The FDA meeting on May 20 is the primary near-term catalyst — a positive outcome (clear registrational path for DLB psychosis) could drive significant upside for this $110M market cap stock. Monitor for meeting minutes in June. Cash runway through Q2 2027 provides sufficient time for Phase 3 planning without near-term dilution risk.
Price Chart
Executive Summary
Cognition Therapeutics reported Q1 2026 net loss of $4.6M ($0.05/share), narrower than the $8.5M loss in Q1 2025, driven by lower R&D and G&A expenses. Cash burn continues with $31.2M in cash and $25.6M in remaining grant funding, providing runway through Q2 2027. The key catalyst is the upcoming FDA Division of Psychiatry meeting on May 20, 2026, which will inform registrational plans for zervimesine in DLB psychosis.
Key Financial Metrics
Key Facts
- Net loss of $4.6M ($0.05/share) vs $8.5M ($0.14/share) in Q1 2025
- Cash and equivalents of $31.2M as of March 31, 2026, down from $37.0M at year-end 2025
- Remaining obligated grant funds of $25.6M from NIA
- FDA Division of Psychiatry meeting scheduled for May 20, 2026
- Phase 2 START study topline results anticipated in 2027
- R&D expenses decreased to $6.1M from $10.8M YoY
- G&A expenses decreased to $2.7M from $3.0M YoY
Financial Impact
Net loss improved by $3.9M YoY; cash burn of ~$5.8M in Q1 2026
Risk Factors
- FDA may require additional data or impose challenging trial design for DLB psychosis
- Cash burn rate of ~$5-6M/quarter with no revenue — future dilution likely if milestones slip
- Phase 2 START study results not expected until 2027 — long wait for next major catalyst
- Competition from approved Alzheimer's therapies (lecanemab, donanemab) and other DLB programs
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-057186 |
| Document: tm2613845d1_8k.htm | 0001104659-26-057186 |
| Document: 0001104659-26-057186-index-headers.html | 0001104659-26-057186 |
| Document: 0001104659-26-057186-index.html | 0001104659-26-057186 |
| Document: 0001104659-26-057186.txt | 0001104659-26-057186 |
| 8-K Data (Synthetic) | 0001104659-26-057186 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | 8-K | $0.7010 $0.7188 | ▲ +2.54% | ▲ +3.06% | $0.7196 (+2.65%) |
Jun 4, 2026 20w ago | 8-K | $1.36 $1.29 | ▼ −5.15% | ▼ −2.55% | $0.7196 (−47.09%) |
Jun 1, 2026 21w ago | Press Release | $1.25 $1.35 | ▲ +8.00% | ▲ +7.86% | $0.7196 (−42.43%) |
May 21, 2026 22w ago | Press Release | $1.25 $1.26 | ▲ +0.80% | ▲ +0.35% | $0.7196 (−42.43%) |
May 14, 2026 23w ago | Press Release | $1.20 $1.14 | ▼ −5.00% | ▼ −3.77% | $0.7196 (−40.03%) |
May 7, 2026 24w ago | 8-K | $1.21 $1.18 | ▼ −2.48% | ▼ −2.71% | $0.7196 (−40.53%) |
Apr 16, 2026 27w ago | Insider Cluster | $1.11 $1.19 | ▲ +7.21% | ▲ +5.99% | $0.7196 (−35.17%) |
Mar 26, 2026 30w ago | Press Release | $1.08 $0.7300 | ▼ −32.41% | ▼ −30.73% | $0.7196 (−33.37%) |
Mar 23, 2026 31w ago | Press Release | $1.13 $1.10 | ▼ −2.65% | ▼ −2.30% | $0.7196 (−36.32%) |
Mar 17, 2026 31w ago | Press Release | $1.15 $1.10 | ▼ −4.35% | ▼ −2.95% | $0.7196 (−37.43%) |
US Market Status
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