Alpha Cognition Reports Strong ZUNVEYL Commercial Momentum with 102% Pharmacy Order Growth in Q3 2025

Alpha Cognition Inc. (NASDAQ: ACOG) reported substantial progress in its ZUNVEYL commercialization efforts during the third quarter of 2025, with pharmacy orders growing 102% sequentially as the company expanded its reach to more than 600 nursing homes across the United States. The long-term care focused field team reinforced ZUNVEYL's differentiated cognitive and behavioral profile while observing favorable tolerability signals in real-world use, contributing to a prescriber base that surpassed 500 clinicians.

The company generated $2.3 million in net product revenue from ZUNVEYL during the quarter, supplemented by $0.5 million in business development and licensing revenue for total third quarter revenue of $2.8 million. Year-to-date revenue reached $7.4 million, reflecting the company's first full year of commercial launch. Management's confidence in the accelerating launch momentum supported a decision to increase pricing while reducing operating spend guidance to $28 to $30 million, maintaining the target for operating profitability in 2027.

Early utilization trends demonstrate significant market penetration potential, with record monthly prescription volumes and expanding activity across the long-term care channel. The commercial team's focus on deepening engagement with prescribers, combined with support teams broadening coverage within Medicare and LTC pharmacy networks, positions the company to sustain prescription growth into the fourth quarter and beyond. The collaboration with CMS provides a strategic pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, with expectations for ex-U.S. revenues beginning as early as fiscal year 2026.

Research and development initiatives continue to build a broader neurodegenerative disease platform around ZUNVEYL and ALPHA 1062. A Department of Defense funded Bomb Blast preclinical study in repetitive mild traumatic brain injury showed reduced neuroinflammation and neuropathology, supporting further development of intranasal and other ALPHA 1062 formulations. The sublingual ALPHA 1062 formulation for patients with dysphagia or aphasia remains on track for formulation completion and taste testing in the first quarter of 2026, followed by a comparative pharmacokinetic study and Investigational New Drug filing in the first half of 2026.

Financial performance showed significant improvement, with total revenue of $2.84 million in the third quarter compared to no revenue in the prior year period. Research and development expenses declined while selling, general and administrative expenses increased to $6.9 million from $1.5 million, reflecting the company's commercial expansion. Alpha Cognition reported an operating loss of $5.3 million and a net loss of $1.3 million, improved from a $1.9 million net loss in the previous year.

The company strengthened its financial position with $35.4 million in cash and equivalents at quarter end, supplemented by an October 2025 equity offering that added approximately $37.8 million in net proceeds. This brings pro forma cash to about $73.2 million, extending the company's runway to roughly two years. Additional financing flexibility is provided through a $75 million at-the-market facility. Intellectual property protection was enhanced with a U.S. patent granted in January 2025 that extends ZUNVEYL protection to 2044, significantly strengthening the company's market position. Stonegate Capital Partners maintains a valuation range of $26.93 to $35.68 with a mid-point of $30.76 based on discounted cash flow analysis, reflecting confidence in Alpha Cognition's commercial trajectory and long-term growth prospects.