Cognition Therapeutics Inc S-3, filed Dec 18, 2025

Cognition Therapeutics Inc (CGTX)

S-3 2025-12-18

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	Delaware			13-4365359
	(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)

	Large accelerated filer ☐			Accelerated filer ☐
	Non-accelerated filer ☒			Smaller reporting company ☒ Emerging growth company ☒

Table of Contents
	page
ABOUT THIS PROSPECTUS		1
WHERE YOU CAN FIND MORE INFORMATION		2
INCORPORATION OF CERTAIN INFORMATION BY REFERENCE		3
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		4
ABOUT THE COMPANY		6
RISK FACTORS		10
USE OF PROCEEDS		11
DESCRIPTION OF CAPITAL STOCK		12
DESCRIPTION OF DEBT SECURITIES		16
DESCRIPTION OF WARRANTS		23
DESCRIPTION OF UNITS		25
DESCRIPTION OF OUR SUBSCRIPTION RIGHTS		26
GLOBAL SECURITIES		27
PLAN OF DISTRIBUTION		31
LEGAL MATTERS		33
EXPERTS		34

TABLE OF CONTENTS
	Page
Prospectus
About This Prospectus		1
Prospectus Summary		2
The Offering		6
Risk Factors		8
Special Note Regarding Forward-Looking Statements		11
Use of Proceeds		13
Dividend Policy		14
Dilution		15
Description of Capital Stock		17
Plan of Distribution		21
Legal Matters		23
Experts		24
Where You Can Find More Information		25
Incorporation by Reference		26
Exhibit Index		II-2
Signatures		II-5
Power of Attorney		II-5

Assumed public offering price per share			$	1.52
Net tangible book value per share at September 30, 2025	$	0.41
Increase in net tangible book value per share attributable to new investors purchasing shares in this offering	$	0.38
As adjusted net tangible book value per share as of September 30, 2025, after giving effect to this offering			$	0.79
Dilution per share to new investors purchasing shares in this offering			$	0.73

SEC registration fee	$	41,430
FINRA filing fee	$	0
Fees and expenses of the trustee	$	(1)
Printing expenses	$	(1)
Legal fees and expenses	$	(1)
Accounting fees and expenses	$	(1)
Blue Sky, qualification fees and expenses	$	(1)
Transfer agent fees and expenses	$	(1)
Miscellaneous	$	(1)
Total	$	(1)

	Exhibit Number			Exhibit Description
	1.1*			Form of Underwriting Agreement.
	1.2			Open Market Sale AgreementSM, dated December 18, 2025, by and between the registrant and Jefferies LLC (filed herewith).
	3.1			Third Amended and Restated Certificate of Incorporation (incorporated by reference to exhibit 3.1 of the Company’s Current Report on Form 8-K filed on October 14, 2021).
	3.2			Second Amended and Restated Bylaws (incorporated by reference to exhibit 3.1 of the Company’s Quarterly Report on Form 10-Q filed on May 4, 2023).
	3.3			Amendment to the Second Amended and Restated Bylaws (incorporated by reference to exhibit 3.3 of the Company’s Annual Report on Form 10-K filed on March 20, 2025).
	4.1			Specimen Common Stock Certificate of Registrant (incorporated by reference to exhibit 4.1 to the Company’s Registration Statement on Form S-1 (File No. 333-257999) filed October 4, 2021).
	4.2*			Form of Preferred Stock Certificate.
	4.3*			Certificate of Designations of Preferred Stock.
	4.4			Form of Indenture (filed herewith).
	4.5*			Form of Debt Security.
	4.6*			Form of Warrant.
	4.7*			Form of Purchase Contract Agreement.
	4.8*			Form of Unit Agreement.
	4.9*			Form of Unit.
	4.10*			Form of Subscription Rights Agreement.
	5.1			Opinion of Goodwin Procter LLP (filed herewith).
	5.2			Opinion of Goodwin Procter LLP relating to the sales agreement prospectus (filed herewith).
	23.1			Consent of Ernst & Young LLP (filed herewith).
	23.2			Consent of Goodwin Procter LLP (included in Exhibit 5.1).
	23.3			Consent of Goodwin Procter LLP (included in Exhibit 5.2).
	24.1			Power of Attorney (included on the signature page).
	25.1**			Statement of Eligibility on Form T-1 under the Trust Indenture Act of 1939, as amended, of the trustee, as trustee under the indenture filed herewith.
	107			Filing Fee Table (filed herewith).

