Cognition Therapeutics NASDAQ: CGTX
[This page is created by Reza Ganjavi who is an investor in CGTX in order to share his due diligence with the public. It is not an investment or medical advice. Do your own research. This page is NOT sponsored by Cognition Therapeutics and is purely a personal endeavor].
Regarding: Cognition Therapeutics, Inc.
2500 Westchester Avenue
Purchase, NY 10577
412 481 2210
By Reza Ganjavi
CONVERSATIONS (VIDEOS) https://cogrx.com/conversations-episodes/
New conversation video -- a very strong endorsement of the EEG data and CT1812
Episode 7: Quantitative EEG: Effects of CT1812 on Measures of Synaptic Function in Alzheimer’s Disease
Meet the company's new largest shareholder. Very impressive profiles. The number one man has been a Director of Cognition for a long time so in a way it's a great sign of confidence for an insider to buy so many shares. https://biospartners.com/team/
Aaron G.L. Fletcher, PhD
Managing Partner & Co-Founder
Dr. Fletcher is managing director of Bios Partners, a life sciences venture firm based in Fort Worth, Texas and founded and serves as president of Bios Research, a financial services firm that provides public equity research in the healthcare space tailored to institutional firms. Bios Research provides fundamental healthcare industry research focused in the biotech and med-tech sub-sectors and through this research, Dr. Fletcher has a strong understanding of commercial viability in the marketplace. Dr. Fletcher holds a Ph.D. in biochemistry from Colorado State University and currently serves as a visiting professor at Dallas Baptist University. Dr. Fletcher has worked as an independent consultant for the biotech/healthcare equity industry for more than 10 years and has extensive experience at companies covering a variety of diagnostic and therapeutic areas including oncology.
Leslie W. Kreis, Jr.
Managing Partner & Co-Founder
Kreis has over 25 years of investment experience across many types of financial instruments in both global public and private equity markets. Currently, he is the Managing Principal at Steelhead Capital Management, which manages a portfolio of small business investments and start-up ventures. Mr. Kreis is also a founding member of Cowtown Angels, a Fort Worth-based angel investment network. Prior to this, Mr. Kreis was a Vice President at HBK Investments, a multi-strategy global hedge fund based in Dallas, TX. During his 11-year tenure with the firm, he managed a $3 billion global portfolio composed of stocks, bonds and derivatives products. He was one of two professionals responsible for launching HBK’s London office, and he traded in many financial markets including Japan, India, Europe, United Kingdom, Canada and the U.S. Mr. Kreis received a BBA in Finance from Texas Christian University in 1994.
INSIDER DOES MAJOR PURCHASE (13 NOV 2023)
Aaron Fletcher, Ph.D. current director, picked up 500,095 shares at 1.05 via the ATM arrangement. I hate the dilution but I love the fact that an insider who knows the company inside out, did such a big purchase which is a big sign of confidence.
Dr. Fletcher has worked as an independent consultant for the biotech/healthcare equity industry for over 10 years. Dr. Fletcher has a strong understanding of commercial viability in the marketplace through his activities as a healthcare consultant to provide fundamental healthcare intelligence focused on the biotech and medtech sub-sectors. He is the founder and president of Bios Research, a financial services firm that provides public equity research in the healthcare space tailored to institutional firms and large family offices. Dr. Fletcher holds a Ph.D. in biochemistry from Colorado State University and serves as a professor at Dallas Baptist University where he teaches biochemistry, bioethics and cell biology.
Message from the former CEO. He told me this recently: "I do hope that the promising drug we discovered and developed makes it to the market and to patients who desperately need more therapeutic options. That would be a worthwhile outcome from all of this."
Cognition Therapeutics and Collaborators at Yale and ACTC Announce Oral Late-breaking Presentation on the START Study in Early Alzheimer’s Disease at CTAD
Oct 27, 2023
NEW YORK, Oct. 27, 2023 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (NASDAQ: CGTX) announced that Christoper van Dyck, M.D., the director of the Yale Alzheimer's Disease Research Unit and the Yale Alzheimer's Disease Research Center, is presenting the Phase 2 study design of the company’s ongoing START study in an oral late-breaking session at Clinical Trials on Alzheimer’s Disease (CTAD) conference. The START Study is assessing once-daily oral CT1812 or placebo in 540 individuals with early Alzheimer’s disease for 18 months of treatment. Cognition Therapeutics is conducting the study in collaboration with the Alzheimer's Clinical Trials Consortium (ACTC) with major grant support from the National Institute of Aging (NIA) at the National Institutes of Health.
“This study represents the next generation of trials for Alzheimer’s disease, in that participants who are on stable doses of the first fully approved disease-modifying treatment for Alzheimer’s disease - lecanemab (an anti-amyloid antibody) - will be eligible to enroll, in addition to those who have not been exposed to lecanemab,” explained Dr. van Dyck, who is also a member of the ACTC executive committee and the project director of the START Study. “The future treatment of Alzheimer’s disease will likely consist of combination therapies to achieve greater slowing of disease progression. My colleagues and I are excited about the prospects of an oral treatment like CT1812, which may prove to be effective as a monotherapy but also has a mechanism of action that is distinct from and potentially complimentary to the anti-amyloid antibodies."
Published data points to a role for the sigma-2 (σ-2) receptor in regulating key “housekeeping” processes such as autophagy that are impaired in Alzheimer’s and other neurodegenerative diseases. By binding to the σ-2 receptor on neurons, CT1812 may rescue these processes and protect neurons from further damage. We have collected the following clinical data, which we believe support the potential benefit that CT1812 may exert on synapse function and overall brain health:
target engagement data demonstrated in the SNAP study;
preliminary evidence of cognitive impact seen in the first cohort of patients in the SHINE study;
reduced hippocampal atrophy (loss of brain matter) observed via volumetric MRI in the SPARC study; and
favorable impact on brainwave patterns as measured via quantitative electroencephalogram in the Phase 2 SEQUEL study.
The tolerability profile of CT1812 has been consistent throughout clinical development with mild-to-moderate adverse events and no treatment-related serious adverse events reported.
The START study is actively underway with screening of adults with early Alzheimer’s disease at multiple clinical sites, including the University of Kentucky Sanders-Brown Center on Aging (SBCoA), the Butler Hospital Memory and Aging Program (BHMAP), and Wake Forest University Health Sciences. Ultimately, we expect that approximately 50 sites in North America, including premier institutions in the ACTC network, will be activated.
