COGNITION THERAPEUTICS INC 10-Q

Item 1. Financial Statements COGNITION THERAPEUTICS, INC. BALANCE SHEETS (unaudited) (in thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ June 30, 2026 ​ December 31, 2025 ​ ​ ​ ​ (unaudited) ​ ​ Assets ​ ​ ​ ​ ​ Current assets: ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 34,012 ​ $ 36,810 Grant receivables ​ 2,951 ​ 9,923 Prepaid expenses and other current assets ​ 586 ​ 1,068 Restricted cash equivalents ​ ​ 750 ​ ​ 190 Total current assets ​ 38,299 ​ 47,991 Property and equipment, net ​ 87 ​ 93 Right-of-use assets, operating leases ​ ​ 510 ​ ​ 306 Total assets ​ $ 38,896 ​ $ 48,390 Liabilities and Stockholders’ Equity ​ ​ ​ ​ Current liabilities: ​ ​ ​ ​ Accounts payable ​ $ 673 ​ $ 1,119 Accrued expenses ​ 3,833 ​ 11,995 Deferred grant income, current ​ ​ 777 ​ ​ 367 Operating lease liabilities, current ​ ​ 89 ​ ​ 136 Other current liabilities ​ 78 ​ 307 Total current liabilities ​ 5,450 ​ 13,924 Operating lease liabilities, non-current ​ 422 ​ 195 Total liabilities ​ 5,872 ​ 14,119 Commitments and contingencies (Note 6) ​ ​ ​ ​ Stockholders’ equity: ​ ​ ​ ​ Preferred stock, $ 0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding at June 30, 2026 and December 31, 2025 ​ ​ — ​ ​ — Common stock, $ 0.001 par value, 250,000,000 shares authorized; 95,055,773 and 88,904,161 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively ​ 95 ​ 90 Additional paid-in capital ​ 240,078 ​ 232,828 Accumulated deficit ​ ( 207,149 ) ​ ( 198,647 ) Total stockholders’ equity ​ 33,024 ​ 34,271 Total liabilities and stockholders’ equity ​ $ 38,896 ​ $ 48,390 ​ ​ ​ The accompanying notes are an integral part of these financial statements. ​ 5 Table of Contents ​ COGNITION THERAPEUTICS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (unaudited) (in thousands, except share and per share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 ​ Operating Expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Research and development ​ $ 5,097 ​ $ 11,481 ​ $ 11,217 ​ $ 22,267 ​ General and administrative ​ 2,641 ​ 2,497 ​ 5,338 ​ 5,486 ​ Total operating expenses ​ 7,738 ​ 13,978 ​ 16,555 ​ 27,753 ​ Loss from operations ​ ( 7,738 ) ​ ( 13,978 ) ​ ( 16,555 ) ​ ( 27,753 ) ​ Other income (expense): ​ ​ ​ ​ ​ ​ ​ ​ ​ Grant income ​ 3,518 ​ 7,106 ​ 7,497 ​ 12,192 ​ Other income, net ​ 291 ​ 141 ​ 564 ​ ​ 355 ​ Interest expense ​ ( 3 ) ​ ( 3 ) ​ ( 8 ) ​ ​ ( 8 ) ​ Total other income, net ​ 3,806 ​ 7,244 ​ 8,053 ​ 12,539 ​ Net loss and comprehensive loss ​ $ ( 3,932 ) ​ $ ( 6,734 ) ​ $ ( 8,502 ) ​ $ ( 15,214 ) ​ Net loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ $ ( 0.04 ) ​ $ ( 0.11 ) ​ $ ( 0.09 ) ​ $ ( 0.24 ) ​ Diluted ​ $ ( 0.04 ) ​ $ ( 0.11 ) ​ $ ( 0.09 ) ​ $ ( 0.24 ) ​ Weighted-average common shares outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Basic ​ ​ 90,624,381 ​ ​ 63,690,945 ​ ​ 89,911,806 ​ ​ 62,169,748 ​ Diluted ​ ​ 90,624,381 ​ ​ 63,690,945 ​ ​ 89,911,806 ​ ​ 62,169,748 ​ ​ The accompanying notes are an integral part of these financial statements. ​ ​ 6 Table of Contents COGNITION THERAPEUTICS, INC. STATEMENTS OF STOCKHOLDERS’ EQUITY (unaudited) (in thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Total ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Stockholders’ ​ ​ Shares ​ Amount ​ Capital ​ Deficit ​ Equity Balances as of December 31, 2024 59,854,877 ​ $ 60 ​ $ 193,850 ​ $ ( 175,160 ) ​ $ 18,750 Issuance of common stock under the 2022 ATM, net of commissions and allocated fees 2,004,729 ​ ​ 2 ​ ​ 1,458 ​ ​ — ​ ​ 1,460 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes 115,149 ​ ​ — ​ ​ ( 46 ) ​ ​ — ​ ​ ( 46 ) Equity-based compensation ​ — ​ ​ — ​ ​ 586 ​ ​ — ​ ​ 586 Net loss ​ — ​ ​ — ​ ​ — ​ ​ ( 8,480 ) ​ ​ ( 8,480 ) Balances as of March 31, 2025 ​ 61,974,755 ​ $ 62 ​ $ 195,848 ​ $ ( 183,640 ) ​ $ 12,270 Issuance of common stock under the 2022 ATM, net of commissions and allocated fees ​ 2,921,744 ​ ​ 3 ​ ​ 874 ​ ​ — ​ ​ 877 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 66,458 ​ ​ — ​ ​ ( 5 ) ​ ​ — ​ ​ ( 5 ) Equity-based compensation — ​ ​ — ​ ​ 621 ​ ​ — ​ ​ 621 Net loss — ​ ​ — ​ ​ — ​ ​ ( 6,734 ) ​ ​ ( 6,734 ) Balances as of June 30, 2025 ​ 64,962,957 ​ $ 65 ​ $ 197,338 ​ $ ( 190,374 ) ​ $ 7,029 ​ ​ ​ ​ ​ 7 Table of Contents COGNITION THERAPEUTICS, INC. STATEMENTS OF STOCKHOLDERS’ EQUITY (continued) (unaudited) (in thousands, except share amounts) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Additional ​ ​ ​ ​ Total ​ ​ Common Stock ​ Paid-in ​ Accumulated ​ Stockholders’ ​ ​ Shares ​ Amount ​ Capital ​ Deficit ​ Equity Balances as of December 31, 2025 88,904,161 ​ $ 90 ​ $ 232,828 ​ $ ( 198,647 ) ​ $ 34,271 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 396,734 ​ ​ — ​ ​ ( 164 ) ​ ​ — ​ ​ ( 164 ) Exercise of common stock options ​ 52,878 ​ ​ — ​ ​ 44 ​ ​ — ​ ​ 44 Equity-based compensation ​ — ​ ​ — ​ ​ 330 ​ ​ — ​ ​ 330 Net loss ​ — ​ ​ — ​ ​ — ​ ​ ( 4,570 ) ​ ​ ( 4,570 ) Balances as of March 31, 2026 ​ 89,353,773 ​ $ 90 ​ $ 233,038 ​ $ ( 203,217 ) ​ $ 29,911 Issuance of common stock under the 2025 ATM, net of commissions and allocated fees ​ 5,506,610 ​ ​ 5 ​ ​ 6,732 ​ ​ — ​ ​ 6,737 Issuance of common stock upon vesting of RSUs, net of shares withheld for employee taxes ​ 195,390 ​ ​ — ​ ​ ( 11 ) ​ ​ — ​ ​ ( 11 ) Equity-based compensation — ​ ​ — ​ ​ 319 ​ ​ — ​ ​ 319 Net loss — ​ ​ — ​ ​ — ​ ​ ( 3,932 ) ​ ​ ( 3,932 ) Balances as of June 30, 2026 ​ 95,055,773 ​ $ 95 ​ $ 240,078 ​ $ ( 207,149 ) ​ $ 33,024 ​ The accompanying notes are an integral part of these financial statements. ​ ​ ​ 8 Table of Contents ​ ​ COGNITION THERAPEUTICS, INC. STATEMENTS OF CASH FLOWS (unaudited) (in thousands) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Cash flows from operating activities: ​ ​ ​ ​ Net loss ​ $ ( 8,502 ) ​ $ ( 15,214 ) Adjustments to reconcile net loss to net cash used in operating activities: ​ ​ ​ ​ Depreciation and amortization ​ 21 ​ ​ 7 Equity-based compensation ​ 649 ​ ​ 1,207 Amortization of right-of-use assets ​ ​ 102 ​ ​ 99 Gain on lease modification ​ ​ ( 21 ) ​ ​ — Loss on disposal of property and equipment ​ ​ 5 ​ ​ — Changes in operating assets and liabilities: ​ ​ ​ ​ ​ Grant receivables ​ 6,972 ​ ​ ( 3,599 ) Prepaid expenses and other assets ​ 482 ​ ​ 653 Accounts payable and accrued expenses ​ ( 8,608 ) ​ ​ 539 Deferred grant income and other liabilities ​ ​ 410 ​ ​ 916 Operating