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ACOG · NASDAQ · Biotechnology

Alpha Cognition

Markets an oral Alzheimer’s treatment while developing related neurodegeneration programs.

$9.42

After-hours close+0.30 (+3.35%)

At close$9.12(−6.37%)

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Profile

Alpha Cognition Inc. Common StockACOGHealth Care

Sells ZUNVEYL, an oral treatment for mild-to-moderate Alzheimer’s dementia, through a long-term-care-focused commercial effort. A related pre-clinical pipeline spans ZUNVEYL formulations and other neurodegeneration programs; the business has one commercial product.

ZUNVEYL is an oral benzgalantamine treatment for mild-to-moderate Alzheimer’s dementia. Commercial sales efforts focus on long-term-care customers. It is the company’s one commercial product.

The related neurodegeneration pipeline includes ZUNVEYL combinations with memantine and sublingual or intranasal formulations. ALPHA-0602, ALPHA-0702, and ALPHA-0802 are also at the pre-clinical stage. Manufacturing is outsourced to specialized organizations in Taiwan and the United States for active pharmaceutical ingredient, oral-tablet, and nasal-spray formulations.

The commercial model depends on adoption and reimbursement in long-term care, third-party manufacturing and distribution, continuing safety and regulatory oversight, intellectual-property protection, and capital for commercialization plans.

Company facts

CEOMichael McFadden

ListedNov 12, 2024

ExchangeNASDAQ

HeadquartersGrapevine, TX

CountryCanada

Employees71

CIK0001655923

ISINCA02074J5017

Key statistics

Market cap$142.3M

EPS (ttm)−$1.11

P/E (ttm)−8.25

ROE-45.3%

P/B3.77

P/S9.32

Dividend yield—

Beta1.08vs XLV 0.24

Year to date +40.2% · Average volume (30d) 151.5K

Analysts

No analyst consensus on record.

Earnings

EPS

Estimate−$0.33

ReportedDue Nov 12, 2026

Revenue

Estimate$7.0M

ReportedDue Nov 12, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 13, 2026Q2 FY26	−$0.39	−$0.40	−2.0%	$4.4M	$6.0M	+36.9%	+2.43%
May 14, 2026Q1 FY26	−$0.41	−$0.37	+9.8%	$3.4M	$3.5M	+3.2%	+5.99%
Mar 26, 2026Q4 FY25	−$0.27	−$0.30	−11.1%	$3.2M	$2.8M	−12.4%	−4.87%
Nov 13, 2025Q3 FY25	−$0.43	−$0.30	+30.2%	$5.3M	$2.8M	−46.0%	−3.10%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$2.9M	$1.7M	$2.8M	$2.8M	$3.5M	$6.1M
Gross profit	$2.1M	$1.1M	$2.2M	$2.5M	$3.3M	$5.7M
Operating income	−$3.6M	−$5.7M	−$5.3M	−$7.9M	−$8.1M	−$7.8M
Net income	−$2.0M	−$10.5M	−$1.3M	−$6.9M	−$6.5M	−$8.8M
Diluted EPS	−$0.13	−$0.65	−$0.08	−$0.31	−$0.32	−$0.40
Gross margin	71.4%	67.8%	77.9%	91.0%	92.3%	93.6%
Operating margin	-123.3%	-346.1%	-186.6%	-283.7%	-229.1%	-127.3%

Fiscal years (4-quarter sums)FY21 $0 · FY22 $0 · FY23 $0 · FY24 $0 · FY25 $10.2M

Revenue by product · Q2 FY26

License$51.5K · 100%

Revenue by geography · Q1 FY26

United States$3.5M · 99%

China$30.0K · 1%

Balance sheet, Jun 30, 2026Cash & short-term investments $41.4M · Total debt $0 · Total assets $64.5M · Shareholders' equity $53.0M

Dividends

No dividends on record.

Ownership

Institutions 67.81%10.53M sharesInsiders 5.85%908.0K sharesOther 26.34%4.09M shares

Shares outstanding 15.53M · Float 11.22M · 72.2% free float

A Form 4 total here can count shares the filer formally disclaims — an award voted by proxy, for instance — which the holder's own Schedule 13D/G excludes, so where the two disagree the schedule's smaller figure is used.

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
Opaleye Management Inc. · 10 percent owner	2.90M	18.64%	Form 4	Aug 4, 2026
Solas Capital Management, LLC	1.92M	12.39%	13F	May 15, 2026
Awm Investment Company, Inc.	1.67M	10.77%	13F	May 15, 2026
Cable Car Capital LLC	1.38M	8.90%	13F	May 15, 2026
Funicular Funds, LP	1.11M	5.10%	13G	Feb 19, 2026

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 21, 2026	Robert James Wills	director	+10,000	$9.62
Jul 31, 2026	Opaleye Management Inc.	10 percent owner	+2,900	$7.92
Aug 3, 2026	Opaleye Management Inc.	10 percent owner	+50,000	$8.00
Jul 24, 2026	Opaleye Management Inc.	10 percent owner	+130	$7.90
Jul 22, 2026	Opaleye Management Inc.	10 percent owner	+150,237	$7.83