Cognition Therapeutics Inc (CGTX) Reports Q3 2023 Financial Results
Cognition Therapeutics Inc (NASDAQ:CGTX) reported a net loss of $6.7 million or $(0.22) per basic and diluted share for Q3 2023.
Research and development expenses increased to $11.7 million, up from $8.3 million in the same period in 2022.
General and administrative expenses decreased to $3.1 million, down from $4.4 million in Q3 2022.
The company's cash and cash equivalents as of September 30, 2023, were approximately $33.0 million.
On November 2, 2023, Cognition Therapeutics Inc (NASDAQ:CGTX), a clinical-stage neuroscience company, released its financial results for the third quarter ended September 30, 2023. The company reported significant clinical development milestones in its Alzheimers disease pipeline and provided updates on its business operations.
Company Performance and Challenges
The company reported considerable progress in Q3 2023, with significant clinical development milestones in its Alzheimers disease pipeline. The company is advancing enrollment in its Phase 2 SHINE trial for people with mild-to-moderate Alzheimers disease and has initiated recruitment in its Phase 2 START trial. The company also presented data from its SEQUEL EEG study at CTAD 2023.
Financial Highlights
As of September 30, 2023, the company's cash and cash equivalents were approximately $33.0 million, and total grant funds remaining from the NIA were $74.3 million. The company estimates that it has sufficient cash to fund operations and capital expenditures through November of 2024.
Income Statement Summary
Research and development expenses for the third quarter ended September 30, 2023, were $11.7 million, compared to $8.3 million for the same period in 2022. The increase was primarily related to higher costs associated with Phase 2 trial activities with contract research organizations, clinical supply manufacturing, and preclinical research.
General and administrative expenses for the third quarter ended September 30, 2023, were $3.1 million compared to $4.4 million for the three months ended September 30, 2022. The decrease was primarily related to lower professional fees, Director & Officer Liability insurance partially offset by increased equity-based compensation.
The company reported a net loss of $6.7 million or $(0.22) per basic and diluted share for the third quarter ended September 30, 2023, compared to a net loss of $6.6 million or $(0.29) per basic and diluted share during the same period in 2022.
Looking Forward
Looking ahead, the company expects to report topline results from its Phase 2 SHINE trial in mid-2024. Following this in 2024, the company expects to disclose data from its Phase 2 SHIMMER trial for patients suffering from dementia with Lewy bodies (DLB).
Explore the complete 8-K earnings release (here) from Cognition Therapeutics Inc for further details.
This article first appeared on GuruFocus.