lease liabilities ​ ( 105 ) ​ ​ ( 108 ) Net cash used in operating activities ​ ( 8,595 ) ​ ( 15,500 ) Cash flows from investing activities: ​ ​ ​ ​ Payments for property and equipment ​ ( 20 ) ​ ​ — Net cash used in investing activities ​ ( 20 ) ​ — Cash flows from financing activities: ​ ​ ​ ​ Proceeds from issuance of common stock under the ATM sales agreements, net of commissions and allocated fees ​ ​ 6,737 ​ ​ 2,337 Proceeds from the exercise of common stock options ​ ​ 44 ​ ​ — Payment of employee withholding taxes on vested restricted stock units ​ ​ ( 175 ) ​ ​ ( 51 ) Payments on loan payable ​ ​ ( 229 ) ​ ​ ( 238 ) Net cash provided by financing activities ​ 6,377 ​ 2,048 Net decrease in cash, cash equivalents and restricted cash equivalents ​ ( 2,238 ) ​ ( 13,452 ) Cash, cash equivalents, and restricted cash equivalents ​ ​ ​ ​ ​ ​ Cash, cash equivalents, and restricted cash equivalents – beginning of period ​ 37,000 ​ 25,009 Cash, cash equivalents, and restricted cash equivalents – end of period ​ $ 34,762 ​ $ 11,557 Supplemental disclosures of non-cash financing activities: ​ ​ ​ ​ Operating lease assets and liabilities recognized during the period ​ $ 306 ​ $ — ​ The accompanying notes are an integral part of these financial statements. ​ 9 Table of Contents COGNITION THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS (unaudited) (in thousands, except share and per share amounts) 1. Description of Business and Financial Condition Cognition Therapeutics, Inc. (the “Company”) was incorporated as a Delaware corporation on August 21, 2007. The Company is a biopharmaceutical company developing disease modifying therapies targeting age-related degenerative diseases and disorders of the central nervous system (“CNS”) and retina. The Company’s pipeline candidates were discovered using proprietary biology and chemistry platforms designed to identify novel drug targets and disease-modifying therapies that address dysregulated pathways specifically associated with neurodegenerative diseases. The Company was founded on the unique combination of biological expertise around these targets, including proprietary assays that emphasize functional responses, and proprietary medicinal chemistry intended to produce novel, high-quality small-molecule drug candidates. On December 23, 2022, the Company filed a Registration Statement on Form S-3 (File No. 333-268992) (the “Shelf”) with the Securities and Exchange Commission (“SEC”) in relation to the registration of common stock, preferred stock, debt securities, warrants, subscription rights, and/or units of any combination thereof of up to $ 200,000 in aggregate. The Shelf was declared effective on January 3, 2023 by the SEC. The Company also simultaneously entered into a sales agreement (the “Previous Sales Agreement”) with Cantor Fitzgerald & Co. and B. Riley Securities, Inc. (the “Sales Agents”) providing for the offering, issuance and sale by the Company of up to $ 40,000 of its common stock from time to time in “at-the-market” offerings under the Shelf (the “2022 ATM”). On December 16, 2025, the Company delivered written notice to B. Riley Securities, Inc. to terminate the Previous Sales Agreement, effective December 18, 2025. The Company is not subject to any termination penalties related to the termination of the Previous Sales Agreement. Prior to the termination, approximately $ 12,465 remained in gross proceeds available for future issuances of common stock under the 2022 ATM. On March 10, 2023, the Company entered into a purchase agreement with Lincoln Park Capital Fund, LLC (“Lincoln Park”) for an equity line financing (the “Purchase Agreement”). The Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to direct Lincoln Park to purchase up to $ 35,000 of shares of common stock in the Company’s sole discretion, over a 36-month period commencing on March 10, 2023. During the six months ended June 30, 2026, the Company did not sell any shares of common stock to Lincoln Park. On March 10, 2026, the Lincoln Park Purchase Agreement expired. Please refer to Note 7 – Stockholders’ Equity. In August 2025, the Company entered into Securities Purchase Agreements with two institutional investors relating to the issuance of an aggregate of 14,700,000 shares of the Company’s common stock to such investors at a purchase price of $ 2.05 per share in a registered direct offering (the “Registered Direct Offering”). The Company also entered into a Placement Agency Agreement on such date (the “Purchase Agency Agreement”) with Titan Partners Group LLC, a division of American Capital Partners, LLC, (“Titan”) acting as the sole placement agent for the Registered Direct Offering. The Company closed this offering on August 29, 2025. The Company received net proceeds of approximately $ 27,890 , after deducting $ 2,245 of unwriting discounts, commissions, placement agent fees, and other offering related expenses payable by the Company. Refer to Note 7 – Stockholders’ Equity. On December 18, 2025, the Company filed a shelf registration statement with the SEC and a prospectus supplement, which registered the offering, issuance and sale of up to $ 300,000 of various equity and debt securities and up to $ 75,000 of common stock pursuant to an at-the-market equity offering program with Jefferies LLC (“Jefferies”) (the “2025 ATM”). For the six months ended June 30, 2026, the Company sold 5,506,610 shares of common stock pursuant to the 2025 ATM for gross proceeds of approximately $ 6,945 . As of June 30, 2026, there was $ 68,055 remaining of common stock available for sale under the 2025 ATM. Refer to Note 7 – Stockholders’ Equity. 