<SEC-DOCUMENT>0001104659-23-037111.txt : 20230327
<SEC-HEADER>0001104659-23-037111.hdr.sgml : 20230327
<ACCEPTANCE-DATETIME>20230327160544
ACCESSION NUMBER:		0001104659-23-037111
CONFORMED SUBMISSION TYPE:	424B5
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20230327
DATE AS OF CHANGE:		20230327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			COGNITION THERAPEUTICS INC
		CENTRAL INDEX KEY:			0001455365
		STANDARD INDUSTRIAL CLASSIFICATION:	BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		424B5
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	333-268992
		FILM NUMBER:		23764565

	BUSINESS ADDRESS:	
		STREET 1:		2403 SIDNEY STREET
		STREET 2:		SUITE 261
		CITY:			PITTSBURGH
		STATE:			PA
		ZIP:			15203
		BUSINESS PHONE:		412-481-2210

	MAIL ADDRESS:	
		STREET 1:		2500 WESTCHESTER AVE
		CITY:			PURCHASE
		STATE:			NY
		ZIP:			10577

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	COGNITION THERAPUTICS INC
		DATE OF NAME CHANGE:	20090204
</SEC-HEADER>
<DOCUMENT>
<TYPE>424B5
<SEQUENCE>1
<FILENAME>tm2310562d1_424b5.htm
<DESCRIPTION>424B5
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed Pursuant to Rule 424(b)(5)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Registration No. 333-268992</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>PROSPECTUS SUPPLEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>(To Prospectus dated January 3, 2023) </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><IMG SRC="tm2310562d1_424b5img001.jpg" ALT="" STYLE="height: 61px; width: 250px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Up to $16,741,022<BR>
Common Stock</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This prospectus supplement amends and supplements
the information in the prospectus, dated January 3, 2023, filed with the Securities and Exchange Commission as a part of our registration
statement on Form S-3 (File No. 333-268992) (the &ldquo;<B>Prospectus</B>&rdquo;) on December 23, 2022, and declared effective on January
3, 2023, relating to the offer and sale of shares of our Class A common stock, par value $0.0001 per share (&ldquo;<B>common stock</B>&rdquo;),
pursuant to that certain Controlled Equity Offering<SUP>SM</SUP> Sales Agreement, dated December 23, 2022 (the &ldquo;<B>Sales Agreement</B>&rdquo;),
by and among the Company, Cantor Fitzgerald &amp; Co. (&ldquo;<B>Cantor</B>&rdquo;) and B. Riley Securities, Inc. (&ldquo;<B>B. Riley
Securities</B>&rdquo;). This prospectus supplement is not complete without, and may only be delivered or utilized in connection with,
the Prospectus and any future amendments or supplements thereto. Through March 26, 2023, in accordance with the Sales Agreement, we have
not yet sold any shares of common stock.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On March 23, 2023, we became subject to General
Instruction I.B.6 of Form S-3, which limits the amounts that we may sell under the registration statement of which this prospectus supplement
and the Prospectus are a part. After giving effect to these limitations and the current public float of our common stock, and after giving
effect to the terms of the Sales Agreement, we currently may offer and sell shares of our common stock having an aggregate offering price
of up to $16,741,022 under the Sales Agreement. If our public float increases such that we may sell additional amounts under the Sales
Agreement and the registration statement of which this prospectus supplement and the Prospectus are a part, we will file another prospectus
supplement prior to making additional sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Our common stock is listed on the Nasdaq Global
Market (&ldquo;Nasdaq&rdquo;) under the symbol &ldquo;CGTX.&rdquo; The aggregate market value of our common stock held by non-affiliates
as of March 23, 2023 pursuant to General Instruction I.B.6 of Form S-3 is approximately $50.2 million, which was calculated based on 23,690,126
outstanding shares of our common stock held by non-affiliates at a price of $2.12 per share, which was the closing price of our common
stock on February 3, 2023. As of the date hereof, we have not sold any securities pursuant to General Instruction I.B.6 of Form S-3 during
the prior 12-month calendar period that ends on and includes the date hereof. As a result of the limitations of General Instruction I.B.6
of Form S-3, and in accordance with the terms of the Sales Agreement, we are reducing the aggregate sales price of the shares of common
stock that we may sell pursuant to this Prospectus Supplement and the Prospectus to&nbsp;$16,741,022 from time to time through Cantor
and B. Riley Securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition, the paragraph under &ldquo;<B>LEGAL
MATTERS</B>&rdquo; on page 34 of the Prospectus is replaced in its entirety with the following: &ldquo;The validity of the common stock
being offered in this offering will be passed upon for us by Goodwin Procter LLP, Philadelphia, Pennsylvania. The Sales Agents are being
represented by Duane Morris LLP, New York, New York, in connection with this offering.&rdquo;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Investing in our common stock involves a high
degree of risk. Before buying any common stock, you should review carefully the risks and uncertainties described under the heading &ldquo;Risk
Factors&rdquo; beginning on page 4 of the Prospectus, in our most recent Annual Report on Form 10-K, and our most recent Quarterly Reports
on Form 10-Q, and any amendments thereto, which are incorporated by reference into the Prospectus, and under similar headings in the other
documents that are filed after the date hereof and incorporated by reference into this prospectus supplement and the Prospectus. </B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Neither the Securities and Exchange Commission
nor any state securities commission has approved or disapproved of these securities or determined if this prospectus supplement or the
accompanying prospectus is truthful or complete. Any representation to the contrary is a criminal offense.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <TR STYLE="font-size: 10pt">
    <TD STYLE="text-align: center; vertical-align: bottom; font-size: 10pt; width: 50%"><FONT STYLE="font-size: 24pt"><B>Cantor</B></FONT></TD>
    <TD STYLE="vertical-align: top; font-size: 10pt; text-align: center; width: 50%"><FONT STYLE="font-size: 24pt"><B>B. Riley Securities</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">The date of this prospectus supplement is March
27, 2023</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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