Cognition Therapeutics Reports Financial Results for the Third Quarter 2026
COGNITION THERAPEUTICS INC (CGTX) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Cognition Therapeutics Reports Financial Results for the Third Quarter 2026 and Provides Business Update - Management conference call at 8:30 a.m. ET today - Purchase, NY – November 5, 2026 – Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical-stage company devel
How this was made
The 30-second read
Why it matters
The Q3 results provide the first quantitative update on cash and loss, while trial progress may drive future valuation.
Market read
Earnings release for a micro‑cap biotech; relevant for sector traders and investors tracking neuro‑degenerative drug pipelines.
What to watch
Potential grant funding extensions and upcoming Phase 3 data could improve the cash runway outlook.
Cognition Therapeutics Reports Financial Results for the Third Quarter 2026 and Provides Business Update
Cognition reported a lower quarterly net loss than the comparable 2025 period, maintained cash runway into the fourth quarter of 2027, and advanced planning for a registrational zervimesine study in dementia with Lewy bodies.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Research and development expense, three months ended September 30, 2026 (in thousands)other | $5.12M | – | – |
| General and administrative expense, three months ended September 30, 2026 (in thousands)other | $2.25M | – | – |
| Total operating expenses, three months ended September 30, 2026 (in thousands)other | $7.38M | – | – |
| Loss from operations, three months ended September 30, 2026 (in thousands)other | −$7.38M | – | – |
| Grant income, three months ended September 30, 2026 (in thousands)other | $2.97M | – | – |
| Other income, net, three months ended September 30, 2026 (in thousands)other | $267K | – | – |
| Interest expense, three months ended September 30, 2026 (in thousands)other | −$1K | – | – |
| Total other income, net, three months ended September 30, 2026 (in thousands)other | $3.23M | – | – |
| Net loss and comprehensive loss, three months ended September 30, 2026 (in thousands)other | −$4.14M | – | – |
| Net loss per share, basic, three months ended September 30, 2026other | $ (0.04 ) | – | – |
| Net loss per share, diluted, three months ended September 30, 2026other | $ (0.04 ) | – | – |
| Weighted-average common shares outstanding, basic, three months ended September 30, 2026other | 95,096,095 | – | – |
| Weighted-average common shares outstanding, diluted, three months ended September 30, 2026other | 95,096,095 | – | – |
| Research and development expense, nine months ended September 30, 2026 (in thousands)other | $16.34M | – | – |
| General and administrative expense, nine months ended September 30, 2026 (in thousands)other | $7.59M | – | – |
| Total operating expenses, nine months ended September 30, 2026 (in thousands)other | $23.93M | – | – |
| Loss from operations, nine months ended September 30, 2026 (in thousands)other | −$23.93M | – | – |
| Grant income, nine months ended September 30, 2026 (in thousands)other | $10.46M | – | – |
| Other income, net, nine months ended September 30, 2026 (in thousands)other | $831K | – | – |
| Interest expense, nine months ended September 30, 2026 (in thousands)other | −$9K | – | – |
| Total other income, net, nine months ended September 30, 2026 (in thousands)other | $11.29M | – | – |
| Net loss and comprehensive loss, nine months ended September 30, 2026 (in thousands)other | −$12.65M | – | – |
| Net loss per share, basic, nine months ended September 30, 2026other | $ (0.14 ) | – | – |
| Net loss per share, diluted, nine months ended September 30, 2026other | $ (0.14 ) | – | – |
| Weighted-average common shares outstanding, basic, nine months ended September 30, 2026other | 91,658,892 | – | – |
| Weighted-average common shares outstanding, diluted, nine months ended September 30, 2026other | 91,658,892 | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
into the fourth quarter of 2027 outlook
- NoteThe Company estimates that it has sufficient cash to fund operations and capital expenditures into the fourth quarter of 2027.
- NoteTop-line results from START are anticipated in the second half of 2027.
What drove it
- The increase in research and development expenses was driven by higher trial activities with contract research organizations and professional fees.
- The decrease in general and administrative expenses was driven primarily by lower professional fees and compensation.
- The Company aligned with FDA on primary and key secondary endpoints for a Phase 3 trial of zervimesine in DLB.
- The Company began development of the Phase 3 protocol with insights from panels of people with DLB and caregivers.
- The United States Patent and Trademark Office issued a patent covering a novel crystalline form of zervimesine with a natural expiration of 2045.
Concerns
- The Company reported a net loss and comprehensive loss of $ (4,145 ) (in thousands) for the three months ended September 30, 2026.
- Research and development expenses were $ 5,124 (in thousands) for the three months ended September 30, 2026, compared to $ 3,773 (in thousands) for the comparable period in 2025.
- The Company is evaluating plans for manufacturing, site selection, and patient recruitment for the planned registrational study of zervimesine in DLB.
- Top-line results from the Phase 2 START Study are anticipated in the second half of 2027.
What to watch
- Plans for manufacturing, site selection, and patient recruitment for the planned registrational study of zervimesine in DLB.
- The conclusion of the Phase 2 START Study in people with MCI and early Alzheimer’s disease.
- Top-line results from START anticipated in the second half of 2027.
