Alpha Cognition Inc (ACOG)
NASDAQ:ACOG
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Alpha Cognition Inc
(NASDAQ:ACOG)
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Rating:49Neutral
Price Target:
$7.00
▲(0.86% Upside)
Action:Reiterated
Date:05/19/26
The score is held down primarily by weak financial performance—large ongoing losses and significant cash burn—despite strong gross margins and a debt-free balance sheet. Technicals are also unfavorable with the stock below major moving averages and a negative MACD. The latest earnings call adds support due to clear sequential commercialization progress and defined milestones, but cash usage and payer implementation remain key risks. Valuation is constrained by negative earnings (negative P/E) and no dividend yield data.
Positive Factors
High gross margins and rapid revenue growth
Alpha Cognition shows durable top-line traction with TTM revenue up ~5.9x and an ~87% gross margin, indicating very favorable unit economics. High gross margins create scalable operating leverage as volumes grow, improving prospects for sustainable profitability if commercial expansion continues.
Negative Factors
Significant cash burn and limited runway risk
The company is burning substantial cash (TTM OCF and FCF ≈ -$30M), and cash declined from $66.0M to $54.2M in Q1. Continued negative cash flow requires external financing or material revenue scale; sustained burn elevates dilution or execution risk if commercial growth or funding events slow.
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Positive Factors
Negative Factors
High gross margins and rapid revenue growth
Alpha Cognition shows durable top-line traction with TTM revenue up ~5.9x and an ~87% gross margin, indicating very favorable unit economics. High gross margins create scalable operating leverage as volumes grow, improving prospects for sustainable profitability if commercial expansion continues.
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Alpha Cognition Inc (ACOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$150.46M
Dividend YieldN/A
Average Volume (3M)87.53K
Price to Earnings (P/E)―
Beta (1Y)1.75
Revenue Growth269.64%
EPS Growth-4.54%
CountryUS
Employees5
SectorHealthcare
Sector Strength45
IndustryFinancial - Conglomerates
Share Statistics
EPS (TTM)-1.34
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 Cap0.33
Enterprise Value/Revenue4.57
Enterprise Value/Gross Profit5.30
Enterprise Value/Ebitda-1.83
Forecast
1Y Price Target
$15.00Price Target Upside116.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering3
EPS Forecast (FY)-1.35
Revenue Forecast (FY)$22.77M
Alpha Cognition Inc Business Overview & Revenue Model
Company Description
Alpha Cognition Inc. is a clinical-stage biopharmaceutical firm focused on creating therapies for neurological conditions such as Alzheimer's disease (AD) and amyotrophic lateral sclerosis (ALS). Among its offerings is ZUNVEYL (benzgalantamine), i...
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:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 26, 2026
Earnings Call Sentiment Positive
The call presented a strong early commercial trajectory for ZUNVEYL with clear sequential growth in revenue (40% QoQ), accelerating prescription metrics (bottles +23% QoQ, prescriber calls +93% QoQ) and multiple near-term clinical and IP catalysts (BEACON, CONVERGE, sublingual PK, two patents to 2045). Management is deliberately investing in a 60-person commercial team, payer engagement, and real-world evidence generation to drive broader access and expects operating profitability in 2027. Offsetting these positives are meaningful near-term challenges: increased net losses and operating spend, cash decline, limited downstream PBM implementation (~16% of book), and reliance on upcoming data to expand payer coverage. Overall the call was upbeat and progressing toward commercialization scale, but the company remains in an investment phase with execution and payer adoption as key near-term risks.Positive Updates
Strong Sequential Revenue Growth
Net product revenues of $3.5M in Q1 2026, representing 40% sequential growth vs Q4 2025 ($2.5M). March was the strongest month and April was stronger than March.
Negative Updates
Net Loss and Increased Operating Spend
Net loss of approximately $6.5M in Q1 2026 (~$0.30 basic loss per share) vs a $1.7M loss in Q1 2025. Q1 operating expenses were ~$11.6M reflecting scaling investments (Q4 2025: $10.7M; Q1 2025: $6.3M).
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Q1-2026 Updates
Positive
Negative
Strong Sequential Revenue Growth
Net product revenues of $3.5M in Q1 2026, representing 40% sequential growth vs Q4 2025 ($2.5M). March was the strongest month and April was stronger than March.
