Cognition Therapeutics Inc. Common Stock (CGTX)

FairStock Score: 58/100 — STEADY

Key Financials

AI Analysis

AI-generated, general educational analysis — not personal investment advice.

Mr. Market is offering this at $0.80, a $76.3 million market value, but what am I buying? A 14-person clinical-stage drug developer with no reported revenue and no profits. The filed figures show net losses of $25.8 million in fiscal year 2023, the year ended 2023-12-31; $34.0 million in fiscal year 2024, the year ended 2024-12-31; and $23.5 million in fiscal year 2025, the year ended 2025-12-31. There is some improvement: in fiscal Q2 2026, the quarter ended 2026-06-30, net loss was $3.9 million versus $6.7 million in fiscal Q2 2025, the quarter ended 2025-06-30. Diluted EPS was -$0.04 in fiscal Q2 2026 and -$0.32 in fiscal year 2025. Still, trailing free cash flow is negative $17.7 million, and the FairStock FCF yield is -23.2%. That is heavy cash consumption for a company with no revenue. The balance sheet has low debt, with D/E of 0.02, but FairStock calculations show Altman Z at 1.35 and Piotroski at 1/9, which point to fragility. ROE is -83.76%, ROCE is -78.18%, and P/B is 2.29 at the 2026-10-13 close, so I am paying more than twice book for a business destroying equity. The P/E is -4.72. The investment case rests almost entirely on zervimesine in Phase 2 for Alzheimer's disease, a binary scientific and regulatory bet. There is no approved product and no economic moat I can measure. The FairStock score is 58/100, and the Lynch category is none because losses in each of the last four years fit no category. Until trial success, controlled cash burn, and a credible path to revenue appear, intrinsic value is a guess.

In plain English: Cognition Therapeutics is a small drug-testing company with 14 employees working on a treatment for Alzheimer's disease. It has no reported revenue and has lost money in each of the last four years, so the business looks financially weak and depends heavily on trial results. At $0.80 on 2026-10-13, the price is not supported by profits; on current numbers it looks speculative rather than cheap.

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Data as of 2026-10-13 close · note generated 2026-10-15 · model deepseek-flash

Sources (SEC EDGAR): fiscal Q2 2026 10-Q (period ended 2026-06-30) · fiscal Q1 2026 10-Q (period ended 2026-03-31) · fiscal Q3 2025 10-Q (period ended 2025-09-30) · fiscal Q2 2025 10-Q (period ended 2025-06-30) · FY2025 10-K (period ended 2025-12-31) · FY2024 10-K (period ended 2024-12-31) · FY2023 10-K (period ended 2023-12-31)

Fundamentals from company filings and market-data providers; prices are end-of-day, not real-time. AI-generated analysis is general and educational — not personal investment advice. Scoring methodology · Score test · Disclaimer