An early-stage Eli Lilly focused exclusively on developing a novel drug for Alzheimer's disease.

A clinical-stage Biogen, but solely dedicated to finding treatments for Alzheimer's and other brain disorders.

• CT1812: The company's lead clinical-stage drug candidate, a sigma-2 receptor modulator being investigated in Phase 2 trials for Alzheimer's disease, Parkinson's disease dementia, and dry age-related macular degeneration.
• CT2127: A second-generation sigma-2 receptor modulator currently in preclinical development for neurodegenerative diseases.
• CT2075: A preclinical sigma-2 receptor modulator also under investigation for neurodegenerative diseases.

Cognition Therapeutics (Symbol: CGTX) is a clinical-stage biopharmaceutical company.

As a company primarily focused on the research and development of drug candidates for neurodegenerative diseases (such as Alzheimer's disease), Cognition Therapeutics does not currently have a commercialized product on the market generating significant product sales revenue. Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products.

The company's revenue, if any, is primarily derived from:

• Research Grants: Often from government agencies (e.g., the National Institute on Aging of the National Institutes of Health - NIH) or non-profit foundations, which fund their drug development programs.
• Collaboration Agreements: Potential funding, milestone payments, or licensing fees from partnerships with larger pharmaceutical companies for the co-development or commercialization of their drug candidates. However, these are typically not "customer" relationships for ongoing product sales.

Since CGTX is not currently selling products to end-users or other companies, the question of listing major customer companies or categories of individual customers, as per the conventional definition, does not apply at this stage of their business operations. Their focus remains on advancing their lead drug candidates through clinical trials toward potential future commercialization.

• Catalent, Inc. (CTLT)
• Lonza Ltd. (LONN)

Lisa Ricciardi, Chief Executive Officer and President

Ms. Ricciardi has served as Cognition Therapeutics' chief executive officer and president since March 2020. She previously served as CEO of Suono Bio. Ms. Ricciardi held roles as Senior Vice President of Global Corporate & Business Development at Foundation Medicine and Senior Vice President of U.S. and International Business Development at Express Scripts, where she led deal teams responsible for the sale of both companies. At Pfizer Inc., she worked in the commercial division, launching three drugs, and was later appointed to run global business development. Her experience also includes leadership roles in early-stage start-ups.

John Doyle, Chief Financial Officer

Mr. Doyle joined Cognition Therapeutics as chief financial officer in 2023. He possesses significant experience in capital raising and guiding companies through commercialization. Prior to this, he was CFO of 4D Pharma plc and previously served as Senior Vice President and CFO of Chiasma Inc., where the company completed a merger with Amryt Pharma during his tenure. His earlier career included positions in finance departments at Verastem Oncology, SimpliVity Corp., PAREXEL, Inc., and Hologic Inc.

Anthony O. Caggiano, M.D., Ph.D., Chief Medical Officer, Head of R&D

Dr. Caggiano brings extensive experience in the development of new medicines for neurological conditions. Over 17 years at Acorda Therapeutics, including four as Senior Vice President of Research and Development, he oversaw preclinical and clinical development programs in neurological conditions such as multiple sclerosis, stroke, and spinal cord injury.

Steven A. Weissman, Ph.D., Vice President and Head of Chemistry, Manufacturing, and Controls (CMC)

Dr. Weissman is responsible for the process development and manufacturing oversight for Cognition Therapeutics' lead candidate, zervimesine (CT1812). Previously, he was the Director of Chemical Development at Lexicon Pharmaceuticals, where he managed clinical supply and global commercial manufacturing of telotristat etiprate. He also served as Director of Process Chemistry at J-Star Research and Concert Pharmaceuticals.

Anita Cornet, Head of Quality

Ms. Cornet joined Cognition Therapeutics in 2024 as the head of quality. In this role, she oversees process development, quality control, and technical operations for the company's pipeline products. Before joining Cognition, Ms. Cornet held several increasingly senior positions at Acorda Therapeutics, most recently as Vice President of Quality.

The successful development, regulatory approval, and commercialization of disease-modifying therapies for Alzheimer's disease by competing pharmaceutical companies represent a clear emerging threat to Cognition Therapeutics (CGTX).

Specifically, Leqembi (lecanemab), developed by Eisai and Biogen, has received accelerated and then full FDA approval, and Donanemab from Eli Lilly is expected to receive approval soon. These intravenous amyloid-beta targeting antibodies are the first therapies to demonstrate a clear benefit in slowing cognitive decline in Alzheimer's disease patients.

This situation mirrors historical disruptive threats because these therapies are establishing a new standard of care and defining the competitive landscape for Alzheimer's disease treatments. While Cognition Therapeutics' lead candidate, CT1812, is an orally administered small molecule with a distinct mechanism of action (targeting the sigma-2 receptor to displace Aβ oligomers from synapses), the market acceptance and demonstrated efficacy of Leqembi and Donanemab could significantly raise the bar for any new Alzheimer's therapy. CGTX will need to demonstrate comparable or superior efficacy, safety, convenience, or cost-effectiveness to gain significant market traction and differentiate itself in an increasingly competitive environment where effective treatments are already establishing a foothold.

