Cognition Therapeutics (NASDAQ: CGTX) is a clinical-stage biopharmaceutical company engaged in the discovery and development of small molecule therapeutics targeting age-related degenerative diseases of the central nervous system and retina. The company generates no product revenue. Operations have been funded primarily through grants from the National Institute on Aging (NIA), a division of the National Institutes of Health (NIH), and proceeds from equity offerings including its IPO. Founded in 2007 and headquartered in offices under leases in place since 2017 and 2021, Cognition has accumulated a deficit of $198.6 million as of December 31, 2025, with net losses of $23.5 million and $34.0 million for the years ended December 31, 2025 and 2024, respectively. Cash used in operating activities was $24.6 million in FY2025 and $28.5 million in FY2024. The company has no approved products and derives no commercial revenue.

Revenue model

No product revenue. Funded by NIA grants and equity capital raises. Cash provided by financing activities was $36.6 million in FY2025 and $23.6 million in FY2024.

Products and services

Lead product candidate: zervimesine, a small molecule therapeutic in clinical development. Target indications include Alzheimer's disease, dementia with Lewy bodies, and geographic atrophy secondary to dry age-related macular degeneration.

Customers and end markets

No commercial customers as of December 31, 2025. Target end markets are patients with Alzheimer's disease, dementia with Lewy bodies, and dry age-related macular degeneration. Potential future payors include Medicare, Medicaid, and private health insurers.

Value-chain role

Drug discovery and clinical-stage development. Relies on contract manufacturers and third-party vendors for manufacturing and clinical trial support. No commercial manufacturing or distribution infrastructure in place.

Geographic exposure

Operations based in the United States. References to potential EU and UK regulatory and data-transfer requirements indicate awareness of international regulatory environments, but no disclosed international commercial presence.

Source: SEC 10-K, filed 2026-03-26

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