COGNITION THERAPEUTICS INC
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2026 · Filed Nov 5, 2026
CGTX$0.69+8.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-06-30; filed 2026-08-07.
0001104659-26-092362
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-09-30; filed 2026-11-05.
0001104659-26-122988
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 97 current paragraphs.
66 unchanged; 28 reworded; 2 added; 2 removed; 3 previous and 1 current paragraphs rearranged.
Tables are not compared: 27 previous and 27 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
The Company scheduled meetings with the FDA in January 2026, May 2026 and October 2026 to align on a framework for a planned registrational study for zervimesine in DLB. Over the course of the year, the Company has worked with FDA’s Divisions of Neurology and Psychiatry within the Office of Neuroscience, and concluded with a regulatory path that may advance clinical research in the field. In October, the FDA provided written feedback confirming alignment with key elements of the planned registrational study, including patient selection, dose, duration, and endpoints. The primary endpoint will be the frequency and severity of psychosis (NPI-2), which will serve as a clinical marker of underlying disease progression. A key secondary endpoint will be the Alzheimer's Disease Cooperative Study – Activities of Daily Living (ADCS-ADL) scale, which will measure zervimesine’s treatment impact on daily function. The patients will be randomized 1:1 to receive either 100 mg of once-daily oral zervimesine or placebo for nine months.
Current report
Comparison of the Nine Months Ended September 30, 2026 and 2025
Removed paragraphs (2)
Previous report
The Company has held meetings with the FDA to align on a framework for a registrational program for zervimesine in DLB psychosis. In May 2026, the FDA and the company aligned on key aspects of a pivotal study. The company plans to enroll people with DLB who experience psychosis symptoms of hallucinations and delusions. This includes people with DLB psychosis who are receiving stable background treatment with off-label antispsychotic medications as well as those who are untreated. Following screening, participants will be randomized to receive either 100 mg of once-daily oral zervimesine or placebo for nine months. The Company will work with the FDA on the analytical and statistical details for the primary endpoint for a pivotal trial in DLB psychosis. The Company is planning additional meetings with the FDA to confirm its registrational program.
Previous report
Comparison of the Six Months Ended June 30, 2026 and 2025
Reworded paragraphs (28)
Previous wording
The randomized, double-blind, placebo-controlled Phase 2 COG1201 (SHIMMER) study enrolled 130 adults with DLB and met its primary endpoint of safety and tolerability. SHIMMER was funded by a grant of approximately $29.5 million awarded by the NIA. Zervimesine treatment resulted in an 86% slowing of decline on NPI-12 vs placebo in the
Current wording
The randomized, double-blind, placebo-controlled Phase 2 COG1201 (SHIMMER) study enrolled 130 adults with DLB and met its primary endpoint of safety and tolerability. SHIMMER was funded by a grant of approximately $29.5 million awarded by the NIA. Zervimesine treatment compared to placebo slowed the progression of cognitive decline,
Previous wording
SHIMMER study. This tool describes the frequency and severity of 12 behavioral symptoms including hallucinations, delusions and anxiety.
Current wording
fluctuations, motor function and hallucinations, all of which are core diagnostic features of DLB. Some of zervimesine’s strongest results were in the neuropsychiatric symptoms of DLB. Zervimesine treatment resulted in an 86% slowing of decline on the NPI-12 vs placebo in the SHIMMER study. This tool describes the frequency and severity of 12 behavioral symptoms including hallucinations and delusions. Together, hallucinations and delusions are defined as psychosis. These psychosis symptoms are prevalent in people living with DLB, often occurring at early stages in the disease and worsening as the underlying disease progresses.
Previous wording
In June 2025, the company initiated an expanded access program (“EAP”) for 32 eligible participants who completed the Phase 2 SHIMMER study as well as additional patients with a diagnosis of mild-to-moderate DLB who met the criteria for this program. Through this open-label EAP (COG1202), participants are being provided with 100 mg of oral zervimesine to take daily for approximately two years. The first participant was enrolled in June 2025 and the last in December 2025. We are now evaluating a few additional patients.
Current wording
In June 2025, the Company initiated an expanded access program (“EAP”) for participants who completed the Phase 2 SHIMMER study as well as additional patients with a diagnosis of mild-to-moderate DLB who met the criteria for this program. Through this open-label EAP (COG1202), participants are being provided with 100 mg of oral zervimesine to take daily for approximately two years. The first participant was enrolled in June 2025, and the Company is now evaluating a few additional patients.
