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Alpha Cognition Inc (ACOG)
NASDAQ:ACOG
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Alpha Cognition Inc
(NASDAQ:ACOG)
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Rating:56Neutral
Price Target:
$5.50
▼(-13.25% Downside)
Action:UpgradedDate:12/30/25
The score is primarily held back by weak financial performance (large losses and ongoing cash burn) despite strong revenue growth and a debt-free balance sheet. Earnings-call details add support due to accelerating product traction, extended runway, and reduced expense guidance, but technicals are mixed (short-term rebound vs. longer-term downtrend) and valuation lacks dividend support while losses persist.
Positive Factors
Debt-free balance sheet
A zero-debt capital structure and meaningful equity provide durable financial flexibility: less interest burden, lower default risk, and greater optionality to fund clinical programs or commercialization via equity or partnerships without immediate leverage constraints, reducing structural financing risk.
Accelerating commercial traction for ZUNVEYL
Sustained quarter-over-quarter volume gains, growing prescriber reach and high repeat rates in long-term care point to durable product adoption and channel fit. This structural uptake can support a stable revenue base and reduce payback time on commercial investments as the launch scales.
High gross margins with strong revenue growth
A high gross margin with sharp revenue growth suggests favorable unit economics: as sales scale, gross profits can cover fixed SG&A and R&D, improving odds of moving toward operating leverage and sustainable profitability if growth continues and cost discipline persists.
Negative Factors
Material cash burn
Significant negative operating and free cash flow indicate the business is not self-funding and remains dependent on external financing. Over the medium term this raises dilution and execution risk if fundraises become constrained or commercialization costs rise before revenue reaches sustainable levels.
Deep operating losses and negative margins
Persistently large negative margins show the cost base substantially exceeds current revenue. Structurally closing this gap requires either much higher revenue scale or meaningful cost re‑engineering; until achieved, return metrics and reinvestment capacity will remain constrained.
Limited payer coverage / reimbursement hurdles
Restricted payer coverage is a structural barrier to adoption and predictable revenue in a healthcare product. Broad reimbursement is often required for scale in long‑term care markets; limited coverage forces higher commercial spending, discounts, or slower uptake and increases execution risk over months to years.
Alpha Cognition Inc (ACOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$130.67M
Dividend YieldN/A
Average Volume (3M)87.53K
Price to Earnings (P/E)―
Beta (1Y)1.41
Revenue GrowthN/A
EPS Growth52.52%
CountryUS
Employees5
SectorHealthcare
Sector Strength45
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-0.08
Shares Outstanding21,742,104
10 Day Avg. Volume111,240
30 Day Avg. Volume87,535
Financial Highlights & Ratios
PEG Ratio0.06
Price to Book (P/B)1.03
Price to Sales (P/S)0.00
P/FCF Ratio-5.49
Enterprise Value/Market Cap0.45
Enterprise Value/Revenue7.90
Enterprise Value/Gross Profit10.81
Enterprise Value/Ebitda-3.15
Forecast
1Y Price Target
$18.00Price Target Upside183.91% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-1.33
Revenue Forecast (FY)$24.65M
Alpha Cognition Inc Business Overview & Revenue Model
Company DescriptionAlpha 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-moderate Alzheimer's disease and mild traumatic brain injury. It also develops ALPHA-0602, a gene therapy for the treatment of ALS; and ALPHA-0702 and ALPHA-0802, a granulin epithelin motifs for the treatment of neurodegenerative diseases. The company was formerly known as Crystal Bridge Enterprises Inc. and changed its name to Alpha Cognition Inc. in March 2021. Alpha Cognition Inc. was founded in 2000 and is headquartered in Vancouver, Canada.