Read all positive updates
Company Guidance
Management reiterated full‑year 2026 operating expense guidance of approximately $54–$58 million (Q1 operating spend ≈ $12M; Q1 total operating expenses ≈ $11.6M), said it is not providing revenue guidance but reported Q1 net product revenue of $3.5M (40% sequential growth), and reiterated a target of operating profitability in 2027; near‑term milestones include BEACON and CONVERGE top‑line data by Q3 2026, sublingual PK data in Q3 with a potential IND submission later in the year if equivalent, RESOLVE initiating in Q2 (completing in Q2 2027), and two expected ex‑U.S. approvals in 2026. Financial and commercial metrics cited to support the plan included $54.2M cash on March 31, 2026 and a debt‑free balance sheet, Medicare D coverage via two PBMs covering ~45M lives (≈16% downstream implementation to date; ~89% prior‑auth approval rate with support), a 60‑person customer‑facing sales team, 6,054 bottles dispensed in Q1 (23% QoQ; March = 2,321 bottles, ~29% MoM), 1,060 active prescribers (23% QoQ) from ~3,762 prescribers called (93% QoQ), ~914 nursing homes with scripts (25% QoQ; 110 new homes in March), ~75% of writers and 81% of homes placing repeat orders, and a 6% price increase to $869.36.Alpha Cognition Inc Financial Statement Overview
Summary
Income Statement
22
Negative
Balance Sheet
58
Neutral
Cash Flow
19
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 10.83M | 10.22M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 9.35M | 8.30M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -27.02M | -22.66M | -14.37M | -13.62M | -15.92M | -24.12M |
| Net Income | -25.14M | -20.67M | -14.64M | -13.77M | -16.28M | -24.91M |
Balance Sheet | ||||||
| Total Assets | 69.25M | 79.73M | 50.74M | 2.45M | 3.97M | 16.42M |
| Cash, Cash Equivalents and Short-Term Investments | 54.25M | 66.11M | 48.55M | 1.49M | 2.80M | 14.40M |
| Total Debt | 0.00 | 0.00 | 911.46K | 1.22M | 1.63M | 1.37M |
| Total Liabilities | 11.79M | 17.20M | 9.27M | 7.16M | 5.74M | 4.91M |
| Stockholders Equity | 57.46M | 62.53M | 41.46M | -4.71M | -1.77M | 11.51M |
Cash Flow | ||||||
| Free Cash Flow | -30.41M | -20.67M | -7.78M | -8.73M | -12.42M | -12.67M |
| Operating Cash Flow | -30.19M | -20.38M | -7.76M | -8.73M | -12.42M | -12.59M |
| Investing Cash Flow | -232.46K | -293.49K | -26.70K | 0.00 | -6.55K | 585.47K |
| Financing Cash Flow | 39.07M | 38.21M | 54.85M | 8.16M | 33.30K | 18.96M |
Alpha Cognition Inc Technical Analysis
Positive
6.94
Price Trends
6.18
Positive
5.90
Positive
6.30
Positive
Market Momentum
0.10
Negative
68.81
Neutral
83.01
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 6.94 is above the 20-day moving average (MA) of 6.07, above the 50-day MA of 6.18, and above the 200-day MA of 6.30, indicating a bullish trend. The MACD of 0.10 indicates Negative momentum. The RSI at 68.81 is Neutral, neither overbought nor oversold. The STOCH value of 83.01 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 |
|---|---|---|---|---|---|---|---|
58 Neutral | $129.77M | -6.61 | -72.68% | ― | ― | 64.57% | |
54 Neutral | $366.58M | -11.91 | -147.78% | ― | ― | -16.88% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $150.46M | -5.98 | -54.13% | ― | 269.64% | -4.54% | |
47 Neutral | $219.31M | -2.45 | -370.21% | ― | 23.03% | 60.80% | |
43 Neutral | $72.29M | -0.57 | 6686.36% | ― | -45.80% | -0.16% | |
43 Neutral | $73.48M | -1.74 | -2748.16% | ― | ― | 43.68% |
* Healthcare Sector Average
ACOG
Alpha Cognition Inc
6.91
-2.09
-23.22%
SGMO
Sangamo Therapeutics
0.17
-0.26
-59.72%
ELTX
Elicio Therapeutics
3.85
-4.17
-52.00%
CGTX
Cognition Therapeutics
1.45
1.19
457.69%
LUCD
Lucid Diagnostics
1.08
-0.11
-9.24%
NVCT
Nuvectis Pharma
13.82
5.86
73.62%
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.