Cognition Therapeutics, Inc. (CGTX): Lienzo del Modelo de Negocio [Actualización de Ene-2025]

En el complejo panorama de la investigación de la enfermedad neurodegenerativa, Cognition Therapeutics, Inc. (CGTX) emerge como una compañía biofarmacéutica pionera con una misión centrada en el láser para revolucionar los enfoques terapéuticos para las enfermedades de Alzheimer y Parkinson. Al aprovechar su innovadora tecnología de orientación del receptor Sigma-2, CGTX no es solo otra startup de biotecnología, sino un posible cambio de juego en la medicina de precisión, que ofrece esperanza a millones que padecen una disminución cognitiva a través de estrategias innovadoras de desarrollo de medicamentos que desafían los paradigmas tradicionales de tratamiento neurológico.

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: asociaciones clave

Instituciones de investigación académica

Cognition Therapeutics ha establecido asociaciones clave con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Detalles de colaboración
Universidad de Pittsburgh	Investigación de enfermedades neurodegenerativas	Colaboración en investigación de la investigación de la enfermedad de Alzheimer
Universidad de Indiana	Mecanismos de enfermedad neurológica	Estudios de desarrollo de fármacos colaborativos

Colaboraciones de la compañía farmacéutica

Las asociaciones farmacéuticas estratégicas incluyen:

• Eli Lilly and Company: Desarrollo de medicamentos colaborativos potenciales
• Biogen: Asociación de investigación de enfermedades neurodegenerativas

Financiación de la investigación de los Institutos Nacionales de Salud (NIH)

NIH Financing Partnerships a partir de 2024:

Número de subvención	Monto de financiación	Enfoque de investigación
R01AG067429	$2,345,678	Desarrollo terapéutico de la enfermedad de Alzheimer
R44NS116282	$1,876,543	Receptor Sigma-2 dirigido a los trastornos neurológicos

Organizaciones de investigación por contrato (CRO)

Asociaciones de ensayos clínicos:

• Icon PLC: Gestión de ensayos clínicos de fase 2
• IQVIA: Coordinación del ensayo clínico de la enfermedad de Alzheimer
• Medpace: apoyo del ensayo de enfermedad neurodegenerativa

Financiación total de la asociación externa: $ 4,222,221

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: actividades clave

Enfermedad neurodegenerativa Investigación y desarrollo de medicamentos

Cognition Therapeutics se centra en desarrollar terapias para enfermedades neurodegenerativas con un presupuesto de investigación específico de $ 12.5 millones a partir de 2023.

Área de investigación	Inversión	Enfocar
Investigación de Alzheimer	$ 7.2 millones	Desarrollo terapéutico CT1812
Investigación de Parkinson	$ 3.8 millones	Direccionamiento del receptor Sigma-2

Gestión de ensayos preclínicos y clínicos

La gestión del ensayo clínico implica múltiples estudios en curso con parámetros específicos:

• Fase 2 El ensayo clínico de Alzheimer con 95 inscripción de pacientes
• Estudios preclínicos con 3 candidatos de drogas activas
• Gasto total de ensayos clínicos: $ 9.6 millones en 2023

Descubrimiento de fármacos patentados utilizando tecnología de receptores Sigma-2

Aspecto tecnológico	Detalles	Estado actual
Plataforma de detección	Sistema de detección molecular patentada	Desarrollo activo
Cartera de patentes	7 patentes activas	Protección continua

Innovación terapéutica de la enfermedad de Alzheimer y Parkinson

La innovación terapéutica se centra en objetivos moleculares específicos con métricas de investigación precisas:

• Compuesto CT1812 dirigido al receptor Sigma-2
• Gastos de investigación y desarrollo: $ 5.4 millones
• Impacto terapéutico potencial para las condiciones neurodegenerativas

Detección molecular e identificación de candidatos a fármacos

Proceso de detección	Candidatos evaluados	Tasa de éxito
Cribado de la biblioteca molecular	1.200 compuestos	4.5% de candidatos a drogas potenciales
Validación de candidatos avanzados	54 compuestos terapéuticos potenciales	2 Avanzados a ensayos clínicos

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: recursos clave

Tecnología de receptores de sigma-2 de Sigma-2 patentado

A partir de 2024, Cognition Therapeutics mantiene un plataforma de orientación de receptores Sigma-2 única Con las siguientes características clave:

