Cognition Therapeutics Inc. reported cash, cash equivalents, and restricted cash of approximately $39.8 million as of September 30, 2025, with $36.3 million in remaining obligated grant funds from the National Institute of Aging. The company estimates this funding is sufficient to support operations and capital expenditures into the second quarter of 2027. Research and development expenses for the third quarter of 2025 were $3.8 million, down from $11.4 million in the same period in 2024, primarily due to the completion of the SHINE and SHIMMER clinical trials. During the period, Cognition completed a $30 million registered direct offering and reported ongoing progress in clinical programs, including surpassing 75% enrollment in the Phase 2 START study for early Alzheimer's disease and an expanded access program for dementia with Lewy bodies. The company also achieved alignment with the FDA on a registration path for zervimesine in Alzheimer's disease.