Cognition Therapeutics, Inc.
CGTXHealthcare|Biotechnology|US
$0.69
+0.05 (+8.12%)
DCF Value
$0.60
Tangible Book / Share
$0.31
Cash / Share
$0.32
Financials
Financial Snapshot
Market Cap
$65.3M
Enterprise Value
$35.1M
Revenue (TTM)
$0.00
Net Income (TTM)
-$16.0M
Cash & Investments
$30.8M
Net Cash
$30.3M
Free Cash Flow (TTM)
-$15.3M
Operating CF (TTM)
-$15.3M
Debt/Equity
0.02
Cash Runway & Burn Rate
Cash on Hand
$30.8M
Quarterly Burn
$3.8M
Monthly Burn
$1.3M
Est. Runway
~8.0 quarters
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $2.9M | $5.2M | $54.7M | $41.6M | $29.9M | $25.0M | $36.8M | $30.8M | |
| Operating Cash Flow | -$3.1M | -$3.4M | -$3.6M | -$18.5M | -$16.0M | -$28.5M | -$24.6M | -$15.3M | |
| Free Cash Flow | -$3.2M | -$3.4M | -$3.7M | -$18.7M | -$16.2M | -$28.5M | -$24.6M | -$15.3M | |
| Capital Expenditure | -$144.0K | -$10.0K | -$27.0K | -$171.0K | -$147.0K | -$4.0K | $0.00 | $0.00 | |
| Financing Cash Flow | $2.8M | $5.8M | $53.2M | $5.5M | $4.5M | $23.6M | $36.6M | $7.0M |
R&D Spending
R&D (TTM)
$27.4M
R&D Intensity
—
R&D Growth vs Prior
-26.3%
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| R&D Expense | $14.4M | $12.9M | $18.6M | $30.3M | $37.2M | $41.7M | $37.2M | $27.4M | |
| SG&A | $3.5M | $4.5M | $10.0M | $13.2M | $13.5M | $12.3M | $10.6M | $10.1M |
Income Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Cost of Revenue | $81.0K | $98.0K | $0.00 | $235.0K | $0.00 | $0.00 | $0.00 | $68.0K | |
| Gross Profit | -$81.0K | -$98.0K | $0.00 | -$235.0K | $0.00 | $0.00 | $0.00 | -$68.0K | |
| R&D | $14.4M | $12.9M | $18.6M | $30.3M | $37.2M | $41.7M | $37.2M | $27.4M | |
| SG&A | $3.5M | $4.5M | $10.0M | $13.2M | $13.5M | $12.3M | $10.6M | $10.1M | |
| Operating Income | -$17.8M | -$17.4M | -$28.6M | -$43.6M | -$50.7M | -$54.0M | -$47.8M | -$37.6M | |
| Interest Expense | $1.0M | $1.8M | $893.0K | $28.0K | $27.0K | $25.0K | $13.0K | $14.0K | |
| Pretax Income | -$4.8M | -$7.8M | -$11.7M | -$21.4M | -$25.8M | -$34.0M | -$23.5M | -$16.0M | |
| Net Income | -$7.0M | -$10.1M | -$11.7M | $757.0K | -$25.8M | -$34.0M | -$23.5M | -$16.0M | |
| EPS (Diluted) | -0.32 | -0.55 | -0.73 | -0.74 | -0.86 | -0.85 | -0.32 | -0.17 | |
| EBITDA | -$3.7M | -$6.0M | -$10.7M | -$21.1M | -$25.5M | -$33.7M | -$23.2M | -$15.8M | |
| Shares Out. (M) | 21.94 | 21.94 | 22.23 | 28.99 | 30.03 | 39.73 | 72.77 | 95.10 |
Balance Sheet
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $2.9M | $5.2M | $54.7M | $41.6M | $29.9M | $25.0M | $36.8M | $30.8M | |
| Short-Term Investments | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | $7.2M | $6.9M | $59.0M | $47.6M | $34.2M | $29.6M | $48.0M | $34.2M | |
| Total Assets | $7.5M | $7.1M | $59.1M | $50.4M | $35.2M | $30.2M | $48.4M | $34.8M | |
| Total Current Liabilities | $3.7M | $3.3M | $7.9M | $7.8M | $10.2M | $11.1M | $13.9M | $5.1M | |
| Long-Term Debt | $6.9M | $12.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | $65.9M | $75.3M | $7.9M | $10.2M | $10.7M | $11.5M | $14.1M | $5.5M | |
| Stockholders' Equity | -$58.4M | -$68.2M | $51.3M | $40.2M | $24.5M | $18.8M | $34.3M | $29.3M | |
| Retained Earnings | -$58.2M | -$68.2M | -$94.0M | -$115.4M | -$141.2M | -$175.2M | -$198.6M | -$211.3M |
Cash Flow Statement
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$3.1M | -$3.4M | -$3.6M | -$18.5M | -$16.0M | -$28.5M | -$24.6M | -$15.3M | |
| Capital Expenditure | -$144.0K | -$10.0K | -$27.0K | -$171.0K | -$147.0K | -$4.0K | $0.00 | $0.00 | |