Previous wording
To date, we have funded our operations primarily with proceeds from grants awarded by the National Institute of Aging (the “NIA”), a division of the National Institutes of Health (the “NIH”), and proceeds from our initial public offering (the “IPO”), completed in October 2021, proceeds from our follow-on public offerings, sales of our common stock through our ATM (as defined below), sales of our convertible promissory notes, convertible preferred stock, simple agreements for future equity (“SAFE”) and stock option exercises. Since our inception, we have received approximately $181.9 million in net proceeds from sales of our equity securities, convertible notes, SAFE, stock option exercises, IPO follow-on public offerings, registered direct offering in August 2025, at-the-market offerings, and equity line financing with Lincoln Park. As of June 30, 2026, we had cash, cash equivalents, and restricted cash equivalents of $34.8 million. As of June 30, 2026,
Current wording
our ATM (as defined below), sales of our convertible promissory notes, convertible preferred stock, simple agreements for future equity (“SAFE”) and stock option exercises. Since our inception, we have received approximately $181.9 million in net proceeds from sales of our equity securities, convertible notes, SAFE, stock option exercises, IPO follow-on public offerings, registered direct offering in August 2025, at-the-market offerings, and equity line financing with Lincoln Park. As of September 30, 2026, we had cash, cash equivalents, and restricted cash equivalents of $31.5 million. As of September 30, 2026, we had approximately $18.2 million available from obligated NIA funds for applicable expenses to be incurred in the future.
Previous wording
On August 29, 2025, we completed our registered direct offering, pursuant to which we issued and sold 14,700,000 shares of our common stock at an offering price of $2.05 per share. We received net proceeds of approximately $27.9 million, after deducting underwriting discounts, commissions, placement agent fees, and other offering related expenses payable by us. In connection with the registered direct offering, we agreed to pay the placement agent an aggregate cash fee of 7.0% of the gross proceeds raised from the sale and issuance of the shares of common stock minus certain expenses. We agreed to issue warrants to the placement agent to purchase up to 514,500 shares of common stock which have an exercisable price equal to $2.78 and will be exercisable commencing six months from the close of the registered direct offering with a term of five (5) years from the date of the Placement Agency Agreement.
Current wording
On August 29, 2025, we completed our registered direct offering, pursuant to which we issued and sold 14,700,000 shares of our common stock at an offering price of $2.05 per share. We received net proceeds of approximately $27.9 million, after deducting underwriting discounts, commissions, placement agent fees, and other offering related expenses payable by us. In connection with the registered direct offering, we agreed to pay the placement agent an aggregate cash fee of 7.0% of the gross proceeds raised from the sale and issuance of the shares of common stock minus certain expenses. We agreed to issue warrants to the placement agent to purchase up to 514,500 shares of common stock which have an exercise price equal to $2.78 and will be exercisable commencing six months from the close of the registered direct offering with a term of five (5) years from the date of the Placement Agency Agreement.
Previous wording
On December 18, 2025, we filed a shelf registration statement with the SEC and a prospectus supplement, which registered the offering, issuance and sale of up to $300.0 million of various equity and debt securities and up to $75.0 million of common stock pursuant to an at-the-market equity offering program with Jefferies LLC (“Jefferies”) (the “2025 ATM”). For the six months ended June 30, 2026, we sold 5,506,610 shares of common stock pursuant to the 2025 ATM for gross proceeds of approximately $6.9 million. As of June 30, 2026, $68.1 million remain in gross proceeds available for future issuances of common stock under the 2025 ATM.
Current wording
On December 18, 2025, we filed a shelf registration statement with the SEC and a prospectus supplement, which registered the offering, issuance and sale of up to $300.0 million of various equity and debt securities and up to $75.0 million of common stock pursuant to an at-the-market equity offering program with Jefferies LLC (“Jefferies”) (the “2025 ATM”). For the nine months ended September 30, 2026, we sold 5,550,659 shares of common stock pursuant to the 2025 ATM for gross proceeds of approximately $7.0 million. As of September 30, 2026, $68.0 million remain in gross proceeds available for future issuances of common stock under the 2025 ATM.
Previous wording
We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future, as we advance our current and future product candidates through preclinical and clinical development, manufacture drug product and drug supply, seek regulatory approval for our current and future product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel and operate as a public company. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities.
