Cognition Therapeutics, Inc. reported its financial results for the fourth quarter and full year ended December 31, 2024. As of year-end, cash and cash equivalents were approximately $25.0 million, with $50.0 million in obligated grant funds remaining from the NIA.
The company projects its cash runway to extend into the fourth quarter of 2025, assuming no usage of its ATM or Lincoln Park facilities. For the full year 2024, research and development expenses increased to $41.7 million from $37.2 million in 2023, while general and administrative expenses decreased to $12.3 million from $13.5 million.
Cognition reported a net loss of $34.0 million, or $(0.86) per basic and diluted share, for the full year 2024. A strategic decision was made in January 2025 to conclude the Phase 2 MAGNIFY dry AMD study to focus resources on the Alzheimer’s disease and dementia with Lewy bodies programs, aiming to extend the cash runway and prepare for end-of-Phase 2 meetings with the FDA in early Q2 2025 for both indications.
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