"A once-daily oral medication that could slow or halt the progression of this disease at an early stage would add an important therapeutic option for physicians and patients alike," added Cognition president and CEO, Lisa Ricciardi. "This trial gives us the opportunity to study CT1812 in patients with early stages of Alzheimer’s disease, when the proposed synapto-protective mechanism of CT1812 may shield neurons from further injury. We believe that a trial that reflects the future real-world population of individuals who are on or have been exposed to anti-amyloid antibodies, will allow for clinically relevant findings from the study."
Picked these up from some message boards:
"CT1812 is not simply the most promising breakthrough for Alzheimer’s, but the biggest breakthrough in all of medicine in recent memory. The humor of it all has to do with CGTX. It’s a very small company. Had it been Ely Lilly, everyone would be talking about what just happened on Wall Street."
"I believe a complete re-evaluation of CGTX is imminent. They will soon be in a whole different league of pharma and biotech companies. After re-studying their technology and innovative approach, I am pretty confident that CT1812 will be a game changer."
"The market cap should be $500 million now or about $20 per share."
"I understood the pharmacology of CT1812 two years ago when I bought CGTX at premium prices. It was a financial fiasco. Didn’t sell like everyone else. My attitude is not bold. It’s scientific, based on a medical background and published literature."
Professor talks about being excited about Cognition's CT-1812
15 Oct 2023
LAWSUIT AGAINST COMPANY DISMISSED
Case title: afferstein, Harold T. vs. Cognition Therapeutics, Inc.
Court: Westchester Supreme Court
Index Number: 63271/2022
The lawsuit brought by the last CEO is closed. I found the case and read the filings. Cognition's lawyer put on a great defense and basically killed the case it seems. They filed a stipulation to stop the proceedings. I had contact with the former CEO. Because they signed a settlement agreement he couldn't tell me details but he is very optimistic about the drug, and keep in mind he was a founder of the company.
I personally don't believe the settlement involved any monies paid to the former CEO because his case looks very weak to me. My guess is that both sides agreed to just drop any claims and counterclaims but it's still cost cognition a lot of money in lawyer fees. But the case was closed last autumn so it's water under the bridge and no risk or impact to shareholders going forward. My guess is that they made an arrangement to let him keep his options. I don't see any regulatory statements. If you do let me know.
Filed Aug 9, 2022 BY FORMER CEO OVER STOCK OPTION ISSUES
Last docket entry is from 17 November 2022, where Cognition's motion to dismiss was denied based on parties mutually filing to discontinue proceedings because apparently they settled the case last minute.
(14 Nov 2022 filing:
IT IS HEREBY STIPULATED AND AGREED, by the parties herein that the above-entitled
action, together with all cross-claims and counterclaims, be and the same is, hereby discontinued,
with prejudice and without costs to any party and this stipulation may be filed with the Clerk of
Court with further notice.
Attorneys from both sides signed the filing.
On 23 Sep 2022 Cognition lawyer filed a killer brief
MEMORANDUM OF LAW IN SUPPORT OF DEFENDANT COGNITION THERAPEUTICS, INC.’S MOTION TO DISMISS THE COMPLAINT
TABLE OF CONTENTS
PRELIMINARY STATEMENT ................................................................................................... 1
FACTUAL BACKGROUND ........................................................................................................ 2
STANDARD OF REVIEW ........................................................................................................... 6
LEGAL ARGUMENT ................................................................................................................... 7
A. Count I: The Breach of Contract Claim Should be Dismissed .............................. 7
1. Cognition is not contractually obligated to establish a cashless
exercise program under the plain and unambiguous terms of the
2007 Plan. .................................................................................................. 7
2. The Complaint fails to allege the breach of any other agreement. .......... 10
B. Count II: The Breach of the Covenant of Good Faith and Fair Dealing Claim
Should Be Dismissed ........................................................................................... 12
C. Count III: The Negligence Claim Should Be Dismissed ..................................... 14
D. Count IV: The Negligent Misrepresentation Claim Should Be Dismissed ......... 16
CONCLUSION ............................................................................................................................ 20
Cognition Thinks It Has an Alzheimer’s Blockbuster
18 Sep 2023
Buyers who understand the potential of this stock are freaked out by the CEO's horrible mismanagement of the company in trying to fund a trial by diluting a penny stock! Unbelievable. It doesn't matter that the doctors are eager to see if 1812 works for dry AMD, they're not paying for it. Lisa Ricciardi and her horrible Board don't have the wisdom to see that shareholders CANNOT fund the Magnify trial. Fire Lisa Ricciardi Now! And stop Magnify and the stock will take off.
17 Sep 2023
The Lisa Ricciardi apologist, Radiohead23 (who might be the IR guy) knows Lisa or has insider information that he claims two big pharmas are trying to hire Lisa Ricciardi. That makes me very happy. Nothing against her personally but she's just the wrong CEO for Cognition despite her impressive background which lacks one key experience: running a public company, which she's never done before as CEO or President. Experience counts. I hope the big pharmas manage to hire her away from Cognition. It will save us a lot of money (her salary, bonus, travel, perks). Cognition needs a leader who stops the bleeding of reckless playing Russian Roulette with shareholder value by diluting the penny stock to fund a major trial. It doesn't work like that. If they stop supplying shares, and have a level headed CEO who knows what to say and not say, and doesn't screw up like Lisa has some times, and her at times super hyper and destabilizing manner, then the stock should run up to the data.
Message sent to Lisa Ricciardi:
Earth To Lisa! You can't fund a major trial by diluting a penny stock! Hello! Are you in a la la land?! The stock should run up to next year's data if supply is kept constant. If you ever ran a public company before you'd understand that. Your delusional mismanagement is killing the company. Resign and let a realistic CEO take over. $CGTX should be over $5 now if you weren't constantly bitch slapping it.
MEET THE SCIENTISTS: https://vimeo.com/843249142
Steven A. Weissman, Ph.D. - Doctor of Philosophy in chemistry from Tufts University. He conducted his post-doctoral training under Nobel laureate, Herbert C. Brown, at Purdue University.