Current wording
We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future, as we advance our current and future product candidates through preclinical, nonclinical and clinical development, manufacture drug product and drug supply, seek regulatory approval for our current and future product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel and operate as a public company. We will not generate revenue from product sales unless and until we successfully complete clinical development and obtain regulatory approval for our product candidates. In addition, if we obtain regulatory approval for our product candidates and do not enter into a third-party commercialization partnership, we expect to incur significant expenses related to developing our commercialization capability to support product sales, marketing, manufacturing and distribution activities.
Previous wording
We do not own or operate manufacturing facilities. We rely, and expect to continue to rely, on third parties for the manufacture of zervimesine for preclinical studies and clinical trials, as well as for commercial manufacture if zervimesine obtains marketing approval. We also rely, and expect to continue to rely, on third parties to manufacture, package, label, store, and distribute zervimesine, if marketing approval is obtained. We believe that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities, equipment, and personnel while also enabling us to focus our expertise and resources on the development of zervimesine.
Current wording
We do not own or operate manufacturing facilities. We rely, and expect to continue to rely, on third parties for the manufacture of zervimesine for nonclinical studies and clinical trials, as well as for commercial manufacture if zervimesine obtains marketing approval. We also rely, and expect to continue to rely, on third parties to manufacture, package, label, store, and distribute zervimesine, if marketing approval is obtained. We believe that this strategy allows us to maintain a more efficient infrastructure by eliminating the need for us to invest in our own manufacturing facilities, equipment, and personnel while also enabling us to focus our expertise and resources on the development of zervimesine.
Previous wording
We expense research and development costs as incurred. Non-refundable advance payments for goods and services that will be used over time for research and development are capitalized and recognized as goods are delivered or as the related services are performed. In-licensing fees and other costs to acquire technologies used in research and development that have not yet received regulatory approval and that are not expected to have an alternative future use are expensed when incurred. We track direct costs by stage of program, clinical or preclinical. However, we do not track indirect costs on a program specific basis because these costs are deployed across multiple programs and, as such, are not separately classified.
Current wording
We expense research and development costs as incurred. Non-refundable advance payments for goods and services that will be used over time for research and development are capitalized and recognized as goods are delivered or as the related services are performed. In-licensing fees and other costs to acquire technologies used in research and development that have not yet received regulatory approval and that are not expected to have an alternative future use are expensed when incurred. We track direct costs by stage of program, clinical or nonclinical. However, we do not track indirect costs on a program specific basis because these costs are deployed across multiple programs and, as such, are not separately classified.
Previous wording
Grant income relates to the grants and donations received from government and other (non-government) parties. Grants awarded are conditional cost reimbursement grants and are recognized as grant income as allowable costs are incurred and the right to payment is realized. The grants awarded relate to agreed upon direct and indirect costs for specific studies or clinical trials, which may include personnel and consulting costs, costs paid to CROs, research institutions and /or consortiums involved in the grant, as well as facilities and administrative costs. These grants are cost plus fixed fee arrangements in which we are reimbursed for eligible direct and indirect costs over time, up to the maximum amount of each specific grant award. Only costs that are allowable under the grant award, certain government regulations and the NIH’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject to routine audits from governmental agencies from time to time. As of June 30, 2026, the Company has been awarded grants with project periods that extend through May 31, 2027, subject to extension. Our clinical trials have been funded
Current wording
Grant income relates to the grants and donations received from government and other (non-government) parties. Grants awarded are conditional cost reimbursement grants and are recognized as grant income as allowable costs are incurred and the right to payment is realized. The grants awarded relate to agreed upon direct and indirect costs for specific studies or clinical trials, which may include personnel and consulting costs, costs paid to CROs, research institutions and /or consortiums involved in the grant, as well as facilities and administrative costs. These grants are cost plus fixed fee arrangements in which we are reimbursed for eligible direct and indirect costs over time, up to the maximum amount of each specific grant award. Only costs that are allowable under the grant award, certain government regulations and the NIH’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject to routine audits from governmental agencies from time to time. As of September 30, 2026, the Company has been awarded grants with project periods that extend through May 31, 2027, subject to extension. Our clinical trials have been
Previous wording
by approximately $171.0 million in cumulative grants awarded primarily by the NIA, which includes an approximately $81.0 million grant from the NIA to fund our Phase 2 (COG0203-START) study of zervimesine in patients with early-stage Alzheimer’s disease, an approximately $30.5 million grant from the NIA to fund our Phase 2 (COG0201-SHINE) study of zervimesine in patients with mild-to-moderate Alzheimer’s disease, and an approximately $29.5 million grant from the NIA to fund our Phase 2 (COG1201-SHIMMER) study of zervimesine in patients with DLB.