Signature	Title	Date
/s/ Lisa Ricciardi Lisa Ricciardi	Chief Executive Officer, President and Director (Principal Executive Officer)	December 18, 2025
/s/ John Doyle John Doyle	Chief Financial Officer (Principal Financial and Accounting Officer)	December 18, 2025
/s/ Jack A. Khattar Jack A. Khattar	Director (Chairman of the Board)	December 18, 2025
/s/ Aaron G. L. Fletcher, Ph.D. Aaron G. L. Fletcher, Ph.D.	Director	December 18, 2025
/s/ Brett P. Monia, Ph.D. Brett P. Monia, Ph.D.	Director	December 18, 2025
/s/ Ellen B. Richstone Ellen B. Richstone	Director	December 18, 2025
/s/ Peggy Wallace Peggy Wallace	Director	December 18, 2025

	Very truly yours,

	COGNITION THERAPEUTICS, INC.

	By:	/s/ Lisa Ricciardi
		Name: Lisa Ricciardi
		Title: Chief Executive Officer

By:	/s/ Michael Magarro
	Name: Michael Magarro
	Title: Managing Director

	$

Number of days in selling period:

First date of selling period:

Last date of selling period:

Settlement Date(s) if other than standard T+1 settlement:

		Page
ARTICLE I. DEFINITIONS AND INCORPORATION BY REFERENCE		1
Section 1.1.	Definitions	1
Section 1.2.	Other Definitions	3
Section 1.3.	Incorporation by Reference of Trust Indenture Act	3
Section 1.4.	Rules of Construction	4
ARTICLE II. THE SECURITIES		4
Section 2.1.	Issuable in Series	4
Section 2.2.	Establishment of Terms of Series of Securities	4
Section 2.3.	Execution and Authentication	6
Section 2.4.	Registrar, Paying Agent and Notice Agent	7
Section 2.5.	Paying Agent to Hold Money in Trust	7
Section 2.6.	Holder Lists	8
Section 2.7.	Transfer and Exchange	8
Section 2.8.	Mutilated, Destroyed, Lost and Stolen Securities	8
Section 2.9.	Outstanding Securities	9
Section 2.10.	Treasury Securities	9
Section 2.11.	Temporary Securities	9
Section 2.12.	Cancellation	10
Section 2.13.	Defaulted Interest	10
Section 2.14.	Global Securities	10
Section 2.15.	CUSIP Numbers	11
ARTICLE III. REDEMPTION		12
Section 3.1.	Notice to Trustee	12
Section 3.2.	Selection of Securities to be Redeemed	12
Section 3.3.	Notice of Redemption	12
Section 3.4.	Effect of Notice of Redemption	13
Section 3.5.	Deposit of Redemption Price	13
Section 3.6.	Securities Redeemed in Part	13
ARTICLE IV. COVENANTS		13
Section 4.1.	Payment of Principal and Interest	13
Section 4.2.	SEC Reports	13
Section 4.3.	Compliance Certificate	14
Section 4.4.	Stay, Extension and Usury Laws	14
ARTICLE V. SUCCESSORS		14
Section 5.1.	When Company May Merge, Etc.	14
Section 5.2.	Successor Corporation Substituted	15
ARTICLE VI. DEFAULTS AND REMEDIES		15
Section 6.1.	Events of Default	15
Section 6.2.	Acceleration of Maturity; Rescission and Annulment	16
Section 6.3.	Collection of Indebtedness and Suits for Enforcement by Trustee	16
Section 6.4.	Trustee May File Proofs of Claim	17
Section 6.5.	Trustee May Enforce Claims Without Possession of Securities	17
Section 6.6.	Application of Money Collected	17
Section 6.7.	Limitation on Suits	18

