COGNITION THERAPEUTICS INC
CGTX evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for CGTX—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · CGTX
Cognition Therapeutics Inc (CGTX) is a clinical-stage biopharmaceutical company developing small molecule therapeutics for neurodegenerative and surgical recovery indications, with lead programs zervimesine and PODEX in Phase 2/3 trials.
Key risk: Clinical trial delays
BioSniper Score
Based on 6 of 6 signals
Market Cap
$97.0M
Cash Runway
35.2 moLead Asset
zervimesine (Phase 2)Next Catalyst
Phase3_Topline · Dec 1, 2027Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 33 clinical trials · 2 catalysts for COGNITION THERAPEUTICS INC.
Similar companies
Cognition Therapeutics Inc (CGTX) is a clinical-stage biopharmaceutical company developing small molecule therapeutics for neurodegenerative and surgical recovery indications, with lead programs zervimesine and PODEX in Phase 2/3 trials.
- Cash & equivalents of $34.8M as of 2026-06-30 [sec].
- Net loss of -$3.9M for the period ending 2026-06-30 [sec].
- Shareholders' equity of $7.0M as of 2026-06-30 [sec].
- Lead candidate zervimesine is in clinical development for neurodegenerative diseases [sec_mda · as of 2026-08-07].
- Phase 3 trial PODEX (Postoperative Dexmedetomidine) is ongoing for enhanced recovery in bowel surgery [catalyst].
What works
- Cash runway through Q2 2027 based on existing resources and non-dilutive grants [sec_mda · as of 2026-05-08].
- Two late-stage clinical catalysts (Phase 3 PODEX and Phase 2 zervimesine) expected by end of 2027 [catalyst].
- Company has ongoing access to non-dilutive grants and donations to supplement funding [sec_mda · as of 2026-05-08].
What to weigh
- Company has not generated positive cash flows from operations and expects continued net losses [sec_mda · as of 2025-08-07].
- No revenue from product sales unless and until regulatory approval is obtained [sec_mda · as of 2026-08-07].
- Funding requirements depend on uncertain clinical trial outcomes and potential delays [sec_mda · as of 2026-08-07].
- Relatively low shareholders' equity ($7.0M) may limit financial flexibility [sec].
From the filings
Quoted directly from source documents.
No product revenue until regulatory approval
“We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates.”
SEC MD&A · August 7, 2026
Cash runway through Q2 2027
“sufficient for us to fund our operating expenses and capital expenditures requirements through the second quarter of 2027”
SEC MD&A · May 8, 2026
Catalyst timeline
- 2027-12-01 · Phase3_Topline — Postoperative Dexmedetomidine (PODEX) for Enhanced Recovery in Bowel Surgery — Topline data from this Phase 3 trial will be a key efficacy and safety readout for the PODEX program.
- 2027-12-31 · Phase2_Topline · zervimesine — Phase 2 readout for zervimesine will provide initial efficacy signals in its target indication.
Risks & what to watch (4)›
Key risks
- Clinical trial delays — Unforeseen expenses, complications, or delays in zervimesine and PODEX trials could impact timelines and funding [sec_mda · as of 2026-08-07].
- No approved products — Company has no commercial products and may never generate revenue from sales [sec_mda · as of 2026-08-07].
- Limited cash runway — Cash and equivalents of $34.8M may be insufficient if clinical programs require more capital than expected [sec].
- Regulatory uncertainty — FDA approval for zervimesine or PODEX is not guaranteed and depends on positive trial results [sec_mda · as of 2026-08-07].
What to watch
- Phase 3 topline data for PODEX (enhanced recovery in bowel surgery) expected by 2027-12-01 [catalyst].
- Phase 2 readout for zervimesine expected by 2027-12-31 [catalyst].
- Cash burn rate and any additional financing activities, given the Q2 2027 runway estimate [sec_mda · as of 2026-05-08].
- Any updates on non-dilutive grant awards or partnership deals [sec_mda · as of 2026-05-08].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
35.2 months
D/E 0.18 · 0% dilution
Lead: Phase 2
2 candidates
2 upcoming, next in ~458d
3 buys · 0 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
73
Total value held
$17.3M
| Holder | Shares | Value |
|---|---|---|
| vanguard capital management llc | 6,003,574 | $4.6M |
| bios capital management, lp | 6,000,000 | $4.6M |
| davenport & co llc | 2,892,808 | $2.2M |
| renaissance technologies llc | 1,117,136 | $848K |
| blackrock, inc. | 968,362 | $735K |
| geode capital management, llc | 920,208 | $699K |
| hilton capital management, llc | 548,950 | $417K |
| vanguard fiduciary trust co | 463,684 | $352K |
| cm management, llc | 400,000 | $304K |
| jane street group, llc | 370,140 | $281K |
Showing top 10 of 73 institutional holders of COGNITION THERAPEUTICS INC. Open the full 13F history after sign-in.
Short Interest
as of May 20, 2026- % of float
- 9.7%
- Days to cover
- 5.7
- Shares short
- 7,981,358
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
CGTX short interestGovernance
Frequently asked questions
What is the AI investment thesis for COGNITION THERAPEUTICS INC?
Cognition Therapeutics Inc (CGTX) is a clinical-stage biopharmaceutical company developing small molecule therapeutics for neurodegenerative and surgical recovery indications, with lead programs zervimesine and PODEX in Phase 2/3 trials.
What is COGNITION THERAPEUTICS INC's lead drug candidate?
COGNITION THERAPEUTICS INC's most advanced tracked candidate is zervimesine (Phase 2) for Dementia With Lewy Bodies.
What is COGNITION THERAPEUTICS INC's next catalyst?
COGNITION THERAPEUTICS INC's next tracked catalyst is a Phase3_Topline event — "Phase 3 Topline: Postoperative Dexmedetomidine (PODEX) for Enhanced Recovery in Bowel Surgery: A Double-Blinded, Rand" — expected December 1, 2027.
Who is the CEO of COGNITION THERAPEUTICS INC?
Ms. Lisa Ricciardi is the chief executive officer of COGNITION THERAPEUTICS INC (CGTX).
Where is COGNITION THERAPEUTICS INC headquartered?
COGNITION THERAPEUTICS INC (CGTX) is headquartered in Purchase, NY, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.