Zervimesine (CT1812) is currently being studied in the Phase 2 START Study (NCT05531656) in patients with MCI and early Alzheimer’s disease. Phase 2 clinical studies have concluded in dementia with Lewy bodies (DLB), mild-to-moderate Alzheimer’s disease, and geographic atrophy secondary to dry AMD. In the Phase 2 SHIMMER study in DLB (NCT05225415), zervimesine was shown to slow DLB disease progression, resulting in a slowing of neuropsychiatric, cognitive, motor, and functional symptom progression. Zervimesine has been generally well tolerated in clinical studies to date.
Zervimesine is protected by a robust intellectual property portfolio including a recently issued composition of matter patent covering a novel crystalline form that has a natural expiration of 2045. The USAN Council has adopted zervimesine as the United States Adopted Name (USAN) for CT1812.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release or made during the conference, other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited to, our cash runway, statements regarding our product candidates, including zervimesine (CT1812), and any expected or implied benefits or results, including that initial clinical results observed with respect to zervimesine will be replicated in later trials and our clinical development plans, including statements regarding our planned FDA interactions and registrational program for zervimesine, as well as statements regarding our regulatory plans, are forward-looking statements. These statements, including statements relating to the timing and expected results of our clinical trials involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “might,” “will,” “should,” “expect,” “plan,” “aim,” “seek,” “anticipate,” “could,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “forecast,” “potential” or “continue” or the negative of these terms or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot be predicted or quantified and some of which are beyond our control. Factors that may cause actual results to differ materially from current expectations include, but are not limited to: competition; our ability to secure new (and retain existing) grant funding; our ability to grow and manage growth, maintain relationships with suppliers and retain our management and key employees; our ability to successfully advance our current and future product candidates through development activities, preclinical studies and clinical trials and costs related thereto; uncertainties inherent in the results of preliminary data, pre-clinical studies and earlier-stage clinical trials being predictive of the results of early or later-stage clinical trials; the timing, scope and likelihood of regulatory filings and approvals, including regulatory approval of our product candidates; changes in applicable laws or regulations; the possibility that we may be adversely affected by other economic, business or competitive factors, including ongoing economic uncertainty; our estimates of expenses and profitability; the evolution of the markets in which we compete; our ability to implement our strategic initiatives and continue to innovate our existing products; our ability to defend our intellectual property; the impacts of ongoing global and regional conflicts on our business, supply chain and labor force; our ability to maintain the listing of our common stock on the Nasdaq Capital Market; and the risks and uncertainties described more fully in the “Risk Factors” section of our annual and quarterly reports filed with the Securities & Exchange Commission and are available at www.sec.gov. These risks are not exhaustive and we face both known and unknown risks. You should not rely on these forward-looking statements as predictions of future events. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
| Cognition Therapeutics, Inc. Unaudited Selected Financial Data | ||||||||||||||||||
| (in thousands, except share and per share data amounts) | Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
| Statements of Operations Data: | 2026 | 2025 | 2026 | 2025 | ||||||||||||||
| Operating Expenses: | ||||||||||||||||||
| Research and development | $ | 5,124 | $ | 3,773 | $ | 16,341 | $ | 26,040 | ||||||||||
| General and administrative | 2,253 | 2,602 | 7,591 | 8,088 | ||||||||||||||
| Total operating expenses | 7,377 | 6,375 | 23,932 | 34,128 | ||||||||||||||
| Loss from operations | (7,377 | ) | (6,375 | ) | (23,932 | ) | (34,128 | ) | ||||||||||
| Other income (expense): | ||||||||||||||||||
| Grant income | 2,966 | 1,215 | 10,463 | 13,407 | ||||||||||||||
| Other income, net | 267 | 230 | 831 | 585 | ||||||||||||||
| Interest expense | (1 | ) | — | (9 | ) | (8 | ) | |||||||||||
| Total other income, net | 3,232 | 1,445 | 11,285 | 13,984 | ||||||||||||||
| Net loss and comprehensive loss | $ | (4,145 | ) | $ | (4,930 | ) | $ | (12,647 | ) | $ | (20,144 | ) | ||||||
| Net loss per share: | ||||||||||||||||||
| Basic | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.30 | ) | ||||||
| Diluted | $ | (0.04 | ) | $ | (0.06 | ) | $ | (0.14 | ) | $ | (0.30 | ) | ||||||
| Weighted-average common shares outstanding: | ||||||||||||||||||
| Basic | 95,096,095 | 77,951,513 | 91,658,892 | 67,488,145 | ||||||||||||||
| Diluted | 95,096,095 | 77,951,513 | 91,658,892 | 67,488,145 | ||||||||||||||
| As of | ||||||||||
| (in thousands) | September 30, 2026 | December 31, 2025 | ||||||||
| Balance Sheet Data: | ||||||||||
| Cash, cash equivalents, and restricted cash equivalents | $ | 31,475 | $ | 37,000 | ||||||
| Total assets | 34,803 | 48,390 | ||||||||
| Total liabilities | 5,526 | 14,119 | ||||||||
| Accumulated deficit | (211,294 | ) | (198,647 | ) | ||||||
| Total stockholders’ equity | 29,277 | 34,271 | ||||||||
| Contact Information: | Mike Moyer (investors) |
| Cognition Therapeutics, Inc. | LifeSci Advisors |
| info@cogrx.com | mmoyer@lifesciadvisors.com |
This press release was published by a CLEAR® Verified individual.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Cognition Therapeutics’ third-quarter 2026 financial results?
Cognition reported a $4.145 million net loss, or $0.04 per basic and diluted share, compared with $4.930 million, or $0.06 per share, a year earlier. Research and development expenses increased to $5.124 million, while general and administrative expenses decreased to $2.253 million.
When does Cognition Therapeutics expect Phase 2 START results for zervimesine?
Cognition anticipates top-line Phase 2 START results in the second half of 2027. The study involves people with mild cognitive impairment and early Alzheimer’s disease. The company expects the results to inform its plans for zervimesine in Alzheimer’s disease.
What is Cognition Therapeutics evaluating for its planned Phase 3 DLB trial?
Cognition is evaluating manufacturing, site selection and patient recruitment plans for its planned registrational zervimesine study in dementia with Lewy bodies. Protocol development has begun with input from panels of people with DLB and caregivers.