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Cognition Therapeutics (CGTX) Financials

Cognition Therapeutics logo
$0.94 -0.01 (-0.96%)
Closing price 07/16/2026 04:00 PM Eastern
Extended Trading
$0.94 0.00 (0.00%)
As of 04:40 AM Eastern
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Annual Income Statements for Cognition Therapeutics

Annual Income Statements for Cognition Therapeutics

This table shows Cognition Therapeutics' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -12 -16 -21 -26 -34 -23
Consolidated Net Income / (Loss)		 -7.84 -12 -21 -26 -34 -23
Net Income / (Loss) Continuing Operations		 -7.84 -12 -21 -26 -34 -24
Total Pre-Tax Income 		-7.84 -12 -21 -26 -34 -24
Total Operating Income		 -17 -29 -44 -51 -54 -48
Total Gross Profit		 11 15 0.00 0.00 0.00 0.00
Total Revenue		 11 15 0.00 0.00 0.00 0.00
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 17 29 44 51 54 48
Selling, General & Admin Expense		 4.52 10 13 14 12 11
Research & Development Expense		 13 19 30 37 42 37
Total Other Income / (Expense), net		 -1.29 1.67 22 25 20 24
Interest & Investment Income		 - - - -0.03 -0.03 -0.01
Other Income / (Expense), net		 0.59 2.12 22 25 20 24
Basic Earnings per Share		 ($23.76) ($3.13) ($0.91) ($0.86) ($0.86) ($0.32)
Weighted Average Basic Shares Outstanding		 508.11K 5.19M 23.64M 30.03M 39.73M 72.77M
Diluted Earnings per Share		 ($23.76) ($3.13) ($0.91) ($0.86) ($0.86) ($0.32)
Weighted Average Diluted Shares Outstanding		 508.11K 5.19M 23.64M 30.03M 39.73M 72.77M
Weighted Average Basic & Diluted Shares Outstanding		 - 22.58M 29.26M 39.00M 61.97M 89.35M

Quarterly Income Statements for Cognition Therapeutics

This table shows Cognition Therapeutics' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -6.75 -8.14 -9.15 -7.04 -9.94 -7.84 -8.49 -6.73 -4.93 -3.34 -4.58
Consolidated Net Income / (Loss)		 -6.75 -8.14 -9.15 -7.04 -9.94 -7.84 -8.49 -6.73 -4.93 -3.34 -4.58
Net Income / (Loss) Continuing Operations		 -6.75 -8.15 -9.16 -7.05 -9.94 -7.85 -8.49 -6.74 -4.93 -3.35 -4.58
Total Pre-Tax Income 		-6.75 -8.15 -9.16 -7.05 -9.94 -7.85 -8.49 -6.74 -4.93 -3.35 -4.58
Total Operating Income		 -15 -15 -14 -15 -14 -11 -14 -14 -6.38 -14 -8.82
Total Gross Profit		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 15 15 14 15 14 11 14 14 6.38 14 8.82
Selling, General & Admin Expense		 3.08 3.59 3.55 3.10 3.07 2.57 2.99 2.50 2.60 2.52 2.70
Research & Development Expense		 12 12 11 12 11 8.15 11 11 3.77 11 6.12
Total Other Income / (Expense), net		 7.99 7.04 4.94 7.63 4.52 2.88 5.29 7.24 1.45 10 4.24
Interest & Investment Income		 -0.00 - -0.01 -0.01 -0.00 -0.01 -0.01 -0.00 0.00 -0.01 -0.01
Other Income / (Expense), net		 8.00 7.05 4.95 7.64 4.53 2.88 5.30 7.24 1.45 10 4.25
Basic Earnings per Share		 ($0.22) ($0.27) ($0.27) ($0.18) ($0.25) ($0.16) ($0.14) ($0.11) ($0.06) ($0.01) ($0.05)
Weighted Average Basic Shares Outstanding		 30.37M 30.03M 33.74M 40.06M 40.42M 39.73M 61.83M 63.69M 77.95M 72.77M 89.19M
Diluted Earnings per Share		 ($0.22) ($0.27) ($0.27) ($0.18) ($0.25) ($0.16) ($0.14) ($0.11) ($0.06) ($0.01) ($0.05)
Weighted Average Diluted Shares Outstanding		 30.37M 30.03M 33.74M 40.06M 40.42M 39.73M 61.83M 63.69M 77.95M 72.77M 89.19M
Weighted Average Basic & Diluted Shares Outstanding		 30.42M 39.00M 40.06M 40.13M 41.55M 61.97M 61.99M 73.47M 88.27M 89.35M 89.50M

