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Cognition Therapeutics

CGTX Lead: Phase 2 13 Biotech Distilled articles ↓ 30 filings & releases ↓ Cash $30.8M (Sep 30, 2026) ↓ 13 verdicts ↓
Neurology Small Molecule

Market cap $65.3M 95.1M shares (10-Q, Nov 2, 2026) × $0.687 close Nov 6, 2026

Most recent annual filing: 2026-01-15

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. Capital raise / ATM financing2H 2026Capital raise / ATM financing, 2H 2026, notable
  2. START Phase 2 MCI Ph22027START Phase 2 MCI Ph2, 2027, material
  3. Nasdaq listing compliance updateMay 3, 2027Nasdaq listing compliance update, May 3, 2027, routine
  4. START DLB Ph3 topline2H 2027START DLB Ph3 topline, 2H 2027, material

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (2 active programs)

Discontinued (1)

Capital (as filed)

Cash
$30.8M cash and cash equivalents · Sep 30, 2026 (10-Q)
Operating cash flow
−$3.3M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$31.5M cash, runway into the fourth quarter of 2027 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (13)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (13 calls)

Every verdict Biotech Distilled has published on Cognition Therapeutics, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-01-01 Watch Cognition Therapeutics (CGTX): Scientific Due Diligence for Zervimesine The Dilution Gap is too scary to buy now; wait for the inevitable capital raise dip before entering, as the Dry AMD and DLB assets have real value but the balance sheet is a critical red flag.
  2. 2026-01-07 Watch UPDATE: Cognition Therapeutics (CGTX) Prints Some Receipts for DLB Peer-reviewed SHIMMER publication increases scientific conviction for DLB, but the Dilution Gap remains unchanged; optimal entry is after the financing event once the regulatory path is clear.
  3. 2026-01-30 Watch UPDATE: Cognition Therapeutics (CGTX) - The Phase 3 Dream Just Became a Phase 2b Reality Check FDA required a Phase 2b instead of a direct Phase 3, extending the timeline and widening the dilution gap, making the 'buy the financing dip' strategy still valid but the dip potentially deeper.
  4. 2026-02-07 Watch UPDATE: Cognition Therapeutics (CGTX) – Patients Vote Yes (But the Market Still Seems to Be Waiting) EAP extension provides a soft efficacy signal but doesn't fix the cash runway; stay on the sidelines until FDA minutes drop and the financing path becomes clear.
  5. 2026-03-07 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) – The Psychosis Pivot is a Regulatory Masterstroke The pivot to a registrational path for DLB Psychosis using the strongest SHIMMER data point is a brilliant strategic move that makes a successful capital raise much more likely; buy after the financing event clears the overhang.
  6. 2026-03-22 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) – Showing the Math at AD/PD Conference presentation validates the neuropsychiatric data publicly and courts institutional investors for the impending capital raise, but nothing has changed from the March 6 update; wait for the financing.
  7. 2026-03-29 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) - The Reality Check and a 30% Haircut Annual filings confirm the $75M ATM is loaded and ready to fire; avoid catching the falling knife as the market prices in imminent dilution, but the science and strategic pivot remain intact.
  8. 2026-05-08 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) - The Psychosis Catalyst Has a Date The May 20 FDA Division of Psychiatry meeting is a binary de-risking event; existing holders should hold into it, but new entries at $1.16 are paying retail for what was wholesale six weeks ago.
  9. 2026-05-21 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) - The May 20 Meeting Cleared, Now We Wait for the Minutes The word 'registrational' survived the FDA meeting, taking the brutal Phase 2b tail risk off the table; hold into the June minutes which are the actual document bankers will price off.
  10. 2026-06-24 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) — The Minutes Landed. The Stock Didn't Get the Memo. FDA minutes confirmed DLB psychosis is 'approvable' and blessed a 9-month NPI-based Phase 3 design; the stock's decline is driven by dilution-overhang anticipation, not the regulatory outcome, making the patient move to wait for the financing event.
  11. 2026-08-07 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) — The Dilution Gap Keeps Shrinking, and the Patent Clock Just Moved Ten Years Cash rose sequentially to $34.8M with runway extended to Q4 2027, R&D cut 56% YoY, and a new composition-of-matter patent extends protection to 2045; the dilution gap keeps shrinking but the endpoint statistics remain the one unfinished regulatory item.
  12. 2026-09-30 Hold UPDATE: Cognition Therapeutics (CGTX) - The Endpoint Meeting Has a Date (and a Different Division) October 20 FDA Type C meeting with the Division of Neurology (not Psychiatry as expected) will settle the endpoint statistics; this is not the moment to lean in — wait for the formal minutes before acting.
  13. 2026-10-22 Speculative buy speculative UPDATE: Cognition Therapeutics (CGTX) - The Endpoint Is Locked. Now Comes the Bill. FDA aligned on NPI-2 primary endpoint and ADCS-ADL secondary for a 9-month DLB psychosis Phase 3, retiring the last open regulatory question; the stock fell on good news because financing is now the only remaining story.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Filings & releases (30)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 7, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

2 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)