Current wording
funded by approximately $171.0 million in cumulative grants awarded primarily by the NIA, which includes an approximately $81.0 million grant from the NIA to fund our Phase 2 (COG0203-START) study of zervimesine in patients with early-stage Alzheimer’s disease, an approximately $30.5 million grant from the NIA to fund our Phase 2 (COG0201-SHINE) study of zervimesine in patients with mild-to-moderate Alzheimer’s disease, and an approximately $29.5 million grant from the NIA to fund our Phase 2 (COG1201-SHIMMER) study of zervimesine in patients with DLB.
Previous wording
Research and development expenses were $5.1 million for the three months ended June 30, 2026, compared to $11.5 million for the three months ended June 30, 2025. The decrease of approximately $6.4 million was primarily due to the following:
Current wording
Research and development expenses were $5.1 million for the three months ended September 30, 2026, compared to $3.8 million for the three months ended September 30, 2025. The increase of approximately $1.4 million was primarily due to the following:
Previous wording
General and administrative expenses were $2.6 million for the three months ended June 30, 2026, compared to $2.5 million for the three months ended June 30, 2025. The change in general and administrative expenses was driven primarily by an increase in professional fees, which was partially offset by a decrease in equity-based compensation and employee compensation and benefit costs.
Current wording
General and administrative expenses were $2.3 million for the three months ended September 30, 2026, compared to $2.6 million for the three months ended September 30, 2025. The change in general and administrative expenses was driven primarily by a decrease in professional fees and a decrease in employee compensation and benefit costs.
Previous wording
Grant income was $3.5 million for the three months ended June 30, 2026, compared to $7.1 million for the three months ended June 30, 2025. The change in grant income is correlated with the decrease in eligible reimbursable costs related to clinical trials incurred during 2026 as compared to 2025.
Current wording
Grant income was $3.0 million for the three months ended September 30, 2026, compared to $1.2 million for the three months ended September 30, 2025. The change in grant income is correlated with the increase in eligible reimbursable costs related to clinical trials incurred during the three months ended September 30, 2026 as compared to the three months ended September 30, 2025.
Previous wording
Other income, net was $0.3 million for the three months ended June 30, 2026, compared to other income, net of $0.1 million for the three months ended June 30, 2025. The change in other income, net was insignificant period over period.
Current wording
Other income, net was $0.3 million for the three months ended September 30, 2026, compared to other income, net of $0.2 million for the three months ended September 30, 2025. The change in other income, net was insignificant period over period.
Previous wording
Research and development expenses were $11.2 million for the six months ended June 30, 2026, compared to $22.3 million for the six months ended June 30, 2025. The decrease of $11.1 million was primarily due to the following:
Current wording
Research and development expenses were $16.3 million for the nine months ended September 30, 2026, compared to $26.0 million for the nine months ended September 30, 2025. The decrease of $9.7 million was primarily due to the following:
Previous wording
General and administrative expenses were $5.3 million for the six months ended June 30, 2026, compared to $5.5 million for the six months ended June 30, 2025. The change in general and administrative expenses was driven primarily by a decrease in employee compensation and benefits, which was partially offset by an increase in professional fees.
Current wording
General and administrative expenses were $7.6 million for the nine months ended September 30, 2026, compared to $8.1 million for the nine months ended September 30, 2025. The change in general and administrative expenses was driven primarily by a decrease in employee compensation and benefits, which was partially offset by an increase in professional fees.
Previous wording
Grant income was $7.5 million for the six months ended June 30, 2026, compared to $12.2 million for the six months ended June 30, 2025. The change in grant income is correlated with the decrease in eligible reimbursable costs related to clinical trials incurred during 2026 as compared to 2025.
Current wording
Grant income was $10.5 million for the nine months ended September 30, 2026, compared to $13.4 million for the nine months ended September 30, 2025. The change in grant income is correlated with the decrease in eligible reimbursable costs related to clinical trials incurred during the nine months ended September 30, 2026 as compared to the nine months ended September 30, 2025.
Previous wording
Other income, net was $0.6 million for the six months ended June 30, 2026, compared to other income, net of $0.4 million for the six months ended June 30, 2025. The change in other income, net was insignificant period over period.
Current wording
Other income, net was $0.8 million for the nine months ended September 30, 2026, compared to other income, net of $0.6 million for the nine months ended September 30, 2025. The change in other income, net was insignificant period over period.
Previous wording
Interest expense was less than $0.1 million for the six months ended June 30, 2026, compared to interest expense of less than $0.1 million for the six months ended June 30, 2025. Interest expense was not significant in either period.