10 Table of Contents Liquidity The Company’s Financial Statements have been prepared on a going concern basis, which contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. The Company has incurred recurring losses since inception, including net losses of $ 8,502 for the six months ended June 30, 2026 and $ 23,487 for the year ended December 31, 2025. As of June 30, 2026, the Company held cash and cash equivalents of $ 34,012 , compared to $ 36,810 of cash and cash equivalents as of December 31, 2025. The Company has incurred losses and negative cash flows from operations and has an accumulated deficit of $ 207,149 as of June 30, 2026. The Company expects to continue to incur losses for the foreseeable future. As of August 7, 2026, the date of issuance of these Financial Statements, the Company believes that its cash and cash equivalents as of June 30, 2026 is sufficient to fund operations for the period through one year after the date of this filing. ​ 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements as of June 30, 2026, and for the three and six months ended June 30, 2026 and 2025, have been prepared in accordance with the rules and regulations of the SEC and generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information, the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of the Company’s management, the accompanying unaudited interim financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of June 30, 2026, the statements of operations and comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2026 and 2025, and cash flows for the six months ended June 30, 2026 and 2025. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2026 are not necessarily indicative of the results for the year ending December 31, 2026, or for any future period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2025, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 26, 2026. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash, Cash Equivalents, and Restricted Cash Equivalents Cash, cash equivalents, and restricted cash equivalents consist primarily of interest-bearing deposits at various financial institutions and money markets. The Company considers all highly liquid investments with an original maturity of three months or less when purchased to be cash equivalents. The following table provides a reconciliation of cash, cash equivalents, and restricted cash equivalents reported on the balance sheet which, in aggregate, represents the amount reported in the statements of cash flows for the six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Cash and cash equivalents ​ $ 34,012 ​ $ 10,743 Restricted cash equivalents ​ 750 ​ 814 Total ​ $ 34,762 ​ $ 11,557 ​ 11 Table of Contents Receivables Grant Receivables Grant receivables relate to outstanding amounts due for reimbursable expenditures of awarded grants issued by the National Institute of Aging (“NIA”), a division of the National Institute of Health (“NIH”), and are carried at their estimated collectible amounts. The Company expects all receivables to be collectible, and accordingly, there is no allowance for doubtful accounts required on these grant receivables. Grant Income The Company generates grant income through grants and donations from government and other (non-government) parties. Grant income is recognized in other income (expense) in the period in which the reimbursable research and development services are incurred and the right to payment is realized. Deferred grant income represents grant proceeds received by the Company prior to the period in which the reimbursable research and development services are incurred. For the three and six months ended June 30, 2026, the Company generated grant income of $ 3,518 and $ 7,497 , respectively, as compared to $ 7,106 and $ 12,192 for the three and six months ended June 30, 2025, respectively, primarily from reimbursements from the NIA for aging research. Deferred grant income as of June 30, 2026 and December 31, 2025 of $ 777 and $ 367 , respectively. The grants awarded relate to agreed-upon direct and indirect costs for specific studies or clinical trials, which may include personnel and consulting costs, costs paid to contract research organizations (“CROs”), research institutions and/or consortiums involved in the grants, as well as facilities and administrative costs. These grants are cost plus fixed fee arrangements in which the Company is reimbursed for its eligible direct and indirect costs over time, up to the maximum amount of each specific grant award. Only costs that are allowable under the grant award, certain government regulations and the NIH’s supplemental policy and procedure manual may be claimed for reimbursement, and the reimbursements are subject to routine audits from governmental agencies from time to time. While these NIH grants do not contain payback provisions, the NIH or other government agency may review the Company’s performance, cost structures and compliance with applicable laws, regulations, policies and standards and the terms and conditions of the applicable NIH grant. If any of the expenditures are found to be unallowable or allocated improperly or if the Company has otherwise violated terms of such NIH grant, the expenditures may not be reimbursed and/or the Company may be required to repay funds already disbursed. To date, the Company has not been found to have breached the terms of any NIH grant. As of June 30, 2026, the Company has been awarded grants with project periods that extend through May 31, 2027, subject to extension. Research and Development Costs The Company is involved in research and development of treatments for a variety of diseases related to the central nervous system, including Alzheimer’s disease, dementia with Lewy bodies (“DLB”), and geographic atrophy (“GA”) secondary to dry age-related macular degeneration. Research and development costs are expensed as incurred. Research and development expenses consist principally of personnel costs, including salaries, stock-based compensation, and benefits for employees, third-party license fees and other operational costs related to its research and development activities, including allocated facility-related expenses and external costs of outside vendors, including CROs, and other direct and indirect costs. Non-refundable research and development costs are deferred and expensed as the related goods are delivered or services are performed. Costs for external development activities are recognized based on an evaluation of the progress to completion of specific tasks. Costs for certain research and development activities are recognized based on the pattern of performance of the individual arrangements, which may differ from the pattern of billings incurred, and are reflected in the financial statements as prepaid expenses or as accrued research and development expenses. 