Annual Cash Flow Statements for Cognition Therapeutics

This table details how cash moves in and out of Cognition Therapeutics' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 2.30 50 -13 -12 -4.91 12
Net Cash From Operating Activities		 -3.43 -3.63 -19 -16 -28 -25
Net Cash From Continuing Operating Activities		 -3.43 -3.63 -19 -16 -28 -25
Net Income / (Loss) Continuing Operations		 -7.84 -12 -21 -26 -34 -23
Consolidated Net Income / (Loss)		 -7.84 -12 -21 -26 -34 -23
Depreciation Expense		 0.10 0.09 0.08 0.10 0.11 0.04
Amortization Expense		 0.84 0.38 0.15 0.16 0.16 0.19
Non-Cash Adjustments To Reconcile Net Income		 2.70 5.74 1.70 7.06 2.54 -5.11
Changes in Operating Assets and Liabilities, net		 0.77 1.87 0.93 2.46 2.69 3.78
Net Cash From Investing Activities		 -0.01 -0.03 -0.17 -0.15 -0.00 0.01
Net Cash From Continuing Investing Activities		 -0.01 -0.03 -0.17 -0.15 -0.00 0.01
Purchase of Property, Plant & Equipment		 -0.01 -0.03 -0.17 -0.15 -0.00 0.00
Sale of Property, Plant & Equipment		 - - - - 0.00 0.01
Net Cash From Financing Activities		 5.77 53 5.55 4.52 24 37
Net Cash From Continuing Financing Activities		 5.77 53 5.55 4.52 24 37
Repayment of Debt		 -0.10 -0.27 -1.40 -0.81 -0.74 -0.35
Issuance of Common Equity		 0.00 44 5.32 5.33 24 37
Other Financing Activities, net		 0.05 9.25 1.62 0.00 -0.05 -0.09

Quarterly Cash Flow Statements for Cognition Therapeutics

This table details how cash moves in and out of Cognition Therapeutics' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -4.22 -3.05 4.75 -6.14 -6.52 3.00 -8.58 -4.87 28 -2.82 -5.78
Net Cash From Operating Activities		 -4.16 -5.46 -7.24 -6.00 -6.85 -8.38 -9.88 -5.62 -5.65 -3.44 -5.54
Net Cash From Continuing Operating Activities		 -4.16 -5.46 -7.24 -6.00 -6.85 -8.38 -9.88 -5.62 -5.65 -3.44 -5.54
Net Income / (Loss) Continuing Operations		 -6.75 -8.14 -9.15 -7.04 -9.94 -7.84 -8.48 -6.73 -4.93 -3.34 -4.57
Consolidated Net Income / (Loss)		 -6.75 -8.14 -9.15 -7.04 -9.94 -7.84 -8.48 -6.73 -4.93 -3.34 -4.57
Depreciation Expense		 0.03 0.03 0.03 0.03 0.03 0.03 -0.01 0.02 0.02 0.01 0.01
Amortization Expense		 0.04 0.04 0.03 0.04 0.04 0.04 0.05 0.05 0.05 0.05 0.06
Non-Cash Adjustments To Reconcile Net Income		 1.83 1.43 1.79 -1.16 0.70 1.22 -1.51 -0.89 4.91 -7.62 6.60
Changes in Operating Assets and Liabilities, net		 0.70 1.19 0.06 2.14 2.32 -1.83 0.06 1.94 -5.69 7.47 -7.64
Net Cash From Investing Activities		 -0.06 -0.03 0.00 -0.00 - -0.00 0.00 - - 0.01 0.00
Net Cash From Continuing Investing Activities		 -0.06 -0.03 0.00 -0.00 - -0.00 0.00 - - 0.01 0.00
Net Cash From Financing Activities		 -0.00 2.44 12 -0.14 0.33 11 1.30 0.75 34 0.61 -0.23
Net Cash From Continuing Financing Activities		 -0.00 2.44 12 -0.14 0.33 11 1.30 0.75 34 0.61 -0.23
Repayment of Debt		 -0.22 -0.18 -0.18 -0.18 -0.19 -0.20 -0.12 -0.12 -0.04 -0.07 -0.11
Issuance of Common Equity		 0.21 2.62 12 - 0.50 12 1.46 0.88 34 0.75 0.00
Other Financing Activities, net		 - - -0.11 0.04 0.02 - -0.05 -0.01 0.03 -0.07 -0.12

