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ACOG

Alpha Cognition Inc. Common Stock

ACOG

Alpha Cognition Inc. Common Stock • NASDAQ
$6.02 ▼ -1.15% (-0.07)
Market Cap $89.42 M
52w High $11.54
52w Low $3.75
Dividend Yield 0%
P/E -4.36
Volume 24.55K
Outstanding Shares 14.85M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $2.841M ▲ $7.515M ▲ $-1.318M ▲ -46.397% ▲ $-0.08 ▲ $-5.289M ▲
Q2-2025 $1.658M ▼ $6.861M ▲ $-10.489M ▼ -632.746% ▼ $-0.65 ▼ $-5.725M ▼
Q1-2025 $2.929M ▲ $5.703M ▲ $-2.007M ▲ -68.514% ▼ $-0.13 ▲ $-1.986M ▲
Q4-2024 $0 $2.348M ▲ $-5.659M ▼ 0% $-0.51 ▼ $-5.618M ▼
Q3-2024 $0 $1.986M $-1.86M 0% $-0.31 $-1.736M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $35.399M ▼ $46.301M ▲ $12.387M ▼ $33.914M ▲
Q2-2025 $39.405M ▼ $45.123M ▼ $13.227M ▲ $31.896M ▼
Q1-2025 $45.527M ▼ $48.608M ▼ $7.797M ▼ $40.812M ▼
Q4-2024 $48.546M ▲ $50.737M ▲ $9.274M ▲ $41.463M ▲
Q3-2024 $3.666M $5.028M $7.948M $-2.92M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-1.318M ▲ $-5.346M ▲ $-75.295K ▼ $1.381M ▲ $-4.006M ▲ $-5.421M ▲
Q2-2025 $-10.489M ▼ $-6.139M ▼ $-8.315K ▲ $-10.808K ▲ $-6.159M ▼ $-6.148M ▼
Q1-2025 $-2.007M ▲ $-2.044M ▲ $-63.27K ▼ $-834.303K ▼ $-2.942M ▼ $-2.108M ▲
Q4-2024 $-5.659M ▼ $-2.304M ▼ $-26.701K ▼ $47.121M ▲ $44.791M ▲ $-2.304M ▼
Q3-2024 $-1.86M $-1.584M $0 $4.152M $2.579M $-1.584M

Five-Year Company Overview

Income Statement

Income Statement Alpha Cognition has effectively been a pre-revenue company over the past several years, with no meaningful product sales yet showing up in its results. The income statement is dominated by ongoing operating losses tied to research, development, and overhead, which is typical for an early-stage biotech. Losses have been steady rather than exploding, but they are also not yet narrowing in a way that would suggest an imminent move to profitability. The very large negative earnings per share figures mainly reflect the small share base and reverse split effects, not a sudden change in the underlying business. The main financial story here is simple: expenses to build the platform and launch products are flowing through the income statement without offsetting revenue so far.

Balance Sheet

Balance Sheet The balance sheet is very light, with a small base of assets that is mostly cash and no visible traditional debt. On the positive side, the absence of borrowings means there is no near-term pressure from lenders or interest payments. However, the overall scale of the balance sheet is tiny, which signals limited financial cushion to absorb setbacks. Equity is positive but thin, implying that the company’s ability to weather delays in commercialization or unexpected costs is constrained. In practice, this kind of balance sheet usually means continued reliance on raising new capital to fund operations until product revenue becomes meaningful.

Cash Flow

Cash Flow Cash flows are consistently negative from operations, which aligns with a company that is still spending on development and early commercialization without any real sales yet. There is essentially no spending on long-lived assets, so the cash burn is almost entirely driven by running the business and funding the pipeline. Free cash flow is negative and has been so for years, reinforcing the idea that the company is not yet self-funding. This puts the focus on the company’s ability to secure additional financing, manage its burn rate carefully, and time its spending with realistic expectations for when commercial cash inflows might start.

Competitive Edge

Competitive Edge Despite its small size and limited financial resources, Alpha Cognition appears to have carved out a differentiated position in the Alzheimer’s treatment space. Its lead product, ZUNVEYL, focuses on improving tolerability of an existing well-known mechanism rather than trying to overhaul the disease biology, which addresses a very practical and important problem for patients and caregivers. The patented prodrug design and improved side-effect profile can be a meaningful advantage versus older symptomatic drugs, especially if it leads to better adherence and quality of life. That said, the company still competes indirectly with large pharmaceutical firms, evolving disease-modifying therapies, and entrenched standard-of-care products. Its competitive strength will depend heavily on execution in commercialization, payer coverage, physician adoption, and its ability to stand out in a crowded and fast-changing neurology market.

Innovation and R&D

Innovation and R&D Innovation is clearly the core of Alpha Cognition’s story. ZUNVEYL is built on a novel delivery and conversion approach aimed at reducing side effects while preserving or enhancing therapeutic benefit, which shows smart use of known biology rather than taking on binary, high-risk science. The company is also trying to extend its technology into new uses through ALPHA-1062 combinations and alternate formulations, as well as a more ambitious early-stage program for ALS with ALPHA-0602. This creates a small but focused pipeline that reuses existing know-how, which can be efficient. However, each new indication and formulation carries regulatory, clinical, and commercial risk, and success is far from guaranteed. The R&D strategy appears coherent and patient-centered, but it is also capital-intensive and time-consuming for a company with limited resources.

Summary

Alpha Cognition looks like a classic early-stage biotech transitioning toward commercialization: no meaningful revenue yet, steady operating losses, a thin but debt-free balance sheet, and ongoing cash burn that likely requires external funding. The investment case revolves around the successful launch and adoption of ZUNVEYL and the company’s ability to leverage its prodrug platform into additional indications and products. There is clear scientific and clinical logic behind its focus on tolerability and symptom management in neurodegenerative disease, and its patents and FDA approval provide some defensible advantages. At the same time, the company faces material execution risk, financial fragility, and intense competition from far larger players and alternative therapeutic approaches. Overall, this is a high-uncertainty situation where future outcomes depend heavily on commercialization performance, access to capital, and clinical progress in the pipeline.

NEWS

November 14, 2025 · 9:46 AM UTC

Stonegate Capital Partners Updates Coverage on Alpha Cognition Inc. (ACOG) Q3 2025

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November 13, 2025 · 4:00 PM UTC

Alpha Cognition Inc. Reports Third Quarter 2025 Financial Results and Provides Operational Update

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October 30, 2025 · 8:30 AM UTC

Alpha Cognition (Nasdaq: ACOG) to Report Third Quarter 2025 Financial Results and Provide Business Update on Thursday, November 13, 2025

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October 14, 2025 · 4:30 PM UTC

Alpha Cognition to Present Clinical Data at Consultant Pharmacy and Neuroscience Education Institute Meetings

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October 6, 2025 · 8:30 AM UTC

Alpha Cognition to Present Clinical Data at ASCP Annual Meeting

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