Cognition Therapeutics (CGTX) Q1 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on small molecule therapies for age-related CNS diseases, with lead candidate zervimesine (CT1812) in multiple Phase 2 trials for Alzheimer's and DLB psychosis.

• Phase 2 studies (START, SHINE, SHIMMER) funded by significant NIH/NIA grants; topline results from START expected after 18 months of treatment completion, with results anticipated in 2027.

• Recent regulatory interactions with FDA and EMA to advance zervimesine to Phase 3 for Alzheimer's and DLB psychosis, including a scheduled FDA Division of Psychiatry meeting in May 2026.

• Presented new clinical data and proposed composite endpoints at the AD/PD 2026 conference.

Financial highlights

• Net loss for Q1 2026 was $4.6 million, or $(0.05) per share, a significant improvement from $8.5 million, or $(0.14) per share, in Q1 2025.

• Research and development expenses decreased to $6.1 million from $10.8 million year-over-year, mainly due to lower clinical trial activity and reduced headcount.

• General and administrative expenses were $2.7 million, down from $3.0 million year-over-year.

• Cash, cash equivalents, and restricted cash totaled $31.2 million as of March 31, 2026.

• Total obligated grant funds remaining from the National Institute of Aging were $25.6 million.

Outlook and guidance

• Cash runway expected to fund operations and capital expenditures through Q2 2027, assuming no additional ATM usage.

• Anticipates continued net losses as clinical programs advance and commercialization capabilities are developed.

• Additional funding will be required for future operations and commercialization efforts.

• Anticipates FDA feedback in June 2026 to inform late-stage clinical trial plans for zervimesine in DLB psychosis.

• Expects Phase 2 START study topline results in 2027 to guide Alzheimer's disease development strategy.