Anthony O. Caggiano, M.D., Ph.D. - Dr. Caggiano earned his Bachelor of Arts from the University of Virginia in interdisciplinary studies, focusing on biology, chemistry and psychology. He earned his doctoral degree from the University of Chicago and his medical degree from the University of Chicago, Pritzker School of Medicine.
Britney Lizama - Vanderbilt University - Doctor of Philosophy (PhD), Cellular & Molecular Neuroscience - 2018
Mary Hamby - Ph.D. in biomedical science specializing in neuroscience from University of Connecticut and conducted her post-doctoral training at University of California Los Angeles.
Conversations Episode 6: Geographic Atrophy: New Strategies to Protect the Retina
Part 1: https://vimeo.com/856455073
Part 2: https://vimeo.com/861382315
Vimeo page: https://vimeo.com/user178059146
CGTX Can Easily Run to $5 and beyond soon if they stop supplying shares (diluting)
Normally, in a stock like this where existing data is good and next data has huge significance, the stock could quadruple in run up to that data, only if the company stops diluting. You do NOT dilute a 1.50 stock to fund an unfunded trial. That's just bad management. If they stop supplying shares, the demand could easily make the stock go above $5 by the end of the year or sooner, and double or triple from there by the time data is out. Earth to Lisa!
Fire Lisa Ricciardi the rookie CEO who is apparently incompetent in driving company value, and is apparently playing a reckless, mindless Russian Roulette by trying to fund a big trial by diluting a $1.40 stock.
CGTX Institutional Holdings
Per Q2 13-Fs, top institutional holders have generally held their shares with two increasing position by 44% and 83%.
Retails owns the majority of shares so it's conceivable there are some retail holders who own more shares than some institutions.
PATHSTONE FAMILY OFFICE, LLC 06/30/2023 2,205,377 -5,000 -0.226% $3,286
AIGH CAPITAL MANAGEMENT LLC 06/30/2023 2,038,853 1,000 0.049% $3,038
VANGUARD GROUP INC 06/30/2023 668,425 25,035 3.891% $996
WORTH VENTURE PARTNERS, LLC 06/30/2023 508,719 7,000 1.395% $758
CARLSON CAPITAL L P 06/30/2023 245,000 -169 -0.069% $365
PERIGON WEALTH MANAGEMENT, LLC 06/30/2023 223,500 -1,500 -0.667% $333
AMERICAN FINANCIAL GROUP INC 12/31/2022 205,000 0 0% $305
GEODE CAPITAL MANAGEMENT, LLC 06/30/2023 176,498 53,900 43.965% $263
Cognition Therapeutics Reports Second Quarter 2023 Financial Results and Business Update
Announced Positive Topline Results from CT1812 Phase 2 SEQUEL Study in Mild-to-Moderate Alzheimer’s Disease
Commenced Recruitment for 540-patient Phase 2 START Trial in Early Alzheimer’s Disease
Published Data from SNAP Study Affirming Target Engagement of Sigma-2 (σ-2) Receptor
Patient Dosing Commenced in MAGNIFY Study for Geographic Atrophy
Cognition was at the American Society of Retina Specialists https://www.asrs.org/annual-meeting annual meeting https://www.asrs.org/annual-meeting.
"Working towards solutions for diseases of the retina & aging #ASRS2023 - Jennifer Iaci, @Cogrx Executive Director, R&D Operations w/ Genevieve Doster, Senior Manager Clinical Operations & Medical Affairs at @Optinose and Peter Kaiser, MD @ClevelandClinic."
Brain transcriptomic and proteomic analyses in an in vivo AD
model further elucidate the role of the sigma-2 receptor
modulator CT1812 in Alzheimer’s disease
Fox News interviewed Cognition CEO, Lisa Ricciardi
There's finally hope for patients with Alzheimer's disease: Lisa Ricciardi
Cognition Therapeutics President and CEO Lisa Ricciardi discusses the FDA considering the approval of a new Alzheimer's drug and the progress being made in the space to help combat the disease.
Another interview with CEO:
Recruitment begins in Elayta Phase 2 trial for early Alzheimer’s
Excellent article: https://alzheimersnewstoday.com/news/recruitment-begins-early-alzheimers-phase-2-elayta-trial/
Cognition Therapeutics Completes Enrollment of CT1812 Phase 2 SEQUEL Study for Mild-to-Moderate Alzheimer’s Disease
Better Biomarkers Increase The Probability Of Success In Alzheimer's Drug Development
SEQUEL (COG0202) TOPLINE RESULTS
Building on recent progress in Alzheimer’s disease to achieve greater clinical benefit
On Lewy Body Dementia
Cognition Therapeutics Announces Dosing of First Patient in MAGNIFY Study of Oral CT1812 for Geographic Atrophy Secondary to Dry AMD
Cognition, AD consortium initiate Phase 2 START study
"How often are you able to drug target mimick a protected mutation in nature?"
CT1812: an S2R modulator in development for Alzheimer’s disease
15 JUL 2023
Kodiak Sciences Announces Topline Results from its Phase 3 Studies of Tarcocimab Tedromer in Neovascular Age-Related Macular Degeneration and Diabetic Macular Edema and Provides Update on Tarcocimab Development Program
Kodiak Sciences scraps development of eye disorder drug
Yes I am also very excited about the science. The stock is played like a yo-yo but if the science comes through Lisa seems like a super saleswoman to get us huge valuation. But as a CEO I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion.
Don't be surprised if it goes above 3 soon, after the stop loss orders were harvested and the day traders learned not to mess with this stock. Very small float. Institutional interest set to significantly increase, great data, hotshot CEO and great Board - on big pharma's radar. Exit strategy: buyout over $100 a share within 15 months. All in my opinion.
Folks, this data just out is huge:
Cognition Therapeutics Announces Positive Topline Results for CT1812 Phase 2 SEQUEL Study for Mild-to-Moderate Alzheimer’s Disease
I predict a nice run up to the big Phase 2 studies. Lisa is hot and in gear to sell the company for $150+ a share, in my opinion but as a CEO I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion. Stock is running pre market at $3.10 currently (before the company killed it with a bad dilution at 2.25). I expect a bunch of new coverage, new analyst targets, new investors. There were many people on the side lines. Sky's the limit.
Cantor and Oppenheimer currently have price targets of around $9 but as good data comes those targets should get increased.
My info page:
Conf call today at 8 am Eastern:
All in my opinion -- not an investment advice.
I don't care the sell the news, or bashing. My sentiments about this company's potential has strengthened. The stock should grow organically and run up significantly to the big P2 results.
[ 28 Jun 2023] Today at 8 am Eastern, Cognition will have a conference call to discuss the results of the EEG trial - it's a small trial and not a make or or break it but still, an interesting development for those interested in treatments for Alzheimer's and related diseases.
By the way, here's a video of meeting a group of village kids in a very remote village and playing music for them in their mother tongue of Azeri.
In my view, if they succeed in delivering what they're after, $5 billion market cap is a fair buyout price ($166 a share). The premium all depends including on how well the company plays its cards, for example in getting a competitive bidding going, which is what I think Lisa has in mind. She told me we are on the radars of several big pharmas and I assume multiple parties would be interested if 1812 works.
The timing is another interesting topic. Will farmer wait for the big face to data or move beforehand because I've seen companies get taken out before phase 2 data. Also there is the investor demand factor which often plays a big role in driving a stock price in anticipation.
I don't want to get exuberant about this but the potential for huge gains is very real.
The apparent manipulation is encouraging. They closed it down at 2.65 from last trade of 2.73 on 600 shares! If unfavorable news had leaked they would be pumping it to sell. Instead they're bringing it down on low volume. Another day of below average volume. I'm slightly encouraged by this.
Cognition Therapeutics Invited to Participate on Panel During Cantor Fitzgerald Brain Week 2023 on Novel Alzheimer’s Disease Approaches
PURCHASE, N.Y., June 20, 2023 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc. (Nasdaq: CGTX) (the “Company” or “Cognition”), announced today that Lisa Ricciardi, president and chief executive officer will participate on a panel during Cantor Fitzgerald’s virtual Brain Week 2023 conference, which will be held June 20-23, 2023. The panel of business and scientific experts from neuroscience-focused biotechnology companies will discuss emerging targets and differentiated strategies aimed at addressing the complex mechanisms that drive Alzheimer’s disease.
Title: Alzheimer’s Disease; Emerging Targets
The chart is looking good. Every day it stays above $3 is a big plus. It's at the borderline of 100 million valuation which according to their IR will open a lot of doors (new demand for shares). And the volume speaks volumes. Average daily volume is steadily on the rise which depicts increased interest.
It's hard to say but my crystal ball sees the potential for a huge price rise with good EEG data for a number of reasons. And secondly, it won't be dead money till 2024. The CEO has listed some catalysts but most importantly it could be the increase in the market cap and stock price that makes it eligible for new funds to buy shares; and additional coverage; and increase demand across the board, etc. in anticipation of buyout. CGTX is absolutely a buyout play in my view. The CEO has said they're on many big pharma radars. And she's absolutely the right person to get a competitive bid going. If the big P2 results are good, this company is worth north of 5 billion in my view, which is $166 dollars per share. Fingers crossed. All the above is in my opinion, and not an investment advice.
"Looks like if if clears 3.70 to 4.20 range its a straight shot back to 6 and 8. 6 is only a couple hundred million market cap and they are going after several indications." "I agree with your prediction - the path to 8 should be very quick on any substantial demand. Even a buy of couple of millions shares could get it there because the float is so small. Notice how it pops on small volume because average daily volume is so small. But this wait and see mode will change hopefully soon with the imminent results. Institutional interest should continue to rise into the multiple P2 results. It's well known that big money in biotech is made on P2. In this case, if the multi set of P2 results are good, we're talking big bucks, and our CEO is absolutely a hotshot when it comes to getting competitive offers going. Interesting time ahead. Let's hope the scientific community and NIH/NIA are right and Cognition can pull off the science."
"Worth keeping in mind that there are currently no potentially curative treatments for Lewy Body Dementias, only palliative symptom treatments." PhD, Senior Scientist, Biotech Investor
"Grants means peer-reviewed studies. That is a good thing and means unmet need is there."
I'm very impressed by the caliber of medical doctors, researchers, scientists who are associated with this company, and the level of exposure it has among big pharma. I think pharma will compete to buy Cognition out if data is positive, and Lisa is perfectly fit to get us the best possible price but as a CEO I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion.
Check out the CEO's profile - hotshot M&A background but I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion.
CFO is new
I talked to both.
Scientific community is excited: https://cogrx.com/conversations/
They have a ton of grants.
Analysts have high price targets.
Game plan is good data => sell the company for a big price. This $2.90 stock could be $80+ with good data.
I'd appreciate your feedback since I know you know this field.
They have admin shortcomings but hoping the new CFO will clean that up. I wrote a hot letter to them today.
I think Lisa is drooling over a mega sale of the company (I'd say at least 10 times current valuation but you and I know if CT-1812 works it's a multi-billion dollar drug and $GCTX a multi-billion-dollar company - a 20-bagger+) and she completely recognizes the opportunity and is extremely driven and she knows you can only wear your pants one leg at a time (as our Filenet CEO Ted Smith used to say ... IBM bought the company) but a CEO I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion. She said a lot of pharmas are watching us and know about us (as a recent experience of a shareholder revealed over a dinner conversation - I quoted it on https://www.rezamusic.com/health/cognition-therapeutics-cgtx
The letter - just some management consulting tips :-)
"On a separate note, I have several family members in prestigious roles in the biotech world. I found it very interesting a couple weeks ago when I was talking with my uncle, who’s a CEO of an international pharma consulting firm. We talked biotech much of the time and he asked me about my investments as of now. I mentioned CGTX and surprisingly he knew of them even though they are a small company. Given he deals with large cap pharma, I found that to be rather encouraging!"
Cognition has a lot of confidence in CT-1812 - so does the government (National Institute of Aging). Cognition received over 170 millions of grants. If it's shown that it works in P2 trials it will be HUGE. And registrational trials mean theoretically they could be at FDA next year on Fast Track status for approval. But the big money is made on phase 2 usually.
Regardless of cognitive endpoints, I still see CT1812 as having a place in the market. DLB might be the major catalyst given the only treatments are geared towards symptoms and not the underlying disease. Galvin stated that on several occasions and he also talked of the importance of trial design so I don’t think any of the trials are frivolous in nature, but set up for success. The last podcast CGTX had was extremely positive in my opinion. At this point my holdings are in the x-figures and don’t plan on selling until P2 results, if at all.
CEO Profile: https://2023.worldmedicalinnovation.org/speaker/lisa-ricciardi/
Any significant volume / demand will send this to $4++. In talking with IR, one key takeaway was the market cap which is almost 100m. Once it goes above 100m lots of doors can open, in terms of the stock becoming eligible to be bought by institutions who can't buy under 100m market cap stock.
"Alzheimer's is a beast of a disease to defeat. Anyone that tells you otherwise is lying to your face." And Cognition has a good chance.
The reason this stock is so undervalued, in my view, is because a) the grant money is not part of the balance sheet so superficial stock research doesn't detect it but it's key and makes a huge difference as it's non-dilutive. b) the science is complex and average investors don't understand it or misinterpret its significance. Here's a good page with some important videos to help with the understanding of the potential of the science, which is why every analyst has price targets in multiples of the current price. https://cogrx.com/conversations/
1 June 2023 - from Biotech guru friend:
Look at CGTX, phase 2 results from promising Alzheimer's trial any day now. Intriguing data so far (many markers of disease reduced or changed for the better in early results). Market cap only $63 million. Can you imagine the blast-off with good results??
THIS IS NOT MEDICAL ADVICE, AND IS NOT INVESTMENT ADVICE. THIS PAGE IS MERELY OPINIONS OF THE AUTHOR, WHICH MAY NOT BE 100% ACCURATE. DO YOUR OWN RESEARCH.
A biotech scientist guru friend told me about Cognition Therapeutics (CGTX). Their lead compound, CT-1812 is being studied in a number of neurodegenerative indications including Alzheimer's Disease. It is a small molecule which was engineered specifically to address Alzheimer's Disease. It protects neurons from amyloid beta's detrimental effects like neural injury and synaptic dysfunction by selectively modulating the SIGMA-2 receptor. See the mechanism of action here: https://vimeo.com/800999561.
I really like the company, and the more I look the more I like it. It seems to be an undiscovered gem, and for a reason: they have millions in grants which are not showing up on their balance sheet as cash, so people may wonder, as I did, who's going to pay for all these Phase 2 trials. The answer is: grants!
How many biotechs can you name that have received this level of grants, has a Phase 2 reading this month, is targeting a very challenging disease but top scientists and doctors in the field of Alzheimer treatment are excited about its potential (see a list below) -- and it has a very low short interest, a small float, good level of institutional support, a top notch CEO who has sales blood, MBA, is extremely well connected, and thrives on selling companies! And multiple analysts all of whose targets are in multiples of the current price. Furthermore, half of their burn rate is covered by grants. And they're running a tight ship, and will hopefully continue to tighten their belt as all good companies continually do.
Cognition's lead compound, CT1812(Elayta), is an antagonist of the sigma-2 receptor complex, and is currently being studied in several indications including Alzheimer's Disease.
The company has obtained a lot of grants from entities including the National Institute on Aging (NIA), which is a US Government entity leading a broad scientific effort to understand the nature of aging and to extend the healthy, active years of life. The NIA is the primary federal agency supporting and conducting Alzheimer's disease research.
Analyst Charles Duncan notes that among all the companies he covers, Cognition has received the highest amount of grants which demonstrates the level of confidence NIA has in Cognition (CGTX).
I spoke with the CEO and CFO of CGTX. The Phase 2 studies are funded by grants, so it's very different than your typical biotech that has to fund Phase 2 studies itself. The CEO, Lisa Ricciardi has everything going for her, including Italian zest, authentic sales blood, firepower, connections, excellent communication skills, and seems to be cost conscious which is key as many CEOs splurge which is deadly for a company. She has a very interesting, diverse educational background including an MBA from University of Chicago's Booth. But as a CEO I believe Lisa is unqualified and has done very poorly in driving shareholder value (as judged by company value). All, in my opinion.
The CFO is young (in his 40s I think), and seems competent and has experience in M&A and IR.
They have received over $170 million in grants.
Half of the costs in 2022 were covered by grant money; 2023 is projected to be similar.
They run a lean organization with a team of around 20 people. I love that.
The float is small, with under 30 million shares. I like that.
The short interest is very small. Even scums have family members who may get Alzheimer. For the same reason it's said that FDA likes them. Therefore, all the political elements are in the right direction.
Data could be out any day. They're also anticipating it every day. This data is from a small P2 study, but it's an important part of the puzzle.
The stock's average daily volume is around 85,000 shares. It's a quiet stock. And it's not very recognized. I think the reason may be that the grant money they have is not part of their balance sheet so people don't notice that in reality they have far more money than their forty some millions cash.
Institutional support is there at 44% - so lots of room for growth. Those who bought in the IPO are still around. 8% is held by insiders.
They have an external IR firm - I am not fond of such companies because they're spread too thin and are at best reactive and take a lot more than they deliver.
I like the fact that they essentially have no competitive threats: Alzheimer and LBD are so nasty that there is plenty of space for effective treatments.
Another important thing is that most Alzheimer's drugs have failed. So, if this one is successful, it will be a humongous success, and could become the standard of care for these unfortunately very common set of diseases.
They have remarkable support from the scientific community -- not only the National Institute on Aging (NIA), which is the US government body that provides significant funding, but also the academic and medical experts. The very best in the Alzheimer research are supporting them, from prestigious universities and medical schools, in the US, Europe and beyond.
They are on big pharma's radars. Lisa herself and her board members, are talking to pharma all the time, I hear.
I can't predict the stock's performance but for my own sake (not investment advice) I think it could rally nicely on the upcoming Phase 2 trial data if positive, and given they do not need to raise money, in about a year they'll have major data from major studies, including registrational trial which means if positive they can apply for fast track approval from FDA.
The current valuation is really low, and nothing seems to be baked in the price. If it's confirmed that CT-1812 works, it would be a multi-billion-dollar compound, and I'd be willing to bet they get bought out by a big pharma. I see this stock having the potential to trade at least 10 or 50 times higher than the current price.
Charlotte Teunissen, Ph.D. - Amsterdam University Medical Center - Professor of Clinical Neurochemistry
Nicholas Seyfried, Ph.D. - Emory University School of Medicine - Professor of Biochemistry and Neurology - Director of the Emory Integrated Proteomics Core
Henrik Zetterberg, MD, Ph.D. - Gothenburg University
Brendan Kelley, M.D. - University of Texas SW - Vice Chair for Clinical Operations at the Peter O’Donnell Jr. Brain Institute and a Professor in the Department of Neurology
Sarah B. Berman, M.D., Ph.D. - University of Pittsburgh - Associate Professor in the Departments of Neurology and Clinical & Translational Science and Director of DLB Programs at the ARDC
James Leverenz, M.D. - Cleveland Clinic Director of the Lou Ruvo Center for Brain Health
David Shprecher, D.O. - Banner Sun Health Research Institute
Norma Loeb - Lewy Body Dementia Resource Center
Christopher H. van Dyck, M.D. - Yale University School of Medicine - Professor of Psychiatry, Neurology, and Neuroscience; Director of the Division of Aging and Geriatric Psychiatry; Director of the Alzheimer’s Disease Research Center
Anton P. Porsteinsson, M.D. - University of Rochester School of Medicine and Dentistry
James Galvin, M.D., MPH - University of Miami Miller School of Medicine - Director of the Comprehensive Center for Brain Health
Everard (Jort) Vijverberg, M.D., Ph.D. - Amsterdam University Medical Center, Alzheimer Center
ANALYSTS ARE EXTREMELY BULLISH
B. Riley - Mayank Mamtani
Cantor Fitzgerald - Charles Duncan
Ladenburg Thalmann - Aydin Huseynov
Oppenheimer - Jay Olson
Price targets include e.g. $9 by Oppenheimer and $10 by Cantor.
IMPORTANT VIDEOS, DOCUMENTS
University of Miami Miller School of Medicine neurologist James Galvin, M.D., M.P.H. is one of the principal investigators on a $29 million National Institutes of Health grant to test whether a new drug is safe and effective for patients with dementia with LewyBodies. There are around 1.4 million Americans with dementia with Lewy bodies, making it the second-most prevalent cause of dementia after Alzheimer’s.
Chief Executive Officer
Ms. Ricciardi has served as our chief executive officer and president since March 2020 and as a member of our board of directors since March 2019. From July 2018 to October 2019, she served as CEO of Suono Bio, a biotech company based on Langer Labs (MIT) technology. Prior to her position at Suono Bio, Ms. Ricciardi was a retained executive for BioBusiness Links from November 2015 to June 2018 where she performed interim operating executive and advisory board roles. She served as the senior vice president of global corporate & business development of Foundation Medicine from July 2014 to November 2015, and senior vice president of U.S. and international business development of Express Scripts from October 2010 to October 2012 and in both cases, led deal teams to sell the two companies. Ms. Ricciardi was in the commercial division of Pfizer Inc., taking three drugs to launch before being appointed by the chairman to run global business development. Ms. Ricciardi previously served on the boards of Contrafect (Nasdaq: CFRX), Chimerix (Nasdaq: CMRX), United Drug Healthcare Group, PLC (LSE: UDG) and Sepracor (Nasdaq: SEPR). She was appointed as the executive in residence at Columbia Technology Ventures in January 2020.
Ms. Ricciardi earned a Bachelor of Arts degree cum laude in English and religion from Wesleyan University and an MBA from the University of Chicago Booth School of Management.
CT1812 Combo Therapy etc.
"Based on Lisa’s latest words, I think any improvement in the space is a good thing. Overall it should bring more interest to the drug development companies and provide a sector rotation of investment money to the indication . She mentioned Alzheimer’s being similar to cancer treatments in that one treatment won’t work for all and there are a variety of factors at play. She also mentioned the advancement of companies targeting and removing plaques could make a combination therapy with CT1812 a reality. Her guidance was that CT1812 could protect the sigma 2 receptor and preventing toxicity buildup while other therapies remove plaque buildup. Any progression in the space will bring attention to current therapies in trials which reflects growth. There is never a monopoly in the drug market, simply put.
Keep in mind CT1812 is also a “traditional” medicine in oral form. Other treatments are monoclonal antibodies which are intravenous and makes therapy more of a task to the patient. To have an oral, once a day treatment a patient can take at home results in more easily used drug."
6 June 2023
Thanks for those of you who sent me stock ideas. One really stood out: Cognition Therapeutics (CGTX). I started a deep dive on it, and got a call arranged with the CEO and CFO - it wasn't easy - and my research is ongoing including a call scheduled with one of the field's top researchers.
The level of scientific endorsement, and over 170,000,000 in grant money the company has received is remarkable. I'm also very impressed by the CEO.
They have a Phase 2 readout this month, and multiple Phase 2 trials paid by grant money (how often do you hear that in biotech?) and if one is successful they could get fast-track approval of the registrational trial. Scientists and doctors are eager because they like this drug and there is a desperate shortage of effective treatments for Dementia. CT-1812 has a lot going for it.
I discussed the topic more in a draft webpage: https://www.rezamusic.com/health/cognition-therapeutics-cgtx and there are several important links on that page.
I will update that page as my research about the company progresses.
The stock is not typical. The float is under 30 million, short interest very low. Tutes own about 50%. Insiders about 8%. The average daily volume is low but it's been picking up. Many investors don't know about this company. Their IR should do a lot in getting the word out. They have a new CFO with IR and M&A background. The CEO lives and breathes M&A, sales, and is extremely well connected -- a good CEO profile with a key weakness that is proving to be a liability: she's never run a public company before. She's a woman, which makes it even better - sorry guys, I'm a big believer that if everything equal, I prefer to give a job to a woman than a man because they're just so much ... better 😂.
As always, do you own research. I do not provide investment advice.
I fully agree with your due diligence. I own the stock, I started a board on Investorvillage.com for CGTX recently. Investors coming from other boards.
Like you say, a promising firm.
Dementia vs. Alzheimer's Disease: What is the Difference? Dementia is a general term for a decline in mental ability severe enough to interfere with daily life, while Alzheimer's is a specific disease. Alzheimer's is the most common cause of dementia. https://www.alz.org/alzheimers-dementia/difference-between-dementia-and-alzheimer-s
By the way, I did a little more checking at it appears that the precursor for irisin in humans (FNDC5) is missing due to a mutation in the start codon. Minor detail I guess for the authors of the irisin paper. Perhaps they are thinking that the irisin comes from another precursor but they appear to focus on FNDC5 in the paper you sent me. See attachments, not start codon (ATG) no protein in humans.
This drug/hormone is being tested in unproven cell culture systems and the molecule in question (irisin) is being used at very high levels (500 ng/ml). 500 ng/ml translated to 500 mg/liter. Apparently, there is no proof that irisin is present in humans (2015 literature) in that the gene coding for this molecule or precursor appears to be mutated in many humans (would need to double check that). In any event, it will take years for this molecule to be tested in animals and perhaps a decade or more for this research to make its way into humans (if it ever does) so nothing to effect your decisions on CGTX.
No surprise on Viagra as it increases blood flow to many areas of the body. Keep in mind that the preclinical models tested are speculative. Note my emphasis on the word "may" in the following quote:Sildenafil MAY have neuroprotective effects and reduce levels of toxic tau proteins,” said Dr. Feixiong Cheng, the lead researcher on the study, which was conducted by the Cleveland Clinic. This again is at least a decade away from getting even early clinical results in humans if it ever gets there at all. No effect on your CGTX investment as it will either be proven to work or not well before then.
On Monday, September 11, 2023 at 02:37:19 AM EDT, Reza Ganjavi MBA
Here's a new publication in Neuron.
It's too complicated for me. If you have time kindly have a look and see if it's a reason to sell CGTX.
In my layman mind, cell culture and mice experiment may have a long way to humans. And it will take time to get this approved (or not?)
Also see items on Viagra and coffee.
Knowing all this, would you sell CGTX?
Here's the mechanism of action of CT-1812:
Thanks a lot!
$CGTX Congrats to Lisa Ricciardi. Her la la land style has gotten us the value of $1.29/share, a 60% drop since good data was announced, with a long delay, and with a very strangely run secondary without which the stock would have been above $5 today if she wasn't sucking life out of the stock - and we'd have enough money to run multiple trials. Instead, she went for a la la land decision to dilute which killed to stock below 2 and now below 1.30. The Board should fire this horrible CEO. I'm not just venting on the message board. I'll set some balls in motion as soon as I get the time in the direction of a derivative lawsuit, and will put the Board on notice, as much as Lisa seems to really like to shield them (the section in proxy on communication with board members, is a tragic comedy that shows what a control freak she is).
Message board pumpers and CEO apologists and her useless "IR" have to work harder. All the above are my opinions. I'm a shareholder and I'm pissed.
October 16, 2023 7:30 AM EDT
Cognition Therapeutics Presents New Data at CTAD Conference from Advancing Pipeline Across Multiple CNS Indications https://ir.cogrx.com/news-releases/news-release-details/cognition-therapeutics-presents-new-data-ctad-conference
Complete EEG results from SEQUEL study to be unveiled, demonstrating beneficial impact of CT1812 on brain synaptic function
CT1812 START study in early Alzheimer’s disease allows approved monoclonal antibody as background therapy – featured as late-breaking, oral presentation
Complete EEG results from SEQUEL study to be unveiled, demonstrating beneficial impact of CT1812 on brain synaptic function
CT1812 START study in early Alzheimer’s disease allows approved monoclonal antibody as background therapy – featured as late-breaking, oral presentation
PURCHASE, N.Y., Oct. 16, 2023 (GLOBE NEWSWIRE) -- Cognition Therapeutics, Inc., (Nasdaq: CGTX), (the “Company” or “Cognition”) announced upcoming presentations from studies of CT1812, the Company's lead candidate for the treatment of adults with early, mild and moderate Alzheimer’s disease at the Clinical Trials on Alzheimer’s Disease (CTAD) conference being held October 24-27, 2023 virtually and in person in Boston, MA.
Cognition scientists and collaborators will present the complete electroencephalography (EEG) findings and proteomic analyses from the SEQUEL study. Prior topline results showed that CT1812 had a beneficial impact on synapse function as measured by a positive change in brain waves patterns observed using quantitative EEG. Specifically, participants treated with CT1812 exhibited fewer slow “theta” waves, which are associated with cognitive impairment, and proportionally more “alpha” waves compared to placebo-treated participants. CT1812 also improved connectivity, as assessed by alpha AECc, which may indicate improved communication between different parts of the brain.
An oral late-breaking presentation will also discuss the Phase 2 study design of the company’s ongoing START study, which is enrolling adults with early Alzheimer’s disease. Participants in START will be permitted to be on stable background therapy with lecanemab, an FDA-approved anti-amyloid antibody.
“The approval of monoclonal antibody therapies against amyloid beta (Aβ) protofibrils represents an important milestone in Alzheimer’s drug development, but industry experts agree that combination treatments will likely be required to achieve greater impact on the disease,” explained Anthony Caggiano, MD, Ph.D., Cognition’s CMO and head of R&D. “To this end, we and our colleagues at the National Institute of Aging and the Alzheimer’s Clinical Trials Consortium (ACTC) made the strategic decision to allow participants to enroll in the ongoing Phase 2 START study who are being administered lecanemab. We believe this will allow us to assess the benefit of CT1812 in real-world conditions.”
Cognition Therapeutics at CTAD:
Title: A Pilot Electroencephalography (EEG) Study to Evaluate the Effect of CT1812 Treatment on Synaptic Activity in Subjects with Mild to Moderate Alzheimer's Disease (LP024)
Authors: De Haan W, Caggiano AO, Scheltens P, Grundman M, Scheijbeler E, Hamby ME, Vijverberg E
Title: Proteomic Analysis of Plasma in a Phase 2 Clinical Trial in Alzheimer’s Patients to Identify Pharmacodynamic Biomarkers of the S2R Modulator CT1812 (P075)
Authors: Lizama B, Cho E, Duong D, Pandey K, Williams C, Caggiano AO, Seyfried N, Di Caro V, Hamby ME
Title: Proteomic Analysis in a Phase 2 Clinical Trial Studying CT1812 to Identify CSF and Plasma Pharmacodynamic Biomarkers and Molecular Correlates of EEG in Alzheimer’s Patients (LP057)
Authors: Di Caro V, Pandey K, Lizama B, Cho E, Duong D, De Haan W, Grundman M, Seyfried N, Caggiano AO, Vijverberg E, Hamby ME
Title: CT1812 START Study Design: Anti-Aβ Monoclonal Antibodies as Background Therapy (LB18)
Authors: van Dyck CH, Raman R, Donohue MC, Rissman RA, Rafii MS, Hamby ME, Grundman M, Caggiano AO, Aisen PS
Session: Friday, October 27
CT1812 is an experimental, orally delivered, small molecule designed to penetrate the blood-brain barrier and bind selectively to the sigma-2 (σ-2) receptor complex. The σ-2 receptor complex is involved in the regulation of key cellular processes such as membrane trafficking and autophagy that are damaged by toxic interaction with Aβ oligomers, oxidative stress and other stressors. This damage to sensitive synapses can progress to a loss of synaptic function. CT1812 is currently in development for mild-to-moderate Alzheimer’s disease in the SHINE study (NCT03507790), early Alzheimer’s disease in the START study (NCT05531656), and dementia with Lewy bodies in the SHIMMER study (NCT05225415).
