Cognition Therapeutics Reports $33.97 Million Net Loss for 2024, Concludes Phase 2 MAGNIFY Study

Cognition Therapeutics Inc. reported a net loss of $33.97 million for the year ended December 31, 2024, compared to a net loss of $25.79 million in 2023. Research and development expenses increased by $4.5 million to $41.68 million, primarily due to increased Phase 2 trial activities and personnel costs, partially offset by decreased preclinical program spending and manufacturing costs. General and administrative expenses decreased by $1.2 million to $12.29 million, mainly due to lower equity-based compensation and professional fees. Grant income decreased by $5.26 million to $19.55 million, reflecting lower reimbursable costs incurred during 2024.

A significant development during the period was the voluntary conclusion of the Phase 2 MAGNIFY clinical study of zervimesine for geographic atrophy secondary to dry AMD in February 2025. This decision, made to prioritize resources on the company's Alzheimer's disease and dementia with Lewy bodies programs, resulted in the enrollment of 100 participants before the study's termination. The company plans to report results from this study in the second quarter of 2025. As of October 15, 2024, approximately 477 subjects had received zervimesine across various clinical trials.

The company's lead product candidate, zervimesine (CT1812), continues to be evaluated in ongoing Phase 2 clinical trials for mild cognitive impairment and early-stage Alzheimer's disease (COG0203 START study) and has completed Phase 2 trials for mild-to-moderate Alzheimer's disease (COG0201 SHINE study) and dementia with Lewy bodies (COG1201 SHIMMER study). Top-line results from the SHINE and SHIMMER studies were reported in 2024 and 2025, respectively. The company's clinical trials have been supported by approximately $171 million in cumulative grants, primarily from the National Institute on Aging. As of December 31, 2024, the company had approximately $50 million in available NIA grant funds.

Cognition Therapeutics' strategy focuses on advancing zervimesine's clinical development in Alzheimer's disease and dementia with Lewy bodies, developing product candidates for other CNS and degenerative diseases, and expanding its pipeline through internal development, in-licensing, and acquisitions. The company also intends to continue pursuing non-dilutive funding opportunities. As of March 1, 2025, the company employed 28 people, 20 of whom were engaged in research and development.

The company's financial statements reveal a cash balance of $25 million as of December 31, 2024, and management acknowledges substantial doubt about its ability to continue as a going concern for the next twelve months. The company plans to raise additional capital through various means, including equity offerings and debt financings, to fund its operations and continue development of its product candidates. The company's 10-K filing details numerous risk factors, including those related to its financial position, capital needs, clinical development, regulatory approvals, intellectual property, commercialization, and competition.