Annual Balance Sheets for Cognition Therapeutics

This table presents Cognition Therapeutics' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 7.12 59 50 35 30 48
Total Current Assets		 6.91 59 48 34 30 48
Cash & Equivalents		 5.19 55 42 30 25 37
Restricted Cash		 - - - - 0.00 0.19
Prepaid Expenses		 0.54 2.01 2.41 3.02 1.86 1.07
Other Current Assets		 0.59 1.80 3.67 1.28 2.69 9.92
Plant, Property, & Equipment, net		 0.21 0.15 0.23 0.28 0.18 0.09
Total Noncurrent Assets		 0.00 0.00 2.55 0.66 0.50 0.31
Other Noncurrent Operating Assets		 - 0.00 2.55 0.66 0.50 0.31
Total Liabilities & Shareholders' Equity		 7.12 59 50 35 30 48
Total Liabilities		 20 7.86 10 11 11 14
Total Current Liabilities		 3.25 7.86 7.80 10 11 14
Accounts Payable		 2.00 4.17 3.22 3.70 1.98 1.12
Accrued Expenses		 0.99 1.75 2.09 4.06 7.62 12
Current Deferred Revenue		 - 0.75 1.70 1.70 1.07 0.37
Other Current Liabilities		 0.25 1.19 0.78 0.72 0.47 0.44
Total Noncurrent Liabilities		 17 0.00 2.38 0.52 0.34 0.20
Other Noncurrent Operating Liabilities		 3.83 0.00 2.38 0.52 0.34 0.20
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 -68 51 40 24 19 34
Total Preferred & Common Equity		 -68 51 40 24 19 34
Preferred Stock		 - 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 -68 51 40 24 19 34
Common Stock		 0.22 145 156 166 194 233
Retained Earnings		 -68 -94 -115 -141 -175 -199

Quarterly Balance Sheets for Cognition Therapeutics

This table presents Cognition Therapeutics' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 39 39 34 28 24 20 43 36
Total Current Assets		 36 38 34 27 23 19 43 36
Cash & Equivalents		 33 35 29 22 16 11 39 31
Restricted Cash		 - - - - - 0.81 0.49 0.10
Prepaid Expenses		 1.43 2.44 1.92 1.45 1.66 1.21 1.16 0.93
Other Current Assets		 1.64 0.86 3.10 3.37 4.78 6.29 1.90 3.66
Plant, Property, & Equipment, net		 0.28 0.26 0.23 0.21 0.19 0.17 0.16 0.08
Total Noncurrent Assets		 2.45 0.63 0.59 0.54 0.44 0.40 0.35 0.25
Other Noncurrent Operating Assets		 2.45 0.63 0.59 0.54 0.44 0.40 0.35 0.25
Total Liabilities & Shareholders' Equity		 39 39 34 28 24 20 43 36
Total Liabilities		 9.85 9.99 11 13 11 13 6.87 6.23
Total Current Liabilities		 8.23 9.50 11 13 11 12 6.65 6.05
Accounts Payable		 2.86 2.64 3.03 1.90 1.82 0.77 0.83 3.85
Accrued Expenses		 4.29 4.73 6.06 9.51 7.71 9.37 3.92 1.69
Current Deferred Revenue		 0.91 1.58 1.45 1.12 1.07 1.98 1.74 0.22
Other Current Liabilities		 0.17 0.55 0.37 0.19 0.36 0.24 0.17 0.29
Total Noncurrent Liabilities		 1.62 0.49 0.44 0.39 0.28 0.23 0.21 0.18
Other Noncurrent Operating Liabilities		 1.62 0.49 0.44 0.39 0.28 0.23 0.21 0.18
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 29 29 23 14 12 7.03 37 30
Total Preferred & Common Equity		 29 29 23 14 12 7.03 37 30
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 29 29 23 14 12 7.03 37 30
Common Stock		 162 179 180 182 196 197 232 233
Retained Earnings		 -133 -150 -157 -167 -184 -190 -195 -203

Annual Metrics And Ratios for Cognition Therapeutics

This table displays calculated financial ratios and metrics derived from Cognition Therapeutics' official financial filings.

