NEW YORK, Feb. 06, 2024 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (NASDAQ:CGTX), a clinical stage company developing drugs that treat neurodegenerative disorders, announced that collaborators at the University of Edinburgh, Scotland published findings in the journal, Acta Neuropathologica, (doi: 10.1007/s00401-023-02679-6) that provide new insight into the biology of Alzheimer's disease that is consistent with our understanding of the role the σ-2 receptor has in regulating Aβ oligomer binding.  Usin ...

Table of Contents ● the size and growth of the potential markets for our product candidates and our ability to serve those markets; ● economic uncertainty resulting from actual or perceived inflation or banking stability; You should read this Quarterly Report on Form 10-Q and the documents that we reference in this Quarterly Report on Form 10-Q and have filed as exhibits to this Quarterly Report on Form 10-Q completely and with the understanding that our actual future results may be materially different fro ...

Cognition Therapeutics, Inc. (NASDAQ:CGTX) Q2 2023 Earnings Conference Call August 8, 2023 8:00 AM ET Company Participants Daniel Kontoh-Boateng - Investor Relations Lisa Ricciardi - President and Chief Executive Officer John Doyle - Chief Financial Officer Tony Caggiano - Chief Medical Officer and Head, R&D Conference Call Participants Charles Duncan - Cantor Jay Olson - Oppenheimer Aydin Huseynov - Ladenburg Operator Good morning, ladies and gentlemen and welcome to Cognition Therapeutics Second Quarter 2 ...

1. Description of Business and Financial Condition On December 23, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333- 268992) (the "Shelf") with the Securities and Exchange Commission ("SEC") in relation to the registration of common stock, preferred stock, debt securities, warrants, subscription rights, and/or units of any combination thereof of up to $200,000 in aggregate. The Shelf was declared effective on January 3, 2023 by the SEC. The Company also simultaneously entered into ...

Net cash used in investing activities for the three months ended March 31, 2023 and 2022 was less than $0.1 million and $0.1 million, respectively, related to a decreased purchase of fixed assets. Overall, the change in net cash used in investing activities was insignificant. Net cash used in financing activities was less than $0.1 million for the three months ended March 31, 2023, and net cash provided by financing activities was $0.1 million for the three months ended March 31, 2022. We have entered into ...

Cognition Therapeutics, Inc. (NASDAQ:CGTX) Q4 2022 Earnings Conference Call March 23, 2023 8:00 AM ET Company Participants Daniel Kontoh-Boateng - Investor Relations Lisa Ricciardi - President and Chief Executive Officer Andrew Einhorn - Interim Chief Financial Officer Tony Caggiano - Chief Medical Officer and Head of R&D Conference Call Participants Charles Duncan - Cantor Fitzgerald Jay Olson - Oppenheimer Mayank Mamtani - B. Riley Securities Operator Good morning, ladies and gentlemen, and welcome to Cog ...

Table of Contents SECURITIES AND EXCHANGE COMMISSION ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For The Transition Period From To Commission file number: 001-40886 COGNITION THERAPEUTICS, INC. (Exact name of registrant as specified in its charter) Delaware 13-4365359 (State of Other Jurisdiction of incorporation or Organization) ...

Table of Contents 2500 Westchester Ave. Purchase, NY 10577 (Address of Principal Executive Offices) (412) 481-2210 (Registrant's telephone number) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Comm ...

