Full Press Release Details
Cognition Therapeutics Reports Second Quarter
2022 Financial Results
and Provides Business Update
Ongoing patient dosing in SHIMMER Study for
DLB and SHINE Study for Alzheimer's Disease
Positive Preliminary Data for Dry AMD Program
Presented at ARVO 2022
Proteomics Data from SPARC read out at AAIC
PURCHASE, NY, August 9, 2022 - Cognition
Therapeutics, Inc. (NASDAQ: CGTX) (the "Company" or "Cognition"), 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, today reported financial results for the second quarter ended June 30, 2022 and
provided recent business updates.
"The second quarter of 2022 has been characterized
by optimistic advancements in our clinical trials and compelling data presentations," said Lisa Ricciardi, president and CEO of
Cognition. "We kicked off the quarter on a strong note with the initiation of patient dosing in our SHINE study focused on evaluating
the potential of CT1812 in treating mild-to-moderate Alzheimer's disease. In addition, we began dosing patients enrolled in our
SHIMMER study for dementia with Lewy bodies (DLB) treatment."
"In May, our scientific team presented encouraging
preclinical data from our dry age-related macular degeneration (dry AMD) program at ARVO 2022 in Denver that demonstrated that our lead
sigma-2 ( -2) receptor modulator, CT1812, protects retinal pigment epithelial (RPE) cells and normalizes key homeostatic processes
disrupted in dry AMD. Recently at AAIC in San Diego, we also presented a new proteomic analysis on the impact of CT1812 in patients from
our SPARC clinical study in mild-to-moderate Alzheimer's disease. With these significant developments and promising signals, we
believe we are well equipped to further our mission to bring new therapies to the millions of people suffering from neurodegenerative
diseases," concluded Ms. Ricciardi.
Q2 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, DLB and 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 secure new (and retain existing) grant funding, 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 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 June 30, | Six Months Ended June 30, | |||||||||||||||
| (in thousands) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Consolidated Statements of Operations Data: | ||||||||||||||||
| Operating Expenses: | ||||||||||||||||
| Research and development | $ | 9,098 | $ | 4,894 | $ | 15,616 | $ | 9,324 | ||||||||
| General and administrative | 3,115 | 1,090 | 6,010 | 2,243 | ||||||||||||
| Total operating expenses | 12,213 | 5,984 | 21,626 | 11,567 | ||||||||||||
| Other income (expense): | ||||||||||||||||
| Grant income | 6,385 | 4,646 | 12,289 | 9,338 | ||||||||||||
| Change in the fair value of the derivative liability | - | 1,146 | - | 2,209 | ||||||||||||
| Change in the fair value of the Simple | ||||||||||||||||
| Agreements for Future Equity | - | (1,044 | ) | - | (1,044 | ) | ||||||||||
| Other (expense) income, net | (42 | ) | 103 | (237 | ) | 248 | ||||||||||
| Gain on debt extinguishment | - | - | - | 443 | ||||||||||||
| Interest expense, net | (7 | ) | (357 | ) | (16 | ) | (894 | ) | ||||||||
| Total other income, net | 6,336 | 4,494 | 12,036 | 10,300 | ||||||||||||
| Loss before income tax | (5,877 | ) | (1,490 | ) | (9,590 | ) | (1,267 | ) | ||||||||
| Income tax benefit | 125 | - | - | - | ||||||||||||
| Net (loss) | (5,752 | ) | (1,490 | ) | (9,590 | ) | (1,267 | ) | ||||||||
| Cumulative preferred stock dividends | - | (1,339 | ) | - | (2,467 | ) | ||||||||||
| Net loss attributable to common stockholders | $ | (5,752 | ) | $ | (2,829 | ) | $ | (9,590 | ) | $ | (3,734 | ) | ||||
| Net loss per common share: | ||||||||||||||||
| Basic and diluted | $ | (0.25 | ) | $ | (4.77 | ) | $ | (0.43 | ) | $ | (6.53 | ) | ||||
| Weighted-average common shares outstanding: | ||||||||||||||||
| Basic and diluted | 22,595,359 | 593,431 | 22,511,636 | 571,921 |
| As of | ||||||||
| (in thousands) | June 30, 2022 | December 31, 2021 | ||||||
| Balance Sheet Data: | ||||||||
| Cash and cash equivalents | $ | 45,771 | $ | 54,721 | ||||
| Total Assets | 52,812 | 59,137 | ||||||
| Total Liabilities | 8,913 | 7,864 | ||||||
| Accumulated Deficit | (103,594 | ) | (94,004 | ) | ||||
| Total stockholders' equity | 43,899 | 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.