This study examined in detail the psychobiological correlates of panic attacks experienced in panic disorder with agoraphobia. The cognitions, affect, and physiology of the six patients were monitored during in vivo exposure to their phobic situations. The results from these case studies showed that catastrophic cognitions are the key component of panic attacks. However, there was no clear-cut evidence to support an interaction among cognitions, affect, and physiology, which has been postulated by cognitive theories to be the central component of panic attacks and panic disorder with agoraphobia.