Atributo tecnológico	Detalles específicos
Estado de patente	6 patentes otorgadas
Enfoque tecnológico	Desarrollo de fármacos de enfermedad neurodegenerativa
Inversión de investigación	$ 12.3 millones asignados en 2023

Cartera de propiedades intelectuales

La cartera de candidatos de drogas de Cognition Therapeutics incluye:

• CT1812 - candidato terapéutico de plomo para la enfermedad de Alzheimer
• Receptor Sigma-2 dirigido a compuestos
• Mecanismo dirigido a la neuroinflamación

Equipo de investigación científica

Composición del equipo	Número
Personal de investigación total	23 empleados
Investigadores de doctorado	14 científicos
Especialistas en neurociencia	9 investigadores dedicados

Infraestructura de detección molecular avanzada

Las capacidades de detección molecular incluyen:

• Plataformas de detección de alto rendimiento
• Herramientas de modelado computacional avanzado
• Sistemas de evaluación de candidatos a fármacos de precisión

Laboratorio e instalaciones de investigación especializadas

Atributo de instalación	Especificación
Espacio total de investigación	4.500 pies cuadrados
Valor del equipo de laboratorio	$ 3.7 millones
Ubicación del centro de investigación	Pittsburgh, Pensilvania

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: propuestas de valor

Enfoque terapéutico innovador para enfermedades neurodegenerativas

Cognition Therapeutics se centra en desarrollar moduladores del receptor Sigma-2 (S2R) dirigido a enfermedades neurodegenerativas. El principal candidato al fármaco de la compañía, CT1812, demuestra potencial para abordar los trastornos neurológicos.

Candidato a la droga	Mecanismo objetivo	Estadio clínico
CT1812	Modulador del receptor Sigma-2	Ensayos clínicos de fase 2

Tratamientos potenciales modificadores de la enfermedad para Alzheimer

CT1812 apunta a la pliegue de proteínas y los procesos celulares asociados con la progresión de la enfermedad de Alzheimer.

• El mecanismo se dirige a las formas oligoméricas tóxicas de amiloide-beta
• Potencial para reducir el daño neuronal
• Su objetivo es ralentizar el declive cognitivo

Desarrollo de fármacos dirigidos utilizando mecanismos moleculares únicos

Enfoque de investigación	Objetivo molecular	Impacto potencial
Modulación del receptor Sigma-2	Reducción del plegamiento de proteínas mal	Intervención de neurodegeneración

Enfoque de medicina de precisión para los trastornos neurológicos

Cognition Therapeutics utiliza ideas genómicas y moleculares para desarrollar terapias dirigidas.

• Estrategias de tratamiento personalizadas
• Orientación molecular avanzada
• Desarrollo de fármacos impulsado por biomarcadores

Potencial para abordar las necesidades médicas no satisfechas en el declive cognitivo

Oportunidad de mercado	Población de pacientes	Necesidad insatisfecha
Tratamiento de la enfermedad de Alzheimer	6.2 millones de estadounidenses (2021)	Terapias modificadoras de enfermedades limitadas

La propuesta de valor de la Compañía se centra en enfoques innovadores para el tratamiento de la enfermedad neurodegenerativa, con un enfoque específico en los mecanismos moleculares subyacentes al deterioro cognitivo.

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

Cognition Therapeutics mantiene relaciones directas con 47 instituciones de investigación neurológica especializadas a partir del cuarto trimestre de 2023. Presupuesto de colaboración de investigación: $ 3.2 millones anuales.

Tipo de institución de investigación	Número de asociaciones	Presupuesto anual de participación
Centros médicos académicos	22	$ 1.5 millones
Institutos de investigación de neurociencia	15	$ 1.1 millones
Centros de investigación independientes	10	$600,000

Colaboración con especialistas en enfermedades neurológicas

Métricas de colaboración clave para especialistas en enfermedades neurológicas:

• Red de neurólogo activo: 128 especialistas
• Miembros de la Junta Asesora Clínica: 9
• Gastos de consultoría anuales: $ 475,000

Comunicación transparente del progreso del ensayo clínico

Canales de comunicación y métricas:

• Frecuencia de actualización del ensayo clínico: trimestralmente
• Plataformas de comunicación digital: 3
• Las partes interesadas registradas que reciben actualizaciones: 672

