Alpha Cognition Inc (ACOG)
NASDAQ:ACOG
Top Page
Alpha Cognition Inc
(NASDAQ:ACOG)
Select Model
Select Model
Rating:54Neutral
Price Target:
$6.00
▼(-7.55% Downside)
Action:ReiteratedDate:04/08/26
ACOG scores in the mid-range primarily due to weak financial performance (large losses and heavy cash burn despite improving revenue) and only moderately supportive valuation metrics (negative P/E, no dividend). These are partly offset by constructive technical momentum (though overbought) and an earnings call that highlighted strengthening launch KPIs, payer progress, and cash runway into 2027.
Positive Factors
Commercial launch traction
Sustained, accelerating product uptake in Q4 demonstrates emerging product-market fit in long-term care channels. Durable quarter-over-quarter volume growth and expanding prescriber/home adoption indicate compounding adoption that can drive repeat revenue and scalable commercial margins if sustained.
Negative Factors
Sustained cash burn
Persistent negative operating and free cash flow at material magnitudes means the company must fund ongoing losses through financing or improved margins. Continued cash burn narrows runway, raises dilution risk, and constrains the ability to scale commercial and R&D activities without external capital.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial launch traction
Sustained, accelerating product uptake in Q4 demonstrates emerging product-market fit in long-term care channels. Durable quarter-over-quarter volume growth and expanding prescriber/home adoption indicate compounding adoption that can drive repeat revenue and scalable commercial margins if sustained.
Read all positive factors
Alpha Cognition Inc (ACOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$129.99M
Dividend YieldN/A
Average Volume (3M)87.53K
Price to Earnings (P/E)―
Beta (1Y)1.52
Revenue GrowthN/A
EPS Growth52.52%
CountryUS
Employees5
SectorHealthcare
Sector Strength45
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-0.32
Shares Outstanding21,774,103
10 Day Avg. Volume111,240
30 Day Avg. Volume87,535
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.84
Price to Sales (P/S)11.24
P/FCF Ratio-5.56
Enterprise Value/Market Cap0.27
Enterprise Value/Revenue3.39
Enterprise Value/Gross Profit4.35
Enterprise Value/Ebitda-1.66
Forecast
1Y Price Target
$18.00Price Target Upside177.35% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.36
Revenue Forecast (FY)$24.25M
Alpha Cognition Inc Business Overview & Revenue Model
Company Description
Alpha Cognition Inc., a clinical stage biopharmaceutical company, engages in the development of treatments for Alzheimer's disease and amyotrophic lateral sclerosis (ALS). The company offers ZUNVEYL (benzgalantamine) for the treatment of mild-to-m...
How the Company Makes Money
Alpha Cognition primarily makes money through financing activities common to pre-commercial biotechnology companies rather than operating revenue from product sales. Key sources include (1) issuing equity and equity-linked securities (e.g., common...
Alpha Cognition Inc Earnings Call Summary
Earnings Call Date:Mar 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Jun 02, 2026
Earnings Call Sentiment Positive
The call conveyed a positive operational momentum around ZUNVEYL: accelerating demand (62% QoQ bottle growth), significant repeat usage (82% repeat home orders; 69% repeat prescribers), two national PBM contracts, strong tolerability signals, active RWE and formulation programs, and a solid cash position (~$66M) supporting runway into 2027. Offsetting these positives are substantial and increasing operating expenses, widening operating losses, modest absolute revenue to date ($10.2M FY2025), and payer access still limiting broad patient uptake. Overall, the company appears to be in a high-investment, early-launch phase with clear commercialization execution and evidence-generation plans in place, and management projects a path to operating profitability in 2027.Positive Updates
Commercial Launch Momentum
Strong early commercial traction for ZUNVEYL: 4,941 bottles dispensed in Q4 2025 (including 1,859 bottles in December, the strongest month since launch). Lauren reported 62% quarter-over-quarter growth in bottles dispensed, and management views adoption as accelerating and compounding.
Negative Updates
High and Increasing Operating Expenses
Operating expenses rose materially as the company scaled commercialization: Q4 2025 operating expenses were $10.7 million versus $2.7 million in Q4 2024 (approximately a 296% increase). Full-year 2025 operating expenses were $32.9 million versus $12.0 million in 2024 (approximately a 174% increase). Management expects 2026 operating expenses in the range of $54 million to $58 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Commercial Launch Momentum
Strong early commercial traction for ZUNVEYL: 4,941 bottles dispensed in Q4 2025 (including 1,859 bottles in December, the strongest month since launch). Lauren reported 62% quarter-over-quarter growth in bottles dispensed, and management views adoption as accelerating and compounding.