Financial Performance - As of June 30, 2022, the company had an accumulated deficit of $103.6 million and incurred a net loss of $5.8 million for the three months ended June 30, 2022[76]. - The net loss for the three months ended June 30, 2022, was $5.8 million, compared to a net loss of $1.5 million in the same period of 2021, indicating an increase in loss of 253.7%[89]. - Research and development expenses increased to $9.1 million for the three months ended June 30, 2022, up from $4.9 million in the same period of 2021, representing an increase of 85.7%[88]. - General and administrative expenses rose to $3.1 million for the three months ended June 30, 2022, compared to $1.1 million for the same period in 2021, marking an increase of 181.8%[91]. - Total operating expenses for the three months ended June 30, 2022, were $12.2 million, up from $6.0 million in the same period of 2021, reflecting a 103.9% increase[89]. - Research and development expenses for the six months ended June 30, 2022, totaled $15.6 million, up from $9.3 million for the same period in 2021, a 67.6% increase[97]. - General and administrative expenses for the six months ended June 30, 2022, were $6.0 million, compared to $2.2 million for the same period in 2021, an increase of 172.7%[100]. - Grant income for the three months ended June 30, 2022, was $6.4 million, compared to $4.6 million for the same period in 2021, an increase of 38.8%[92]. - Grant income for the six months ended June 30, 2022, was $12.3 million, compared to $9.3 million for the same period in 2021, reflecting a 32.2% increase[101]. Funding and Grants - The company has received approximately $168.9 million in cumulative grant awards, primarily from the National Institute on Aging (NIA), to fund clinical trials[76]. - The company has been awarded grants that extend through May 31, 2025, with specific funding amounts including approximately $81.0 million for a Phase 2 study of CT1812 in early-stage Alzheimer's disease[86]. - The company anticipates needing to raise additional funding in the future to support ongoing and future product development, including commercialization efforts[108]. - The company may face challenges in obtaining additional NIA grants or raising capital, which could adversely affect its business[110]. Cash and Liquidity - The company had cash and cash equivalents of $45.8 million as of June 30, 2022[76]. - As of June 30, 2022, the company had $45.8 million in cash and cash equivalents and has not generated positive cash flows from operations[107]. - Net cash used in operating activities for the six months ended June 30, 2022 was $8.3 million, primarily due to a net loss of $9.6 million[113]. - Net cash used in investing activities for the six months ended June 30, 2022 was $0.1 million related to fixed asset purchases[114]. Operational Challenges - The ongoing COVID-19 pandemic has adversely affected patient enrollment in clinical trials, potentially impacting the company's operations[79]. - The company expects to incur significant and increasing expenses and net losses for the foreseeable future as it advances product candidates through clinical development[78]. - The company anticipates substantial increases in general and administrative expenses due to operating as a public company[85]. Corporate Structure and Compliance - The company completed its IPO on October 13, 2021, issuing 3,768,116 shares at a public offering price of $12.00 per share, resulting in net proceeds of approximately $44.2 million[78]. - The company is classified as an emerging growth company under the JOBS Act, allowing it to delay adopting new accounting standards until certain conditions are met[124]. - The company will remain an emerging growth company until it achieves at least $1.07 billion in annual revenue or the market value of its common stock exceeds $700 million[124]. - There were no changes in internal control over financial reporting during the quarter ended June 30, 2022, that materially affected the internal control[127]. - The management evaluated the effectiveness of disclosure controls and procedures and concluded they were effective as of the end of the reporting period[126]. - The company does not expect its disclosure controls to prevent all errors and fraud due to inherent limitations in control systems[126]. Other Financial Information - Interest expense, net decreased to less than $0.1 million for the three months ended June 30, 2022, down from $0.4 million in the same period of 2021, a reduction of 75%[94]. - The company maintained a full valuation allowance against all deferred tax assets as of June 30, 2022, indicating no expectation of realizing future tax benefits[88]. - The total unrecognized compensation expense related to unvested time-based vesting awards was $9.0 million as of June 30, 2022, expected to be recognized over approximately 2.5 years[123]. - The company has entered into an operating lease for office and laboratory facilities with future minimum lease payments totaling $703,000[116].