Metric 2020 2021 2022 2023 2024 2025
Period end date 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 0.00 22,036,382.00 23,971,042.00 30,417,082.00 41,547,995.00 88,274,258.00
DEI Adjusted Shares Outstanding		 0.00 22,036,382.00 23,971,042.00 30,417,082.00 41,547,995.00 88,274,258.00
DEI Earnings Per Adjusted Shares Outstanding		 0.00 -0.74 -0.89 -0.85 -0.82 -0.27
Growth Metrics		 - - - - - -
Revenue Growth		 0.00% 40.13% -100.00% 0.00% 0.00% 0.00%
EBITDA Growth		 0.00% -63.73% 18.61% -20.67% -31.99% 30.99%
EBIT Growth		 0.00% -57.47% 19.19% -20.52% -31.73% 30.86%
NOPAT Growth		 0.00% -64.29% -52.29% -16.47% -6.39% 11.43%
Net Income Growth		 0.00% -49.46% -82.63% -20.52% -31.73% 30.86%
EPS Growth		 0.00% 86.83% 70.93% 5.49% 0.00% 62.79%
Operating Cash Flow Growth		 0.00% -5.77% -410.41% 13.57% -77.76% 13.65%
Free Cash Flow Firm Growth		 0.00% 0.00% -50.18% 3.83% -17.83% -0.07%
Invested Capital Growth		 0.00% 33.06% 61.92% -314.93% -14.89% 56.40%
Revenue Q/Q Growth		 0.00% 0.00% -100.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 0.00% 0.00% 30.07% -13.01% 0.89% 16.18%
EBIT Q/Q Growth		 0.00% 0.00% 29.75% -12.90% 0.87% 16.08%
NOPAT Q/Q Growth		 0.00% 0.00% 5.45% -13.13% 7.64% -6.57%
Net Income Q/Q Growth		 0.00% 0.00% 9.16% -12.96% 0.87% 16.08%
EPS Q/Q Growth		 0.00% 0.00% -108.51% -8.86% 11.34% 31.91%
Operating Cash Flow Q/Q Growth		 0.00% 13.79% -124.70% 22.79% -11.45% 16.74%
Free Cash Flow Firm Q/Q Growth		 0.00% 0.00% 0.00% 9.41% 1.21% -3.81%
Invested Capital Q/Q Growth		 0.00% 0.00% 81.99% -34.75% 16.87% 17.15%
Profitability Metrics		 - - - - - -
Gross Margin		 100.00% 100.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 -146.29% -170.94% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 -160.36% -188.01% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 -154.90% -174.06% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 -72.22% -77.02% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 100.00% 100.00% 99.87% 99.90% 99.93% 99.94%
Interest Burden Percent		 46.62% 44.25% 100.13% 100.10% 100.07% 100.06%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 61.18% -60.93% -46.76% -79.69% -157.19% -88.60%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 -236.18% -79.92% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 -110.11% -35.37% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 325.52% 26.79% -46.76% -79.69% -157.19% -88.60%
Return on Equity Simple (ROE_SIMPLE)		 11.50% -22.85% -53.16% -105.37% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -12 -20 -30 -36 -38 -33
NOPAT Margin		 -112.25% -131.61% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 -56.71% 35.29% 18.88% 27.19% 13.85% 32.16%
Return On Investment Capital (ROIC_SIMPLE)		 - - - -145.08% -201.47% -97.63%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 41.64% 65.91% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 118.72% 122.10% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 160.36% 188.01% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -17 -26 -21 -26 -34 -23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -16 -26 -21 -26 -34 -23
Valuation Ratios		 - - - - - -
Price to Book Value (P/BV)		 0.00 2.72 1.25 2.30 1.55 3.48
Price to Tangible Book Value (P/TBV)		 0.00 2.72 1.25 2.30 1.55 3.48
Price to Revenue (P/Rev)		 4.17 9.16 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 9.97 5.56 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - -
Debt to Equity		 -1.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 -1.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -0.60 -1.22 -1.05 -1.10 -1.27 -1.17
Leverage Ratio		 -0.56 1.72 1.20 1.32 1.51 1.48
Compound Leverage Factor		 -0.26 0.76 1.20 1.32 1.51 1.48