12 Table of Contents Equity-based Compensation Following the provisions of ASC 718, Compensation — Stock Compensation, the Company recognizes compensation expense for equity-based grants using the straight-line attribution method, in which the expense is recognized ratably over the requisite service period within operating expenses based on the grant date fair value. The Company also has granted awards subject to performance-based vesting. The Company recognizes compensation expense for these awards commencing in the period in which the vesting condition becomes probable of achievement. The grant date fair value of stock options are estimated on the date of grant using the Black-Scholes option pricing model. Forfeitures are recognized in the period in which they occur. Black-Scholes requires inputs based on certain subjective assumptions, including (i) the expected stock price volatility, (ii) the expected term of the award, (iii) the risk-free interest rate and (iv) expected dividends. Due to a lack of sufficient public market data for the Company’s common stock and lack of company-specific historical and implied volatility data, the Company has based its computation of expected volatility on the historical volatility of a representative group of public companies with similar characteristics to the Company, including stage of product development and life science industry focus. The historical volatility is calculated based on a period of time commensurate with expected term assumption. The Company uses the simplified method to calculate the expected term for stock options granted to employees whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the stock options due to its lack of sufficient historical data. The risk-free interest rate is based on U.S. Treasury securities with a maturity date commensurate with the expected term of the associated award. The expected dividend yield is assumed to be zero as the Company has never paid dividends and has no current plans to pay any dividends on its common stock. Refer to Note 8 – Equity-based Compensation for additional information. Concentration of Credit Risk The Company’s financial instruments that are exposed to credit risks consist of cash and cash equivalents. The Company maintains its cash and cash equivalents in bank deposit accounts which, at times, may exceed the federally insured limit. The Company has not experienced any losses in these accounts and does not believe it is exposed to any significant credit risk related to these funds. Fair Value of Financial Instruments The Company applies ASC 820, Fair Value Measurement (“ASC 820”), which establishes a framework for measuring fair value and clarifies the definition of fair value within that framework. ASC 820 defines fair value as an exit price, which is the price that would be received for an asset or paid to transfer a liability in the Company’s principal or most advantageous market in an orderly transaction between market participants on the measurement date. The fair value hierarchy established in ASC 820 generally requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Observable inputs reflect the assumptions that market participants would use in pricing the asset or liability and are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the entity’s own assumptions based on market data and the entity’s judgments about the assumptions that market participants would use in pricing the asset or liability and are to be developed based on the best information available in the circumstances. The carrying value of the Company’s cash and cash equivalents, grants receivable, prepaid expense, other receivables, other assets, accounts payable, accrued expenses and other liabilities approximate fair value because of the short-term maturity of these financial instruments. The valuation hierarchy is composed of three levels. The classification within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The levels within the valuation hierarchy are described below: ● Level 1  —  Assets and liabilities with unadjusted, quoted prices listed on active market exchanges. Inputs to the fair value measurement are observable inputs, such as quoted prices in active markets for identical assets or liabilities. 13 Table of Contents ● Level 2  —  Inputs to the fair value measurement are determined using prices for recently traded assets and liabilities with similar underlying terms, as well as direct or indirect observable inputs, such as interest rates and yield curves that are observable at commonly quoted intervals. ● Level 3  —  Inputs to the fair value measurement are unobservable inputs, such as estimates, assumptions, and valuation techniques when little or no market data exists for the assets or liabilities. Warrant Accounting Warrants are accounted for either as equity or liabilities based upon the characteristics and provisions of each instrument in accordance with ASC 815, Derivatives and Hedging , and ASC 480, Distinguishing Liabilities from Equity . Warrants classified as equity are recorded at fair value as of the date of issuance on the balance sheets and no further adjustments to their valuation are made. Warrants classified as liabilities and other financing instruments that require accounting as liabilities are recorded on the balance sheets at their fair value on the date of issuance and are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. Management estimates the fair value of these liabilities using the Black-Scholes model and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions, expected volatility, expected life, yield, and risk-free interest rate. Net Loss Per Share Basic net loss per share is computed by dividing the net loss per share by the weighted-average number of shares of common stock outstanding during each period. Diluted net loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as convertible preferred stock and stock options, which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Segments The Company has determined that it operates and manages one operating segment, which is the business of development of clinical and preclinical product candidates for neurodegenerative disorders, such as Alzheimer’s disease and DLB. The Company’s chief operating decision maker, its chief executive officer, reviews financial information on an aggregate basis for the purpose of allocating resources. Refer to Note 10 – Segment Reporting for more information. Emerging Growth Company Status The Company is an emerging growth company, as defined in the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”). Under the JOBS