Cognition Therapeutics (CGTX) Q2 2026 earnings summary

Executive summary

• Clinical-stage biopharma focused on small molecule therapeutics for age-related CNS diseases, with lead candidate zervimesine (CT1812) targeting Alzheimer's and dementia with Lewy bodies (DLB).

• Advanced clinical and corporate priorities, including FDA discussions clarifying Phase 3 trial design for DLB psychosis and plans to initiate the study in mid-2027 with an improved tablet formulation.

• Phase 2 trials for Alzheimer's and DLB met safety/tolerability endpoints; pivotal Phase 3 and registrational studies planned with FDA alignment.

• Secured a Notice of Allowance for a new patent covering zervimesine, extending protection through 2045.

• Extended expanded access program for zervimesine in DLB through 2027 with additional philanthropic funding.

Financial highlights

• Net loss for Q2 2026 was $3.9M, or $(0.04) per share, improved from $6.7M, or $(0.11) per share, in Q2 2025.

• Operating expenses decreased to $7.7M in Q2 2026 from $14.0M in Q2 2025, mainly due to lower R&D costs.

• Research and development expenses for Q2 2026 were $5.1M, down from $11.5M in Q2 2025, due to lower trial activities and professional fees.

• Cash, cash equivalents, and restricted cash as of June 30, 2026, totaled $34.8M; remaining obligated grant funds from the National Institute of Aging were $21.6M.

• Cash used in operations for the first half of 2026 was $8.6M, down from $15.5M in the prior year.

Outlook and guidance

• Cash and equivalents expected to fund operations into Q4 2027, assuming no further ATM usage.

• Plans to initiate Phase 3 trial for DLB psychosis in mid-2027, pending final alignment with FDA on endpoints.

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

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

• Expanded access program for zervimesine in DLB to continue through 2027.