Cognition Therapeutics
Developing zervimesine for Lewy body dementia psychosis.
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Profile
Develops zervimesine, an oral small molecule being studied for psychosis associated with dementia with Lewy bodies and early Alzheimer's disease. A clinical-stage developer, it has no approved products or sales and concentrates all current programs in one molecule.
Develops zervimesine, an oral small molecule designed to modulate the sigma-2 receptor complex and prevent toxic protein oligomers from disrupting neuronal synapses. Its lead development focus is psychosis associated with dementia with Lewy bodies, while an NIH-funded study continues in early Alzheimer's disease. A prior geographic-atrophy study is no longer identified as a current priority.
Operates as a clinical-stage research-and-development business with no approved product or product sales. Development is organized around FDA approval, with executive operations in Purchase, New York and a historic scientific base in Pittsburgh.
All clinical programs rely on zervimesine, and the company depends on FDA alignment, NIH reimbursements, additional capital, and third-party manufacturers, research organizations, and trial sites to advance it.
Company facts
Key statistics
Year to date −30.6% · Average volume (30d) 500.4K
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Target |
|---|---|---|---|---|---|
| Jun 22, 2026 | H.C. Wainwright | Reiterate | Buy | $3 | |
| Dec 19, 2024 | B. Riley Securities | Upgrade | Neutral | Buy |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 6, 2026Q2 FY26 | −$0.06 | −$0.04 | +36.8% | $5.0M | — | — | −4.42% |
| May 7, 2026Q1 FY26 | −$0.06 | −$0.05 | +16.7% | $4.4M | — | — | +4.31% |
| Mar 26, 2026Q4 FY25 | −$0.06 | −$0.02 | +66.7% | — | — | — | −32.40% |
| Nov 6, 2025Q3 FY25 | −$0.07 | −$0.06 | +14.3% | — | — | — | 0.00% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $0 | $0 | $0 | $0 | |
| Gross profit | $0 | $0 | −$61.0K | $0 | −$68.0K | $0 | |
| Operating income | −$13.8M | −$14.0M | −$6.4M | −$13.7M | −$8.8M | −$7.7M | |
| Net income | −$8.5M | −$6.7M | −$4.9M | −$3.3M | −$4.6M | −$3.9M | |
| Diluted EPS | −$0.14 | −$0.11 | −$0.06 | −$0.04 | −$0.05 | −$0.04 | |
| Gross margin | — | — | — | — | — | — | |
| Operating margin | — | — | — | — | — | — |
Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $0
Balance sheet, Jun 30, 2026Cash & short-term investments $34.0M · Total debt $511.0K · Total assets $38.9M · Shareholders' equity $33.0M
Dividends
No dividends on record.
Ownership
Shares outstanding 89.50M · Float 81.83M · 91.4% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bios Capital Management, LP | 6.00M | 6.70% | 13F | Aug 14, 2026 |
| Davenport & Co LLC | 4.26M | 4.76% | 13F | Jul 13, 2026 |
| Vanguard Capital Management LLC | 3.44M | 3.84% | 13F | Aug 13, 2026 |
| Lisa Ricciardi · director, officer: CEO & President | 1.75M | 1.96% | Form 4 | Apr 20, 2026 |
| BlackRock, Inc. | 1.26M | 1.41% | 13F | Aug 7, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Apr 16, 2026 | Anthony Caggiano | officer: Chief Medical Officer | +10,000 | $1.11 |
| Apr 16, 2026 | Lisa Ricciardi | director, officer: CEO & President | +9,175 | $1.10 |
| Apr 16, 2026 | John Brendan Doyle | officer: Chief Financial Officer | +10,000 | $1.13 |
Peers
- Acadia Pharmaceuticals
Closest DLB-psychosis rival through an LBD pipeline and psychosis franchise.
- Eli Lilly
Approved anti-amyloid therapy in early Alzheimer's disease.
- Biogen
Leqembi co-commercialization spans early Alzheimer's disease.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Cognition Therapeutics | $1.04 | +1.99% | $91.3M | — | — | — | — |
| Acadia Pharmaceuticals | $29.17 | +0.18% | $4.98B | 13.1 | 32.7 | 4.4 | +16.4% |
| Eli Lilly | $1,173.00 | −0.08% | $1.10T | 39.4 | 28.7 | 13.9 | +47.7% |
| Biogen | $218.19 | −0.14% | $32.28B | 38.7 | 16.5 | 3.2 | +3.4% |
| Median | 38.7 | 28.7 | 4.4 | +16.4% |