Act, emerging growth companies can delay adopting new or revised accounting standards issued subsequent to the enactment of the JOBS Act until such time as those standards apply to private companies. The Company has elected to use this extended transition period for complying with new or revised accounting standards that have different effective dates for public and private companies until the earlier of the date that it is (a) no longer an emerging growth company or (b) affirmatively and irrevocably opt out of the extended transition period provided in the JOBS Act. As a result, these financial statements may not be comparable to companies that comply with the new or revised accounting pronouncements as of public company effective dates. Recent Accounting Pronouncements Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires public business entities to provide more detailed information in the notes to the financial statements about 14 Table of Contents specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the statement of operations and comprehensive loss. The guidance is effective for annual periods beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the financial statements. The Company is currently evaluating the impact that this guidance will have on its financial statements and disclosures. In September 2025, the FASB issued ASU 2025-07, Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606) (“ASU 2025-07”), to clarify the application of derivative accounting to contracts with features based on the operations or activities of one of the parties to the contract and the diversity in accounting for share-based noncash consideration from a customer that is consideration for the transfer of goods or services. ASU 2025-07 is effective for the fiscal year beginning after December 15, 2026 and interim periods within those annual reporting periods. The Company is currently evaluating ASU 2025-07 to determine its impact on the Company’s financial statements and disclosures. In December 2025, the FASB issued ASU 2025-10, Government Grants under ASC 832 (“ASU 2025-10”), which establishes authoritative guidance on the recognition, measurement, presentation, and disclosure of government grants. Under ASU 2025-10, government grants are recognized when it is probable that the entity will both comply with the conditions of the grant and the grant will be received. The ASU provides specific accounting models for grants related to assets and grants related to income, including options to recognize government grants as deferred income or as a reduction of the asset’s cost basis. The ASU also requires enhanced disclosures regarding the nature of government grants, significant terms and conditions, accounting policies applied, and amounts recognized in the financial statements. ASU 2025-10 is effective for fiscal years beginning after December 15, 2028, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-10 on its financial statements and related disclosures. In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements (“ASU 2025-11”), which clarifies the guidance in Topic 270 to improve the consistency of interim financial reporting. The ASU provides a comprehensive list of required interim disclosures and introduces a disclosure principle requiring entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. ASU 2025-11 is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2025-11 on its financial statements and related disclosures. Income Taxes In accordance with ASC 270, Interim Reporting , and ASC 740, Income Taxes , the Company is required at the end of each interim period to determine the best estimate of its annual effective tax rate, apply that rate in providing for income taxes on a current year-to-date (interim period) basis, and include the tax impact for discrete items within the interim period. The Company maintains a full valuation allowance against all deferred tax assets as of June 30, 2026 and December 31, 2025, as management has determined that it is not more likely than not that the Company will realize these future tax benefits. As of June 30, 2026 and December 31, 2025, the Company had no uncertain tax positions. ​ 15 Table of Contents 3. Financial Instruments and Fair Value Measurements Financial assets and liabilities measured at fair value are summarized below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of June 30, 2026 ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Priced in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) ​ ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 33,748 ​ $ — ​ $ — ​ $ 33,748 Restricted cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 750 ​ ​ — ​ ​ — ​ ​ 750 Total assets ​ $ 34,498 ​ $ — ​ $ — ​ $ 34,498 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, 2025 ​ ​ ​ ​ ​ ​ ​ ​ Significant ​ ​ ​ ​ ​ Quoted Priced in ​ Significant Other ​ Unobservable ​ ​ ​ ​ ​ Active Markets ​ Observable Inputs ​ Inputs ​ ​ ​ ​ ​ ​ ​ (Level 1) ​ ​ ​ (Level 2) ​ ​ ​ (Level 3) ​ ​ ​ Total Assets: ​ ​ ​ ​ ​ ​ ​ ​ Cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ $ 36,422 ​ $ — ​ $ — ​ $ 36,422 Restricted cash equivalents: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Money market funds ​ ​ 190 ​ ​ — ​ ​ — ​ ​ 190 Total assets ​ $ 36,612 ​ $ — ​ $ — ​ $ 36,612 ​ ​ 4. Accrued Expenses Accrued expense consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of ​ ​ ​ ​ ​ June 30, 2026 ​ ​ ​ December 31, 2025 ​ Employee compensation, benefits, and related accruals ​ $ 840 ​ $ 1,569 ​ Research and development costs ​ 2,777 ​ 9,887 ​ Professional fees and other accruals ​ 216 ​ 539 ​ Total ​ $ 3,833 ​ $ 11,995 ​ ​ ​ ​ 5. Other Current Liabilities In October 2025, the Company entered into an insurance premium financing agreement with a lender. Under the agreement, the Company financed $ 381 of certain premiums at a 7.95 % annual interest rate. Total payments of approximately $ 40 , including interest and principal, are due monthly from November 2025 through August 2026. As of June 30, 2026 and December 31, 2025 the outstanding principal of the loan was $ 78 and $ 307 , respectively, and is included in other current liabilities on the balance sheet. 