COGNITION THERAPEUTICS INC
CGTX evidence brief
What we can confirm
- BioSniper Score:
- 5.3 / 10
- Market Cap:
- $93.5M
- Lead Asset:
- zervimesine (CT1812) (Phase 2)
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 zervimesine (CT1812), an orally delivered small molecule targeting sigma-2 receptor complexes, for neurodegenerative disorders including Dementia with Lewy Bodies (DLB) psychosis and Alzheimer's disease.
Key risk: No revenue until approval
BioSniper Score
Based on 4 of 6 signals
Market Cap
$93.5M
Cash Runway
—
Lead Asset
zervimesine (CT1812) (Phase 2)Next Catalyst
Phase2_Topline · Dec 31, 2027Financial data as of Jun 30, 2026.
Tracking 1 pipeline candidate · 1 catalyst for COGNITION THERAPEUTICS INC.
Cognition Therapeutics Inc (CGTX) is a clinical-stage biopharmaceutical company developing zervimesine (CT1812), an orally delivered small molecule targeting sigma-2 receptor complexes, for neurodegenerative disorders including Dementia with Lewy Bodies (DLB) psychosis and Alzheimer's disease.
- Lead candidate zervimesine (CT1812) is in Phase 2 trials for mild-to-moderate Alzheimer's disease, early Alzheimer's disease, and DLB [pipeline].
- As of June 30, 2026, the company reported $34.0 million in cash & equivalents and a net loss of $3.9 million [sec].
- The FDA and Cognition Therapeutics aligned on key aspects of a pivotal study for zervimesine in DLB psychosis in May 2026 [sec_mda · as of 2026-08-07].
- The company's cash runway is expected to fund operations into the fourth quarter of 2027, assuming no usage from the 2025 ATM [sec_mda · as of 2026-08-07].
- Published Phase 2 'SHIMMER' COG1201 study results in DLB showed strong therapeutic responses across behavioral domains, particularly psychosis [news · published 2026-03-26].
What works
- The FDA has aligned with the company on key aspects of a pivotal study for zervimesine in DLB psychosis, providing a clear regulatory path forward [sec_mda · as of 2026-08-07].
- Phase 2 'SHIMMER' study results in DLB demonstrated strong therapeutic responses across behavioral domains, including psychosis, functional, cognitive, and movement domains [news · published 2026-03-26].
- The company has sufficient cash to fund operations into Q4 2027, providing a multi-year development runway [sec_mda · as of 2026-08-07].
What to weigh
- The company has not generated positive cash flows from operations and relies on external funding to sustain operations [sec_mda · as of 2026-08-07].
- Cognition Therapeutics will not generate revenue from product sales unless and until it successfully completes clinical development and obtains regulatory approval [sec_mda · as of 2026-08-07].
- The company's cash runway estimates may prove incorrect or require adjustment, and capital resources could be utilized sooner than expected [sec_mda · as of 2026-08-07].
From the filings
Quoted directly from source documents.
FDA alignment on pivotal study for DLB psychosis
“In May 2026, the FDA and the company aligned on key aspects of a pivotal study.”
SEC MD&A · August 7, 2026
Phase 2 SHIMMER study results in DLB
“Results show strong therapeutic responses across behavioral domains and particularly psychosis, as well as functional, cognitive, and movement domains”
News · March 26, 2026
Cash position and runway
“As of June 30, 2026, we had $34.8 million in cash, cash equivalents, and restricted cash equivalents and have not generated positive cash flows from operations.”
SEC MD&A · August 7, 2026
No revenue from product sales until 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
Catalyst timeline
- 2027-12-31 · Phase2_Topline: Cognition Therapeutics CEO Issues Letter to Shareholders — The CEO's letter may provide updates on the Phase 2 topline results and strategic direction.
Risks & what to watch (3)›
Key risks
- No revenue until approval — Company will not generate product revenue until clinical development and regulatory approval are achieved [sec_mda · as of 2026-08-07].
- Cash runway uncertainty — Cash runway estimates may be incorrect; capital could be utilized sooner than expected [sec_mda · as of 2026-08-07].
- Dependence on external funding — Company has not generated positive cash flows from operations and relies on grants, donations, and offerings [sec_mda · as of 2026-08-07].
What to watch
- FDA alignment on analytical and statistical details for the primary endpoint in the DLB psychosis pivotal trial [sec_mda · as of 2026-08-07].
- Results from the 545-patient 'START' trial in early Alzheimer's disease, expected in 2027 [news · published 2026-03-26].
- Cash burn rate and any new financing or partnership announcements as the company approaches Q4 2027 [sec_mda · as of 2026-08-07].
Sources: Catalysts · News · Pipeline · SEC MD&A · Generated October 8, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 4 of 6 signals · derived from public data
Cash runway data unavailable
D/E 0.18 · 0% dilution
Lead: Phase 2
1 candidate
1 upcoming, next in ~442d
No insider transactions in the last 180 days
Catalysts
Pipeline
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
75
Total value held
$16.1M
| Holder | Shares | Value |
|---|---|---|
| bios capital management, lp | 6,000,000 | $4.6M |
| vanguard capital management llc | 3,001,787 | $2.3M |
| davenport & co llc | 2,892,808 | $2.2M |
| renaissance technologies llc | 1,117,136 | $848K |
| chescapmanager llc | 997,029 | $757K |
| 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 |
| dauntless investment group, llc | 431,000 | $327K |
Showing top 10 of 75 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 zervimesine (CT1812), an orally delivered small molecule targeting sigma-2 receptor complexes, for neurodegenerative disorders including Dementia with Lewy Bodies (DLB) psychosis and Alzheimer's disease.
What is COGNITION THERAPEUTICS INC's lead drug candidate?
COGNITION THERAPEUTICS INC's most advanced tracked candidate is zervimesine (CT1812) (Phase 2) for Mild to Moderate Alzheimer's Disease; Dementia With Lewy Bodies; Early Alzheimer's Disease.
What is COGNITION THERAPEUTICS INC's next catalyst?
COGNITION THERAPEUTICS INC's next tracked catalyst is a Phase2_Topline event — "Phase2_Topline: Cognition Therapeutics CEO Issues Letter to Shareholders" — expected December 31, 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.