Current wording
Interest expense was less than $0.1 million for the nine months ended September 30, 2026, compared to interest expense of less than $0.1 million for the nine months ended September 30, 2025. Interest expense was not significant in either period.
Previous wording
On August 29, 2025, we completed the registered direct offering of 14,700,000 shares of our common stock at an offering price of $2.05 per share. As part of the registered direct offering, we agreed to issue warrants to the placement agent to purchase up to 514,500 shares of common stock which have an exercise price equal to $2.78. The net proceeds were approximately $27.9 million, after deducting underwriting discounts, commissions, placement agent fees, and other offering related expenses payable by us. On December 18, 2025, we entered into a Sales Agreement with Jefferies, providing for the offering, issuance and sale by us of up to $75.0 million of our common stock from time to time in ATM offerings. As of June 30, 2026, we have sold 5,506,610 shares of common stock under the 2025 ATM for gross proceeds of approximately $6.9 million.
Current wording
On August 29, 2025, we completed the registered direct offering of 14,700,000 shares of our common stock at an offering price of $2.05 per share. As part of the registered direct offering, we agreed to issue warrants to the placement agent to purchase up to 514,500 shares of common stock which have an exercise price equal to $2.78. The net proceeds were approximately $27.9 million, after deducting underwriting discounts, commissions, placement agent fees, and other offering related expenses payable by us. On December 18, 2025, we entered into a Sales Agreement with Jefferies, providing for the offering, issuance and sale by us of up to $75.0 million of our common stock from time to time in ATM offerings. As of September 30, 2026, we have sold 5,550,659 shares of common stock under the 2025 ATM for gross proceeds of approximately $7.0 million.
Previous wording
As of June 30, 2026, we had $34.8 million in cash, cash equivalents, and restricted cash equivalents and have not generated positive cash flows from operations. Based on our current business plans, we believe that our existing cash and cash equivalents, income from non-dilutive grants and donations, and net proceeds from our public offerings will be sufficient for us to fund our operating expenses and capital expenditures requirements into the fourth quarter of 2027, which assumes no usage from the 2025 ATM. We have based these estimates on assumptions that may prove to be incorrect or require adjustment as a result of business decisions, and we could utilize our available capital resources sooner than we currently expect.
Current wording
As of September 30, 2026, we had $31.5 million in cash, cash equivalents, and restricted cash equivalents and have not generated positive cash flows from operations. Based on our current business plans, we believe that our existing cash and cash equivalents, income from non-dilutive grants and donations, and net proceeds from our public offerings will be sufficient for us to fund our operating expenses and capital expenditures requirements into the fourth quarter of 2027, which assumes no usage from the 2025 ATM. We have based these estimates on assumptions that may prove to be incorrect or require adjustment as a result of business decisions, and we could utilize our available capital resources sooner than we currently expect.
Previous wording
We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future, as we advance our current and future product candidates through preclinical and clinical development, manufacture drug product and drug supply, seek regulatory approval for our current and future product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, and operate as a public company. We anticipate that we will need to raise additional funding in the future to fund our operations, including the commercialization of any approved product candidates. We are subject to the risks typically related to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business.
Current wording
We expect to continue to incur significant and increasing expenses and net losses for the foreseeable future, as we advance our current and future product candidates through nonclinical and clinical development, manufacture drug product and drug supply, seek regulatory approval for our current and future product candidates, maintain and expand our intellectual property portfolio, hire additional research and development and business personnel, and operate as a public company. We anticipate that we will need to raise additional funding in the future to fund our operations, including the commercialization of any approved product candidates. We are subject to the risks typically related to the development of new products, and we may encounter unforeseen expenses, difficulties, complications, delays, and other unknown factors that may adversely affect our business.
Previous wording
Until such time as we can generate significant revenue from product sales, we expect to finance our operations through a combination of public or private equity offerings, debt financings or other sources, such as potential collaboration agreements and strategic alliances, licensing or similar arrangements with third parties. To the extent available, we expect to continue our pursuit of non-dilutive research contributions, or grants, including additional NIA grant funding. However, we may fail to receive additional NIA grants, or we may be unable to raise additional funds or enter into such other
Current wording
Until such time as we can generate significant revenue from product sales, we expect to finance our operations through a combination of public or private equity offerings, debt financings or other sources, such as potential collaboration agreements and strategic alliances, licensing or similar arrangements with third parties. To the extent available, we expect to continue our pursuit of non-dilutive research contributions, or grants, including additional NIA grant funding. However, we may fail to receive additional NIA grants, or we may be unable to raise additional funds or enter into such other agreements or arrangements when needed on acceptable terms, or at all. Our failure to obtain additional NIA grants or raise capital or enter into such agreements as and when needed could have a material adverse effect on our business, results of operations and financial condition.