Debt to Total Capital		 33,821.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 33,821.05% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 145,710.53% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 -179,431.58% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 -0.81 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 -0.48 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 -0.81 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 -1.05 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 -0.63 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 -1.05 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -17.71 8.22 -0.69 -4.06 -9.57 -1.44
Noncontrolling Interest Sharing Ratio		 -432.11% 143.97% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - -
Current Ratio		 2.13 7.50 6.11 3.37 2.65 3.45
Quick Ratio		 1.78 7.02 5.33 2.94 2.24 2.64
Cash Flow Metrics		 - - - - - -
Free Cash Flow to Firm (FCFF)		 0.00 -22 -33 -31 -37 -37
Operating Cash Flow to CapEx		 -34,330.00% -13,448.15% -10,838.01% -10,896.60% -711,850.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 -48.27 -1,165.03 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 -1.83 -8.07 -661.89 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 -1.83 -8.13 -668.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - -
Asset Turnover		 1.52 0.46 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 18.46 28.84 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 51.45 85.46 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 19.77 12.66 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 19.77 12.66 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - -
Invested Capital		 -5.15 -3.45 -1.31 -5.45 -6.26 -2.73
Invested Capital Turnover		 -2.11 -3.54 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 0.00 1.70 2.14 -4.14 -0.81 3.53
Enterprise Value (EV)		 108 85 8.78 26 4.13 82
Market Capitalization		 45 139 50 56 29 119
Book Value per Share		 ($134.19) $2.33 $1.68 $0.80 $0.45 $0.39
Tangible Book Value per Share		 ($134.19) $2.33 $1.68 $0.80 $0.45 $0.39
Total Capital		 0.04 51 40 24 19 34
Total Debt		 13 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 13 0.00 0.00 0.00 0.00 0.00
Net Debt		 7.66 -55 -42 -30 -25 -37
Capital Expenditures (CapEx)		 0.01 0.03 0.17 0.15 0.00 -0.01
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1.53 -3.59 -1.71 -5.87 -6.60 -2.93
Debt-free Net Working Capital (DFNWC)		 3.66 51 40 24 18 34
Net Working Capital (NWC)		 3.66 51 40 24 18 34
Net Nonoperating Expense (NNE)		 -4.35 -8.30 -9.09 -9.72 -3.81 -9.97
Net Nonoperating Obligations (NNO)		 7.66 -55 -42 -30 -25 -37
Total Depreciation and Amortization (D&A)		 0.93 0.48 0.24 0.25 0.27 0.23
Debt-free, Cash-free Net Working Capital to Revenue		 -14.10% -23.62% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 33.70% 336.13% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 33.70% 336.13% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($3.13) ($0.91) ($0.86) ($0.86) ($0.32)
Adjusted Weighted Average Basic Shares Outstanding		 0.00 5.19M 23.64M 30.03M 39.73M 72.77M
Adjusted Diluted Earnings per Share		 $0.00 ($3.13) ($0.91) ($0.86) ($0.86) ($0.32)
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 5.19M 23.64M 30.03M 39.73M 72.77M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 22.58M 29.26M 39.00M 61.97M 89.35M
Normalized Net Operating Profit after Tax (NOPAT)		 -12 -20 -30 -36 -38 -33
Normalized NOPAT Margin		 -112.25% -131.61% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 -72.22% -77.02% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - -
EBIT to Interest Expense		 -8.94 -58.84 -764.18 0.00 0.00 0.00
NOPAT to Interest Expense		 -6.48 -44.49 -1,088.78 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -8.95 -58.90 -770.29 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -6.49 -44.55 -1,094.88 0.00 0.00 0.00
Payout Ratios		 - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Quarterly Metrics And Ratios for Cognition Therapeutics

