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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Cognition Therapeutics Inc | NASDAQ:CGTX | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.08 | 4.17% | 2.00 | 2.00 | 2.02 | 2.00 | 1.94 | 1.95 | 32,667 | 00:30:44 |
|
Delaware
(State or other jurisdiction of
incorporation or organization) |
| |
2836
(Primary Standard Industrial
Classification Code Number) |
| |
13-4365359
(I.R.S. Employer
Identification Number) |
|
|
Rachael M. Bushey
Joseph Walsh Troutman Pepper Hamilton Sanders LLP 3000 Two Logan Square Philadelphia, Pennsylvania 19103 (215) 981-4331 |
| |
Stephen Older
David Wolpa McGuireWoods LLP 1251 Avenue of the Americas, 20th Floor New York, New York 10020 (212) 548-2100 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☒
|
|
| | | |
Emerging growth company
☒
|
|
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 11 | | | |
| | | | 62 | | | |
| | | | 64 | | | |
| | | | 65 | | | |
| | | | 66 | | | |
| | | | 67 | | | |
| | | | 69 | | | |
| | | | 83 | | | |
| | | | 124 | | | |
| | | | 130 | | | |
| | | | 134 | | | |
| | | | 143 | | | |
| | | | 143 | | | |
| | | | 143 | | | |
| | | | 144 | | |
| | |
As of June 30, 2022
|
| | | | |||||||||
(in thousands, except share and per share amounts)
|
| |
Actual
|
| |
Pro Forma
|
| | ||||||||
Cash and cash equivalents
|
| | | $ | 45,771 | | | | | $ | 54,921 | | | | ||
Stockholders’ equity | | | | | | | | | | | | | | | ||
Common stock, par value $0.001 per share; 250,000,000 shares authorized at June 30, 2022; 22,597,907 shares issued and outstanding, actual; 28,184,499 shares issued and outstanding, pro forma
|
| | | | 22 | | | | | | 28 | | | | ||
Additional paid-in capital
|
| | | | 147,671 | | | | | | 156,815 | | | | ||
Accumulated deficit
|
| | | | (103,594) | | | | | | (103,594) | | | | ||
Accumulated other comprehensive loss
|
| | | | (200) | | | | | | (200) | | | | ||
Total stockholders’ equity
|
| | | $ | 43,899 | | | | | $ | 53,049 | | | | ||
Total capitalization
|
| | | $ | 43,899 | | | | | $ | 53,049 | | | |
|
Assumed public offering price per share
|
| | | | | | | | | $ | 1.79 | | |
|
Historical net tangible book value per share as of June 30, 2022
|
| | | $ | 1.94 | | | | | | | | |
|
Decrease in net tangible book value per share as of June 30, 2022 attributable to
investors purchasing in this offering |
| | | | (0.06) | | | | | | | | |
|
As adjusted net tangible book value per share as of June 30, 2022 after giving effect to this offering
|
| | | | | | | | | | 1.88 | | |
|
Increase per share to new investors participating in this offering
|
| | | | | | | | | $ | 0.09 | | |
| | |
Six Months Ended
June 30, |
| | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 15,616 | | | | | $ | 9,324 | | | | | $ | 6,292 | | |
General and administrative
|
| | | | 6,010 | | | | | | 2,243 | | | | | | 3,767 | | |
Total operating expenses
|
| | | | 21,626 | | | | | | 11,567 | | | | | | 10,059 | | |
Loss from operations
|
| | | | (21,626) | | | | | | (11,567) | | | | | | (10,059) | | |
| | |
Six Months Ended
June 30, |
| | | | | | | |||||||||
(in thousands)
|
| |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Grant income
|
| | | | 12,289 | | | | | | 9,338 | | | | | | 2,951 | | |
Change in the fair value of the derivative liability
|
| | | | — | | | | | | 2,209 | | | | | | (2,209) | | |
Change in the fair value of SAFEs
|
| | | | — | | | | | | (1,044) | | | | | | 1,044 | | |
Other (expense) income, net
|
| | | | (237) | | | | | | 248 | | | | | | (485) | | |
Gain on debt extinguishment
|
| | | | — | | | | | | 443 | | | | | | (443) | | |
Interest expense, net
|