How the Company Makes MoneyAlpha Cognition Inc generates revenue through the development and commercialization of its therapeutic products. The company primarily makes money by advancing its drug candidates through clinical trials and eventually bringing them to market, either independently or through strategic partnerships and collaborations with larger pharmaceutical companies. These partnerships may involve licensing agreements, where Alpha Cognition receives upfront payments, milestone payments based on the achievement of certain development and regulatory goals, and royalties on future sales of the approved products. Additionally, the company may also receive funding from grants or research collaborations aimed at fostering innovation in the neurodegenerative disease space. The successful commercialization of its drug candidates is crucial to the company's revenue generation and growth.
Alpha Cognition Inc Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Apr 07, 2026
Earnings Call Sentiment Positive
The earnings call reflected a strong positive momentum with significant growth in ZUNVEYL sales and market engagement, supported by a solid financial position. However, challenges such as operating losses and limited payer coverage remain.Q3-2025 Updates
Positive Updates
Sales Growth of ZUNVEYL
The third quarter of 2025 saw a significant increase in sales for ZUNVEYL, with ex-factory purchases rising 44% quarter-over-quarter and demand sales bottles dispensed growing by 102% from Q2.
Successful Engagement in Long-Term Care Market
Alpha Cognition engaged 2,038 homes in Q3, bringing the total reach to 2,942 unique homes, with 70% of those homes placing repeat orders.
Positive Clinical Feedback
ZUNVEYL has shown good clinical performance with reports of cognition improvement and limited adverse events, maintaining a low single-digit rate of GI adverse events.
Strong Financial Position
The company raised $38 million in net proceeds through an equity offering, extending their operational runway into 2027.
Progress in Research and Development
Alpha Cognition plans to initiate two studies, CONVERGE and BEACON, to assess ZUNVEYL's cognitive benefits and tolerability, with completion expected in late 2026.
Negative Updates
Operating Loss
The company reported an operating loss of $5.3 million for the quarter, an increase from the $2.5 million loss in the same period last year, due to higher SG&A costs.
Challenges with Payer Coverage
Only 15% of business lines have covered ZUNVEYL without restriction, and there are ongoing challenges in navigating payer obstacles and securing broader coverage.
High Operating Expenses
Total operating expenses increased to $8.2 million, reflecting higher costs associated with commercial launch activities.
Company Guidance
During the third quarter of 2025, Alpha Cognition reported significant progress with their Alzheimer's treatment, ZUNVEYL. Sales of ZUNVEYL experienced robust growth, with ex-factory purchases increasing by 44% from 2,640 to 3,808 bottles compared to the previous quarter, and demand sales bottles dispensed growing by 102%. The company engaged with over 1,850 prescribers, leading to prescriptions being written in over 500 nursing homes, with 70% of these homes seeing repeat prescriptions. Total revenue for the quarter was $2.8 million, comprised of $2.3 million from net product sales and $507,000 from licensing revenue. Despite an operating loss of $5.3 million, improvements in fair value of derivative liabilities and interest income helped reduce the net loss to $1.3 million. The company also managed to raise $38 million in October, strengthening their balance sheet and extending their operational runway into 2027. Looking ahead, Alpha Cognition expects continued growth in ZUNVEYL sales as they expand market access, and they anticipate full-year operating expenses for 2025 to be between $28 million and $30 million, a decrease from prior guidance due to cost discipline and operational efficiency.Alpha Cognition Inc Financial Statement Overview
Summary
