Cognition Therapeutics, Inc.

AI-generated fair value estimate for this company.

Method: Risk-adjusted net asset value (biotech rNPV): $34.8M cash and equivalents (Q2 2026) less an estimated $25M of net cash burn over the next 12 months, plus risk-adjusted NPV of lead asset zervimesine (CT1812) for Alzheimer's disease and dementia with Lewy bodies using a 12% probability of technical and regulatory success, $400M estimated risk-adjusted peak sales, and a 2.0x NPV-to-peak-sales multiple typical for a licensed CNS asset at this stage; 95.09M shares outstanding.

Reasoning: Cognition Therapeutics is a clinical-stage, pre-revenue biopharma, so a standard operating-cash-flow DCF is not meaningful; the rNPV/net-asset approach is the standard rigorous method for binary-outcome clinical programs, combining the company's cash backstop with a probability-weighted value for its most advanced pipeline asset.