| | | | (16) | | | | | | (894) | | | | | | 878 | | |
Total other income, net
|
| | | | 12,036 | | | | | | 10,300 | | | | | | 1,736 | | |
Loss before income taxes
|
| | | | (9,590) | | | | | | (1,267) | | | | | | (8,323) | | |
Net loss
|
| | | $ | (9,590) | | | | | $ | (1,267) | | | | | $ | (8,323) | | |
|
| | |
Six Months Ended
June 30, |
| | | | | | | |||||||||
| | |
2022
|
| |
2021
|
| |
Change
|
| |||||||||
Clinical programs
|
| | | $ | 9,050 | | | | | $ | 1,684 | | | | | $ | 7,366 | | |
Personnel
|
| | | | 3,362 | | | | | | 1,936 | | | | | | 1,426 | | |
Manufacturing
|
| | | | 2,061 | | | | | | 4,719 | | | | | | (2,658) | | |
Preclinical programs
|
| | | | 1,036 | | | | | | 926 | | | | | | 110 | | |
Facilities and other costs
|
| | | | 107 | | | | | | 59 | | | | | | 48 | | |
| | | | $ | 15,616 | | | | | $ | 9,324 | | | | | $ | 6,292 | | |
| | |
Year Ended
December 31, |
| | | | | | | |||||||||
(in thousands)
|
| |
2021
|
| |
2020
|
| |
Change
|
| |||||||||
Consolidated Statements of Operations Data: | | | | | | | | | | | | | | | | | | | |
Operating Expenses: | | | | | | | | | | | | | | | | | | | |
Research and development
|
| | | $ | 18,572 | | | | | $ | 12,887 | | | | | $ | 5,685 | | |
General and administrative
|
| | | | 10,026 | | | | | | 4,520 | | | | | | 5,506 | | |
Total operating expenses
|
| | | | 28,598 | | | | | | 17,407 | | | | | | 11,191 | | |
Loss from operations
|
| | | | (28,598) | | | | | | (17,407) | | | | | | (11,191) | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Grant income
|
| | | | 17,447 | | | | | | 10,855 | | | | | | 6,592 | | |
Change in the fair value of the derivative liability
|
| | | | 2,209 | | | | | | 18 | | | | | | 2,191 | | |
Change in the fair value of the warrant liability
|
| | | | — | | | | | | 181 | | | | | | (181) | | |
Change in the fair value of the Simple Agreements for Future
Equity |
| | | | (2,236) | | | | | | — | | | | | | (2,236) | | |
Other (expense) income, net
|
| | | | (88) | | | | | | 394 | | | | | | (482) | | |
Gain (loss) on debt extinguishment
|
| | | | 443 | | | | | | (129) | | | | | | 572 | | |
Interest expense, net
|
| | | | (893) | | | | | | (1,751) | | | | | | 858 | | |
Total other income, net
|
| | | | 16,882 | | | | | | 9,568 | | | | | | 7,314 | | |
Net loss
|
| | | $ | (11,716) | | | | | $ | (7,839) | | | | | $ | (3,877) | | |
| | |
Year Ended
December 31, |
| | | | | | | |||||||||
| | |
2021
|
| |
2020
|
| |
Change
|
| |||||||||
Clinical programs
|
| | | $ | 4,679 | | | | | $ | 5,263 | | | | | $ | (584) | | |
Personnel
|
| | | | 4,882 | | | | | | 4,026 | | | | | | 856 | | |
Manufacturing
|
| | | | 7,465 | | | | | | 1,798 | | | | | | 5,667 | | |
Preclinical programs
|
| | | | 1,426 | | | | | | 1,693 | | | | | | (267) | | |
Facilities and other costs
|
| | | | 120 | | | | | | 107 | | | | | | 13 | | |
| | | | $ | 18,572 | | | | | $ | 12,887 | | | | | $ | 5,685 | | |
| | |
Six Months Ended
June 30, |
| |||||||||
| | |
2022
|
| |
2021
|
| ||||||
Cash flows used in operating activities
|
| | | $ | (8,345) | | | | | $ | (1,682) | | |
Cash flows used in investing activities
|
| | | | (138) | | | | | | — | | |
Cash flows (used in) provided by financing activities
|
| | | | (465) | | | | | | 7,801 | | |
Effect of exchange rate changes on cash and cash equivalents
|
| | | | (2) | | | | | | (8) | | |
Net (decrease) increase in cash and cash equivalents
|
| | | $ | (8,950) | | | | | $ | 6,111 | | |
| | |
Less than
1 Year |
| |
1 to 3
Years |
| |
3 to 5
Years |
| |
More than 5
years |
| |
Total
|
| |||||||||||||||
Operating lease obligations:
|
| | | $ | 149 | | | | | $ | 193 | | | | | $ | 170 | | | | | $ | 191 | | | | | $ | 703 | | |
Total:
|