This table displays calculated financial ratios and metrics derived from Cognition Therapeutics' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 30,311,582.00 30,417,082.00 39,000,152.00 40,058,498.00 40,132,961.00 41,547,995.00 61,972,946.00 61,993,046.00 73,472,199.00 88,274,258.00 89,353,773.00
DEI Adjusted Shares Outstanding		 30,311,582.00 30,417,082.00 39,000,152.00 40,058,498.00 40,132,961.00 41,547,995.00 61,972,946.00 61,993,046.00 73,472,199.00 88,274,258.00 89,353,773.00
DEI Earnings Per Adjusted Shares Outstanding		 -0.22 -0.27 -0.23 -0.18 -0.25 -0.19 -0.14 -0.11 -0.07 -0.04 -0.05
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Growth		 -2.67% -57.25% -48.77% -49.50% -47.62% 3.76% 7.24% 4.32% 50.65% 57.77% 46.63%
EBIT Growth		 -2.72% -56.71% -48.27% -48.98% -47.24% 3.67% 7.33% 4.36% 50.39% 57.37% 46.11%
NOPAT Growth		 -16.79% -63.32% -57.16% -24.21% 1.91% 29.40% 2.32% 4.77% 55.92% -27.49% 35.99%
Net Income Growth		 -1.87% -57.10% -48.27% -48.98% -47.24% 3.67% 7.28% 4.36% 50.39% 57.37% 46.08%
EPS Growth		 24.14% -35.00% -28.57% -12.50% -13.64% 40.74% 48.15% 38.89% 76.00% 93.75% 64.29%
Operating Cash Flow Growth		 -103,925.00% 46.43% -167.80% -62.26% -64.65% -53.63% -36.35% 6.24% 17.52% 59.00% 43.89%
Free Cash Flow Firm Growth		 -1,413.50% 24.84% -17.67% -2.93% 51.08% -3.04% -59.37% -42.70% -31.02% -95.66% 20.18%
Invested Capital Growth		 44.54% -314.93% -91.97% -97.00% -86.22% -14.89% 28.45% 18.03% 56.25% 56.40% 68.40%
Revenue Q/Q Growth		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Q/Q Growth		 -43.28% -20.81% -12.61% 23.30% -41.48% 21.24% -8.54% 20.89% 27.03% 32.59% -37.17%
EBIT Q/Q Growth		 -42.81% -20.63% -12.41% 23.06% -41.13% 21.08% -8.14% 20.59% 26.79% 32.19% -36.70%
NOPAT Q/Q Growth		 -24.78% -3.01% 7.16% -4.08% 1.46% 25.86% -28.46% -1.47% 54.39% -114.45% 35.51%
Net Income Q/Q Growth		 -42.81% -20.63% -12.41% 23.06% -41.13% 21.08% -8.20% 20.59% 26.79% 32.19% -36.85%
EPS Q/Q Growth		 -37.50% -22.73% 0.00% 33.33% -38.89% 36.00% 12.50% 21.43% 45.45% 83.33% -400.00%
Operating Cash Flow Q/Q Growth		 -12.58% -31.12% -32.77% 17.21% -14.24% -22.35% -17.84% 43.07% -0.50% 39.18% -61.25%
Free Cash Flow Firm Q/Q Growth		 -84.86% 52.11% -9.08% -6.59% 12.13% -0.86% -68.71% 4.56% 19.32% -50.61% 31.17%
Invested Capital Q/Q Growth		 -44.19% -34.75% -6.66% 4.94% -36.30% 16.87% 33.57% -8.90% 27.25% 17.15% 51.85%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBITDA Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
EBIT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Profit (Net Income) Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Tax Burden Percent		 99.97% 99.89% 99.89% 99.90% 99.97% 99.94% 100.00% 99.96% 100.00% 99.85% 100.00%
Interest Burden Percent		 100.03% 100.11% 100.11% 100.10% 100.03% 100.06% 100.06% 100.04% 100.00% 100.15% 100.11%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)		 -66.90% -79.69% -89.00% -108.31% -157.90% -157.19% -161.95% -219.68% -109.73% -88.60% -92.82%
Cash Return on Invested Capital (CROIC)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Return on Assets (OROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Assets (ROA)		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Common Equity (ROCE)		 -66.90% -79.69% -89.00% -108.31% -157.90% -157.19% -161.95% -219.68% -109.73% -88.60% -92.82%
Return on Equity Simple (ROE_SIMPLE)		 -78.92% 0.00% -99.68% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -10 -11 -9.87 -10 -10 -7.51 -9.64 -9.78 -4.46 -9.57 -6.17
NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Nonoperating Expense Percent (NNEP)		 8.98% 6.97% 1.96% 9.84% 0.68% -1.22% 4.53% 15.22% -1.51% 20.08% 6.70%
Return On Investment Capital (ROIC_SIMPLE)		 - -43.44% -34.20% -44.65% -69.91% -40.03% -78.59% -139.20% -12.22% -27.92% -20.63%
Cost of Revenue to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
SG&A Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings before Interest and Taxes (EBIT)		 -6.75 -8.14 -9.15 -7.04 -9.94 -7.84 -8.48 -6.73 -4.93 -3.34 -4.57