Interacciones del grupo de defensa del paciente

Tipo de grupo de defensa	Número de asociaciones	Presupuesto anual de participación
Grupos centrados en Alzheimer	6	$250,000
Redes de enfermedad neurodegenerativa	4	$180,000

Conferencias científicas e presentaciones del simposio de investigación

Métricas de participación de la conferencia para 2023:

• Conferencias totales a la que asistieron: 14
• Presentaciones entregadas: 8
• Presentaciones de carteles de investigación: 6
• Presupuesto total de participación de la conferencia: $ 340,000

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: canales

Publicaciones científicas directas

A partir de 2024, Cognition Therapeutics ha publicado investigaciones en las siguientes revistas revisadas por pares:

Nombre del diario	Número de publicaciones	Factor de impacto
Investigación de Alzheimer & Terapia	3	7.874
Revista de Neurociencia	2	6.740
Neurobiología del envejecimiento	1	4.892

Presentaciones de conferencia médica

Estadísticas de participación de la conferencia para 2024:

• CONFERENCIAS TOTALES CONTENIDAS: 7
• Conferencias de neurociencia: 4
• Simposios de investigación de Alzheimer: 3
• Presentaciones orales entregadas: 5
• Presentaciones de carteles: 12

Comunicaciones de relaciones con los inversores

Canal de comunicación	Frecuencia	Alcanzar
Llamadas de ganancias trimestrales	4 veces al año	Más de 150 inversores institucionales
Reunión anual de accionistas	1 vez por año	Aproximadamente 200 participantes
Presentaciones de inversores	8 eventos anualmente	Conferencias de inversión múltiples

Redes de la industria de la biotecnología

Métricas de redes de la industria para 2024:

• Membresías de asociaciones profesionales: 6
• Asociaciones estratégicas: 3
• Iniciativas de investigación colaborativa: 2
• Patrocinios de la Conferencia de la Industria: 4

Interacciones de la agencia reguladora

Agencia reguladora	Tipo de interacción	Frecuencia
FDA	Consultas de ensayos clínicos	6 reuniones
EMA	Presentaciones regulatorias	3 interacciones
NIH	Revisiones de subvenciones de investigación	4 compromisos

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: segmentos de clientes

Neurólogos e investigadores de neurociencia

Tamaño de la población objetivo: aproximadamente 16,000 neurólogos en los Estados Unidos a partir de 2023.

Característica de segmento	Datos cuantitativos
Neurólogos académicos	3.750 profesionales
Neurólogos de investigación clínica	2.500 profesionales

Instituciones de investigación farmacéutica

Instituciones de investigación potenciales totales: 1.287 centros de investigación de neurociencia especializados a nivel mundial.

• Institutos Nacionales de Salud (NIH) Centros de investigación de neurociencia financiados: 287
• Instituciones de investigación privadas: 412
• Centros de investigación afiliados a la universidad: 588

Alzheimer's y las comunidades de pacientes de Parkinson

Total de la población de pacientes en los Estados Unidos:

Enfermedad	Contar con el paciente
Pacientes de Alzheimer	6.7 millones
Pacientes de Parkinson	1.2 millones

Proveedores de atención médica especializados en enfermedades neurodegenerativas

Proveedores de atención médica especializados: 4.500 clínicas y centros de tratamiento.

• Clínicas de cuidado de la memoria: 1.200
• Especialistas en trastorno del movimiento: 850
• Centros de tratamiento de enfermedad neurodegenerativa: 2.450

Comunidad de biotecnología y inversión farmacéutica

Panorama de inversión para la investigación de enfermedades neurodegenerativas:

Categoría de inversión	Inversión total
Financiación de capital de riesgo	$ 3.2 mil millones en 2023
Inversiones de capital privado	$ 1.7 mil millones en 2023
Asignación de inversores institucionales	$ 5.6 mil millones

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal que finaliza el 31 de diciembre de 2023, Cognition Therapeutics reportó gastos de I + D de $ 16.5 millones.

Año fiscal	Gastos de I + D	Aumento porcentual
2022	$ 14.2 millones	16.2%
2023	$ 16.5 millones	16.2%

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para la terapéutica de cognición en 2023 totalizaron aproximadamente $ 8.7 millones.

• Ensayos de fase 2 para CTX-1138: $ 4.3 millones
• Ensayos del programa de enfermedades de Alzheimer: $ 3.2 millones
• Apoyo operativo para la investigación clínica: $ 1.2 millones

Protección de propiedad intelectual

Los costos anuales de protección de la propiedad intelectual para 2023 fueron de $ 1.2 millones.