16 Table of Contents 6. Commitments and Contingencies Operating Leases Amounts reported in the balance sheets for leases where the Company is the lessee as of June 30, 2026 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ As of ​ June 30, 2026 ​ December 31, 2025 Assets ​ ​ ​ Operating lease assets $ 510 ​ $ 306 Total operating lease assets $ 510 ​ $ 306 Liabilities ​ ​ ​ ​ ​ Current: ​ ​ ​ ​ ​ Operating lease liabilities $ 89 ​ $ 136 Non-current: ​ ​ ​ ​ ​ Operating lease liabilities, non-current ​ 422 ​ ​ 195 Total operating lease liabilities $ 511 ​ $ 331 ​ Operating lease costs for the three and six months ended June 30, 2026 was $ 53 and $ 100 , respectively, as compared to operating lease costs for the three and six months ended June 30, 2025 of $ 54 and $ 108 , respectively. The maturities of the operating lease liabilities and minimum lease payments as of June 30, 2026 were as follows: ​ ​ ​ ​ ​ For the Years Ended December 31, ​ ​ ​ Operating Leases 2026 (remaining) ​ $ 62 2027 ​ 125 2028 ​ 127 2029 ​ ​ 130 2030 ​ ​ 132 Thereafter ​ ​ 33 Total undiscounted lease payments ​ $ 609 Less: Imputed interest ​ ​ ( 98 ) Present value of operating lease liabilities ​ $ 511 ​ The following table summarizes the lease term and discount rate as of June 30, 2026, respectively: ​ ​ ​ ​ ​ ​ As of ​ June 30, 2026 ​ December 31, 2025 Weighted-average remaining lease term (years) ​ ​ ​ Operating leases 4.8 ​ 2.8 Weighted-average discount rate ​ ​ ​ Operating leases 8.0 % ​ 8.1 % ​ Operating cash flows used for operating leases for the six months ended June 30, 2026 and 2025 was $ 103 and $ 111 , respectively. 17 Table of Contents Litigation and Contingencies From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability but instead discloses the nature and the amount of the claim and an estimate of the loss or range of loss, if such an estimate can reasonably be made. As of June 30, 2026 and December 31, 2025, there was no litigation or contingency with at least a reasonable possibility of a material loss. 7. Stockholders’ Equity Common and Preferred Stock The Company is authorized to issue up to 250,000,000 shares of common stock with a par value of $ 0.001 per share, and 10,000,000 shares of preferred stock with a par value of $ 0.001 per share. Common stockholders are entitled to dividends if and when declared by the Company’s board of directors subject to the rights of the preferred stockholders. As of June 30, 2026, no dividends on common stock had been declared by the Company. 2022 ATM On December 23, 2022, the Company filed a shelf registration statement on Form S-3 with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants, subscription rights, and/or units of any combination thereof of up to $ 200,000 in aggregate (the “Shelf”). The Shelf was declared effective on January 3, 2023 by the SEC. The Company also simultaneously entered into the Previous Sales Agreement providing for the offering, issuance and sale by the Company of up to $ 40,000 of its common stock from time to time in ATM offerings under the Shelf. The Company sold 13,624,062 shares of common stock pursuant to the 2022 ATM during the year ended December 31, 2025, for gross proceeds of approximately $ 9,409 . On December 16, 2025, the Company delivered written notice to B. Riley to terminate the Previous Sales Agreement, effective December 18, 2025. The Company is not subject to any termination penalties related to the termination of the Previous Sales Agreement. Prior to termination, approximately $ 12,465 remained in gross proceeds available for future issuances of common stock under the 2022 ATM. 2025 ATM On December 18, 2025, the Company filed a shelf registration statement with the SEC and a prospectus supplement, which registered the offering, issuance and sale of up to $ 300,000 of various equity and debt securities and up to $ 75,000 of common stock pursuant to an at-the-market equity offering program with Jefferies. During the six months ended June 30, 2026, the Company sold 5,506,610 shares of common stock pursuant to the 2025 ATM for gross proceeds of approximately $ 6,945 . As of June 30, 2026, $ 68,055 remain in gross proceeds available for future issuances of common stock under the 2025 ATM. Lincoln Park Purchase Agreement On March 10, 2023, the Company entered into a purchase agreement with Lincoln Park for an equity line financing. The Purchase Agreement provides that, subject to the terms and conditions set forth therein, the Company has the right, but not the obligation, to direct Lincoln Park to purchase up to $ 35,000 of shares of common stock in the Company’s sole discretion, over a 36-month period commencing on March 10, 2023. During the six months ended June 30, 2026, the Company did not sell any shares of common stock to Lincoln Park. On March 10, 2026, the Lincoln Park Purchase Agreement expired. 18 Table of Contents August 2025 Registered Direct Offering and Warrant Issuance In August 2025, the Company entered into Securities Purchase Agreements with two institutional investors relating to the issuance of an aggregate of 14,700,000 shares of the Company’s common stock to such investors at a purchase price of $ 2.05 per share in the “Registered Direct Offering”. The Company also entered into a Placement Agency Agreement on such date (the “Purchase Agency Agreement”) with Titan acting as the sole placement agent for the Registered Direct Offering. The Company closed this offering on August 29, 2025. The Company received net proceeds of approximately $ 27,890 , after deducting $ 2,245 of underwriting discounts, commissions, placement agent fees, and other offering related expenses payable by the Company. In connection with the Placement Agency Agreement, the Company agreed to pay Titan an aggregate cash fee of 7.0 % of the gross proceeds raised from the sale and issuance of the shares of common stock minus certain expenses. Additionally, the Company agreed to issue warrants to Titan to purchase up to 514,500 shares of common stock (the “Placement Agent Warrants”). The Placement Agent Warrants have an exercise price equal to $ 2.78 , and will be exercisable commencing six months from the close of the Registered Direct Offering with a term of five ( 5 ) years from the date of the Placement Agency Agreement. The Placement Agent Warrants are equity classified as the warrants do not contain a required cash settlement adjustment feature with respect to a transaction outside of the Company’s control or not deemed to be indexed to the Company’s stock. The Placement Agent Warrants were issued for services