Previous wording
Net cash used in operating activities for the six months ended June 30, 2026 and 2025 was $8.6 million and $15.5 million, respectively. The change in cash used in operating activities of $6.9 million was driven by a decrease in net loss of $6.7 million, combined with an increase of $0.8 million in operating assets and liabilities and a decrease in non-cash adjustments of $0.6 million. The increase in net operating assets and liabilities of $0.8 million was primarily related to an increase in grant receivables of $10.6 million, which was partially offset by a decrease in accounts payable and accrued expenses of $9.1 million and a decrease in deferred income and other liabilities of $0.5 million. The decrease in non-cash adjustments of $0.6 million was primarily related to a decrease in equity-based compensation of $0.6 million.
Current wording
Net cash used in operating activities for the nine months ended September 30, 2026 and 2025 was $11.9 million and $21.2 million, respectively. The change in cash used in operating activities of $9.3 million was driven by a decrease in net loss of $7.5 million, combined with an increase of $2.6 million in the change in operating assets and liabilities and a decrease in non-cash adjustments of $0.8 million. The increase in the net change of operating assets and liabilities of $2.6 million was primarily related to an increase in grant receivables of $6.6 million and an increase in prepaid expenses and other current assets of $0.1 million, which was partially offset by a decrease in accounts payable and accrued expenses of $3.9 million and a decrease in deferred income and other liabilities of $0.2 million. The decrease in non-cash adjustments of $0.8 million was primarily related to a decrease in equity-based compensation of $0.7 million.
Previous wording
Net cash used in investing activities for the six months ended June 30, 2026 and 2025 was less than $0.1 million.
Current wording
Net cash used in investing activities for the nine months ended September 30, 2026 and 2025 was less than $0.1 million.
Previous wording
Net cash provided by financing activities was $6.4 million and $2.0 million for the six months ended June 30, 2026 and 2025, respectively. The change in net cash by financing activities is primarily related to increased proceeds from the issuance of common stock under the 2025 ATM program during the six months ended June 30, 2026.
Current wording
Net cash provided by financing activities was $6.3 million and $36.0 million for the nine months ended September 30, 2026 and 2025, respectively. The change in net cash provided by financing activities is primarily related to net proceeds from the issuance of common stock in the registered direct offering in August 2025 of $27.9 million and net proceeds from the issuance of common stock under the ATM program of $8.3 million during the nine months ended September 30, 2025, as compared to the net proceeds of $6.8 million under the 2025 ATM program during the nine months ended September 30, 2026.
Previous wording
In October 2024, we entered into an insurance premium financing arrangement whereby we financed $0.4 million of certain premiums at a 8.65% annual interest rate. Payments of less than $0.1 million are due monthly from November 2024 through July 2025. As of June 30, 2026, there was no outstanding balance on the loan.
Current wording
In October 2025, we entered into an insurance premium financing arrangement whereby we financed $0.4 million of certain premiums at a 7.95% annual interest rate. Payments of less than $0.1 million were due monthly from November 2025 through August 2026. As of September 30, 2026, there was no outstanding balance on the loan.
Rearranged current paragraphs (1)
Current report — wording carried from elsewhere
To date, we have funded our operations primarily with proceeds from grants awarded by the National Institute of Aging (the “NIA”), a division of the National Institutes of Health (the “NIH”), and proceeds from our initial public offering (the “IPO”), completed in October 2021, proceeds from our follow-on public offerings, sales of our common stock through
Rearranged previous paragraphs (3)
Previous report — wording carried elsewhere
we had approximately $21.6 million available from obligated NIA funds for applicable expenses to be incurred in the future.
Previous report — wording carried elsewhere
agreements or arrangements when needed on acceptable terms, or at all. Our failure to obtain additional NIA grants or raise capital or enter into such agreements as and when needed could have a material adverse effect on our business, results of operations and financial condition.
Previous report — wording carried elsewhere
In October 2025, we entered into an insurance premium financing arrangement whereby we financed $0.4 million of certain premiums at a 7.95% annual interest rate. Payments of less than $0.1 million are due monthly from November 2025 through August 2026. As of June 30, 2026, the outstanding principal amount of the loan was $0.1 million.