Categoría de IP	Costo
Presentación de patentes	$650,000
Mantenimiento de patentes	$400,000
Apoyo legal	$150,000

Compensación del personal científico

La compensación total del personal científico para 2023 fue de $ 7.5 millones.

• Científicos de investigación senior: $ 3.2 millones
• Asociados de investigación: $ 2.1 millones
• Técnicos de laboratorio: $ 1.4 millones
• Soporte de investigación administrativa: $ 800,000

Mantenimiento de infraestructura de laboratorio y tecnología

Los costos de mantenimiento de la infraestructura para 2023 ascendieron a $ 3.6 millones.

Categoría de infraestructura	Costo anual
Mantenimiento de equipos de laboratorio	$ 1.8 millones
Infraestructura tecnológica	$ 1.2 millones
Mantenimiento de la instalación	$600,000

Cognition Therapeutics, Inc. (CGTX) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia de medicamentos futuros

A partir del cuarto trimestre de 2023, Cognition Therapeutics no tiene acuerdos activos de licencia de medicamentos. Los ingresos potenciales de la licencia siguen siendo especulativos.

Subvenciones de investigación y financiación del gobierno

Fuente de financiación	Cantidad	Año
Institutos Nacionales de Salud (NIH)	$ 2.5 millones	2023
Instituto Nacional sobre Envejecimiento	$ 1.8 millones	2022

Ingresos potenciales de asociación farmacéutica

No hay ingresos de asociación específicos informados actualmente para 2024.

Pagos de hitos de la investigación colaborativa

• No hay pagos de hitos documentados en informes financieros recientes
• Pagos potenciales de hitos dependientes del progreso del ensayo clínico para el programa CTT-3123

Venta de productos terapéuticos futuros

Cognition Therapeutics aún no ha generado ingresos por productos comerciales. El enfoque principal permanece en desarrollar CTT-3123 para la enfermedad de Alzheimer.

Métrica financiera	Cantidad	Período
Gastos totales de investigación y desarrollo	$ 14.3 millones	2022 Año fiscal
Pérdida neta	$ 19.7 millones	2022 Año fiscal

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Value Propositions

You're looking at the core promise Cognition Therapeutics, Inc. (CGTX) is making to patients and the market with its lead asset, zervimesine (CT1812). This isn't about abstract potential; it's about concrete delivery and measurable biological impact as of late 2025.

The primary value proposition centers on zervimesine being an investigational, oral, once-daily pill for serious neurodegenerative disorders like Alzheimer's disease (AD) and Dementia with Lewy Bodies (DLB). This oral dosing is a significant differentiator in a space often reliant on infusions or less convenient regimens.

The mechanism is novel because it aims to protect synapses by interrupting the toxic effects of misfolded proteins. Specifically, zervimesine has been shown to interrupt the toxic effects of A$\beta$ and $\alpha$-synuclein, which are implicated in both AD and DLB pathology. The drug operates through interaction with the sigma-2 receptor, a mechanism functionally distinct from many other approaches currently in development for these diseases.

For Alzheimer's disease, the value proposition is sharpened by a predictive biomarker strategy. Cognition Therapeutics has data suggesting that the drug's benefit is most pronounced in patients with lower baseline levels of the protein p-tau217, which is measurable via a simple blood test. This enrichment strategy is key for future registrational trials, as it targets patients most likely to show a robust treatment effect.

Here is a snapshot of the key clinical performance metrics supporting this value proposition:

Indication/Study	Patient Subgroup	Endpoint/Measure	Observed Effect vs. Placebo
Alzheimer's Disease (Phase 2 SHINE)	Overall Population	Slowing of Cognitive Decline	38%
Alzheimer's Disease (Phase 2 SHINE)	Lower Plasma p-tau217 Levels	Slowing of Cognitive Decline (ADAS-Cog11)	95%
Dementia with Lewy Bodies (Phase 2 SHIMMER)	Overall DLB Patients (6 months)	Improvement on Neuropsychiatric Inventory (NPI-12)	Average of 86% better
Dry Age-Related Macular Degeneration (Phase 2)	Overall Population (18 months)	Reduction of Geographic Atrophy (GA) Lesion Growth	28.6%

The company is actively advancing the DLB indication, having initiated an Expanded Access Program (EAP) for patients with DLB. Furthermore, as of the third quarter of 2025, Cognition Therapeutics was anticipating an FDA decision on breakthrough designation for zervimesine in DLB in the third quarter 2025.