| Free Cash Flow | -$3.2M | -$3.4M | -$3.7M | -$18.7M | -$16.2M | -$28.5M | -$24.6M | -$15.3M | |
| Investing Cash Flow | -$144.0K | -$10.0K | -$27.0K | -$171.0K | -$147.0K | -$4.0K | $9.0K | $9.0K | |
| Financing Cash Flow | $2.8M | $5.8M | $53.2M | $5.5M | $4.5M | $23.6M | $36.6M | $7.0M | |
| Issuance of Stock | $0.00 | $47.0K | $44.2M | $5.3M | $5.3M | $24.4M | $37.1M | $7.6M | |
| Repurchase of Stock | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | $2.8M | $5.7M | -$268.0K | -$1.4M | -$811.0K | -$739.0K | -$353.0K | -$36.0K | |
| Stock Based Comp. | $361.00 | $475.0K | $5.2M | $3.6M | $4.4M | $3.7M | $2.1M | $1.4M | |
| Net Change in Cash | -$508.0K | $2.3M | $49.5M | -$13.2M | -$11.6M | -$4.9M | $12.0M | -$8.3M |
Dilution Tracker
Shares outstanding grew 231.7% over 5 years — significant dilution
Shares Outstanding
95M
5-Year Share Growth
+231.7%
Stock Issuance (TTM)
$7.6M
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 21.94 | 21.94 | 22.23 | 28.99 | 30.03 | 39.73 | 72.77 | 95.10 | |
| Change vs Prior % | — | 0.0% | 1.3% | 30.4% | 3.6% | 32.3% | 83.2% | 30.7% | |
| Stock Issuance | $0.00 | $47.0K | $44.2M | $5.3M | $5.3M | $24.4M | $37.1M | $7.6M | |
| Stock Repurchase | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | $361.00 | $475.0K | $5.2M | $3.6M | $4.4M | $3.7M | $2.1M | $1.4M |
Margins & Profitability
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| ROE % | 11.9% | 14.8% | -22.9% | 1.9% | -105.4% | -181.2% | -68.5% | -50.6% | |
| ROA % | -93.2% | -141.5% | -19.8% | 1.5% | -73.3% | -112.4% | -48.5% | -45.9% | |
| ROIC % | -471.7% | -449.9% | -55.8% | 3.5% | -197.3% | -275.8% | -136.9% | -126.3% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | -21.0% | 100.0% | 0.0% | 100.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | 2.4% | -64.3% | -52.3% | -16.5% | -6.4% | 11.4% | |
| Net Income | 0.0% | -44.9% | -16.3% | 106.5% | -3506.6% | -31.7% | 30.9% | |
| EPS (Diluted) | 0.0% | -71.9% | -32.7% | -1.4% | -16.2% | 1.2% | 62.4% | |
| Operating Cash Flow | 0.0% | -10.8% | -5.8% | -410.4% | 13.6% | -77.8% | 13.6% | |
| Free Cash Flow | 0.0% | -6.2% | -6.2% | -411.3% | 13.6% | -76.2% | 13.7% | |
| R&D Expense | 0.0% | -10.4% | 44.1% | 63.3% | 22.7% | 12.0% | -10.8% | |
| SG&A Expense | 0.0% | 30.9% | 121.8% | 31.9% | 2.3% | -9.2% | -13.7% | |
| Total Assets | 0.0% | -4.6% | 730.7% | -14.7% | -30.3% | -14.0% | 60.1% | |
| Book Value / Share | 0.0% | -16.7% | 174.2% | -39.8% | -41.2% | -42.2% | -0.2% | |
| Debt | 0.0% | 86.2% | -100.0% | 0.0% | -16.2% | -34.2% | -21.6% | |
| Diluted Shares | 0.0% | 0.0% | 1.3% | 30.4% | 3.6% | 32.3% | 83.2% |
Valuation
P/E (TTM)At Loss
P/S0.00
P/B2.23
10Y Low / Med / High1.49 / 2.27 / 2.87
EV/EBITDAAt Loss
EV/Revenue0.00
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$0.60
Tangible Book / Share
$0.31
Net Current Assets / Share
$0.30
Graham Net-Net
$0.29
Cash / Share
$0.32
| Metric | Trend | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -39.91 | -23.22 | -8.66 | -2.84 | -2.15 | -0.83 | -4.22 | -4.07 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | |
| P/B Ratio | -4.79 | -4.11 | 2.74 | 1.51 | 2.27 | 1.49 | 2.87 | 2.23 | |
| EV/EBITDA | -76.03 | -48.05 | -7.99 | -0.98 | -1.05 | -0.11 | -2.67 | -2.22 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
Analyst Estimates & Quality
Altman Z-Score
-1.92
Distress
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $18.3M | $41.9M | $4.3M |
| Net Income | -$17.6M | -$16.0M | -$29.8M |
| EPS | $-0.30 | $-0.22 | $-0.41 |
| # Analysts (EPS) | 2 | 2 | 1 |