The company exhibits no operating leverage, with quarterly operating losses reaching $14.7 million in 2024Q2 while remaining entirely decoupled from commercial revenue generation.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 61K | 0 | 0 | 0 | 235K | 0 | 98K | 81K |
| COGS % of Revenue | - | - | - | - | - | - | - | - |
| Gross Profit | -61K | 0 | 0 | 0 | -235K | 0 | -98K | -81K |
| Gross Margin % | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | 100% | - | 100% | -20.99% | - |
| Operating Expenses | 42.78M | 47.8M | 53.97M | 50.72M | 43.32M | 28.6M | 17.31M | 4.67M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 10.32M | 10.61M | 12.29M | 13.53M | 13.23M | 10.03M | 4.52M | 3.45M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - |
| Research & Development | 32.52M | 37.19M | 41.68M | 37.2M | 30.32M | 18.57M | 12.89M | 14.38M |
| R&D % of Revenue | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -61K | 0 | 0 | 0 | -235K | 0 | -98K | -13.16M |
| Operating Income | -42.84M | -47.8M | -53.97M | -50.72M | -43.55M | -28.6M | -17.41M | -17.83M |
| Operating Margin % | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 11.43% | -6.39% | -16.47% | -52.29% | -64.29% | 2.38% | - |
| EBITDA | -42.66M | -47.57M | -53.7M | -50.47M | -43.32M | -28.5M | -17.31M | -17.75M |
| EBITDA Margin % | - | - | - | - | - | - | - | - |
| EBITDA Growth % | 20.1% | 11.41% | -6.4% | -16.52% | -51.96% | -64.68% | 2.48% | - |
| D&A (Non-Cash Add-back) | 183K | 228K | 266K | 252K | 235K | 93K | 98K | 81K |
| EBIT | -15M | -23.47M | -33.95M | -25.76M | -21.37M | -10.82M | -6.09M | -3.82M |
| Net Interest Income | -3K | -13K | -25K | 27K | 22.19M | 16.55M | 9.1M | 12.14M |
| Interest Income | 0 | 0 | 0 | 27K | 22.22M | 17.45M | 10.86M | 13.16M |
| Interest Expense | 3K | 13K | 25K | 0 | 28K | 893K | 1.75M | 1.02M |
| Other Income/Expense | 19.02M | 24.31M | 20M | 24.94M | 22.15M | 16.88M | 9.57M | 0 |
| Pretax Income | -15.01M | -23.49M | -33.97M | -25.79M | -21.4M | -11.72M | -7.84M | -4.84M |
| Pretax Margin % | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | -22.15M | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 103.54% | 0% | 0% | 0% |
| Net Income | -15.01M | -23.49M | -33.97M | -25.79M | 757K | -11.72M | -10.07M | -6.95M |
| Net Margin % | - | - | - | - | - | - | - | - |
| Net Income Growth % | 54.93% | 30.86% | -31.73% | -3506.6% | 106.46% | -16.32% | -44.86% | - |
| Net Income (Continuing) | -15.01M | -23.49M | -33.97M | -25.79M | 757K | -11.72M | -7.84M | -4.84M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.17 | -0.32 | -0.85 | -0.86 | -0.74 | -0.73 | -0.55 | -0.32 |
| EPS Growth % | 64.76% | 62.35% | 1.16% | -16.22% | -1.37% | -32.73% | -71.88% | - |
| EPS (Basic) | - | -0.32 | -0.85 | -0.86 | -0.74 | -0.73 | -0.55 | -0.32 |
| Diluted Shares Outstanding | 89.19M | 72.77M | 39.73M | 30.03M | 28.99M | 22.23M | 21.94M | 21.94M |
| Basic Shares Outstanding | 89.19M | 72.77M | 39.73M | 29.99M | 28.99M | 22.23M | 21.94M | 21.94M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
Clinical trial funding dependency
As evidenced by the quarterly income statement data, Cognition Therapeutics maintains a high-intensity R&D cost structure, with quarterly research expenditures fluctuating between $3.8 million and $11.6 million, reflecting the inherent lumpiness of clinical trial execution and the associated reliance on external CRO and laboratory service providers.
The variability in R&D spending suggests that the company's cost base is highly sensitive to the specific timing of trial milestones rather than a steady-state operational burn. Investors should monitor whether these fluctuations represent genuine shifts in trial activity or merely the timing of vendor payments, as the lack of revenue makes this expense discipline the primary determinant of the company's survival.
Based on the reported financial figures, Cognition Therapeutics exhibits no operating leverage, as the company remains in a pre-revenue phase where operating losses, which reached $14.7 million in 2024Q2, are entirely decoupled from any commercial scaling or revenue-generating activities that would typically offset fixed R&D overhead.
The persistent operating losses underscore the company's status as a pure-play clinical development entity. Without a commercial product to provide gross profit, the company's operating margin remains structurally negative, meaning that any increase in R&D intensity directly exacerbates the net burn rate without the potential for immediate efficiency gains.
According to the provided income statement data, the company's net income figures are frequently distorted by the timing of non-dilutive grant reimbursements, which complicates the assessment of the underlying cash burn rate and obscures the true economic cost of the ongoing clinical development programs.
The reliance on federal grants creates a non-linear income profile that may mislead investors regarding the company's actual operational efficiency. Analysts should focus on the net cash outflow rather than reported net income, as the latter is heavily influenced by accounting treatments of grant-related reimbursements that do not necessarily reflect the underlying pace of clinical progress.
As reported in financial statements, the company's $36.8 million cash position appears increasingly precarious when measured against the historical quarterly R&D burn, which has frequently exceeded $10 million, suggesting that the current funding model may face significant pressure in the absence of new capital or partnerships.
Short-term observers may argue that the company's reliance on NIA grants provides a false sense of security, as these funds are project-specific and may not cover the full scope of future trial requirements. The potential for a dilutive equity raise remains a significant risk factor that could weigh on shareholder value if clinical milestones are not met within the current cash runway.
Quick answers to the most common questions about buying CGTX stock.
For fiscal year 2025, Cognition Therapeutics, Inc. (CGTX) reported total revenue of $0.0M.
Cognition Therapeutics, Inc. (CGTX) reported a net loss of $23.5M for the fiscal year ending 2025.