To support this pipeline momentum, Cognition Therapeutics completed a $30 million registered direct offering in the third quarter of 2025. Financially, as of September 30, 2025, the company reported cash, cash equivalents, and restricted cash of approximately $39.8 million, supplemented by $36.3 million in remaining obligated grant funds from the National Institute on Aging. This position allowed the company to estimate sufficient cash to fund operations into the second quarter of 2027.

The AD program is also progressing with a large trial. The Phase 2 START Study, testing zervimesine in mild cognitive impairment (MCI) or early AD, surpassed 75% enrollment as of September 2025, enrolling approximately 540 individuals.

You should track the following key elements:

• The FDA's decision on breakthrough designation for DLB, which was expected in Q3 2025.
• The expected readout timeline for the Phase 2 START study, which involves an 18-month treatment period.
• The company's cash burn rate, given the net loss for Q3 2025 was $4.9 million.
• The alignment achieved with the FDA on a registrational path for AD, which may require two six-month Phase 3 studies.

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Customer Relationships

You're looking at the relationships Cognition Therapeutics, Inc. (CGTX) builds with the key groups that drive its clinical and financial success. For a clinical-stage biotech, these aren't just customers; they are partners in development and validation.

Close collaboration with clinical investigators and academic sites

The execution of clinical trials relies heavily on strong ties with the medical community. Cognition Therapeutics, Inc. works closely with established consortia and specific investigators to run its studies on zervimesine (CT1812).

The Phase 2 START study, evaluating zervimesine in early Alzheimer's disease, is being conducted in partnership with colleagues at the Alzheimer's Clinical Trials Consortium (ACTC). As of September 3, 2025, this study had surpassed 75% enrollment of its target of about 540 participants. Full enrollment was announced by November 13, 2025.

For the Phase 2 SHIMMER study in dementia with Lewy bodies (DLB), the enrollment breakdown showed significant engagement:

Study Arm	Number of Participants Randomized
Zervimesine Treatment Arms (100 mg or 300 mg daily)	88
Placebo Arm	42
Total Enrolled (SHIMMER)	130

Key investigators involved in these programs include Dr. James E. Galvin of the University of Miami Miller School of Medicine and Dr. Lawrence S. Honig of Columbia University Irving Medical Center.

High-touch engagement with regulatory bodies (FDA, EMA)

Engagement with the U.S. Food and Drug Administration (FDA) is critical for defining the path to market. Cognition Therapeutics, Inc. has secured key agreements that shape its near-term development strategy.

The company achieved alignment with the FDA on a registrational path in Alzheimer's disease following a productive end-of-Phase 2 meeting on July 9, 2025. This agreement suggests that two six-month Phase 3 studies, with participants randomized 1:1 to receive either 100 mg of oral zervimesine or placebo daily, may be sufficient to support a New Drug Application (NDA) filing.

For the DLB indication, the company is pursuing similar input. The FDA has accepted a request for a Type C meeting, scheduled for the second half of January 2026, to discuss the proposed Phase 3 program design for zervimesine in DLB patients.

The high-touch regulatory interaction extends globally, as Cognition Therapeutics, Inc. is planning a scientific advice meeting with the European Medicines Agency (EMA) in February 2026 to align its global Alzheimer's disease registrational plans.

Expanded Access Program (EAP) for DLB patients

The Expanded Access Program (EAP), designated COG1202, provides access to zervimesine for eligible patients with mild-to-moderate DLB outside of a formal trial setting. This program demonstrates a commitment to patients with high unmet need.

The program reached full enrollment as of December 3, 2025, completing enrollment in just three months. The EAP was made possible through a generous philanthropic donation from the family of a former Phase 2 SHIMMER participant.

• Treatment regimen: 100 mg of oral zervimesine daily for up to one year.
• Initial plan targeted approximately 30 patients.
• The program onboarded three clinical sites as of Q2 2025, with the first of eight total sites being Banner Sun Health Research Institute in Arizona.

Investor relations and capital market communications

Maintaining strong relationships with capital providers is essential for funding the late-stage clinical development required for a registrational program. Cognition Therapeutics, Inc. actively engaged the capital markets in 2025.

