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Cognition Therapeutics (CGTX) investor relations material
Cognition Therapeutics Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Clinical-stage biopharma focused on small molecule therapeutics for age-related CNS and retinal diseases, with lead candidate zervimesine (CT1812) targeting the sigma-2 receptor complex.
Achieved FDA alignment on registrational path for zervimesine in Alzheimer's disease, enabling faster and more cost-effective studies.
Reported positive Phase 2 results for zervimesine in Alzheimer's disease (SHINE), dementia with Lewy bodies (SHIMMER), and geographic atrophy secondary to dry AMD (MAGNIFY).
Surpassed 75% enrollment in Phase 2 'START' study for early Alzheimer's disease; expanded access program for DLB ongoing.
Completed $30 million registered direct offering to support next-stage development of zervimesine.
Financial highlights
Cash, cash equivalents, and restricted cash were $39.8 million as of September 30, 2025, up from $25.0 million at December 31, 2024.
Net loss for Q3 2025 was $4.9 million, or $(0.06) per share, improved from $9.9 million, or $(0.25) per share, in Q3 2024.
Operating expenses decreased to $6.4 million in Q3 2025 from $14.5 million in Q3 2024, driven by lower R&D and G&A costs.
Grant income for Q3 2025 was $1.2 million, down from $4.3 million in Q3 2024; $13.4 million for the nine months ended September 30, 2025.
Weighted-average shares outstanding increased to 77.95 million in Q3 2025 from 40.42 million in Q3 2024.
Outlook and guidance
Cash runway expected to fund operations and capital expenditures into Q2 2027, assuming no additional ATM or Lincoln Park draws.
Ongoing clinical pharmacology and bioavailability studies expected to support all planned registrational programs for zervimesine.
Anticipates continued significant R&D expenses as clinical programs advance; expects to seek additional funding for future operations and commercialization.
Future R&D spend post SHINE/SHIMMER completion?
How do FDA study designs accelerate trials?
What is the long-term dilution strategy?
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Next Cognition Therapeutics earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
Next Cognition Therapeutics earnings date
Piper Sandler 37th Annual Healthcare Conference3 Dec, 2025
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Frequently asked questions
Cognition Therapeutics Inc. is a clinical-stage biopharmaceutical company dedicated to discovering and developing small molecule therapeutics aimed at treating age-related degenerative diseases and disorders affecting the central nervous system and retina. The company's research focuses on developing a portfolio of small molecule product candidates targeting the sigma-2 receptor (S2R) complex. This receptor complex is a crucial regulator of the cellular damage response for conditions such as Alzheimer's disease , dry age-related macular degeneration (dry AMD), geographic atrophy, among others. Cognition Therapeutics is headquartered in Purchase, New York, and its shares are listed on the Nasdaq.
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