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 -6.68 -8.08 -9.09 -6.97 -9.87 -7.77 -8.44 -6.67 -4.87 -3.28 -4.50
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 1.51 2.30 2.46 2.89 1.30 1.55 2.13 2.73 2.72 3.48 2.27
Price to Tangible Book Value (P/TBV)		 1.51 2.30 2.46 2.89 1.30 1.55 2.13 2.73 2.72 3.48 2.27
Price to Revenue (P/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBITDA (EV/EBITDA)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage		 -1.17 -1.10 -1.14 -1.15 -1.27 -1.27 -1.24 -1.33 -1.21 -1.17 -1.13
Leverage Ratio		 1.35 1.32 1.31 1.36 1.53 1.51 1.52 1.80 1.39 1.48 1.41
Compound Leverage Factor		 1.35 1.32 1.31 1.37 1.53 1.51 1.52 1.80 1.39 1.49 1.42
Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score		 -1.86 -2.41 -1.05 -2.78 -8.21 -6.71 -10.13 -13.39 2.99 -0.07 -0.76
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 4.38 3.37 4.00 3.07 2.11 2.65 2.09 1.54 6.44 3.45 5.92
Quick Ratio		 4.01 2.94 3.65 2.61 1.73 2.24 1.50 0.87 5.91 2.64 5.14
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -6.50 -7.09 -7.55 -6.64 -6.70 -11 -11 -8.70 -13 -9.02
Operating Cash Flow to CapEx		 -7,174.14% -18,186.67% 0.00% 0.00% 0.00% -838,200.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Receivable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Accounts Payable Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Sales Outstanding (DSO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Cash Conversion Cycle (CCC)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 -4.04 -5.45 -5.81 -5.52 -7.53 -6.26 -4.16 -4.53 -3.29 -2.73 -1.31
Invested Capital Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Increase / (Decrease) in Invested Capital		 3.25 -4.14 -2.78 -2.72 -3.49 -0.81 1.65 1.00 4.24 3.53 2.84
Enterprise Value (EV)		 11 26 36 38 -3.20 4.13 9.65 7.65 59 82 37
Market Capitalization		 44 56 71 66 19 29 26 19 99 119 68
Book Value per Share		 $0.95 $0.80 $0.74 $0.57 $0.36 $0.45 $0.20 $0.11 $0.50 $0.39 $0.33
Tangible Book Value per Share		 $0.95 $0.80 $0.74 $0.57 $0.36 $0.45 $0.20 $0.11 $0.50 $0.39 $0.33
Total Capital		 29 24 29 23 14 19 12 7.03 37 34 30
Total Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt		 -33 -30 -35 -29 -22 -25 -16 -12 -40 -37 -31
Capital Expenditures (CapEx)		 0.06 0.03 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -5.16 -5.87 -6.21 -5.90 -7.89 -6.60 -4.51 -4.87 -3.59 -2.93 -1.46
Debt-free Net Working Capital (DFNWC)		 28 24 28 23 14 18 12 6.69 36 34 30
Net Working Capital (NWC)		 28 24 28 23 14 18 12 6.69 36 34 30
Net Nonoperating Expense (NNE)		 -3.57 -2.49 -0.72 -3.23 -0.19 0.34 -1.16 -3.05 0.47 -6.23 -1.60
Net Nonoperating Obligations (NNO)		 -33 -30 -35 -29 -22 -25 -16 -12 -40 -37 -31
Total Depreciation and Amortization (D&A)		 0.07 0.07 0.06 0.07 0.07 0.07 0.05 0.06 0.06 0.06 0.07
Debt-free, Cash-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt-free Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Working Capital to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.22) ($0.27) ($0.27) ($0.18) ($0.25) ($0.16) ($0.14) ($0.11) ($0.06) ($0.01) ($0.05)
Adjusted Weighted Average Basic Shares Outstanding		 30.37M 30.03M 33.74M 40.06M 40.42M 39.73M 61.83M 63.69M 77.95M 72.77M 89.19M
Adjusted Diluted Earnings per Share		 ($0.22) ($0.27) ($0.27) ($0.18) ($0.25) ($0.16) ($0.14) ($0.11) ($0.06) ($0.01) ($0.05)
Adjusted Weighted Average Diluted Shares Outstanding		 30.37M 30.03M 33.74M 40.06M 40.42M 39.73M 61.83M 63.69M 77.95M 72.77M 89.19M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 30.42M 39.00M 40.06M 40.13M 41.55M 61.97M 61.99M 73.47M 88.27M 89.35M 89.50M
Normalized Net Operating Profit after Tax (NOPAT)		 -10 -11 -9.87 -10 -10 -7.51 -9.64 -9.78 -4.46 -9.57 -6.17
Normalized NOPAT Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Pre Tax Income Margin		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Financials Breakdown Chart

