In this paper, we present a client with panic disorder and agoraphobia who relapses following a full course of cognitive behavioral therapy (CBT). To frame the client's treatment, the major components of CBT for panic disorder with or without agoraphobia (PD/A) are reviewed. Likely reasons for the treatment's failure and strategies for improving treatment are explored from the perspective of basic research on learning and memory. Treatment recommendations focus primarily on enhancing the exposure component of PD/A treatment but include suggestions for enhancing other CBT components as well.