performed by the placement agent and were treated as offering costs. The aggregate fair value was determined to be approximately $ 853 using the Black-Scholes pricing model with the following assumptions: 79.97 % volatility, risk free interest rate of 3.59 %, an expected life of 2.8 years and no dividend. The aggregate fair market value was recorded as an offset to gross proceeds of the Registered Direct Offering and an increase to additional paid-in capital. As of June 30, 2026, the Company had the following equity-classified common stock warrants outstanding: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Remaining ​ ​ Number of ​ Weighted-Average ​ Contractual Life ​ ​ ​ ​ Warrants ​ ​ ​ Exercise Price ​ ​ ​ (In Years) Balance, December 31, 2025 514,500 ​ $ 2.78 ​ 4.60 Issued — ​ $ — ​ — Exercised — ​ $ — ​ — Expired — ​ $ — ​ — Balance, June 30, 2026 514,500 ​ $ 2.78 ​ 4.08 Exercisable as of June 30, 2026 514,500 ​ $ 2.78 ​ 4.08 ​ ​ 8. Equity-based Compensation 2021 Equity Incentive Plan On October 7, 2021, the date upon which the Company’s Registration Statement on Form S-1 in connection with the IPO was declared effective, the Company’s 2021 Equity Incentive Plan (the “2021 Plan”) became effective. On the same date, the Company ceased granting awards under its 2017 Equity Incentive Plan (the “2017 Plan”). The 2021 Plan authorizes the award of both equity-based and cash-based incentive awards, including: (i) stock options (both incentive stock options and nonqualified stock options), (ii) stock appreciation rights, (iii) restricted stock awards, (iv) restricted stock units (“RSUs”), and (v) cash or other stock-based awards. Incentive stock options may be granted only to employees. All other types of awards may be issued to employees, directors, consultants, and other service providers. As of June 30, 2026, the aggregate number of shares of common stock of the Company that may be issued under the 2021 Plan is 5,145,894 . The number of shares reserved for issuance under the 2021 Plan increased automatically on January 1, 2026 pursuant to an evergreen provision therein by 4,445,208 shares, representing 5 % of total common shares outstanding at December 31, 2025. The aggregate number of shares will increase each anniversary of such date prior to the termination of the 2021 Plan, equal to the lesser of (i) 5 % of the Company’s shares of common stock issued and 19 Table of Contents outstanding on the last day of the immediately preceding fiscal year and (ii) such smaller number of shares as determined by the Company’s board of directors or the compensation committee. No more than 13,502,725 shares of common stock may be issued under the 2021 Plan through incentive stock options. Shares subject to the 2021 Plan, the 2017 Plan or the 2007 Equity Incentive Plan (the “2007 Plan” and collectively with the 2017 Plan, the “Prior Plans”) that expire, terminate or are cancelled or forfeited for any reason after the effectiveness of the 2021 Plan will be added (or added back) to the shares available for issuance under the 2021 Plan. The total number of shares underlying the Prior Plan awards that may be recycled into the 2021 Plan will not exceed 4,334,131 shares. 2017 Equity Incentive Plan On September 15, 2017, the Company’s board of directors approved the 2017 Plan, which provides for the granting of incentive stock options, non-qualified stock options and stock awards to employees, certain consultants and directors. The board of directors, or its designated committee, has the sole authority to select the individuals to whom awards are granted and determine the terms of each award, including the number of shares and the schedule upon which the award becomes exercisable. Upon the effectiveness of the 2021 Plan, no further awards will be granted under the 2017 Plan. The aggregate number of shares of common stock of the Company that may be issued under the 2017 Plan is 4,334,131 (taking into account shares of common stock that may become issuable pursuant to Section 3(b) of the 2017 Plan in respect of shares of common stock reserved under the Company’s Amended and Restated 2007 Equity Incentive Plan). The 2021 Plan provides for shares granted under the Prior Plans which are cancelled, forfeited, exchanged or surrendered without having been exercised shall subsequently be available for reissuance under the 2021 Plan. Employee Stock Purchase Plan The Company’s board of directors approved the Employee Stock Purchase Plan (the “ESPP”) prior to the closing of the IPO. Under the ESPP, the Company may provide employees with an opportunity to purchase shares of the Company’s common stock at a discounted purchase price. As of June 30, 2026, a total of 209,532 shares of common stock are authorized and reserved for issuance under the ESPP. Subject to prior approval by the board of directors in each instance, on or about January 1, 2022 and each anniversary of such date thereafter prior to the termination of the ESPP, the number of shares of common stock authorized and reserved for issuance under the ESPP will be increased by a number of shares of common stock equal to the least of (i) 1,000,000 shares of common stock, (ii) 1 % of the shares of common stock outstanding on the final day of the immediately preceding calendar year, and (iii) such smaller number of shares of common stock as determined by the board of directors. Such shares of common stock may be newly issued shares, treasury shares or shares acquired on the open market. In the event that any dividend or other distribution (whether in the form of cash, our common stock, or other property), recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, or exchange of common stock or other securities, or other change in the structure affecting common stock occurs, then in order to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the ESPP, the compensation committee will, in such manner as it deems equitable, adjust the number of shares and class of common stock that may be delivered under the ESPP, the purchase price per share and the number of shares covered by each outstanding option under the ESPP, and the numerical limits described above. Stock Options The Company estimates the fair value of options granted on the date of grant using the Black-Scholes option pricing model. Expected Term  — The expected term represents the period that the stock-based awards are expected to be outstanding. As the Company does not have sufficient historical experience for determining the expected term of the stock option awards granted, expected term has been calculated using the simplified method. 