- The Company’s ability to fund operations and capital expenditures into the fourth quarter of 2027.
Balance sheet and cash flow
- Cash, cash equivalents, and restricted cash equivalents as of September 30, 2026 were approximately $31.5 million.
- Cash, cash equivalents, and restricted cash equivalents were $ 31,475 (in thousands) as of September 30, 2026, compared to $ 37,000 (in thousands) as of December 31, 2025.
- Total assets were 34,803 (in thousands) as of September 30, 2026, compared to 48,390 (in thousands) as of December 31, 2025.
- Total liabilities were 5,526 (in thousands) as of September 30, 2026, compared to 14,119 (in thousands) as of December 31, 2025.
- Accumulated deficit was (211,294) (in thousands) as of September 30, 2026, compared to (198,647) (in thousands) as of December 31, 2025.
- Total stockholders’ equity was 29,277 (in thousands) as of September 30, 2026, compared to 34,271 (in thousands) as of December 31, 2025.
- Total obligated grant funds remaining from the National Institute of Aging, a division of the National Institute of Health were $18.2 million.
Analysis
Cognition Therapeutics remained a clinical-stage company during the third quarter, with no revenue line reported in the selected financial data. The Company reported net loss and comprehensive loss of $ (4,145 ) (in thousands) for the three months ended September 30, 2026, compared with $ (4,930 ) (in thousands) for the comparable 2025 period. Basic and diluted net loss per share were each $ (0.04 ), compared with $ (0.06 ) in the prior-year period.
Operating spending increased in the quarter. Research and development expense was $ 5,124 (in thousands), compared with $ 3,773 (in thousands), with management attributing the increase to higher trial activities with contract research organizations and professional fees. General and administrative expense was $ 2,253 (in thousands), compared with $ 2,602 (in thousands), driven primarily by lower professional fees and compensation. Grant income was $ 2,966 (in thousands), compared with $ 1,215 (in thousands), and total other income, net was $ 3,232 (in thousands), compared with $ 1,445 (in thousands).
For the nine months ended September 30, 2026, net loss and comprehensive loss was $ (12,647 ) (in thousands), compared with $ (20,144 ) (in thousands) for the same 2025 period. Total operating expenses for the nine-month period were $ 23,932 (in thousands), compared with $ 34,128 (in thousands). Grant income was $ 10,463 (in thousands), compared with $ 13,407 (in thousands), while total other income, net was $ 11,285 (in thousands), compared with $ 13,984 (in thousands).
Liquidity remains central to the development plan. Cash, cash equivalents, and restricted cash equivalents were $ 31,475 (in thousands) as of September 30, 2026, compared with $ 37,000 (in thousands) at December 31, 2025. The Company also reported $18.2 million of total obligated grant funds remaining from the National Institute of Aging, a division of the National Institute of Health, and stated that it expects to have sufficient cash to fund operations and capital expenditures into the fourth quarter of 2027.
The principal business update was regulatory and clinical progress for zervimesine. Cognition said it aligned with FDA on primary and key secondary endpoints for a Phase 3 DLB trial and began Phase 3 protocol development. Management is evaluating manufacturing, site selection, and patient recruitment. For Alzheimer’s disease, the next stated clinical catalyst is top-line Phase 2 START Study results, anticipated in the second half of 2027. The issued patent with a natural expiration of 2045 adds intellectual-property support for the zervimesine program.
Management, verbatim
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.
Lisa Ricciardi, president and CEO
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. Top-line results from START are anticipated in the second half of 2027 and will inform our plans for zervimesine in Alzheimer’s disease.
Lisa Ricciardi, president and CEO
Not in the filing
stated, not guessed- Total revenue was not reported.
- Segment revenue and segment operating metrics were not reported.
- Gross profit and gross margin were not reported.
- Operating income was not reported; the Company reported loss from operations.
- Operating cash flow and free cash flow were not reported.
- Debt was not separately reported.
- Share repurchases and dividends were not reported.
- Tax expense, tax rate, and tax-rate guidance were not reported.
- Quarter-over-quarter comparisons were not reported.
- Explicit year-over-year percentage changes were not reported for the financial statement line items.
- Financial guidance for revenue, gross margin, operating expenses, and tax rate was not reported.
- Prior-period outlook was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Cognition Therapeutics is a clinical‑stage company developing zervimesine for dementia with Lewy bodies and Alzheimer’s disease.
Ticker impact
Cognition Therapeutics filed its 8‑K reporting Q3 2026 results, showing a net loss of $4.1 M and cash of $31.5 M.
likely downside as investors price in the loss and limited cash, unless trial news lifts sentiment
Earnings are the first public disclosure of the quarter; the loss and cash balance are material for a micro‑cap biotech.
Market effects
Adds data points for the neuro‑degenerative biotech sector and may influence peer valuations.
Limited to U.S. biotech investors; no broader regional effect.
Minimal global impact beyond niche biotech community.
Counterpoint
If the Phase 3 protocol is viewed as a strong catalyst, the stock could rally despite the loss.
Key entities
- CompanyCognition Therapeutics Inc.
NASDAQ‑listed biotech reporting Q3 2026 results.
- ExecutiveLisa Ricciardi
President and CEO of Cognition Therapeutics.