Section 6.8.	Unconditional Right of Holders to Receive Principal and Interest	18
Section 6.9.	Restoration of Rights and Remedies	18
Section 6.10.	Rights and Remedies Cumulative	19
Section 6.11.	Delay or Omission Not Waiver	19
Section 6.12.	Control by Holders	19
Section 6.13.	Waiver of Past Defaults	19
Section 6.14.	Undertaking for Costs	19
ARTICLE VII. TRUSTEE		20
Section 7.1.	Duties of Trustee	20
Section 7.2.	Rights of Trustee	21
Section 7.3.	Individual Rights of Trustee	22
Section 7.4.	Trustee’s Disclaimer	22
Section 7.5.	Notice of Defaults	22
Section 7.6.	Reports by Trustee to Holders	22
Section 7.7.	Compensation and Indemnity	22
Section 7.8.	Replacement of Trustee	23
Section 7.9.	Successor Trustee by Merger, Etc.	24
Section 7.10.	Eligibility; Disqualification	24
Section 7.11.	Preferential Collection of Claims Against Company	24
ARTICLE VIII. SATISFACTION AND DISCHARGE; DEFEASANCE		24
Section 8.1.	Satisfaction and Discharge of Indenture	24
Section 8.2.	Application of Trust Funds; Indemnification	25
Section 8.3.	Legal Defeasance of Securities of any Series	25
Section 8.4.	Covenant Defeasance	27
Section 8.5.	Repayment to Company	27
Section 8.6.	Reinstatement	27
ARTICLE IX. AMENDMENTS AND WAIVERS		28
Section 9.1.	Without Consent of Holders	28
Section 9.2.	With Consent of Holders	28
Section 9.3.	Limitations	28
Section 9.4.	Compliance with Trust Indenture Act	29
Section 9.5.	Revocation and Effect of Consents	29
Section 9.6.	Notation on or Exchange of Securities	30
Section 9.7.	Trustee Protected	30
ARTICLE X. MISCELLANEOUS		30
Section 10.1.	Trust Indenture Act Controls	30
Section 10.2.	Notices	30
Section 10.3.	Communication by Holders with Other Holders	31
Section 10.4.	Certificate and Opinion as to Conditions Precedent	31
Section 10.5.	Statements Required in Certificate or Opinion	31
Section 10.6.	Rules by Trustee and Agents	32
Section 10.7.	Legal Holidays	32
Section 10.8.	No Recourse Against Others	32
Section 10.9.	Counterparts	32
Section 10.10.	Governing Law; Waiver of Jury Trial; Consent to Jurisdiction	32
Section 10.11.	No Adverse Interpretation of Other Agreements	33
Section 10.12.	Successors	33
Section 10.13.	Severability	33
Section 10.14.	Table of Contents, Headings, Etc.	33
Section 10.15.	Securities in a Foreign Currency	33
Section 10.16.	Judgment Currency	34
Section 10.17.	Force Majeure	34
Section 10.18.	U.S.A. Patriot Act	34

ARTICLE XI. SINKING FUNDS		34
Section 11.1.	Applicability of Article	34
Section 11.2.	Satisfaction of Sinking Fund Payments with Securities	35
Section 11.3.	Redemption of Securities for Sinking Fund	35

§ 310(a)(1)		7.10
(a)(2)		7.10
(a)(3)		Not Applicable
(a)(4)		Not Applicable
(a)(5)		7.10
(b)		7.10
§ 311(a)		7.11
(b)		7.11
(c)		Not Applicable
§ 312(a)		2.6
(b)		10.3
(c)		10.3
§ 313(a)		7.6
(b)(1)		7.6
(b)(2)		7.6
(c)(1)		7.6
(d)		7.6
§ 314(a)		4.2, 10.5
(b)		Not Applicable
(c)(1)		10.4
(c)(2)		10.4
(c)(3)		Not Applicable
(d)		Not Applicable
(e)		10.5
(f)		Not Applicable
§ 315(a)		7.1
(b)		7.5
(c)		7.1
(d)		7.1
(e)		6.14
§ 316(a)		2.10
(a)(1)(A)		6.12
(a)(1)(B)		6.13
(b)		6.8
§ 317(a)(1)		6.3
(a)(2)		6.4
(b)		2.5
§ 318(a)		10.1

		DEFINED IN
TERM		SECTION
“Agent Member”		2.14.6
“Bankruptcy Law”		6.1
“Custodian”		6.1
“Event of Default”		6.1
“Judgment Currency”		10.16
“mandatory sinking fund payment”		11.1
“New York Banking Day”		10.16
“Notice Agent”		2.4
“optional sinking fund payment”		11.1
“Paying Agent”		2.4
“Registrar”		2.4
“Required Currency”		10.16
“Specified Courts”		10.10
“successor person”		5.1

if to the Company:
	Cognition Therapeutics, Inc.
	2500 Westchester Avenue
	Purchase, NY 10577
	Attention: Chief Executive Officer
	Telephone: (412) 481-2210

with a copy to:	Goodwin Procter LLP
	3025 John F Kennedy Blvd
	Philadelphia, PA 19104
	Attention: Rachael M. Bushey, Esq. and Justin Platt, Esq.
	Telephone: (445) 207-7800

if to the Trustee:

	[·]
	Attention: [·]
	Telephone: [·]

with a copy to:

	[·]
	Attention: [·]
	Telephone: [·]

	Very truly yours,

	/s/ Goodwin Procter LLP
	GOODWIN PROCTER LLP