Alpha Cognition (ACOG) Company Report

Alpha Cognition reported $2.3 million in ZUNVEYL sales for Q3, with 550 nursing homes and 576 prescribers writing orders in the quarter. The company expects a commercial inflection point in Q2 2026 as payer contracts increase.
The WAC price for ZUNVEYL is $820 per month, with a current gross-to-net of approximately $600, projected to stabilize at $500 in about three years.
Key clinical trials for ZUNVEYL include the retrospective Converge study (results Q3 2026), the prospective Beacon study (completes end of 2026), and the outpatient Resolve trial (initiates Q1 2026, interim analysis Q3 2026).
Development of a sublingual ZUNVEYL formulation is ongoing, targeting a $200 million market for patients with swallowing difficulties, with a pivotal trial anticipated in early 2027.
A second tranche payment from the CMS partner is expected this year, potentially shifting to Q1 2026 depending on Chinese regulatory approvals.

Dec 2, 2025, 5:00 PM

Transcript

Alpha Cognition Discusses ZUNVEYL Commercial Adoption, Clinical Pipeline, and 2027 Profitability Target

ACOG

Product Launch

Guidance Update

New Projects/Investments

Alpha Cognition reported $2.3 million in ZUNVEYL sales for the third quarter, with 550 nursing homes and 576 prescribers ordering in the period. The company has one PBM contract covering 15% of lives, anticipates a second contract this month, and a third in 2026 to achieve critical mass in the Medicare Part D market.
The company is conducting Converge (retrospective, Q1-Q3 2026) and Beacon (prospective, Q1 2026 - end of 2026) studies in long-term care to assess tolerability, efficacy, and behavioral impact of ZUNVEYL. A Resolve study, initiating in Q1 2026, aims to provide potentially label-enabling tolerability data in outpatient settings.
Development of a sublingual formulation for ZUNVEYL is underway, targeting a $200 million opportunity for patients with swallowing difficulties, with a pivotal trial anticipated in early 2027.
In China, ZUNVEYL's regulatory file was accepted in July, with an 18-month clock for approval, targeting late 2026. This market represents 10 million patients, and Alpha Cognition expects milestone payments and a high single-digit royalty.
Alpha Cognition projects achieving operating profitability in 2027 for the full year, excluding non-cash items. Total expenses are estimated to be $50 million-$55 million in 2026, with a potential decrease in 2027 as clinical studies conclude.

Dec 2, 2025, 5:00 PM

Transcript

Alpha Cognition Discusses ZUNVEYL Commercialization and 2026 Catalysts

ACOG

Product Launch

Guidance Update

New Projects/Investments

Alpha Cognition reported $2.3 million in ZUNVEYL sales for Q3, with 600 nursing homes and 576 HCP writers in Q3 contributing to prescriptions, and anticipates a 60% refill/reorder rate in nursing homes.
ZUNVEYL's WAC price is $820 per month, with a current gross-to-net of $600, projected to reach $500 at steady state in about three years, and expects 3% annual price increases.
The company targets operating profitability in 2027, with anticipated 2026 expenses between $50 million and $55 million. A second PBM contract is expected in Q4 2025, with a third anticipated in 2026, aiming for critical mass in the Medicare Part D market.
Key catalysts for 2026 include the initiation of Converge, Beacon, and Resolve clinical trials, anticipated multiple country approvals in Asia (including China by late 2026), and FDA feedback on the sublingual formulation IND. An inflection point for ZUNVEYL commercialization is expected in Q2 2026.

Dec 2, 2025, 5:00 PM

Transcript

Alpha Cognition Reports Q3 2025 Financial Results and ZUNVEYL Commercial Progress

ACOG

Earnings

Revenue Acceleration/Inflection

Guidance Update

Alpha Cognition reported total revenue of $2.8 million for Q3 2025, comprising $2.3 million in net product sales from ZUNVEYL and $507,000 in licensing revenue. The company recorded a net loss of $1.3 million, or $0.08 basic loss per share, an improvement from a $1.9 million net loss in Q3 2024.
The commercial launch of ZUNVEYL demonstrated strong momentum, with ex-factory purchases increasing 44% and demand sales bottles dispensed growing 102% compared to Q2 2025. In Q3, the company engaged 2,038 homes, with 605 homes ordering ZUNVEYL, and 576 prescribers wrote orders, marking a 55% increase from Q2.
Alpha Cognition adjusted the Wholesale Acquisition Cost (WAC) for ZUNVEYL to $820.15 per month and expects a net price of $500-$550. Market access is advancing, with 15% of business covered without restriction under an existing National Health Plan agreement, and a second PBM payer contract is anticipated by the end of 2025.
The company ended Q3 2025 with $35.4 million in unrestricted cash and an additional $38 million in net proceeds from an October equity offering, extending its operational runway well into 2027. Full-year 2025 operating expenses are now projected to be in the range of $28-$30 million, a reduction from previous guidance.