Read all positive updates
Company Guidance
Management gave limited formal revenue guidance but outlined clear targets and timelines: they expect continued sequential growth in ZUNVEYL sales through 2026 and a path to operating profitability in 2027, and they forecast full‑year 2026 operating expenses of $54–58 million. Key financials and funding: Q4 2025 total revenue $2.8M (net product sales $2.5M), FY2025 revenue $10.2M (net product sales $6.8M), Q4 operating expenses $10.7M, Q4 operating loss $7.9M, Q4 net loss $6.9M ($0.30/share), FY2025 net loss $20.7M ($1.17/share), unrestricted cash ~ $66M as of 12/31/2025 (including ~ $38M net proceeds from Oct‑2025), and the company is debt‑free. Commercial and access guidance: two national PBM contracts signed (2 of top 4), expect early payer pull‑through in Q2 2026 and broader implementation in Q3; Q4 commercial KPIs exiting the quarter were 4,941 bottles dispensed in Q4 (1,859 in December, +62% QoQ), ~3,856 unique homes launched to date, 1,986 homes engaged in Q4 with 729 ordering homes (82% repeat), 865 prescribers writing orders in Q4 (69% repeat) and 3,681 HCP calls (~2,000 prescriber calls). Clinical/R&D milestones and timing: initiate comparative sublingual PK study in Q2 2026 with potential clinic entry early 2027 pending a Type C meeting, RESOLVE to initiate Q2 2026, CONVERGE topline data expected Q3 2026, and BEACON topline data expected Q4 2026.Alpha Cognition Inc Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
63
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 10.22M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 8.30M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -22.66M | -14.37M | -13.62M | -11.85M | -18.93M |
| Net Income | -20.67M | -14.64M | -13.77M | -12.11M | -19.55M |
Balance Sheet | |||||
| Total Assets | 79.73M | 50.74M | 2.45M | 2.95M | 12.88M |
| Cash, Cash Equivalents and Short-Term Investments | 66.11M | 48.55M | 1.49M | 2.08M | 11.30M |
| Total Debt | 0.00 | 911.46K | 1.22M | 1.21M | 1.08M |
| Total Liabilities | 17.20M | 9.27M | 7.16M | 4.27M | 3.85M |
| Stockholders Equity | 62.53M | 41.46M | -4.71M | -1.32M | 9.03M |
Cash Flow | |||||
| Free Cash Flow | -20.67M | -7.78M | -8.73M | -9.25M | -9.94M |
| Operating Cash Flow | -20.38M | -7.76M | -8.73M | -9.24M | -9.88M |
| Investing Cash Flow | -293.49K | -26.70K | 0.00 | -4.88K | 459.38K |
| Financing Cash Flow | 38.21M | 54.85M | 8.16M | 24.79K | 14.88M |
Alpha Cognition Inc Technical Analysis
Positive
6.49
Price Trends
5.70
Positive
5.81
Positive
7.04
Negative
Market Momentum
0.17
Negative
58.90
Neutral
43.18
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACOG, the sentiment is Positive. The current price of 6.49 is above the 20-day moving average (MA) of 5.88, above the 50-day MA of 5.70, and below the 200-day MA of 7.04, indicating a neutral trend. The MACD of 0.17 indicates Negative momentum. The RSI at 58.90 is Neutral, neither overbought nor oversold. The STOCH value of 43.18 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ACOG.
Alpha Cognition Inc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $129.99M | -5.27 | -125.65% | ― | ― | 52.52% | |
52 Neutral | $224.12M | -6.23 | -131.80% | ― | ― | -16.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $199.41M | -3.95 | -977.67% | ― | ― | 17.36% | |
50 Neutral | $87.07M | -8.98 | -109.73% | ― | ― | 50.39% | |
47 Neutral | $106.47M | -0.95 | -2983.24% | ― | -37.13% | 40.47% | |
45 Neutral | $226.49M | -1.92 | -591.09% | ― | 5.01% | 20.76% |
* Healthcare Sector Average
ACOG
Alpha Cognition Inc
6.49
2.24
52.71%
SGMO
Sangamo Therapeutics
0.26
-0.43
-62.77%
ELTX
Elicio Therapeutics
11.73
6.87
141.36%
CGTX
Cognition Therapeutics
0.98
0.61
163.51%
LUCD
Lucid Diagnostics
1.35
0.26
23.85%
NVCT
Nuvectis Pharma
8.73
0.03
0.34%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.