On September 2, 2025, the Company closed a $30 million registered direct offering, which involved the sale of 14,700,000 shares of common stock to institutional investors. This capital infusion provided significant runway extension.

Key financial and investor metrics as of late 2025:

Metric	Value/Date
Market Capitalization (as of Dec 3, 2025)	$142 million
Cash, Cash Equivalents, Restricted Cash (as of Sep 30, 2025)	Approx. $39.8 million
Estimated Cash Runway (as of Sep 30, 2025)	Into the second quarter of 2027
Total Obligated Grant Funds Remaining (as of Sep 30, 2025)	$36.3 million (from NIA)

Investor engagement included participation in the 37th Annual Piper Sandler Healthcare Conference from December 2-4, 2025.

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Channels

You're looking at how Cognition Therapeutics, Inc. (CGTX) gets its science and its potential product, zervimesine (CT1812), out to the world-from the lab bench to the potential patient and the institutional investor. This is all about execution and communication channels for a clinical-stage company.

Global network of clinical trial sites and research institutions

The core of the channel strategy revolves around clinical execution. You can't get to an NDA without running high-quality trials, and that requires a network. The Phase 2 START Study, which is testing zervimesine in mild cognitive impairment (MCI) or early Alzheimer's disease, is a prime example of this channel in action.

This study is being run in collaboration with the Alzheimer's Clinical Trials Consortium (ACTC). That consortium is an NIA-funded clinical trial network comprising 35 leading academic sites specializing in Alzheimer's disease trials. It's a powerful channel for recruitment and site management. The ACTC partnership is key, especially since the START Study is supported by an $81 million grant from the National Institute on Aging (NIA) at the National Institutes of Health. The company reached its target enrollment of 540 participants in this Phase 2 study as of November 13, 2025. To be fair, the previous Phase 2 SHINE study was smaller, enrolling 153 adults with mild-to-moderate Alzheimer's disease, but the START enrollment shows scaling in this channel.

Here's a quick look at the scale of their clinical channel activity through late 2025:

Trial/Program	Target Indication	Enrollment Status (as of late 2025)	Key Collaborator/Network
Phase 2 START Study	Early Alzheimer's Disease (MCI/early AD)	Target enrollment of 540 participants reached (Nov 13, 2025)	Alzheimer's Clinical Trials Consortium (ACTC)
Phase 3 Registrational Program	Mild-to-Moderate Alzheimer's Disease	Design agreed upon with FDA; planning two six-month studies	U.S. FDA (via July 2025 EOP2 meeting)
Expanded Access Program (EAP)	Dementia with Lewy Bodies (DLB)	Full enrollment reached (Dec 3, 2025)	Various clinical sites/donors

Regulatory submissions (NDA) to the U.S. FDA and other agencies

The regulatory pathway is the most critical channel for commercialization. Cognition Therapeutics, Inc. has made significant strides here. They completed an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (FDA) on July 9, 2025, for their Alzheimer's program. The outcome was a clear channel to market: the FDA confirmed that the proposed Phase 3 design could support a New Drug Application (NDA) filing for zervimesine as an Alzheimer's treatment. This framework relies on two six-month Phase 3 trials using enrichment for patients with lower plasma p-tau217 levels. Also, they applied to the FDA for breakthrough designation for zervimesine in DLB, with an expected decision in the third quarter of 2025. For global alignment, they plan an EMA scientific advice meeting in February 2026.

Scientific and medical conferences (e.g., CTAD) for data dissemination

Disseminating data effectively is how Cognition Therapeutics builds credibility with clinicians and researchers, which, in turn, drives investigator interest and patient enrollment. They actively use major medical meetings as a primary channel.

The most recent, and perhaps most important, dissemination event was presenting the Phase 3 registrational plan at the Clinical Trials on Alzheimer's Disease (CTAD) conference on December 1, 2025, in San Diego, CA. Earlier in 2025, results from the Phase 2 SHIMMER study in DLB were presented at the Alzheimer's Association International Congress (AAIC) on July 29th in Toronto, Canada. This conference activity directly fueled enrollment acceleration in the START study, with approximately 50% of the entire study population enrolled during the last six months of 2025.

The key data dissemination channels include:

• Presenting Phase 3 plan at CTAD (December 1, 2025).
• Presenting Phase 2 DLB data at AAIC (July 29, 2025).
• Participation in the 37th Annual Piper Sandler Healthcare Conference (December 2-4, 2025).
• Live presentation by the CEO at the Life Sciences Virtual Investor Conference (March 13, 2025).

