Full Press Release Details
Cognition Therapeutics Reports First Quarter
2022 Financial Results
and Provides Business Update
Treatment Commences in Second Cohort of Phase
2 SHINE Study in Mild-to-Moderate Alzheimer's Disease
Data Presented at Scientific Conferences Further
Validate the Potential of -2 Modulators
PURCHASE, NY, May 11, 2022 (GLOBE NEWSWIRE)
- Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical-stage biopharmaceutical company engaged in the discovery and
development of innovative, small molecule therapeutics targeting age-related degenerative diseases and disorders of the central nervous
system and retina (the "Company" or "Cognition"), today reported financial results for the first quarter ended
March 31, 2022 and provided recent business updates.
"Throughout the first quarter, we continued
to drive the research and development of our lead programs with our objective to begin enrolling patients in our START trial with the
ACTC and dry AMD Phase 2 trial in the second half of 2022," said Lisa Ricciardi, president and CEO of Cognition. "Neurogenerative
diseases remain an area of profound unmet medical need and we are committed to the research and science needed to find treatments for
these conditions, where no therapeutics exist."
"We continue to be grateful for the support
of the National Institute of Aging (NIA) and the Michael J. Fox Foundation (MJFF) that have provided substantial funding of our research.
Our NIA DLB grant remains the largest NIA award to fund a study in DLB, which provides the validation and generous support to continue
our trial," added Ms. Ricciardi. "We are excited about our future and remain committed to our goal of finding treatments for
these degenerative diseases."
Q1 2022 Financial Results:
Cognition Therapeutics, Inc.
About Cognition Therapeutics, Inc.
Cognition Therapeutics, Inc. is a clinical-stage
biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative
disorders of the central nervous system and retina. We are currently investigating our lead candidate CT1812 in clinical programs in
Alzheimer's disease, dementia with Lewy bodies (DLB) and dry age-related macular degeneration (dry AMD). We believe CT1812 and
our pipeline of -2 receptor modulators can regulate pathways that are impaired in these diseases. We believe that targeting the
-2 receptor with CT1812 represents a mechanism functionally distinct from other current approaches in clinical development for
the treatment of degenerative diseases. More about Cognition Therapeutics and its pipeline can be found at https://cogrx.com/.
Forward-looking Statements
This press release contains forward-looking
statements within the meaning of The Private Securities Litigation Reform Act of 1995. All statements contained in this press release,
other than statements of historical facts or statements that relate to present facts or current conditions, including but not limited
to, statements regarding our cash and financial resources and our clinical development plans, are forward-looking statements. These statements
involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance, or achievements
to be materially different from any future results, performance, or achievements expressed or implied by the forward-looking statements.
In some cases, you can identify forward-looking statements by terms such as "may," "might," "will,"
"should," "expect," "plan," "aim," "seek," "anticipate," "could,"
"intend," "target," "project," "contemplate," "believe," "estimate,"
"predict," "forecast," "potential" or "continue" or the negative of these terms or other
similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events
and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements
speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, some of which cannot
be predicted or quantified and some of which are beyond our control. Factors that may cause actual results to differ materially from current
expectations include, but are not limited to: competition, our ability to grow and manage growth, maintain relationships with suppliers
and retain our management and key employees; our ability to successfully advance our current and future product candidates through development
activities, preclinical studies and clinical trials and costs related thereto; the timing, scope and likelihood of regulatory filings
and approvals, including final regulatory approval of our product candidates; changes in applicable laws or regulations; the possibility
that the we may be adversely affected by other economic, business or competitive factors; our estimates of expenses and profitability;
the evolution of the markets in which we compete; our ability to implement our strategic initiatives and continue to innovate our existing
products; our ability to defend our intellectual property; the impact of the COVID-19 pandemic on our business, supply chain and labor
force; and the risks and uncertainties described in the "Risk Factors" section of our annual and quarterly reports filed the
Securities Exchange Commission.. You should not rely on these forward-looking statements as predictions of future events. The events and
circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from
those projected in the forward-looking statements. Moreover, we operate in a dynamic industry and economy. New risk factors and uncertainties
may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties that we may face. Except
as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as
a result of any new information, future events, changed circumstances or otherwise.
Cognition Therapeutics, Inc.
Cognition Therapeutics, Inc.
Unaudited Selected Financial Data
| Three Months Ended March 31, | ||||||||
| (in thousands) | 2022 | 2021 | ||||||
| Consolidated Statements of Operations Data: | ||||||||
| Operating Expenses: | ||||||||
| Research and development | $ | 6,518 | $ | 4,430 | ||||
| General and administrative | 2,895 | 1,153 | ||||||
| Total operating expenses | 9,413 | 5,583 | ||||||
| Other income (expense): | ||||||||
| Grant income | 5,904 | 4,692 | ||||||
| Change in the fair value of the derivative liability | - | 1,063 | ||||||
| Other (expense) income, net | (195 | ) | 145 | |||||
| Gain on debt extinguishment | - | 443 | ||||||
| Interest expense, net | (9 | ) | (537 | ) | ||||
| Total other income, net | 5,700 | 5,806 | ||||||
| Loss before income tax | $ | (3,713 | ) | $ | 223 | |||
| Income tax expense | (125 | ) | - | |||||
| Net (loss) income | $ | (3,838 | ) | $ | 223 | |||
| Cumulative preferred stock dividends | - | (1,128 | ) | |||||
| Net loss attributable to common shareholders | $ | (3,838 | ) | $ | (905 | ) | ||
| Net loss per common share: | ||||||||
| Basic and diluted | $ | (0.17 | ) | $ | (1.64 | ) | ||
| Weighted-average common shares outstanding: | ||||||||
| Basic and diluted | 22,426,982 | 550,175 |
| As of | ||||||||
| (in thousands) | March 31, 2022 | December 31, 2021 | ||||||
| Balance Sheet Data: | ||||||||
| Cash and cash equivalents | $ | 51,509 | $ | 54,721 | ||||
| Total Assets | 58,696 | 59,137 | ||||||
| Total Liabilities | 9,956 | 7,864 | ||||||
| Accumulated Deficit | (97,842 | ) | (94,004 | ) | ||||
| Total stockholders' equity | 48,740 | 51,273 |
For more information contact:
Cognition Therapeutics, Inc.
Aline Sherwood (media)
Scienta Communications
Daniel Kontoh-Boateng (investors)
Tiberend Strategic Advisors, Inc.
Cognition Therapeutics, Inc.