This paper introduces a new family of cognitive modal logics designed to formalize conjectural reasoning: modal systems in which cognitive contexts extend known facts with hypothetical assumptions in order to explore their consequences. Unlike traditional doxastic and epistemic systems, conjectural logics rely on a principle, called Axiom (), through which established facts are preserved across conjectural layers. While Axiom has often been treated with suspicion because of its association with modal collapse, we show that collapse does not arise from alone, but requires either the presence of Axiom or a concretely bivalent base logic. Accordingly, we avoid and adopt a non-bivalent semantic framework, such as supervaluation-style semantics, Weak Kleene logic, or Description Logic, in which undefined propositions may coexist with modal assertions. This prevents modal collapse and preserves a distinction between factual and conjectural statements. Within this framework we define the modal systems and , show that Axiom directly implies and , and prove that these systems are non-trivial, sound, and complete. An inclusion theorem links reality, doxastic states, epistemic states, and conjectural states via set-theoretic inclusion among valuations, providing a unified account of how these layers relate. Finally, we introduce a dynamic operator, , which formalizes the transition by which a conjectural extension becomes designated reality, thereby motivating a corresponding Conjectural Dynamic Logic.

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