MeritValue

COGNITION THERAPEUTICS INC

CGTXdata completeness 63%6 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'pretaxIncome'

The thesis, from the filings

COGNITION THERAPEUTICS INC earns about -86% on equity, but has diluted owners by 1302% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income−$11.7M1−$21.4M2−$25.8M3−$34M4−$23.5M4
Operating cash flow−$3.63M5−$18.5M6−$16M7−$28.5M8−$24.6M8
Capital expenditure$27,0009$171,00010$147,00011$4,00012—
Free cash flow (derived)−$3.66M5−$18.7M6−$16.2M7−$28.5M8—
Total debt—————
Cash & equivalents$54.7M13$41.6M14$29.9M15$25M16$36.8M16
Diluted shares5.2M23.6M30.0M39.7M72.8M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$4.71
your share of equity
Profit it earned you last year
−$3.23
Free cash flow it threw off
—
Debt you’d be carrying
—

10 shares is a claim on $4.71 of net worth that earned you −$3.23 last year.

iii. Is this a good business?
Moat signal · return on equity
-86% avg · 5y
FY21 -23%FY22 -53%FY23 -105%FY24 -181%FY25 -69%

It earned an average -86% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1302% shares · 5y

Share count is up 1302% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001558370-23-004401 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001558370-24-003949 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001558370-25-003341 (NetIncomeLoss)
  4. 10-K · period ending 2024-12-31 · accession 0001104659-26-034880 (NetIncomeLoss)
  5. 10-K · period ending 2021-12-31 · accession 0001558370-23-004401 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2022-12-31 · accession 0001558370-24-003949 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2023-12-31 · accession 0001558370-25-003341 (NetCashProvidedByUsedInOperatingActivities)
  8. 10-K · period ending 2024-12-31 · accession 0001104659-26-034880 (NetCashProvidedByUsedInOperatingActivities)
  9. 10-K · period ending 2021-12-31 · accession 0001558370-23-004401 (PaymentsToAcquirePropertyPlantAndEquipment)
  10. 10-K · period ending 2022-12-31 · accession 0001558370-24-003949 (PaymentsToAcquirePropertyPlantAndEquipment)
  11. 10-K · period ending 2023-12-31 · accession 0001558370-25-003341 (PaymentsToAcquirePropertyPlantAndEquipment)
  12. 10-K · period ending 2024-12-31 · accession 0001104659-26-034880 (PaymentsToAcquirePropertyPlantAndEquipment)
  13. 10-K · period ending 2021-12-31 · accession 0001558370-23-004401 (CashAndCashEquivalentsAtCarryingValue)
  14. 10-K · period ending 2022-12-31 · accession 0001558370-24-003949 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2023-12-31 · accession 0001558370-25-003341 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2024-12-31 · accession 0001104659-26-034880 (CashAndCashEquivalentsAtCarryingValue)