Detailed financial statements for None (CGTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Cognition Therapeutics, Inc. is a biopharmaceutical company in the clinical stage, focused on identifying and advancing small molecule treatments. The firm's research and development efforts are primarily directed towards age-related neurodegenerative conditions affecting the central nervous system, as well as retinal disorders. Its most advanced experimental therapy is CT1812, which acts as a sigma-2 receptor antagonist.
Analysis Summary
Balance sheet quality for CGTX: current ratio of 3.4, net cash position of $36.2M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $81000 | $98000 | 0 | $235000 | 0 | 0 | 0 |
| Gross Profit | -$81000 | -$98000 | 0 | -$235000 | 0 | 0 | 0 |
| Research & Development | $14.4M | $12.9M | $18.6M | $30.3M | $37.2M | $41.7M | $37.2M |
| Selling, General & Admin | $3.5M | $4.5M | $10.0M | $13.2M | $13.5M | $12.3M | $10.6M |
| Operating Expenses | $4.7M | $17.3M | $28.6M | $43.3M | $50.7M | $54.0M | $47.8M |
| Operating Income | -$17.8M | -$17.4M | -$28.6M | -$43.6M | -$50.7M | -$54.0M | -$47.8M |
| EBITDA | -$3.7M | -$6.0M | -$10.7M | -$21.1M | -$25.5M | -$33.7M | -$23.2M |
| Interest Expense | $1.0M | $1.8M | $893000 | $28000 | $27000 | $25000 | $13000 |
| Pre-tax Income | -$4.8M | -$7.8M | -$11.7M | -$21.4M | -$25.8M | -$34.0M | -$23.5M |
| Income Tax | 0 | 0 | 0 | -$22.2M | 0 | 0 | 0 |
| Net Income | -$7.0M | -$10.1M | -$11.7M | $757000 | -$25.8M | -$34.0M | -$23.5M |
| EPS | $-0.32 | $-0.55 | $-0.73 | $-0.74 | $-0.86 | $-0.85 | $-0.32 |
| EPS (Diluted) | $-0.32 | $-0.55 | $-0.73 | $-0.74 | $-0.86 | $-0.85 | $-0.32 |
| Shares Outstanding (Diluted) | $21.9M | $21.9M | $22.2M | $29.0M | $30.0M | $39.7M | $72.8M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | 0 |
| Gross Profit | -$61000 | 0 | -$68000 | 0 |
| Operating Income | -$6.4M | -$13.7M | -$8.8M | -$7.7M |
| EBITDA | -$4.9M | -$3.3M | -$4.5M | -$3.9M |
| Net Income | -$4.9M | -$3.3M | -$4.6M | -$3.9M |
| EPS | $-0.06 | $-0.04 | $-0.05 | $-0.04 |
| EPS (Diluted) | $-0.06 | $-0.04 | $-0.05 | $-0.04 |
Balance Sheet (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $2.9M | $5.2M | $54.7M | $41.6M | $29.9M | $25.0M | $36.8M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $4.1M | $1.2M | $2.3M | $3.7M | $1.3M | $2.7M | $9.9M |
| Inventory | $117000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $7.2M | $6.9M | $59.0M | $47.6M | $34.2M | $29.6M | $48.0M |
| Property, Plant & Equipment | $299000 | $211000 | $145000 | $1.0M | $941000 | $679000 | $399000 |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $7.5M | $7.1M | $59.1M | $50.4M | $35.2M | $30.2M | $48.4M |
| Accounts Payable | $2.4M | $2.0M | $4.2M | $3.2M | $3.7M | $2.0M | $1.1M |
| Short-term Debt | 0 | 0 | 0 | $634000 | $544000 | $279000 | $307000 |
| Total Current Liabilities | $3.7M | $3.2M | $7.9M | $7.8M | $10.2M | $11.1M | $13.9M |
| Long-term Debt | $6.9M | $12.9M | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $65.9M | $75.3M | $7.9M | $10.2M | $10.7M | $11.5M | $14.1M |
| Retained Earnings | -$58.2M | -$68.2M | -$94.0M | -$115.4M | -$141.2M | -$175.2M | -$198.6M |
| Total Equity | -$58.4M | -$68.2M | $51.3M | $40.2M | $24.5M | $18.8M | $34.3M |
| Total Debt | $6.9M | $12.9M | 0 | $1.5M | $1.2M | $814000 | $638000 |
| Net Debt | $4.0M | $7.7M | -$54.7M | -$40.1M | -$28.7M | -$24.2M | -$36.2M |
| Working Capital | $3.5M | $3.7M | $51.1M | $39.9M | $24.1M | $18.4M | $34.1M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $39.8M | $37.0M | $31.1M | $34.0M |
| Total Assets | $43.4M | $48.4M | $36.1M | $38.9M |
| Total Liabilities | $6.9M | $14.1M | $6.2M | $5.9M |
| Total Equity | $36.5M | $34.3M | $29.9M | $33.0M |
| Total Debt | $380000 | $638000 | $465000 | $511000 |
Cash Flow (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$4.8M | -$7.8M | -$11.7M | -$21.4M | -$25.8M | -$34.0M | -$23.5M |
| Depreciation & Amortization | $81000 | $98000 | $93000 | $235000 | $252000 | $266000 | $228000 |
| Stock-based Compensation | $361 | $475000 | $5.2M | $3.6M | $4.4M | $3.7M | $2.1M |
| Change in Working Capital | $570000 | $3.1M | $2.8M | -$943000 | $4.8M | $1.3M | -$3.5M |
| Operating Cash Flow | -$3.1M | -$3.4M | -$3.6M | -$18.5M | -$16.0M | -$28.5M | -$24.6M |
| Capital Expenditure | -$144000 | -$10000 | -$27000 | -$171000 | -$147000 | -$4000 | 0 |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | $9000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.2M | -$3.4M | -$3.7M | -$18.7M | -$16.2M | -$28.5M | -$24.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$5.7M | -$3.4M | -$5.5M | -$3.1M |
| Capital Expenditure | 0 | 0 | 0 | -$20000 |
| Free Cash Flow | -$5.7M | -$3.4M | -$5.5M | -$3.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | $358000 | $330000 | $319000 |
Growth & Margins (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income Growth (YoY) | | -44.9% | -16.3% | +106.5% | -3506.6% | -31.7% | +30.9% |
| EPS Growth (YoY) | | -71.9% | -32.7% | -1.4% | -16.2% | +1.2% | +62.4% |
| Shares Change (YoY) | | +0.0% | +1.3% | +30.4% | +3.6% | +32.3% | +83.2% |
| FCF Growth (YoY) | | -6.2% | -6.2% | -411.3% | +13.6% | -76.2% | +13.7% |
| Effective Tax Rate | -0.0% | -0.0% | -0.0% | 103.5% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-0.15 | $-0.16 | $-0.16 | $-0.65 | $-0.54 | $-0.72 | $-0.34 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $21.9M | $21.9M | $22.2M | $29.0M | $30.0M | $39.7M | $72.8M |
Financial Health
| Piotroski F-Score | 2 |
| Altman Z-Score | -3.99 |
Key Ratios (10y)
| Year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -39.91 | -23.22 | -8.66 | -2.84 | -2.15 | -0.83 | -4.22 |
| P/B | -4.79 | -4.11 | 2.74 | 1.51 | 2.27 | 1.49 | 2.87 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |