Cognition Therapeutics



Going Heads On Against Alzheimer's And Other Neurodegenerative Diseases


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
  United States
  412 481 2210


By Reza Ganjavi



CGTX Valuation


An exchange between two investors in Cognition: 

- Potential! Eisai's Leqembi's price is $26k/year. At cost of $5 billion per year for healthcare system. We know margin on drugs is substantial. I haven't done a proper analysis but just for Alzheimer's CT-1812 should be valued at a couple of billion dollars or more (with positive data). Add the other indications the company is running trials for. A $5 billion market cap is not out of the question in my view. That's around $120 per share. Big Pharma knows this so CGTX will get taken out, which is Lisa's plan anyway, for I'm guessing, north of $40 a share.

- if data is positive, the question is does BP make a move before the DLB data later this year?

- Great question. What do you think? It depends on the company's bargaining power and level of demand and confidence. They made decide to let it ride and command a much bigger premium after more data is out, or get a competitive bid going, or ...?

- Biogen made another billion plus acquisition yesterday of a private company in the immunology sector. they just finished a P2 study and had another indication currently in P2. i see them as the biggest suitor. the question is whether Lisa plans to sell which i hope she would, but at what price? if data is positive, does she say ”heres what we want now prior to DLB, or you can wait and pay a much heftier premium after that read out?” like you said, that could lead to a bidding war, but to me a first in class drug in oral form is worth what?!?

- Great points. Remember something: good companies are bought not sold! It's hard to tell. If I read her correctly (and I've had a zoom call with her) she is the type who would be very good at igniting a big bidding war. Let's see. I don't think she minds retiring with tens of millions in the bank, and she's absolutely not fit to take the company commercial. So she will sell. But when and for how much is the billion dollar question :-) I look forward to good data and having lots of fun speculating on these questions ;-) 

Trial Size Matters

Trial size is extremely important in Alzheimer's study. So far the company has done very small trials that have all served their purpose and were encouraging. The first big trial will have results out any day. Hopefully positive, and no looking back at these low price levels. Note from Dr. Vig:

"i used to run the mini mental exam on a number of my demented patients, which had the 30 point scale, with higher numbers showing benefit and lower numbers worsening dementia.... i noticed that there was quite a bit of variability in the test results,  with numbers going up or down several points depending on how the patient was feeling and thinking on that particular day..... fyi

steven vig"

23 May 2024 -- Up 15% on triple average volume.


21 May 2024 -- Up 7% yesterday. Up 8% today. 

3 more days like that and we're at $3. May run up to $7 before data and to the moon from there on positive data.

Run up to phase 2 data is not unusual at all. Another biotech saying: most money is made on phase 2.

I have rarely seen people shorting a stock they expect good news on. The amount of shares available for shorting does NOT mean people are willing to short the shares. It just means those shares are available for hypothecation (pledging or using shares of stock as collateral for a loan without transferring ownership of the shares). It means people have shares in a margin account in a broker environment which avails the shares for shorting. Key is if somebody decides to borrow those shares to short, their exposure is their responsibility.

Based on experience, if CGTX shows good data it will be a buy the heck out of the shares because this low of an institutional interest, and a working Alzheimer's drug means huge price appreciation. That's what I'm here for. Fingers crossed. God willing!

Given all that we know, and my personal experience, this is not a sell the news situation. The company is waaaaay undervalued if the data is positive. If data is positive I'm definitely not selling for a good while till that institutional interest goes above 70% and buyout. If that data is positive then Lisa Ricciardi's strength kicks in. She'll get a great price for the company. She'll get competitive bidding going and sell the company for 50 (?) bucks a share.

Seeking Alpha Basher Ellis Roudasev Talking For Hedge Fund Shorts?

Ellis Roudasev is a sales manager in Belgium working for Allianz Trade which is "the trademark used to designate a range of services provided by Euler Hermes." "trade credit insurance and recognized specialist in the areas of surety, collections, structured trade credit and political risk."

She has a background in insurance. She went to Ghent University, no mention if she finished university on her LinkedIn profile. 

With that kind of background, she makes a lot of scientific articles on Seeking Alpha -- I do not know if she writes these herself or if she gets help or there are ghost writers connected to financial sector, e.g. hedge funds. That is not unusual on Seeking Alpha where we know there's a whole lot of pumping and bashing goes on to influence stock prices in favor of beneficiary parties in the background, including the apparent engagement of Seeking Alpha itself in the past, in batting for the later to be convicted criminally, Martin Shkreli who was imprisoned for a variety of financial crimes. 

What Ellis Roudasev scoop / affiliations, if any, are, is not known to me, but I found it pathetic that she was bashing Cognition in an article on 18 April 2024. Since then the stock has gone up 42% so her bashing clearly didn't work, and perhaps some people tried to take advantage of her bashing and bought the stock.

The gist of her bashing is that Alzheimer drugs have had a history of failure (but that doesn't say anything about the future), that the company changed endpoints in the past later during the trial (which is not a problem at all). And that a trial didn't show strong efficacy showing (but it was a safety trial and not powered or designed for efficacy, and it was a very small trial (a handful of subjects in each group), and we know the size of trial makes a huge difference in Alzheimer studies. 

So her bashing is wholly unfounded. And the market agrees with me because the stock (CGTX) has rallied significantly since E. Roudasev's hit piece.

Dr. Steven Vig, MD, recalls his own patients:

"i used to run the mini mental exam on a number of my demented patients, which had the 30 point scale, with higher numbers showing benefit and lower numbers worsening dementia.... i noticed that there was quite a bit of variability in the test results,  with numbers going up or down several points depending on how the patient was feeling and thinking on that particular day..... fyi 

steven vig"

Eighth Conversations video podcast episode “Protecting the Synapse from Amyloid Toxicity in Alzheimer's Disease.” 

This episode reviews how beta amyloid (Aβ) oligomers cause synaptic dysfunction, which is correlated with cognitive decline.

This conversation features a discussion of newly published research showing that Aβ oligomers bind to synapses in brain tissue of Alzheimer’s patients and how CT1812 acts to reverse their binding and reduce synaptotoxicity. Additionally, the panelists discuss using quantitative electroencephalography (EEG) as a real-time biomarker of synaptic function. In the Phase 2 ‘SEQUEL’ study of CT1812 in mild-to-moderate Alzheimer’s disease, four weeks of treatment was associated with trends to improvement in synaptic function and brain connectivity. Finally, Dr. Hamby summarized results of proteomic analysis demonstrating the impact of CT1812 treatment on proteins and pathways altered in Alzheimer’s disease, namely, synapse, amyloid beta processing and neuroinflammation.

Anthony Caggiano, M.D., Ph.D. CMO and head of R&D for Cognition Therapeutics moderates the discussion joined by VP of research, Mary Hamby, Ph.D. and two leading experts:

Listen to episode eight, “Protecting the Synapse from Amyloid Toxicity in Alzheimer's Disease” on the Conversations tab of the Cognition website.

UPDATE: Eight conversation is NOT online yet despite the Press Release (as of 8:40 am EST 21 May 2024) Not the first time we see IR screwups. It's the modus operandi of the gang who can't shoot straight when it comes to IR. Now let's see if Lisa will waste corporate money to pay their big lawyer to bully me to shut up LOL instead of getting their act together.  The time when their lawyer called me to bully me by making a stupid frivolous legal threat she got hugely embarrassed because the cause of action she cited was totally irrelevant. She was bluffing like bullies do, not knowing I know a thing or two about law and run circles around bully lawyers. Great science, great company but a chaotic hyper culture because of the super-hyper supercharged CEO, in my opinion.

But meanwhile watch the 7th episode with two medical doctors directly involved in the last trial. The Professor, doctor talks about how the drug did better than he expected !!!



The proteomics analyses reported in this study suggest that the S2R modulator CT1812 may be a promising
disease-modifying treatment for AD. This unbiased approach to identifying biomarkers associated with
CT1812 treatment revealed changes to synapse, immune, secretion, and lipoprotein-related biological
processes, supporting the purported mechanism of action of CT1812 and indicating relevance to AD
pathophysiology (Figure 8). Identifying these changes through unbiased methods underscores the clinical
translatability of mechanisms investigated in previous preclinical hypothesis-based research of CT1812 and
S2R modulating compounds (Izzo et al., 2014, 2021). Pharmacodynamic biomarkers of CT1812 pathway
engagement and disease modification were identified. If these results are replicated by larger studies,

these biomarkers have the potential to support clinical trials and patient care in the future. This interim
exploratory biomarker analysis enabled the establishment of a framework and analysis pipeline to use for
our future biomarker assessments of the full SHINE trial and other clinical trials underway. Analysis of the
full SHINE trial of ~150 participants will be important to assess replication of findings and confirm the
hypothesized pharmacodynamic effect of CT1812 in AD patients.

This work was supported by funding from the National Institute on Aging (1R01AG058660-01) and the
Alzheimer’s Drug Discovery Foundation, and by Cognition Therapeutics.

8 May 2024 Update

CGTX: There's virtually no institutional interest here yet. What is it around 20%? Yet is the keyword. Positive data will kick off that process of institutional accumulation and given the low float the sky is the limit. The stock seems to have a good support. I still believe it will run up to the data, because of the possibility of data being good, and the potential positive impact on the stock.

Reza Ratings for me:


All in my opinion, not an investment advice.

Cognition Therapeutics Completes Enrollment in Phase 2 SHIMMER Study of CT1812 in Mild-to-Moderate Dementia with Lewy Bodies

Apr 29, 2024

Cognition Therapeutics KOL Event Provided Platform for Valuable Discussion of Current Therapeutic Options and Need for Additional Options to Treat Alzheimer’s Disease

Apr 22, 2024


Great quarterly call today. If you haven't listened, check it out. Multiple analysts are talking about the new universe for Cognition following June's data.


Just spoke with Jason Sands of Titan Partners who did the recent small secondary for Cognition (CGTX).

Key takeaways:

1) Cognition (CGTX) Management was very keen on having quality investors on board.

2) There's a lot of interest in Cognition. There was around $40 million demand for the shares. Only around $11 million was raised. The over-allotment was also fully subscribed.

3) The mean and median discount for secondaries in 4Q 2023 was 35% to 40% discount. Cognition offering discount was 11% of the last sale prior to distribution -- which indicates strong demand.

4) He agreed with me that the market cap is the issue, in terms of qualifying big funds to come in. But that will change with prospects for good data, and actual good data.

5) The new investors are holding the shares. They're not penny flippers.  He said 4 to 5 months but I think 3 to 4 months, is the time-frame we are looking for very significant data.

6) They don't deal with mafia hedge funds who prey on small biotechs with toxic financing etc.  -- their investors are family offices and other high quality investors.

This is not an investment advice. Do your own research.

CEO bought shares as part of the offering to raise around 11 million.


Lisa said she ran Pfizer's global licensing organization for 10 years. She said big pharma drools over companies like CGTX : hopefully data will be awesome in June and we're off to the races. I still think the company can get bought out for tens of dollars, let's say $50 -- with good data. 

CGTX Very important presentation. Must hear:


This is an amazing presentation by Cognition Therapeutics' CEO Lisa Ricciardi at TD Cowan Healthcare Investment Conference:

The company is running multiple Phase 2 trials for various indications. Potentially game changer data is coming around June 2024 with more later in the year and next year. Fingers crossed. It's phase 2 data and as they say in biotech biggest money is made in phase 2. I am usually too chicken to take chances on phase 2 but in this case, I feel very confident.

Lisa ran Pfizer's global licensing organization for 10 years. She said big pharma drools over companies like CGTX : hopefully data will be awesome in June and we're off to the races. I still think the company can get bought out for tens of dollars, let's say $50/share -- with good data. Current price is around $2.

Do your own research. I don't provide investment advice.

Best Regards


Cognition Therapeutics Presents Analyses at AD/PD™ 2024 Correlating Proteomic Findings with Treatment Effect of CT1812 in Alzheimer’s Disease Studies


"Next generation anti-amyloid” therapeutic

"It’s so unique that the NIH and the NIA refer to us as a “next generation anti-amyloid” therapeutic. For many years, the focus had been on the fibril form of the amyloid beta protein (a polymer that’s arranged in a very long chain), but actually the most toxic form of the protein is shaped like a globule or sphere, called an oligomer. The reason it’s so toxic is that it binds to brain cells and induces changes that disrupt normal memory formation. As those changes persist, the brain cells die. Stopping Alzheimer’s disease progression is going to depend on stopping this fundamental toxin. CT1812 is the only drug that does this effectively"


Transmembrane protein 97 is a potential synaptic amyloid beta receptor in human Alzheimer’s disease





 Cognition Therapeutics, Inc. (NASDAQ: CGTX), a clinical stage company developing drugs that treat neurodegenerative disorders, announced that collaborators at the University of Edinburgh, Scotland published findings in the journal, Acta Neuropathologica, (doi: 10.1007/s00401-023-02679-6) that provide new insight into the biology of Alzheimer’s disease that is consistent with our understanding of the role the σ-2 receptor has in regulating Aβ oligomer binding.


Using a combination of two high-resolution microscopy techniques: array tomography and Förster resonance energy transfer (FRET), Professor Tara Spires-Jones and colleagues at the UK Dementia Research Institute at University of Edinburgh’s Centre for Discovery Brain Sciences analyzed protein-protein interactions in over 1 million individual synapses in brain samples from people who had died with Alzheimer’s disease. Results detected TMEM97, a protein component of the σ-2 receptor complex, in close proximity to cellular prion protein (PrPc) on Alzheimer’s brain synapses. In addition, results found that Aβ oligomers were proximate to both PrPc, which has been shown to bind Aβ oligomers in neuronal cultures, as well as to TMEM97. These findings support the hypothesis that these receptor proteins may form a complex on the synapse surface with Aβ oligomers binding to one or both proteins.


“Losing synaptic connections in the brain contributes to Alzheimer’s disease symptoms,” explained Professor Spires-Jones. “Previous work indicated that Aβ oligomers damage synapses, but until now it was not possible to know which proteins bind toxic forms of Aβ in human synapses. Combining FRET and array tomography imaging overcomes the limits of traditional microscopy and lets us determine whether proteins are close enough to interact in human brain samples. In simplest terms, while we had previous evidence that certain proteins existed in the same cellular neighborhood, we couldn’t precisely determine until now which houses were next to one another. Our findings help clarify the specific interactions between Aβ oligomers and synaptic receptors, which we hope will provide valuable information for drug developers.”


Professor Spires-Jones' work also confirmed that in the presence of CT1812, Cognition’s lead product candidate, Aβ oligomers are displaced from the oligomer receptor, a discovery echoed in the SNAP study, which was published in May 2023 in Translational Neurodegeneration. In Professor Spires-Jones' study using an Alzheimer's mouse model, a FRET signal was observed between TMEM97 and Aβ oligomers in synapses, which could occur if oligomers were bound to TMEM97 or to PrPc, the putative oligomer binding site. Importantly, this FRET signal is reduced in CT1812-treated mice, suggesting that CT1812 caused the release of Aβ oligomers from their binding site and prevented them from re-binding. 


“Professor Spires-Jones' most recent work showing that CT1812 causes the removal of Aβ oligomers from synapses is an important confirmation of the mechanism initially proposed in the two seminal PLoS One papers authored by Cognition’s founding scientists,” explained Anthony Caggiano, MD, PhD, Cognition's CMO and head of R&D. "We believe these findings build on our clinical evidence that targeting the σ-2 receptor with CT1812 may offer a distinct and relevant new mechanism to fight Alzheimer’s disease progression by protecting synapses from the damaging effects of Aβ oligomers.”



new IR firm:

Mike Moyer (investors)

LifeSci Advisors 



$CGTX #CT1812 Cognition Therapeutics Alzheimer's Research amyloid


Great Talk By Dr. Susan Catalano The Inventor of CT-1812


8 Aug 2023 A Biotech scientist guru said:


"If you look at the results that got antibodies approved by companies who have antibodies used for beta Amyloids, they're not as good as what Cognition has shown - their results is weaker than what Cognition has shown. As long as it continues in the right direction as they add more patients. The trend shows it's going in the right direction."

The Innovation Gap: Dissecting Emerging Modalities and Mechanisms for Treating CNS Diseases

Working at the intersection of multiple fields, researchers are wielding a suite of new-age tools to diagnose and treat diseases of the brain. Those include digital health tools, remote patient monitoring and telemedicine technologies, as well as novel apps and AI-based approaches. This panel will feature experts from across these varied domains to discuss the latest trends in brain health.


Ole Isacson, MD, PhD

Director, Neuroregeneration Research Institute, McLean Hospital; Professor of Neurology and Neuroscience, HMS

Charlie Yang, PhD

Vice President, US Biopharmaceutical Equity Research Analyst, BofA Securities


Lisa Ricciardi

President & CEO, Cognition Therapeutics

Kasper Roet, PhD

CEO & Co-Founder, QurAlis

Robert Scannevin, PhD

Chief Scientific Officer, Verge Genomics


Cognition Therapeutics Gears Up for Transformative Milestones in 2024

Is the σ2 Receptor Allosteric Antagonist CT1812 (Elayta®) also an Emopamil Binding Protein (EBP) Inhibitor?



Year End Letter


Lisa's year-end shareholder letter pump job was because they're running out of cash this year and she needs to dilute the hell out of the stock to fund her pipe dream trial (Magnify) which the company doesn't have money for and should have waited till P2 results are out mid year. Her pumping was followed by a strange run to 2.30 that faces fierce selling and the effect of the letter already evaporated.


The letter itself was poorly formatted -- which is so typical of Cognition's inferior IR and if Lisa formatted that letter she wrote herself, she shows inferior skills in formatting a business letter (e.g. use of line/paragraph breaks).


Her pumping was exaggerated and fishy in my view: to dilute more? to help insider who wants to dump 6M shares where the company will sell the shares for him; while the company wants to sell shares for itself too.


I have no confidence in Lisa Ricciardi as CEO. She has other talents but she may be walking us to the cliff unless that data is superior mid year.


2 items: IR incompetence shows again | Board member jumping ship?

TO: Board Members, CEO, CFO, CMO of Cognition Therapeutics

Regarding: New Form S-3 for Cognition Therapeutics, Inc.

Cognition's incompetent investor/public relations messed up again. It's not the first time you can't get a simple communication right.

By the way, what a fishy press release, with Aaron Fletcher's hedge fund planning to dump 6 million shares it picked up at 1.05 not long ago. At today's price of 1.85 that's a sweet 5 million dollar profit in a matter of a few weeks. But it looks horrific for an insider to show such a lack of confidence to want to sell all his shares so quickly.

Wrong link in the IR message (AGAIN!! -- the incompetence repeats itself)


Correct link:


TO: Board Members, CEO, CFO, CMO of Cognition Therapeutics

I received a call from an expensive lawyer, sent by you, to bluff and bully me by threatening me with a totally bogus lawsuit. It was embarrassing and unprofessional for her and for you:

1) I have never done anything unlawful to Cognition. I have never harassed anyone, never said anything uncivil, vulgar or impolite; no unlawful or illegal or threatening behavior whatsoever. So I do NOT appreciate getting a threatening phone call. SLAPPs are a bankrupt tactic and a very unethical way of trying to bully and silence critics. It is bad management to try to bully people, instead of taking in what's said to improve the company, performing better, and if you don't like the channel of communication, to provide an alternative that works.

2) Cognition is not a private club. It's a Public company. Lisa has never run a public company before so maybe the Board members like to educate her that she's accountable to shareholders, and at a minimum, getting communication from shareholders is part of the job of any CEO of a public company, and corporate assets cannot be used to try to bully and silence any one, including one of the top shareholders of the company who has made constructive criticism. Having an MBA Lisa should know that company's management work for and represent the shareholders.

3) Your lawyer embarrassed herself by denying that she threatened me, after I called her out her threat when she said if I comply then litigation can be averted!! That's a direct threat. She also embarrassed herself by citing a totally inapplicable law when I pressed her to tell me what cause of action is the basis of her threat. I even pulled the article of law in both PA and NY and in both cases, it proved to be absolutely inapplicable to this case -- not even a single element is met. That is embarrassing for Cognition, sorry to say, as a larger shareholder. You can't make absolutely baseless threats. The corporate Board is not a Las Vegas poker table!

I'm not going to waste my time and your time expanding on the fact that the threat was a bluff with no legal basis whatsoever -- and so many legal and procedural reasons why you it would miserably fail and why it will cost the company a lot of money and embarrassment, and potential counter suit, and shareholder action (e.g., derivative suit), etc. You do not want to go there!

4) The lawyer asked me to write to IR. If you provide a reliable, responsive channel of communication I usually would rather not write to the Board. As of now, such a channel is missing. Your IR is a black hole! It just doesn't respond, to me, and to others I know who have contacted them. Right along Lisa's apparent mentality that shareholders are nuisance and are to be ignored, except when the company wants to raise money of course.  If true, this is a very dangerous attitude which leads to growing alienation of shareholder base and further erosion of company value.

5) When you don't know your friends from your enemies, you're in trouble. I'm not your enemy - I am your friend. I suppose just as you got this wrong, you may mistake your enemies (e.g. short sellers, potential acquirers who engage in manipulating the stock down, competition). So exercise some caution, mindfulness, deliberation, and see if you can figure that out.

Knowing your enemy is essential in the Art of War; and it'd be naive to ignore the fact that Wall Street is sometimes a war zone (e.g. "wars" waged on companies by abuse of naked shorting exemption by market makers, widespread use of "short and distort" techniques, abusive reverse conversions and umpteen other ways to manipulate a company's stock).

Know your friends. People who take the time to give you constructive criticism, to bring pertinent facts to your attention which you may not have known, people who support the company by buying shares with their hard-earned dollars, are not your enemies.

Here we waste so much time again because you're hired a CEO who has never been a public company CEO before, so I really hope she learns something from this experience, and never tries to bully shareholders again. A bit of humility goes a long way.

Best wishes for 2024.

Reza Ganjavi, MBA


23 Dec 2923 - Lisa Ricciardi's Bullying Attempt to Silence Critics


Congrats Lisa for wasting shareholder money to try to quash criticism! 


Lisa wasted shareholder money to get a big law-firm to call me with a totally BS bluff that I called on the spot and crushed. I recently sent an email to the company which was absolutely lawful. Lisa Ricciardi has never run a public company before so she apparently doesn't understand that part of the job involves availing oneself to scrutiny from shareholders. She doesn't like it, so she sent a attorney Allison DeLaurentis of Goodwin Procter LLP to try to bully me into giving up my 1st Amendment right. 


DeLaurentis tried to scare me, not knowing I run circles around lawyers. I challenged her BS threat with questions like, what's the cause of action? Her response was embarrassing for her because not even a single element of the law fits the situation. She also failed to provide any specifics. I pushed back hard that I don't appreciate BS threats to silence critics (SLAPP). She backed off: "it wasn't a threat". Yes it was. It's a threat when you say conforming means averting litigation! I called out her bluff head to toe. She left the call with her head down (LOL)!! 

Therapeutic Advantages to Using EEG to Assess Alzheimer Agents: Williem de Haan, MD, PhD

As Biopharma Giants Reshape the Field, Cognition Therapeutics Sees a Place for Its Alzheimer’s Drug

CT1812, a once-daily small-molecule sigma-2 receptor antagonist, finds clinical success in a challenging indication for companies of all sizes




At bottom of page, new videos.

The company's IR / webmaster are not competent to know for such an important video you need to have a direct link so people can share it. 


15 Dec 2023 - $40+/per share Buyout  

The CEO told me Big Pharma is well aware of Cognition, and that the Board is well connected to Big Pharma. I expect a competitive bidding process, and for the company to get sold above $40 a share.


15 Dec 2023 - MAJOR UPDATE 


This update is NOT an investment advice. Do your own research.


As is known in biotech investing, big money is made in phase 2.


From $1 to $2.40 in a short time, and a bizarre, mysterious trading patter which is hard to interpret:

- It seems that there's some genuine interest as some of the big buys are at the ask which is way above the bid (bid-ask spread is often large).

- Hard to tell if there's interest from buy-and-hold institutions (we will know by 15 Feb 2024 reporting deadline), or these are games played by hedge funds and short term players, or it's retail investors who are betting on next year's data, as some of us have done.

- The volume has been significant. Over 3.5 million shares have been traded so far this week for a stock, which until recently had an average daily volume of Beverly 40,000 shares. I keep repeating the mantra that price follows volume - we've seen that clearly.

- Hard to tell if the company is using ATM, or a toxic financier like Lincoln Park - and if cheaply obtained shares are sold for profit, and if the run up is manipulated and artificial and for that purpose.

- Hard to tell if there's pent up news that some people know and others don't. Keeping their lips sealed is so incredibly important, but it may not be their strength. Also it might be that they're willing to hold up news release to make deals which could be a RegFD violation, such that we saw after the last set of data, and the apparent delay in its release, while the company made a deal behind the scenes to raise money, which killed the stock.  I'm not sure if they give RegFD, and other rules such as time requirement for release of material data, enough importance -- I'm not accusing them of that, but their actions have raised eyebrows.

- One of our friends put together a good list potential factors for this radical price increase, which I will reprint at the bottom of this email.

- bottom line is the company is way undervalued, Science is worth a lot more than the current valuation, on the data that we have so far which has been consistently good, big trials produce positive data the sky is the limit.


When I spoke with the CEO and CFO on 2 June 2023, the CEO told me we are on the radars of some pharma companies (a.k.a. "Big Pharma"), and she said the Board is well connected to pharma. I think their goal is to sell the company for a hefty premium when good data is released. They have multiple trials going, and even with one good trial, the valuation can skyrocket.


I do not think the CEO has the ambition of go it alone or stay on as CEO to take the drug to market, given her profile, age, talent set, experience (she was a never a CEO of a public company before). She has certain strengths which are very valuable to the company once we have good data, i.e., get a competitive bid going and get a good valuation for the company.

The CEO is not after empire building or self-enrichment which many biotech CEOs are, unfortunately. Her other strengths include top notch education, an impressive career, and being careful with costs. They have a lean team. I can't overemphasize how important it is to continually tighten the belt, like many world-class companies do on an ongoing basis even when they're profitable. Salary freeze, hiring freeze, executive salary cuts, travel freeze, all purchasing needs CEO or CFO authorization -- to instill that ultra economical culture. Investors really appreciate that and share price gets rewarded.

But she also has some shortcomings, as exhibited in her public presentations, which worry me -- being extremely hyper, jittery, saying things that should not be said, saying wrong, materially false things, that she sometimes corrects later, or just letting cats out of the bag which are not necessary (which I believe is due to her lack of experience with Wall Street sharks who use everything you say you will do and you will not do, against you) -- it's unsettling to watch her, to the point that someone even posted online that she was taking some stimulant I won't name. I would never make such an accusation until there's credible evidence for it (e.g. witness, drug test...) but I can understand why she can come across as such.

Navigating the company into a commercial entity is not in the CEO's talent set, in my view, and I don't think that's what she wants. They want to get good data, get the value as high as possible, and sell to a big pharma. Nice thing is, CT-1812 appears to be so good, that it would be a key asset for a big pharma, so if the CEO and Board play their card right, they can get a multi-billion-dollar valuation for this company that's currently valued under 50 million. I've seen this happen in biotech before. 


- In a video CEO Lisa Ricciardi is so hyper, she is asked what the key opinion leaders thought about the data. The press release they had just issued contained the answer. They already collected and presented KOL quotes. She could have just quoted them. Instead she gave an off answer to a question that was not asked. She said we were asked questions about the data by institutional and retail investors -- which not only did not answer the question, but missed the opportunity to quote the KOL statements which were very important (two KOLs were quoted in the press release: Dr. Everard (Jort) Vijverberg, M.D., Ph.D., Dr. Willem de Haan, M.D. Ph.D.).

- In one presentation she said we have two drugs that have gone through the approval process. They are in the approval process. First statement is false. Second is questionable. Which drugs?!

- In a video she says the company was started by "a scientist and a chemist". Chemists are scientists. She should have said neuroscientist. 

- In an interview, she makes a lot of head moves, lip moves, and seems hyper overall, like knowing what the questioner wants to ask and being impatient to answer, and even ignored his question of how she is, and responded asking him how he is, while she looked hyper, in my view. Very unsettling to see, and the consequence is some of the things listed in this section.  I don't think these are due to a medical condition because she's not always like this, but always seems hyper, perhaps caffeinated.

- In an interview, she seems so hyper that she's not letting the guy finish his question before she jumps in. That's VERY unprofessional and inappropriate and shows a CEO who is not grounded, who cannot remain calm, who doesn't respect the person to let him finish his question, which she should do out of respect, even if she's sure she knows what he's asking.

- On another occasion Lisa went on the air projecting next year: “we’re going to go to capital markets to raise money to run our Phase 3 program” -- this is no go. A mindful CEO would never say this kind of off the cuff statement. She knows perfectly well there are a number of other options. Later on the call she tries to cover up her inappropriate statement. This is just not polished, not professional communications. If she slows down and is not so jittery maybe she can get it right. You can't just go out there, be hyper and like what Romney said about Trump, act like a "human gum ball machine" due to his tendency to give unfiltered remarks.

"A thought or a notion comes in, and it comes out of his mouth. There's not a lot of filter that goes on. There's not a lot of, 'What's the implication?"

She’s clearly thinking out loud on an investor call, which is ok if you’re selling something and improvising as a saleswoman, and appealing to emotions, and are being super dynamic as she is. But Words Do Matter. A CEOs words significantly affect a company's value.

I would expect a CEO paid as much as Lisa is, to state the accurate sentence the first time she says it – not fiery utter “we’re going to go to capital markets”. That was not a maybe, or there are other options, etc. – it was “we’re going to go to capital markets”.

Lisa should consider the principle of "less is more", and use her dynamism in the right context, in a mindful, gathered way.

Lisa's hyper and error prone communications increase risks for the company. Risk of wrong decisions. Risk of wrong communications.

When you're getting paid $600,000 a year your messaging should be clear, professional, mindful, accurate, and you need to give investors a sense of stability (vs. how unsettled I feel when I watch her talk). 


The Chinese are already bootlegging CT-1812, and if the company can't get the website organization right, I doubt they have the competence to deal with types, which is very easy to do, especially since they have a US presence too.


They have a good CFO, John Doyle whom I like and trust.  Their scientific chief / CMO, Dr. Anthony Caggiano (MD, PhD) is top notch (he could use some improvements in vocal delivery, as he seems to decrescendo many of his statements which send the wrong signal. There are some good books on voice projection on Amazon. I'm also happy to provide a free voice / voice projection lesson since I studied the topic deeply.


One of the Board members, Dr. Aaron Fletcher recently bought 500,000 shares. It's a very strong endorsement, and he's already made 140% gain and I think he's in for a lot more.  He knows the company from inside. Aside from being a professor of biochemistry, bioethics and cell biology, he is a veteran finance and investments person. Great combination. 


The company continues to lag in the area of IR and public relations / website design. Despite all the money we spend, the website still seems like "a house without an owner". Errors, broken links, inconsistencies, missing critical content, missing target content where reference exists, etc., some even think you're holding that back in favor of institutions but I'm not into unfounded conspiracy theories.

For example, they don't provide direct links to very important videos, e.g. interviews with thought leaders, or videos they recently put in the company's "About" page. See bottom of:

The Conversations are very important, but no direct link:

Direct links (URL) allows people to share the videos. Even when the company it's self tried to share some videos they have to say go to that page and go to the bottom. Come on it's 2023. Even in the 1980s people used URLs! Some videos are linked to Vimeo version, some not, some are on YouTube, some not... just a mess.

Clearly this is an area that's managed ineptly, and has been for a long time -- there have been so many issues with the website organization, and defects, which is such a basic thing to solve, if a competent person takes ownership of it.

I absolutely have no faith in the external IR company / person in charge. It's an area that has constantly lagged -- horribly worded PRs etc. etc.  -- which are all the CEO's fault and shows lack of attention and/or competence. The buck stops at the top.

The pathetic IR can't even get the press release grammar right (it's all CEO's fault - buck stops at top). They try to hype in a superficial way that is so shallow and obvious to any experienced investor who has read umpteen press releases before.

Aline Sherwood seems to have joined the company as an internal resource. Why not let her take the IR bull by the horns and save a lot of money from paying Daniel and Tiberend, which is a total waste of money in my view. 


Short interest quadrupled from 63k to 300k and down to 200k, since mid-October.


The biggest variable is the company's hunger for raising cash for the MAGNIFY TRIAL (Geographic Atrophy) which is a very important trial. If it stops diluting (and making a public statement about it which will give investors comfort about level of supply which is a key factor in company value), given the small float, any demand can make the stock take big leaps up, in which case it can go to upper single digits, and run up to the data, and if data is good, the sky is the limit. I wouldn't be surprised to see CGTX in double-digits by summer, or much sooner, the way it's going :-)

There are risks of course, including macro risks but I would never bet against the American economy. Biggest macro risk is Trump, in my view, who will destroy the noble American experiment and precious democracy which is the oldest in the world. His aim is 100% selfish to keep himself out of prison, and nothing more.

One key risk, especially given the CEOs lack of experience running a public company, is that sometimes Pharma manipulates a potential acquisition's stock (this is a documented fact), so the company leadership has to be very vigilant and mindful and thoughtful and calm and gathered and strategic in its communications, and not hyper and spill the beans, off the cuff communications which are abused.


"I think it could be the following:

-big money shifting to small/mid cap stocks with fed signaling rate cuts next year. Several bio’s have been flying the last week or so.

-DLB trial was recently updated on the clinical trials site so maybe people are getting word out on positive developments with the trial.

-CNS space heating up with CERE BO.

- this is a 6 month trend with this ticker and may just deflate before year end.

- maybe a partnership in the works especially now that the one Alzheimer’s study will allow patients currently taking an approved drug able to partake so combination therapy could be on the table?"


14 Dec 2023 - VOLUME 

3.5 million shares traded this week so far while average daily volume was 40,000 for a long time, and not 130k. That's almost 7 times average volume every day this week on average. Price follows volume. Let's go to 52 week high next ($3.50).


14 Dec 2023 - SPECULATION 

Someone did the following analysis to explain the sudden price jump from $1 to $2.40

"I think it could be the following:

-big money shifting to small/mid cap stocks with fed signaling rate cuts next year. Several bio’s have been flying the last week or so.

-DLB trial was recently updated on the clinical trials site so maybe people are getting word out on positive developments with the trial.

-CNS space heating up with CERE BO.

- this is a 6 month trend with this ticker and may just deflate before year end.

- maybe a partnership in the works especially now that the one Alzheimer’s study will allow patients currently taking an approved drug able to partake so combination therapy could be on the table?"


9 Dec 2023 - RUN UP TO DATA 


As I've said before, don't be surprised to see a big run up to the data before mid next year, which could take CGTX  to analyst target of $6.25, up from there, and with good data into the 20's and beyond, IF Lisa doesn't use the ATM and doesn't dilute the shares in the next 6 months.

NEW LINKS  (Conference in January) (videos)


6 Dec 2023 

CGTX  has been on the move a bit -- and some days with strong volume -- so it's Alive! I am still very optimistic in CGTX and if they don't use the ATM, I expect a big run up to the data mid 2024 which is like 6 months away!!

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. 


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.




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:



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

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.





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 







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. 


Sep 2023


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.



The Scientists:

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.

Valentina di Caro - Università degli Studi di Palermo - Doctor of Philosophy (Ph.D.), Biochemistry and Molecular Biology - 2006

Eunah Cho - Seoul National University - Doctor of Philosophy - PhD, Biochemistry and Molecular Biology - 2013

Nicole Knezovich - no info available

Jill caldwell and Aidan Reaver are research associates.

Conversations Episode 6: Geographic Atrophy: New Strategies to Protect the Retina 


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 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:


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




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:

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


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:


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.




1 June 2023 - from Biotech guru friend:
Hi Reza,

    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?? 







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:

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. 






Price targets include e.g. $9 by Oppenheimer and $10 by Cantor. 



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.



Lisa Ricciardi
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:   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.

Best wishes

Reza Ganjavi



I fully agree with your due diligence.  I own the stock,  I started a board on 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.







 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.   


Hi Reza,

   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 

Dear Doc

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!




October 16, 2023 7:30 AM EDT

Cognition Therapeutics Presents New Data at CTAD Conference from Advancing Pipeline Across Multiple CNS Indications


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 

About CT1812

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

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  

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




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.