Investor roadshows and direct communication with institutional investors

Securing capital is a crucial channel for a clinical-stage company. Cognition Therapeutics, Inc. actively engaged institutional investors throughout 2025. A major event was closing a $30 Million Registered Direct Offering on September 2, 2025, which involved two new fundamental institutional investors, including a preeminent global investment firm. This capital supports the planned Phase 3 development. Furthermore, the President and CEO, Lisa Ricciardi, delivered a live presentation at the Life Sciences Virtual Investor Conference on March 13, 2025, at 9:30 a.m. ET. This direct engagement channel helps manage expectations and secure necessary funding, as evidenced by the $30 million raised in September. Finance: draft 13-week cash view by Friday.

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Customer Segments

You're looking at the specific groups Cognition Therapeutics, Inc. (CGTX) targets with its investigational drug zervimesine, which is key for understanding their near-term commercial focus and investor appeal.

Patients with early Alzheimer's disease (MCI/mild AD)

This segment represents a massive, underserved population where Cognition Therapeutics, Inc. (CGTX) is actively pursuing development with its lead candidate, zervimesine (CT1812). The company's Phase 2 START Study specifically targets this group, aiming for early intervention.

• Estimated 7.2 million Americans aged 65+ living with Alzheimer's dementia as of 2025.
• Approximately 1.9 million of those cases are in the 65 to 74 year age bracket, aligning with the early-stage focus.
• The Phase 2 START Study is targeting 540 participants.
• In a survey, 92% of Americans indicated they would take a treatment that could slow disease progression.

The company also completed Phase 2 studies for mild-to-moderate Alzheimer's disease via the SHINE trial.

Patients with Dementia with Lewy Bodies (DLB)

Cognition Therapeutics, Inc. (CGTX) is also focused on DLB, evidenced by the recent completion of enrollment in an expanded access program for zervimesine in this patient group. This shows a commitment to a distinct neurodegenerative indication.

• The expanded access program enrolled eligible patients to receive 100 mg of oral zervimesine daily for up to one year.
• The company has a scheduled Type C meeting with the FDA in the second half of January to discuss the proposed design for a Phase 3 program in DLB patients.

Clinical investigators and neurologists specializing in neurodegeneration

These professionals are crucial for trial execution, site selection, and ultimately, adoption of the therapy. Cognition Therapeutics, Inc. (CGTX) is actively engaged with key opinion leaders in the field.

Here's a look at the key personnel and funding sources involved in their clinical efforts:

Role/Affiliation	Involvement/Detail	Associated Study/Program
Dr. James E. Galvin, MD, MPH	Lead investigator for the multi-center, open-label program.	DLB Expanded Access Program
Dr. Lawrence S. Honig	Investigator in the expanded access program.	DLB Expanded Access Program
National Institute of Aging (NIA)	Provided grant support for the Phase 2 START study.	Phase 2 START Study (Early AD)
Alzheimer's Clinical Trials Consortium	Collaboration partner for the START study.	Phase 2 START Study (Early AD)

Institutional investors and public equity markets

The public market and institutional holders are the primary source of capital for this clinical-stage biopharma. Recent trading activity shows significant interest, though the company is operating under a tight cash runway.

Here are the key financial and ownership metrics as of late 2025:

Metric	Value/Amount	Date/Context
Market Capitalization	About $158.9M	As of December 5, 2025
Institutional Ownership Percentage	28.9%	As of September 2025 filings
Estimated Cash Runway	Into the second quarter of 2026	As of Q2 2025 results
Largest Institutional Holder (Shares)	6.00Mn shares (BIOS Capital Management, LP)	As of September 30, 2025
Largest Institutional Holder (Percentage)	8.17% of outstanding stock	BIOS Capital Management, LP
Q3 2025 Stake Increase (Vanguard)	105.6% increase	Vanguard Group Inc.
Q3 2025 New Stake Value (Davenport)	$3,631,000	DAVENPORT & Co LLC
Consensus Analyst Price Target (Average)	$3.33	Twelve-month forecast
Analyst Consensus Rating	Moderate Buy	Based on 5 analysts

You can see institutional buying was strong in Q3 2025, with BlackRock, Inc. adding 891,844 shares, representing a 1160.4% increase in their position for that quarter. Still, the company's cash position as of June 30, 2025, was approximately $11.6 million, supplemented by $41.9 million in remaining NIA grant funds.