Financial Performance - As of March 31, 2022, the company had an accumulated deficit of $97.8 million and incurred a net loss of $3.8 million for the three months ended March 31, 2022[111]. - Net loss for the three months ended March 31, 2022, was $3.8 million, compared to a net income of $0.2 million for the same period in 2021, a change of $4.0 million[134]. - Cash flows used in operating activities were $3.0 million for the three months ended March 31, 2022, compared to $0.8 million for the same period in 2021, indicating a significant increase in cash outflow[153]. - The effective tax rate for the three months ended March 31, 2022, was (3.4%), compared to 0.0% for the same period in 2021[132]. Funding and Grants - The company has received approximately $168.9 million in cumulative grant awards, primarily from the National Institute on Aging (NIA), to fund clinical trials, including an $81.0 million grant for a Phase 2 study of CT1812[127]. - Grant income was $5.9 million for the three months ended March 31, 2022, compared to $4.7 million for the same period in 2021, reflecting an increase of $1.2 million[138]. - The company will need substantial additional funding to support operations and pursue growth strategies until it can generate significant revenue from product sales[114]. - The company anticipates needing to raise additional funding in the future to support ongoing and future product development, including commercialization efforts[146]. Expenses and Costs - The company expects to incur significant and increasing expenses and net losses for the foreseeable future as it advances product candidates through clinical development and seeks regulatory approval[112]. - General and administrative expenses are expected to increase significantly due to the costs associated with operating as a public company following the IPO[125]. - Research and development expenses increased to $6.5 million for the three months ended March 31, 2022, compared to $4.4 million for the same period in 2021, representing a $2.1 million increase[135]. - General and administrative expenses rose to $2.9 million for the three months ended March 31, 2022, up from $1.2 million in the same period of 2021, an increase of $1.7 million[137]. - The company anticipates substantial increases in research and development expenses as product candidates advance into later stages of development[123]. Operational Challenges - The ongoing COVID-19 pandemic has adversely affected patient enrollment in clinical trials, potentially impacting the progress of CT1812[117]. - The company relies on third parties for the manufacture of CT1812 and expects to continue this strategy to maintain an efficient infrastructure[116]. Cash and Assets - Cash and cash equivalents as of March 31, 2022, were $51.5 million, with net proceeds of approximately $44.2 million from the IPO completed on October 13, 2021[112]. - As of March 31, 2022, the company had $51.5 million in cash and cash equivalents, with no positive cash flows from operations generated to date[145]. - Net cash used in investing activities was $0.1 million for the three months ended March 31, 2022, related to purchases of fixed assets[156]. - Net cash provided by financing activities was $9.0 million for the three months ended March 31, 2021, primarily from the issuance of SAFEs[157]. Contracts and Obligations - As of March 31, 2022, total contractual obligations amount to $744,000, with operating lease obligations of $190,000 for less than one year, $193,000 for 1 to 3 years, $170,000 for 3 to 5 years, and $191,000 for more than 5 years[158]. - The company entered into a lease agreement for 2,864 square feet of office space in Purchase, New York, with an annual base rent of less than $0.1 million for the first year, subject to annual increases of 1.82% to 2.04%[159][160]. - An insurance premium financing arrangement was established, financing $1.5 million at a 3.25% annual interest rate, with monthly payments of $0.1 million due until September 2022; as of March 31, 2022, the outstanding principal was $0.8 million[161]. Compensation and Equity - Total unrecognized compensation expense related to unvested time-based vesting awards was $9.6 million, expected to be recognized over a weighted-average remaining vesting period of approximately 3.1 years[174]. - The company maintains an equity-based compensation plan allowing for various forms of equity awards, with expenses recognized on a straight-line basis over the requisite service period[165][166]. - The expected term for stock-based awards is calculated using a simplified method due to insufficient historical experience[167]. - The fair value of common stock for stock-based awards is determined based on the closing price on the Nasdaq Stock Market LLC on the grant date post-IPO[172]. Company Classification - The company is classified as an emerging growth company, allowing it to delay adopting new accounting standards until certain conditions are met[176][177]. - The company has entered into contracts with research organizations and vendors that are generally cancelable and do not contain minimum purchase commitments[162].