| | | $ | 149 | | | | | $ | 193 | | | | | $ | 170 | | | | | $ | 191 | | | | | $ | 703 | | |
| | |
Kd (nM)
|
| |
B maxa
|
|
wt Aβ (1 – 42) oligomers
|
| | Site 1:442 ± 70 | | |
7.98 × 105 ± 0.29 × 105
|
|
A673T mutant Aβ (1 – 42) oligomers
|
| |
Site 1:1,955 ± 502
|
| |
5.98 × 105 ± 0.50 × 105
|
|
Funding Org
|
| |
Year
|
| |
Project
|
| |
Amount
|
| ||||||
National Institute on Aging (NIH)
|
| | | | 2016 | | | |
COG0101 Ph1b first-in-patient trial for CT1812
|
| | | $ | 2,410,669 | | |
National Institute on Aging (NIH)
|
| | | | 2016 | | | | COG0102 Ph1b/2a Clinical Trial for CT1812 | | | | $ | 2,410,669 | | |
National Institute on Aging (NIH)
|
| | | | 2017 | | | | COG0104 Ph1 SNAP Study: CSF Catheter | | | | $ | 2,527,271 | | |
National Institute on Aging (NIH)
|
| | | | 2017 | | | | COG0105 Ph1 SPARC Study: SV2a PET | | | | $ | 4,795,774 | | |
National Institute on Aging (NIH)
|
| | | | 2018 | | | | COG0201 Ph2 SHINE Study | | | | $ | 16,848,329 | | |
National Institute on Aging (NIH)
|
| | | | 2019 | | | | COG0202 Ph2 SEQUEL Study: qEEG | | | | $ | 5,445,051 | | |
National Institute on Aging (NIH)
|
| | | | 2020 | | | | COG0203 Ph2 Study with ACTC | | | | $ | 80,974,766 | | |
National Institute on Aging (NIH)
|
| | | | 2021 | | | | COG0108 Study: hAME | | | | $ | 1,642,783 | | |
National Institute on Aging (NIH)
|
| | | | 2021 | | | | COG0201 Ph2 SHINE Amendment | | | | $ | 13,634,548 | | |
National Institute on Aging (NIH)
|
| | | | 2021 | | | | COG1201: Study: DLB | | | | $ | 29,498,048 | | |
NIH and others
|
| |
2010 – 2021
|
| | Ten Preclinical Programs | | | | $ | 10,859,971 | | | |||
| | | | | | | | | | | | | $ | 171,047,879 | | |
Underwriter
|
| |
Number of Shares
|
|
Cantor Fitzgerald & Co.
|
| |
|
|
Newbridge Securities Corporation
|
| | | |
Total
|
| | | |
| | |
Per Share
|
| |
Total
|
| ||||||||||||||||||
| | |
Without
Option to Purchase Additional Shares |
| |
With
Option to Purchase Additional Shares |
| |
Without
Option to Purchase Additional Shares |
| |
With
Option to Purchase Additional Shares |
| ||||||||||||
Public offering price
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Underwriting discounts and commissions (6%)
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | ||||
Proceeds to us, before expenses
|
| | | $ | | | | | $ | | | | | $ | | | | | $ | | | |
Item
|
| |
Amount
|
| |||
SEC registration fee
|
| | | $ | 1,267 | | |
FINRA filing fee
|
| | | | 4,813 | | |
Legal fees and expenses
|
| | | | 150,000 | | |
Accounting fees and expenses
|
| | | | 60,000 | | |
Printing expenses
|
| | | | 30,000 | | |
Miscellaneous expenses
|
| | | | 3,920 | | |
Total
|
| | | $ | 250,000 | | |
|
Exhibit
number |
| |
Exhibit description
|
|
| 24.1* | | | | |
| 107* | | | |
|
Signature
|
| |
Title
|
| |
Date
|
|
|
/s/ Lisa Ricciardi
Lisa Ricciardi
|
| |
Chief Executive Officer, President and Director
(Principal Executive Officer) |
| |
November 7, 2022
|
|
|
/s/ Andrew Einhorn
Andrew Einhorn
|
| |
Interim Chief Financial Officer
(Principal Financial and Accounting Officer) |
| |
November 7, 2022
|
|
|
/s/ Jack A. Khattar
Jack A. Khattar
|
| |
Director (Chairman of the Board)
|
| |
November 7, 2022
|
|
|
/s/ Aaron G. L. Fletcher, Ph.D.
Aaron G. L. Fletcher, Ph.D.
|
| |
Director
|
| |
November 7, 2022
|
|
|
/s/ Brett P. Monia, Ph.D.
Brett P. Monia, Ph.D.
|
| |
Director
|
| |
November 7, 2022
|
|
|
/s/ Ellen B. Richstone
Ellen B. Richstone
|
| |
Director
|
| |
November 7, 2022
|
|
|
/s/ Peggy Wallace
Peggy Wallace
|
| |
Director
|
| |
November 7, 2022
|
|
1 Year Cognition Therapeutics Chart |
1 Month Cognition Therapeutics Chart |
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