For Cognition Therapeutics (CGTX), the addressable markets for their main product candidate, CT1812 (zervimesine), are as follows:

• Alzheimer's disease:

  • The global Alzheimer's disease market is estimated to be $100 billion.
  • The global Alzheimer's therapeutics market size was projected to reach USD 12.07 billion by 2034, growing from USD 5.7 billion in 2025, at a Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period from 2025 to 2034. North America led this market in 2024.
  • Another estimate for the global Alzheimer's therapeutics market size was USD 4.05 billion in 2022 and is anticipated to reach USD 15.19 billion by 2030, growing at a CAGR of 19.99% from 2023 to 2030. North America dominated this market with over 40.79% share in 2022.

• Dementia with Lewy bodies (DLB):

  • There were approximately 330,000 diagnosed prevalent cases of DLB reported in the U.S. in 2024.
  • The global dementia treatment market, which encompasses various forms of dementia including DLB, was estimated at USD 18.03 billion in 2024 and is projected to reach USD 28.11 billion by 2030, growing at a CAGR of 8.0% globally.

• Geographic atrophy secondary to dry age-related macular degeneration (dry AMD): Null

• Other synucleinopathies: Null

For Cognition Therapeutics (CGTX), a clinical-stage biopharmaceutical company with no current commercialized products, the expected drivers of future revenue growth over the next 2-3 years are intrinsically linked to the advancement and potential commercialization of its lead drug candidate, zervimesine (CT1812), and the strategic partnerships it may form. Currently, Cognition Therapeutics is projected to remain unprofitable and without revenue in the immediate future, with anticipated annual revenue growth projected at 72.6% once products are approved and launched.

1. Successful Progression and Potential Regulatory Approval of Zervimesine (CT1812) for Alzheimer's Disease: Cognition Therapeutics has achieved alignment with the U.S. FDA on a registrational path for zervimesine in Alzheimer's disease (AD). The company is actively enrolling patients in its Phase 2 START study for early AD, having surpassed 75% enrollment. Positive outcomes from these trials, successful initiation and completion of Phase 3 studies, and subsequent regulatory approval would be the primary driver for generating revenue in the future.

2. Successful Progression and Potential Regulatory Approval of Zervimesine (CT1812) for Dementia with Lewy Bodies (DLB): Zervimesine is also being investigated for Dementia with Lewy Bodies (DLB), with positive Phase 2 results showing up to a 91% slowing of decline compared to placebo in the SHIMMER study across measures of behavior, function, cognition, and movement. An expanded access program for DLB is currently ongoing, and the company expects an FDA decision on breakthrough designation for zervimesine in DLB in the third quarter of 2025. Successful regulatory advancements and eventual market entry in this niche market, which currently lacks approved disease-modifying therapies, could allow for premium pricing and significant revenue generation.

3. Formation of Strategic Partnerships and Licensing Agreements: As a clinical-stage company, Cognition Therapeutics is actively evaluating options to fund its clinical trials, including potential partnering opportunities with pharmaceutical companies. Successful strategic collaborations or licensing agreements for zervimesine in AD, DLB, or other indications could provide substantial upfront payments, milestone payments, and future royalty streams, thereby acting as a significant revenue driver within the next 2-3 years and facilitating the costly late-stage development and commercialization efforts.

4. Successful Execution of Clinical Pharmacology and Bioavailability Studies: The company is conducting required clinical pharmacology and bioavailability studies to prepare zervimesine for the next stage of development across multiple indications. The successful and timely completion of these studies is critical as they will support all planned registrational programs for zervimesine. This foundational work will de-risk and accelerate the path to market approvals, indirectly driving future revenue potential by bringing the product closer to commercialization within the specified timeframe.

Share Issuance

• Cognition Therapeutics completed a $30 million registered direct offering of 14.7 million common stock shares to institutional investors around September 2025.
• The company raised approximately $52 million through an IPO in October 2021.
• There is an anticipation of future dilutive funding needed due to the company's cash position.

Inbound Investments

• Cognition Therapeutics has received significant research grants from organizations such as the National Institute on Aging (NIA) and the Alzheimer's Drug Discovery Foundation (ADDF).
• The company secured approximately $171 million in total grant funding for its Alzheimer's Disease (AD) and Dementia with Lewy Bodies (DLB) trials, including around $81 million specifically for the START study.
• As of September 30, 2025, the total obligated grant funds remaining from the National Institute of Aging were $36.3 million.

Capital Expenditures

• As of the third quarter of 2025, Cognition Therapeutics estimated it had sufficient cash to fund operations and capital expenditures into the second quarter of 2027.
• The company's annual capital expenditure experienced a 5-year growth rate of -51.2%, indicating a decreasing trend.
• Research and development expenses, which are a primary focus for this clinical-stage biopharmaceutical company, were $3.8 million for the quarter ended September 30, 2025, a decrease from $11.4 million in the comparable period of 2024, largely due to the completion of the SHINE and SHIMMER clinical trials.