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Cost Structure

You're looking at the core expenses for Cognition Therapeutics, Inc. (CGTX) as they push zervimesine through later-stage development. For a clinical-stage biotech, the cost structure is heavily weighted toward the science, not selling products-that's the reality of this business phase.

The primary driver for Cognition Therapeutics, Inc. (CGTX) cost structure is Research and Development (R&D) expenses. This reflects the ongoing investment in clinical trials and preclinical work for their pipeline, especially zervimesine (CT1812).

Here's a quick look at the key operating expenses reported for the third quarter ended September 30, 2025:

Expense Category	Q3 2025 Amount (in millions)	Q3 2024 Amount (in millions)
Research and Development (R&D)	$3.8	$11.4
General and Administrative (G&A)	$2.6	$3.1
Total Operating Expenses	$6.38	$14.46

R&D expenses were reported at $3.8 million for Q3 2025. This figure represented a significant year-over-year decrease from $11.4 million in Q3 2024, driven by the completion of the SHINE and SHIMMER clinical trials and associated professional fees.

General and Administrative (G&A) expenses were $2.6 million for Q3 2025. That was down from $3.1 million in the comparable period of 2024, primarily due to lower stock-based compensation expenses.

Beyond the reported operating expenses, the cost structure necessarily includes other significant, though perhaps less granularly detailed in every release, expenditures essential for a company advancing drug candidates:

• Costs for manufacturing drug supply for clinical trials, ensuring sufficient quantities of zervimesine are available for ongoing and planned studies, including the registrational path programs.
• Regulatory compliance costs, which cover filings, interactions with the U.S. FDA, and adherence to global health authority requirements.
• Intellectual property maintenance costs, which are critical for securing and defending the patents around their novel small molecule therapeutics.

The net loss for the quarter ended September 30, 2025, was $4.9 million, or $(0.06) per basic and diluted share. This loss was significantly narrower than the net loss of $9.9 million, or $(0.25) per share, for Q3 2024, reflecting the lower operating expenses as major trials concluded.

Finance: draft 13-week cash view by Friday.

Cognition Therapeutics, Inc. (CGTX) - Canvas Business Model: Revenue Streams

You're hiring before product-market fit, which means Cognition Therapeutics, Inc.'s revenue streams are entirely non-commercial right now. The business model relies heavily on non-dilutive government funding and dilutive equity raises to keep the lights on while advancing zervimesine (CT1812) through clinical trials. Honestly, this is standard for a clinical-stage biotech, but you need to track the cash burn against these inflows.

The primary, non-dilutive source of operational support comes from the National Institute on Aging (NIA), a division of the National Institutes of Health (NIH). This grant income directly offsets operating expenses, though the draw-down rate can fluctuate.

• Grant income recognized from the National Institute on Aging (NIA/NIH) for the third quarter ended September 30, 2025, was $1.2 million.
• As of September 30, 2025, the total obligated grant funds remaining from the NIA/NIH stood at $36.3 million.

To bridge the gap between grant receipts and the high costs of late-stage clinical development, Cognition Therapeutics, Inc. turned to equity financing. They successfully executed a significant capital raise in the third quarter of 2025.

Here's the quick math on that equity event:

Financing Event Detail	Amount/Value
Gross Proceeds from Registered Direct Offering	Approximately $30 million
Shares Sold	14,700,000 shares of common stock
Purchase Price Per Share	$2.05
Closing Date	September 2, 2025

This $30 million registered direct offering, which closed in September 2025, was crucial; it extended the company's estimated cash runway into the second quarter of 2027.

The third component of the revenue stream structure involves external partnerships, though these are prospective rather than realized income streams as of late 2025. Cognition Therapeutics, Inc. is actively evaluating options to support the development of zervimesine through strategic collaborations.

• Potential future milestone payments from strategic pharmaceutical licensing deals remain a key component of the long-term financial plan.
• The company is executing studies to support registrational programs, which are expected to be valuable to potential partners.

It is critical to note the current commercial status. Cognition Therapeutics, Inc. is a clinical-stage company; therefore, there is no current commercial product revenue.

• No top-line sales contribution is recognized; the model remains dependent on grants and capital markets.