Cognition Therapeutics Reports Year End 2022 Financial Results and Provides Business Update - Completed enrollment of CT1812 Phase 2 SEQUEL study for mild-to-moderate Alzheimer's disease - Received FDA clearance for Phas

Cognition Therapeutics Reports Year End 2022

Financial Results and Provides Business Update

- Completed enrollment of CT1812 Phase 2 SEQUEL

study for mild-to-moderate Alzheimer's disease

- Received FDA clearance for Phase 2 START

Study of CT1812 in early Alzheimer's disease

Received FDA clearance for IND for Phase 2 study of CT1812 in 240 patients with geographic atrophy secondary to dry

- Secured equity commitment of up to an additional

$35M enabling potential access to capital

- Connecting with neuroscience community through

ongoing Cognition Conversations podcast series

- Call scheduled today at 8:00 a.m. ET to discuss

Purchase, NY - March 23,

2023 - Cognition Therapeutics, Inc. (Nasdaq: CGTX), a clinical-stage neuroscience company developing

drugs that treat neurodegenerative disorders by regulating cellular damage response pathways (the "Company" or "Cognition"),

today reported financial results for the fourth quarter and full year ended December 31, 2022, and provided a business update.

"We believe the momentum we built in 2022 positions us for further

success with our clinical and operational agenda in 2023," said Lisa Ricciardi, President and CEO of Cognition Therapeutics. "In

the fourth quarter of 2022, we saw improvement in all key aspects of our business. On the capital front, we raised $6 million in a follow-on

public offering, established an ATM program and, in the first quarter of 2023, secured up to an additional $35 million equity financing

commitment from Lincoln Park Capital. In the clinic, we expanded our mild-to-moderate Alzheimer's disease 144-patient SHINE study

to include sites in Europe and began dosing patients. During the same period, as part of our mission to educate stakeholders on our programs

and promote disease awareness, we launched a podcast series that features conversations with CNS experts and thought leaders to discuss

key developments in the neurodegenerative disease space."

"We kicked off 2023 announcing the completion of enrollment

in our Phase 2 SEQUEL study for mild-to-moderate Alzheimer's disease with topline results expected later this year," Ms. Ricciardi

continued. "We also received clearance from the US FDA to proceed with our 540-patient START study that will investigate the treatment

potential of CT1812 in early Alzheimer's disease and anticipate commencing the trial this year. Lastly, we recently obtained the

FDA's clearance on our IND application to pursue a Phase 2 study of CT1812 in 240 patients with geographic atrophy. Our extensive

non-dilutive grant funding supports the majority of our trials. Taken together, we believe we are in a position to efficiently execute

all of our set objectives across the business, and we look forward to delivering on our goals," concluded Ms. Ricciardi.

Financial Highlights:

Cognition Therapeutics, Inc.

Business and Corporate Highlights:

Cash and cash equivalents: On December 31, 2022, the Company's

cash balance was $41.6 million. The Company estimates that it has sufficient cash to fund operations and capital expenditures into the

second half of 2024.

For the year ended December 31,

2022, research and development expenses were $30.3 million compared to $18.6 million for 2021. The increase in the Company's R&D

expenses for 2022 was primarily attributable to an increase in clinical programs related to increased Phase 2 trial activity,

and an increase in associated personnel costs.

For the year ended December 31, 2022, general and administrative

expenses were $13.2 million compared to $10.0 million for the same period in 2021. The increase in general and administrative expenses

was primarily attributable to increased costs associated with being a public company.

For the year ended December 31, 2022, Cognition Therapeutics

reported a net loss of $21.4 million, or $0.91 per basic and diluted share, compared to a net loss of $11.7 million, or $3.13 per basic

and diluted share for 2021.

Conference Call Information

Management will host a conference call

and live webcast to discuss Cognition's financial results today at 8:00 a.m. ET. To participate in the conference call, dial

(800) 715-9871 (U.S.) or (646) 307-1963 (international) and provide conference ID number 8663531. Alternatively, you may connect

to the live webcast via the link on the Investor Relations page of the Cognition website at www.cogrx.com.

The archived webcast will be available for 90 days beginning at approximately

9:30 a.m. ET, on Thursday, March 23, 2023.

Cognition Therapeutics, Inc.

About Cognition Therapeutics:

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, are forward-looking statements. These

statements, including statements relating to the timing and expected results of our clinical trials, and cash runway, 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; uncertainties inherent in the results of preliminary data and pre-clinical studies being predictive of the results of clinical

trials; 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, including ongoing economic uncertainty; 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 ongoing 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.

These risks are not exhaustive and we face both known and unknown risks. 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

Cognition Therapeutics, Inc.