Key Financial Trends

Cognition Therapeutics (NASDAQ: CGTX) continues to operate like a pre-revenue clinical-stage biotech, with no product sales and persistent operating losses. The latest quarter shows a somewhat improved cash balance, but the company is still burning cash and relying on financing to fund operations.

  • Cash & equivalents increased to $31.1 million at the end of Q1 2026, up from $39.3 million in Q3 2025 but still well above the $10.7 million level seen in Q2 2025.
  • Q1 2026 financing included only a modest amount of debt repayment and other financing outflows, suggesting limited debt burden relative to cash on hand.
  • The company continues to hold a meaningful equity base, with $29.9 million in total common equity at Q1 2026.
  • Revenue remained $0 in Q1 2026, which is consistent with a development-stage biotech but means there is no operating revenue to offset spending.
  • Research & development expense was $6.1 million in Q1 2026, down from $11.1 million in Q4 2025 and roughly in line with the company’s historically volatile trial-related spending.
  • Selling, general & administrative expense was $2.7 million in Q1 2026, a bit above Q4 2025’s $2.5 million but below many earlier quarters.
  • Operating cash burn was still significant at $5.5 million in Q1 2026, showing the business remains far from self-funding.
  • The company reported a quarterly net loss of $4.6 million, narrower than Q4 2025’s $3.3 million? Actually, Q1 2026 loss was slightly larger than Q4 2025, but much smaller than several 2024 quarters.
  • Cash from operations has been consistently negative for the past several years, including -$9.9 million in Q1 2025, -$5.6 million in Q3 2025, and -$5.5 million in Q1 2026.
  • Share dilution has been significant over time. Weighted average basic shares rose from about 33.7 million in Q1 2024 to 89.2 million in Q1 2026, reflecting ongoing equity issuance to fund operations.

Trends over the last four years show a classic biotech financing pattern: rising share count, recurring losses, and repeated cash raises. The company’s quarterly net losses have generally ranged from roughly $4 million to $10 million, while operating expenses have stayed elevated due to R&D and clinical development costs.

One encouraging sign is that the balance sheet improved substantially from the low point in mid-2025, when cash fell to $10.7 million in Q2 2025. Since then, cash recovered sharply, helped by financing activity. But the company is still dependent on outside capital, and the latest quarter’s negative operating cash flow indicates that runway will continue to be an important issue for investors.

Bottom line: CGTX appears financially stable enough for the near term thanks to its cash balance, but the long-term story still hinges on clinical progress and future financing. For retail investors, the key watch items are cash burn, dilution, and whether the company can advance its pipeline toward value-creating milestones.

07/17/26 02:04 AM ETAI Generated. May Contain Errors.

Cognition Therapeutics Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Cognition Therapeutics' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Cognition Therapeutics' net income appears to be on an upward trend, with a most recent value of -$23.49 million in 2025, rising from -$7.84 million in 2020. The previous period was -$33.97 million in 2024. See Cognition Therapeutics' forecast for analyst expectations on what's next for the company.

Cognition Therapeutics' total operating income in 2025 was -$47.80 million, based on the following breakdown:
  • Total Gross Profit: $0.00
  • Total Operating Expenses: $47.80 million

Over the last 5 years, Cognition Therapeutics' total revenue changed from $10.86 million in 2020 to $0.00 in 2025, a change of -100.0%.

Cognition Therapeutics' total liabilities were at $14.12 million at the end of 2025, a 22.9% increase from 2024, and a 29.2% decrease since 2020.

In the past 5 years, Cognition Therapeutics' cash and equivalents has ranged from $5.19 million in 2020 to $54.72 million in 2021, and is currently $36.81 million as of their latest financial filing in 2025.

Over the last 5 years, Cognition Therapeutics' book value per share changed from -134.19 in 2020 to 0.39 in 2025, a change of -100.3%.


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Financial statements for NASDAQ:CGTX last updated on 7/16/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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