About the SEQUEL Study
The SEQUEL study enrolled 16 adults with mild-to-moderate Alzheimer’s disease (MMSE 18-26), each of whom were randomized to receive either CT1812 or placebo once daily for 28 days. After a 14-day wash-out period, participants cross over into the other treatment arm for an additional 28 days. SEQUEL was designed to assess the safety and efficacy of CT1812 and to measure the impact of CT1812 on the electrical activity in the brain, specifically those electrical impulses in the theta band. SEQUEL was supported by $5.3 million in grant awards by the National Institute of Aging (R01AG058710). More information may be found on https://clinicaltrials.gov.
About the START Study
The study will measure the efficacy and tolerability of once-daily oral CT1812 in individuals with mild cognitive impairment or early Alzheimer’s disease (MMSE 20-30) who have elevated Aβ (as measured by PET or CSF). Participants will be randomized to receive CT1812 or placebo for 18 months. The study will assess cognition and executive function using validated tools including the Clinical Dementia Rating Scale Sum of Boxes (CDR-SB) and ADAS-Cog rating scales, as well as biomarker and safety findings.
The START study is supported by a grant from the National Institute of Aging (NIA) at the National Institutes of Health (R01AG065248). The study is being conducted in collaboration with the Alzheimer's Clinical Trials Consortium (ACTC), an NIA-funded (grant number U24AG057437) clinical trial network of 35 leading academic sites with expertise in clinical trials in Alzheimer's disease. More information may be found at https://start-study.org.
About Cognition Therapeutics, Inc.
Cognition Therapeutics, Inc. is a clinical-stage biopharmaceutical company engaged in the discovery and development of innovative, small molecule therapeutics targeting age-related degenerative disorders of the central nervous system and retina. We are currently investigating our lead candidate CT1812 in clinical programs in Alzheimer’s disease, dementia with Lewy bodies (DLB) and dry age-related macular degeneration (dry AMD). We believe CT1812 and our pipeline of σ-2 receptor modulators can regulate pathways that are impaired in these diseases. We believe that targeting the σ-2 receptor with CT1812 represents a mechanism functionally distinct from other current approaches in clinical development for the treatment of degenerative diseases. More about Cognition Therapeutics and its pipeline can be found at https://cogrx.com.
Down another 3% under the miserable, incompetent "leadership" of a rookie, train wreck CEO, Lisa Ricciardi who has never run a public company before. The Board members should be sued for not getting rid of her. It's a breach of their fiduciary duties. Competence matters. Experience matters. There's not much life in a 1.23 stock to be diluted to fund her la la land trial that has no money. She killed the stock by not sticking with the trials she had money for. What the hell was going on between her ears, on her super hyped up, nervous jittery brain / nervous system, which is how it appeared to me in soome talks she gave, in which she screwed up, said wrong things, said things she shouldn't have, while being revved up as hell which was so unsettling to watch. All, in my opinion.
Congrats to Lisa Ricciardi. Her la la land style has gotten us the value of $1.29/share, a 60% drop since good data was announced, with a long delay, and with a very strangely run secondary without which the stock would have been above $5 today if she wasn't sucking life out of the stock - and we'd have enough money to run multiple trials. Instead, she went for a la la land decision to dilute which killed to stock below 2 and now below 1.30. The Board should fire this horrible CEO. I'm not just venting on the message board. I'll set some balls in motion as soon as I get the time in the direction of a derivative lawsuit, and will put the Board on notice, as much as Lisa seems to really like to shield them (the section in proxy on communication with board members, is a tragic comedy that shows what a control freak she is).
Message board pumpers and CEO apologists and her useless "IR" have to work harder. All the above are my opinions. I'm a shareholder and I'm pissed.
Congrats Lisa! You've managed to wreck the company with your incompetent mismanagement of company value and your la la land idea of funding a big trial by diluting a penny stock, and your jittery, hyper, revved up nervous system that makes one wonder if you can make wise, calm, realistic decisions.
The day the data was announced the stock traded above $3, before we found out you had cut an incompetent deal, in a fishy timeline: from the time you obtained the data till the time you made it public, you apparently disclosed it to other parties to raise money -- that's not how it works per RegFD.
And your incompetent revved up presentations where you got some facts wrong, apparently because you were so hyper, and in my opinion horribly non-strategic communications which was not surprising given you've never run a public company before.
So to communicate to the Board via yourself could take up to a year (till prior to next ASM, per the Proxy), if you decide to pass on the message. What a way to isolate the Board from knowing your miserable mismanagement of the company.
You probably also have no clue whatsoever, the risks of going under a $1. Just as you've apparently been clueless in your apparent misreading of Wall Street which loves to screw up companies with rookie CEOs.
I don't know the solution except to sue the company, bring a derivative action, to get the Board to fire you. And file a complaint with SEC if our investigation justifies it. If you have any better ideas, I'm all ears. I need some more info as part of an investigation ahead of a potential regulatory complaint. But don't worry, I know your lame investor relations attitude towards critiques. Talking about IR, maybe it's time to fire that useless IR firm.
The stock would have been over $5 if you could just live within your means: run the trials we have money for. But instead we're $1.23 and counting (down) because of your mismanagement and incompetence in driving shareholder value, which is what you were hired to do.
All the above are in my opinion.
R. Ganjavi - a shareholder
$CGTX Well Done Lisa Ricciardi! The stock closed under $1.30 because of your pipe dream of trying to fund a big trial by diluting a penny stock.