Alpha Cognition Inc. Advances ZUNVEYL Commercialization and Secures Key Regulatory Milestone in China

Alpha Cognition Inc. (NASDAQ: ACOG) has made notable strides in the second quarter of 2025, with Stonegate Capital Partners updating its coverage on the company. The focus was on the commercialization of ZUNVEYL®, Alpha Cognition's innovative treatment for Alzheimer's disease, which has seen meaningful early adoption in the U.S. long-term care (LTC) market and achieved a significant regulatory milestone in China. By the end of the quarter, ZUNVEYL had been ordered in over 300 LTC facilities across priority regions, with 65% of these facilities placing repeat orders, indicating strong clinical confidence and operational fit.

The sales team's engagement with more than 3,700 healthcare professionals has resulted in both new and repeat prescriptions, with clinician feedback emphasizing ZUNVEYL's cognitive and behavioral benefits and its favorable tolerability profile. A key development was the securing of a national Medicare Part D contract that does not require prior authorization, thereby enhancing patient access ahead of schedule. This achievement is particularly significant given that Alzheimer's disease affects 7 million Americans, with over 11 million prescriptions written annually, yet more than half of patients discontinue treatment within a year due to side effects.

Financially, Alpha Cognition reported $1.6M in net product sales from ZUNVEYL in 2Q25, contributing to a year-to-date net product revenue of approximately $2.0M. Licensing revenue from the CMS partnership added $0.08M. The company's R&D expenses decreased to $0.32M from $0.97M in the previous year, while SG&A expenses rose to $6.54M from $1.43M, reflecting investments in commercialization efforts. Despite a net operating loss of $5.74M and a widened net loss to $10.49M, Alpha Cognition ended the quarter with $39.4M in cash and equivalents, providing an estimated two years of runway at current burn rates.

Looking ahead, Alpha Cognition is focused on supporting LTC homes and pharmacies in navigating the regulatory landscape and aims to secure another national contract before the year's end. The company is also advancing its pipeline, including the development of a sublingual ALPHA-1062 formulation for patients with dysphagia or aphasia, with completion and taste testing expected in 1Q26. Stonegate Capital Partners' DCF analysis suggests a valuation range of $32.69 to $43.65 for Alpha Cognition, with a mid-point of $37.49, indicating potential growth and investment opportunities in the company's future.