20 Table of Contents Risk-Free Interest Rate  — The risk-free interest rate is based on the U.S. Treasury yield curve in effect at the date of grant for zero-coupon U.S. Treasury constant maturity notes with terms approximately equal to the stock-based awards’ expected term. Expected Volatility  — Up until October 13, 2021, the Company was privately held and did not have a trading history of common stock. As such, the expected volatility was derived from the average historical stock volatilities of the common stock of several public companies within the industry that the Company considers to be comparable to our business over a period equivalent to the expected term of the stock-based awards. The Company will continue to derive expected volatility from average historical stock volatilities of industry peers until the Company has compiled a trading history of its own for a sufficient period of time. Dividend Yield  — The expected dividend yield is zero as the Company has not paid and does not anticipate paying any dividends in the foreseeable future. During the six months ended June 30, 2026 and 2025, there were no stock options granted. Activity for options was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ ​ ​ ​ ​ Aggregate ​ Remaining ​ ​ Number of ​ Weighted-Average ​ Intrinsic Value ​ Contractual Life ​ ​ ​ ​ Options ​ ​ ​ Exercise Price ​ ​ ​ (in 000’s) ​ ​ ​ (In Years) Balance, December 31, 2025 3,638,024 ​ $ 5.40 $ 210 ​ 5.6 Options granted — ​ ​ — ​ ​ ​ ​ ​ Options exercised ( 52,878 ) ​ ​ 0.84 ​ ​ ​ ​ ​ Options forfeited ( 1,388 ) ​ ​ 1.69 ​ ​ ​ ​ ​ Options expired — ​ ​ — ​ ​ ​ ​ ​ Balance, June 30, 2026 3,583,758 ​ $ 5.47 ​ $ 9 ​ 5.1 Exercisable as of June 30, 2026 3,466,753 ​ $ 5.59 ​ $ 9 ​ 5.0 ​ Restricted Stock Units The fair values of restricted stock units (RSUs) are based on the fair market value of the Company’s common stock on the date of grant. Each RSU represents a contingent right to receive one share of the Company’s common stock upon vesting. RSUs with time base vesting conditions for employees vest annually over three or four years on each anniversary of the Grant Date and RSUs for non-employee directors vest on the one-year anniversary of the Grant Date. During the three and six months ended June 30, 2026, the Company granted 125,000 and 2,322,219 RSU awards, respectively, containing time based vesting conditions to employees, non-employees, and non-employee directors. During the three and six months ended June 30, 2025, the Company granted 170,000 and 2,757,008 RSU awards, respectively, containing time based vesting conditions to employees, non-employees, and non-employee directors. The following table summarizes the Company’s RSU activity for the six months ended June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted-Average ​ ​ Restricted Stock Units ​ Grant Date Fair Value Outstanding at December 31, 2025 ​ 2,433,682 ​ $ 0.85 Granted ​ 2,322,219 ​ $ 1.14 Vested ​ ( 755,849 ) ​ $ 0.91 Forfeited ​ ( 269,875 ) ​ $ 1.07 Outstanding at June 30, 2026 ​ 3,730,177 ​ $ 1.00 ​ 21 Table of Contents Equity-based Compensation Expense ​ The Company recorded total equity-based compensation expense in the statement of operations and comprehensive loss related to stock options and restricted stock units as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Research and development ​ $ 132 ​ $ 331 ​ $ 270 ​ $ 641 ​ General and administrative ​ 187 ​ 290 ​ 379 ​ 566 ​ Total equity-based compensation ​ $ 319 ​ $ 621 ​ $ 649 ​ $ 1,207 ​ ​ As of June 30, 2026, total future compensation expense related to unvested time-based awards yet to be recognized by the Company was $ 3,432 , which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.9 years. 9. Net Loss per Share The following outstanding potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the periods presented due to their antidilutive effect: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ ​ ​ 2025 Options issued and outstanding 3,583,758 3,717,097 Restricted stock units issued and outstanding ​ 3,730,177 ​ 3,667,890 Warrants issued and outstanding ​ 514,500 ​ — Total 7,828,435 7,384,987 ​ ​ ​ ​ ​ ​ ​ ​ 10. Segment Reporting Operating segments are defined as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker (CODM), or decision-making group, in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business in one operating segment related to the development of clinical and preclinical product candidates for neurodegenerative disorders, such as Alzheimer’s disease and DLB. The Company’s Chief Executive Officer (“CEO”) serves as the CODM. The CEO manages and allocates resources to the operations of the Company on a consolidated basis. Managing and allocating resources on a consolidated basis enables the CEO to assess the overall level of resources available and how to best deploy these resources across functions and research and development projects that are in line with the Company’s strategic goals. Consistent with this decision-making process, the CEO uses consolidated financial information for purposes of evaluating performance, cash forecasting, allocating resources and setting incentive targets. The CEO bases this assessment on the Company’s consolidated net loss. The measure of segment assets is reported on the balance sheets as total assets. 22 Table of Contents The table below is a summary of the segment loss, including significant segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2026 ​ 2025 Grant income ​ $ 7,497 ​ $ 12,192 Less: ​ ​ ​ ​ Clinical programs ​ ​ 6,238 ​ ​ 15,051 R&D Personnel costs (1) ​ ​ 3,352 ​ ​ 4,973 Preclinical programs ​ ​ 682 ​ ​ 225 Manufacturing ​ ​ 583 ​ ​ 1,150 Other research and development expenses ​ ​ 92 ​ ​ 227 General and administrative expenses (2) ​ ​ 4,959 ​ ​ 4,920 Equity-based compensation ​ ​ 649 ​ ​ 1,207 Other segment items (3) ​ ( 556 ) ​ ( 347 ) Segment and consolidated net loss ​ $ ( 8,502 ) ​ $ ( 15,214 ) (1) R&D Personnel costs exclude equity-based compensation (2) General and administrative expenses exclude equity-based compensation (3) Other segment items include, Other income, net, and Interest expense ​ 23 Table of Contents