Cognition Therapeutics Q2 2024 Financial Results and Business Update

Cognition Therapeutics, Inc. (Nasdaq: CGTX), a clinical-stage company focusing on neurodegenerative disorders, recently announced its financial results for Q2 ending June 30, 2024, and provided significant business updates. The company has reported progress in multiple studies and is on track to deliver key results by the end of 2024.

One of the major highlights for the quarter was the successful completion of the Phase 2 SHINE study (NCT03507790), which aimed to establish the proof-of-concept for CT1812 in treating mild-to-moderate Alzheimer’s disease. The study included 153 participants and demonstrated that CT1812 could slow cognitive decline significantly. Participants who received CT1812 showed a 39% slower decline compared to those on placebo, measured by the ADAS-Cog 11 scale. Other cognitive and functional measurements, such as ADAS-Cog 13, MMSE, ADCS-ADL, and ADCS-CGIC, also showed favorable trends supporting the efficacy of CT1812.

Furthermore, a significant reduction in neurofilament light chain (NfL), a biomarker for neurodegeneration, was observed in participants administered with 300mg of CT1812 compared to the placebo group. The treatment was well tolerated, with no discontinuations due to adverse events in the 100mg dosage group. However, the 300mg group did show some increase in liver enzymes, though serious adverse events were similar across both the treatment and placebo arms. These findings were presented at the 2024 Alzheimer’s Association International Conference (AAIC).

Cognition Therapeutics also published three significant manuscripts over the past quarter. These research papers detail the impact of CT1812 on amyloid biology, synapse health, and neuroinflammation—key markers of Alzheimer’s pathology. The publications include proteomic analyses from the Phase 2 COG0201 SHINE-A study in Neurobiology of Disease, clinical outcomes from the Phase 1b COG0105 SPARC study in Alzheimer's Research & Therapy, and findings from the Phase 2 COG0202 SEQUEL study in The Journal of Prevention of Alzheimer's Disease.

The company continues to make strides in its Phase 2 START study (NCT05531656) for early Alzheimer’s disease and is actively enrolling participants. Similarly, the Phase 2 MAGNIFY study (NCT05893537), focusing on geographic atrophy due to dry age-related macular degeneration, is progressing as planned.

Financially, Cognition Therapeutics reported having cash and cash equivalents amounting to approximately $28.5 million as of June 30, 2024. In addition, the company retained $57.3 million in grant funds from the National Institute on Aging (NIA). Based on these resources, the company anticipates having sufficient funding to support operations and capital expenditures through the second quarter of 2025.

Research and development expenses for the second quarter of 2024 were $11.6 million, up from $8.5 million during the same period in 2023. This increase is attributed mainly to higher costs linked with advancing clinical programs, including Phase 2 trial activities and related personnel costs. General and administrative expenses saw a slight decrease, coming in at $3.1 million compared to $3.3 million in Q2 2023, largely due to reduced professional service costs.

The company reported a net loss of $7.0 million, or $0.18 per share, for the second quarter of 2024, compared to a net loss of $4.7 million, or $0.16 per share, for the same period in 2023.

Looking ahead, Cognition Therapeutics remains focused on advancing its Alzheimer's disease program and anticipates sharing results from its SHIMMER study in mild-to-moderate dementia with Lewy bodies by the end of 2024.

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