Revenue is growing sharply and gross margin is strong (~75%), but profitability and cash generation remain very weak with deeply negative margins and material free-cash-flow burn. The balance sheet is a relative strength with zero debt, though returns are meaningfully negative due to ongoing losses.Income Statement
TTM (Trailing-Twelve-Months) revenue rose sharply (+61.9%) and gross margin is strong (~75%), suggesting improving commercialization/monetization. However, profitability remains very weak: EBIT, EBITDA, and net income are deeply negative, with a net margin around -244%, indicating the cost structure is far ahead of the current revenue base. Earlier annual periods show little to no revenue reported, reinforcing that the business is still in an early/uneven revenue phase.18
Very Negative
Balance Sheet
The balance sheet is a key strength: TTM shows zero debt and solid equity (~$33.9M) against ~$46.3M in assets, limiting financial risk from leverage. That said, returns are meaningfully negative (TTM return on equity about -49%), reflecting ongoing losses, and historical results show past volatility in equity levels (including negative equity in some prior annual periods), which highlights execution and funding-cycle risk despite the currently cleaner capital structure.72
Positive
Cash Flow
Cash generation remains a clear weakness: TTM operating cash flow and free cash flow are materially negative (about -$15.8M and -$16.0M), implying continued cash burn. While free cash flow growth is positive versus the prior period (TTM +31.6%), cash flow is still not self-funding, and the cash outflow level increased versus 2024 annual, pointing to ongoing runway/financing dependence until revenue scales.24
Negative
| Breakdown | TTM | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 7.43M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 5.43M | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -18.62M | -14.37M | -13.62M | -11.85M | -18.93M | -4.93M |
| Net Income | -19.47M | -14.64M | -13.77M | -12.11M | -19.55M | -5.78M |
Balance Sheet | ||||||
| Total Assets | 46.30M | 50.74M | 2.45M | 2.95M | 12.88M | 8.44M |
| Cash, Cash Equivalents and Short-Term Investments | 35.40M | 48.55M | 1.49M | 2.08M | 11.30M | 5.93M |
| Total Debt | 0.00 | 911.46K | 1.22M | 1.21M | 1.08M | 3.22M |
| Total Liabilities | 12.39M | 9.27M | 7.16M | 4.27M | 3.85M | 8.42M |
| Stockholders Equity | 33.91M | 41.46M | -4.71M | -1.32M | 9.03M | 16.01K |
Cash Flow | ||||||
| Free Cash Flow | -15.98M | -7.78M | -8.73M | -9.25M | -9.94M | -5.45M |
| Operating Cash Flow | -15.83M | -7.76M | -8.73M | -9.24M | -9.88M | -5.44M |
| Investing Cash Flow | -173.58K | -26.70K | 0.00 | -4.88K | 459.38K | -9.24K |
| Financing Cash Flow | 47.66M | 54.85M | 8.16M | 24.79K | 14.88M | 5.88M |
Alpha Cognition Inc Technical Analysis
Positive
6.34
Price Trends
5.71
Positive
6.06
Positive
7.56
Negative
Market Momentum
0.09
Negative
62.51
Neutral
91.47
Negative
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 6.34 is above the 20-day moving average (MA) of 5.33, above the 50-day MA of 5.71, and below the 200-day MA of 7.56, indicating a neutral trend. The MACD of 0.09 indicates Negative momentum. The RSI at 62.51 is Neutral, neither overbought nor oversold. The STOCH value of 91.47 is Negative, 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 |
|---|---|---|---|---|---|---|---|
56 Neutral | $130.67M | -4.64 | -125.65% | ― | ― | 52.52% | |
52 Neutral | $230.48M | -6.95 | -158.88% | ― | ― | -16.26% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $175.62M | -1.06 | -480.02% | ― | -37.13% | 40.47% | |
49 Neutral | $191.40M | -1.63 | -331.24% | ― | 5.01% | 20.76% | |
47 Neutral | $91.81M | -2.36 | -109.73% | ― | ― | 50.39% | |
43 Neutral | $174.02M | -3.23 | ― | ― | ― | 17.36% |
* Healthcare Sector Average
ACOG
Alpha Cognition Inc
6.34
0.33
5.58%
SGMO
Sangamo Biosciences
0.47
-0.49
-50.89%
ELTX
Elicio Therapeutics
10.98
2.71
32.77%
CGTX
Cognition Therapeutics
1.12
0.66
143.48%
LUCD
Lucid Diagnostics
1.46
-0.04
-2.67%
NVCT
Nuvectis Pharma
8.93
2.22
33.08%
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.