Cognition Therapeutics (CGTX) Q3 2026 earnings summary

Executive summary

• FDA feedback aligned key elements of a planned zervimesine registrational study in DLB, with a mid-2027 start targeted.

• Q3 net loss narrowed year over year to $4.1M; cash, grants and offering proceeds are expected to support operations into Q4 2027, assuming no 2025 ATM use.

Financial highlights

• Q3 2026 R&D expense was $5.1M vs. $3.8M in Q3 2025, driven by higher CRO trial activity and professional fees.

• Q3 2026 G&A expense was $2.3M vs. $2.6M in Q3 2025, primarily reflecting lower professional fees and compensation.

• Q3 net loss was $4.1M, or $0.04 per basic and diluted share, vs. $4.9M, or $0.06 per share, in Q3 2025.

• 9M operating expenses were $23.9M vs. $34.1M; net loss was $12.6M vs. $20.1M year over year.

• Q3 operating expenses were $7.4M vs. $6.4M; total other income, primarily grants, was $3.2M vs. $1.4M.

Outlook and guidance

• START enrolled 545 participants; top-line results in mild cognitive impairment and early Alzheimer’s disease are expected in H2 2027, after all participants complete 18 months of treatment.

• Current cash is expected to fund operations and capital expenditures into Q4 2027; the estimate includes non-dilutive grants and offering proceeds and assumes no 2025 ATM use.

• Manufacturing, site selection, patient recruitment and protocol finalization remain under evaluation for the planned DLB study.