A
Alpha Cognition Inc.
ACOGCIK 0001655923NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthBiological Products, (No Diagnostic Substances)A1CAFY ends Dec 31
Period
FY 2025
Revenue
$10.22M
Net Income
$-20.67M
Total Assets
$79.73M
Equity
$62.53M
Shares Out
21.77M
Op. Cash Flow
$-20.38M
Business
Alpha Cognition Inc. is a biopharmaceutical company developing and commercializing treatments for neurodegenerative diseases, primarily Alzheimer’s disease. Its main product is ZUNVEYL (benzgalantamine), an FDA‑approved delayed‑release oral acetylcholinesterase inhibitor, alongside preclinical programs including sublingual and intranasal ALPHA‑1062, ALPHA‑0602, and progranulin‑related GEMs. The company operates through commercial and development functions—commercial manufacturing and an LTC‑focused sales and market access organization, R&D for additional formulations and indications, and licensing/out‑licensing activities. It distributes ZUNVEYL via U.S. pharmacies and LTC channels and pursues partnerships and distributors for Europe, LATAM, Asia, Australia and New Zealand.
Summary from filing dated 2025-03-31
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Total revenue | 10 | — | — | |
| Cost of product sales, excluding amortization of intangible asset | 474,006 | — | — | |
| Cost of licensing revenue | 1 | — | — | |
| Amortization of intangible asset | 21,546 | 79,875 | — | |
| Research and development | 2 | 4 | 5 | |
| Selling, general and administrative expenses | 29 | 8 | — | |
| Total operating expenses | 33 | 12 | — | |
| Loss from operations | −23 | −12 | −10 | |
| Interest income | 2 | 161,664 | — | |
| Grant income | 81,095 | 463,881 | 260,503 | |
| Gain (loss) on derivative liabilities and conversion of convertible debt | 88,155 | −3 | — | |
| Other expenses | −77,806 | −237,048 | — | |
| Total other income (expenses) | 2 | −3 | −4 | |
| Net loss and comprehensive loss | −21 | −15 | −14 | |
| Weighted average stock outstanding, basic (in Shares) | 18 | 7 | 4 | |
| Net loss per share, basic (in Dollars per share) | −1.17 | −2.04 | −3.84 | |
| Adjusted net loss, diluted | −21 | −15 | — | |
| Weighted average stock outstanding, diluted (in Shares) | 18 | 7 | 4 | |
| Net loss per share, diluted (in Dollars per share) | −1.18 | −2.04 | −3.84 |
Consolidated Balance Sheet
As of · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 |
|---|---|---|---|---|---|
| Cash and cash equivalents | 66 | 49 | 1 | — | |
| Restricted cash | 58,400 | 17,872 | 90,413 | — | |
| Accounts receivable, net | 4 | — | — | — | |
| Inventory | 5 | 615,133 | — | — | |
| Prepaid expenses and other current assets | 4 | 1 | 366,316 | — | |
| Total current assets | 79 | 50 | 2 | — | |
| Other assets | — | 45,714 | — | — | |
| Equipment, net | 328,540 | 27,077 | 1,721 | — | |
| Intangible assets, net | 391,423 | 412,969 | — | — | |
| Total assets | 80 | 51 | 2 | — | |
| Accounts payable and accrued liabilities | 9 | 2 | 1 | — | |
| Current deferred income | 153,171 | — | 10,413 | — | |
| Total current liabilities | 9 | 3 | 3 | — | |
| Deferred income | 35,944 | — | — | — | |
| Option liabilities | 3 | 2 | — | — | |
| Warrant liabilities | 5 | 6 | — | — | |
| Other long-term liabilities | 47,181 | 102,783 | 84,125 | — | |
| Total liabilities | 17 | 12 | 7 | — | |
| Common stock, no par value, unlimited stock authorized, 21,742,104 and 16,019,787 shares issued and outstanding as of December 31, 2025, and December 31, 2024, respectively | 134 | 99 | 40 | — | |
| Class B preferred stock, no par value, unlimited stock authorized, 316,655 shares issued and outstanding as of December 31, 2025 and December 31, 2024 | 62 | 62 | 62 | — | |
| Additional paid-in capital | 26 | 17 | 17 | — | |
| Accumulated other comprehensive loss | −104,301 | −104,301 | −104,301 | — | |
| Accumulated deficit | −97 | −76 | −62 | — | |
| Total stockholders equity | 63 | 39 | −5 | −1 | |
| Total liabilities and stockholders equity | 80 | 51 | 2 | — |
Consolidated Statement of Cash Flows
Year Ended · In millions, except per-share amounts
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 |
|---|---|---|---|---|
| Depreciation and amortization | 58,572 | 81,220 | 84,479 | |
| Accrued expenditures for government grant | 53,051 | −17,515 | −80,000 | |
| Accrued interest | — | 65,996 | — | |
| Accrued interest income, related party | — | 2,550 | — | |
| Change in fair value of bonus rights liability | −55,602 | 18,658 | 75,830 | |
| Non-cash debt issuance costs | — | 459,360 | — | |
| Provision for loan losses | — | 55,000 | — | |
| Impairment of intangible assets | — | 39,166 | — | |
| Loss on disposal of equipment | 18,000 | — | — | |
| Stock-based compensation | 5 | 1 | 2 | |
| Shares issued for services | — | 2 | — | |
| Accounts receivable, net | −4 | — | — | |
| Inventories | −5 | −615,133 | — | |
| Prepaid expenses and other current assets | −2 | −671,718 | −117,271 | |
| Accounts payable and accrued liabilities | 7 | 1 | −1 | |
| Deferred income | 95,535 | — | — | |
| Net cash used in operating activities | −20 | −8 | −9 | |
| Acquisition of equipment | −293,489 | −26,701 | — | |
| Net cash used in investing activities | −293,489 | −26,701 | — | |
| Units issued for cash | — | 4 | 9 | |
| Stock issued for cash | 34 | 53 | — | |
| Stock issuance costs | −3 | −6 | −1 | |
| Warrants issued for cash | 6 | — | — | |
| Exercise of options | 364,606 | 1,800 | 27,000 | |
| Exercise of warrants | 1 | 300,000 | — | |
| Repayment of promissory notes | −911,463 | −300,000 | — | |
| Proceeds received from restricted government grant | 174,675 | 373,825 | 201,500 | |
| Amounts paid from restricted government grant funds | −134,146 | −446,366 | −111,087 | |
| Proceeds from the issuance of convertible debentures | — | 5 | — | |
| Debt issuance costs | — | −459,360 | — | |
| Net cash provided by financing activities | 38 | 55 | 8 | |
| Change in cash, cash equivalents, and restricted cash during the year | 18 | 47 | — | |
| Cash paid for interest | 4,894 | 37,754 | 59,777 | |
| Reallocation of fair value of share options upon exercise | 410,585 | 126,832 | 1 | |
| Reclassification of derivative liability of warrants exercised | 903,245 | — | — | |
| Reclassification of derivative liability for warrants re-priced from CAD to USD exercise price | — | 4 | 4 | |
| Recognition of Option liabilities | — | 2 | — | |
| Common shares issued for share issuance costs | — | 928,874 | 618,004 | |
| Warrants issued for share issuance costs | — | 3 | 402,166 | |
| Common shares issued for services | — | 2 | — |
Filings
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