$CGTX
COGNITION THERAPEUTICS INC

2023 Q2 Form 10-Q Financial Statement

#000155837023008117 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.320M $3.543M
YoY Change 6.58% 22.38%
% of Gross Profit
Research & Development $8.497M $5.430M
YoY Change -6.61% -16.69%
% of Gross Profit
Depreciation & Amortization $23.00K $21.00K
YoY Change 15.0% 16.67%
% of Gross Profit
Operating Expenses $11.82M $8.973M
YoY Change -3.24% -4.67%
Operating Profit -$11.82M -$8.973M
YoY Change -3.24% -4.67%
Interest Expense -$6.000K -$10.00K
YoY Change -14.29% 11.11%
% of Operating Profit
Other Income/Expense, Net $7.091M $2.801M
YoY Change 11.92% -50.86%
Pretax Income -$4.726M -$6.172M
YoY Change -19.58% 66.23%
Income Tax $0.00 $0.00
% Of Pretax Income
Net Earnings -$4.726M -$6.172M
YoY Change -17.84% 60.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.16 -$0.21
Diluted Earnings Per Share -$0.16 -$0.21
COMMON SHARES
Basic Shares Outstanding 29.28M 29.26M
Diluted Shares Outstanding 29.61M 29.09M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $37.19M $38.81M
YoY Change -18.75% -24.65%
Cash & Equivalents $37.19M $38.81M
Short-Term Investments
Other Short-Term Assets $1.968M $2.382M
YoY Change 17.35% 11.46%
Inventory
Prepaid Expenses $1.968M $2.382M
Receivables
Other Receivables
Total Short-Term Assets $41.55M $42.80M
YoY Change -18.11% -24.17%
LONG-TERM ASSETS
Property, Plant & Equipment $248.0K $253.0K
YoY Change 1.22% -3.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.425M $1.835M
YoY Change 10.89% 29.5%
Total Long-Term Assets $2.409M $2.862M
YoY Change 16.43% 26.86%
TOTAL ASSETS
Total Short-Term Assets $41.55M $42.80M
Total Long-Term Assets $2.409M $2.862M
Total Assets $43.96M $45.66M
YoY Change -16.76% -22.2%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.060M $3.120M
YoY Change 22.88% -21.94%
Accrued Expenses $2.415M $2.115M
YoY Change 44.87% 52.93%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.914M $7.465M
YoY Change 16.08% -2.35%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.052M $1.764M
YoY Change -37.79% -5.42%
Total Long-Term Liabilities $1.052M $1.764M
YoY Change -37.79% -5.42%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.914M $7.465M
Total Long-Term Liabilities $1.052M $1.764M
Total Liabilities $9.574M $9.880M
YoY Change 7.42% -0.76%
SHAREHOLDERS EQUITY
Retained Earnings -$126.3M -$121.6M
YoY Change 21.92% 24.25%
Common Stock $30.00K $29.00K
YoY Change 36.36% 31.82%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $34.39M $35.78M
YoY Change
Total Liabilities & Shareholders Equity $43.96M $45.66M
YoY Change -16.76% -22.2%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income -$4.726M -$6.172M
YoY Change -17.84% 60.81%
Depreciation, Depletion And Amortization $23.00K $21.00K
YoY Change 15.0% 16.67%
Cash From Operating Activities -$3.696M -$2.705M
YoY Change -31.01% -9.47%
INVESTING ACTIVITIES
Capital Expenditures $18.00K $41.00K
YoY Change -550.0% -69.4%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$18.00K -$41.00K
YoY Change 350.0% -69.4%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.095M -10.00K
YoY Change -660.16% -89.01%
NET CHANGE
Cash From Operating Activities -3.696M -2.705M
Cash From Investing Activities -18.00K -41.00K
Cash From Financing Activities 2.095M -10.00K
Net Change In Cash -1.619M -2.752M
YoY Change -71.77% -14.32%
FREE CASH FLOW
Cash From Operating Activities -$3.696M -$2.705M
Capital Expenditures $18.00K $41.00K
Free Cash Flow -$3.714M -$2.746M
YoY Change -30.62% -12.04%

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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41562000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
54721000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
38810000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51509000
CY2022Q4 cgtx Maximum Aggregate Offering Price
MaximumAggregateOfferingPrice
200000000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
38810000
CY2023Q1 cgtx Allowance For Credit Loss Grants Receivable Current
AllowanceForCreditLossGrantsReceivableCurrent
0
CY2023Q1 cgtx Grant Income
GrantIncome
3426000
CY2022Q1 cgtx Grant Income
GrantIncome
5904000
CY2023Q1 cgtx Deferred Grant Income Current
DeferredGrantIncomeCurrent
1646000
CY2023Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1764000
CY2022Q4 cgtx Deferred Grant Income Current
DeferredGrantIncomeCurrent
1702000
CY2022Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
1686000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:20.15pt;margin:0pt 0pt 12pt 0pt;">The Company’s financial instruments that are exposed to credit risks consist of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limit. The Company has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk related to these funds.</p>
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2023Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2022Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2023Q1 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
37752000
CY2022Q4 us-gaap Assets Fair Value Disclosure
AssetsFairValueDisclosure
37479000
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
480000
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
870000
CY2023Q1 cgtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
1401000
CY2022Q4 cgtx Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
900000
CY2023Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
234000
CY2022Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
324000
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2115000
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
2094000
CY2023Q1 cgtx Operating Lease Assets
OperatingLeaseAssets
774000
CY2023Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
774000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
157000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
651000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
808000
CY2023Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
54000
CY2022Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
50000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
159000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
221000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
222000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
154000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
87000
CY2023Q1 cgtx Lessee Operating Lease Liability To Be Paid After Year Three
LesseeOperatingLeaseLiabilityToBePaidAfterYearThree
126000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
969000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
161000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
808000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.082
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
50000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
32000
CY2023Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2023Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Dividends Common Stock
DividendsCommonStock
0
CY2022Q1 us-gaap Share Price
SharePrice
3.05
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMinimum
0.9229
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRateMaximum
0.9268
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
3679468
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2085000
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
412720
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
2.08
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
2182
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
3.01
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
4090006
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.13
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
2085000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P6Y8M12D
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
2430915
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
4.75
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
1506000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P6Y
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.62
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.31
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
412720
CY2023Q1 cgtx Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodTotalGrantDateFairValue
668000
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
212450
CY2022Q1 cgtx Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodTotalGrantDateFairValue
491000
CY2023Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
348552
CY2023Q1 cgtx Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodTotalGrantDateFairValue
0
CY2022Q1 cgtx Share Based Compensation Arrangement By Share Based Payment Award Options Exercised In Period Total Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisedInPeriodTotalGrantDateFairValue
209000
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
1084000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1187000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1001000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Stock Options
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedStockOptions
6944000
CY2023Q1 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4465876
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5107974

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