Nov 13, 2025, 9:30 PM

Transcript

Alpha Cognition Provides Update on Zunvil Launch and Financial Outlook

ACOG

Product Launch

Guidance Update

New Projects/Investments

Alpha Cognition's lead product, Zunvil, an FDA-approved treatment for mild to moderate Alzheimer's disease, was launched in April 2025 and generated $1.7 million in revenue and over 1,500 prescriptions in its first quarter, primarily targeting the long-term care market.
The company anticipates annual expenses between $34 million and $38 million and is targeting profitability in 2027.
A recent capital raise of $35 million has increased the company's cash position to slightly under $70 million, which is expected to fund operations to profitability.
Zunvil is differentiated by its improved tolerability (e.g., 0% insomnia, minimal GI issues) and strong cognitive and behavioral effects, positioning it for a significant share of the $2 billion long-term care market and the broader $6-7 billion acetylcholinesterase inhibitor market.

Oct 8, 2025, 12:30 PM

Transcript

Alpha Cognition Inc. Prices Public Offering for $35 Million

ACOG

New Projects/Investments

Revenue Acceleration/Inflection

Alpha Cognition Inc. announced the pricing of an oversubscribed public offering of 5,600,000 common shares (or pre-funded warrants) at $6.25 per share, generating approximately $35.0 million in gross proceeds.
The offering, expected to close on or about October 2, 2025, is projected to increase the company's total cash position to approximately $70 million.
The net proceeds will be allocated to accelerate the commercial launch of ZUNVEYL® (Benzgalantamine), with an emphasis on sales expansion, marketing investment, and enhancing payer coverage and reimbursement infrastructure.
The underwriter has been granted a 30-day option to purchase up to an additional 840,000 common shares to cover over-allotments.

Oct 2, 2025, 1:03 AM

8-K

Alpha Cognition Reports Q1 2025 Results and ZUNVEYL Launch

ACOG

Earnings

Product Launch

Revenue Acceleration/Inflection

Operating improvements: Q1 2025 operating loss decreased to $3.7M from $4.4M year-over-year and net loss improved to $2M, driven by early revenues from ZUNVEYL and licensing income.
Successful product launch: ZUNVEYL, the new Alzheimer’s treatment, was commercially launched with early market traction, including positive clinical feedback and orders from long-term care facilities.
Strong financial position: The company ended Q1 2025 with $45.5M in cash and cash equivalents and a debt-free balance sheet, ensuring flexibility for growth and further commercialization.

May 15, 2025, 8:31 PM

Transcript

Alpha Cognition Announces FDA Approval and Strategic Pipeline Advancements

ACOG

Product Launch

New Projects/Investments

FDA Approval: Alpha Cognition's oral therapy, ZUNVEYL (benzgalantamine), has received FDA approval for treating mild to moderate Alzheimer's disease, offering a dual mechanism intended to improve gastrointestinal tolerability.
Strategic Market Focus: The presentation highlights a targeted commercialization strategy in the Long Term Care segment, emphasizing unmet market needs and outlining upcoming catalysts, including additional formulation and pipeline developments.

Mar 19, 2025, 12:00 PM

Presentation

Alpha Cognition Inc. Investor Update on Alzheimer’s Therapy Progress

ACOG

Product Launch

Guidance Update

Alpha Cognition Inc. provided an investor update emphasizing its FDA-approved oral therapy, ZUNVEYL, for treating mild to moderate Alzheimer’s dementia.
The update detailed a strategic commercial launch focused on the long-term care (LTC) market with plans to achieve breakeven in 3 years and address limitations of current AD treatments.
It also outlined forward-looking pipeline milestones including clinical studies, reformulation projects, and expansion into new therapeutic areas.