Alpha Cognition Inc. Reports Fiscal 2025 Financial Results and Provides Operational Update
Alpha Cognition Inc. a biopharmaceutical company developing novel therapeutics for debilitating neurodegenerative disorders, today reported financial results for the fourth quarter and full year ended December 31, 2025, and provided a business update.
2025 was a year of strong commercial execution for Alpha Cognition as we continued to build momentum for ZUNVEYL – the first new oral Alzheimer’s treatment approved in more than 15 years. In the fourth quarter, we saw strong growth in demand, with December representing our strongest month since launch. We’re encouraged by the increasing rates of repeat ordering, indicating ZUNVEYL is moving beyond initial trial and becoming increasingly integrated into routine management in long-term care,” said Michael McFadden, Chief Executive Officer of Alpha Cognition.
Importantly, we also executed a second national PBM contract, bringing us to two of the four major PBMs relevant to long-term care. Combined with the consistent clinical feedback we’re hearing on ZUNVEYL’s tolerability and behavioral profile, we believe we are well positioned to continue driving adoption as payer pull-through improves in 2026. We enter the year well-capitalized and focused on expanding our commercial footprint, deepening prescriber engagement, and advancing toward operational profitability in 2027.
ZUNVEYL Commercial Performance
- Net ZUNVEYL Revenue: Generated approximately $2.5 million in net product revenue in the fourth quarter of 2025. Launch-to-date net product revenue through year-end 2025 was approximately $6.8 million. Total revenues for the year 2025 were approximately $10.2 million, inclusive of net product revenues and licensing revenue.
- Bottles Dispensed: Dispensed 4,941 bottles in Q4, representing 62% quarter-over-quarter growth. December was the strongest single sales month since launch selling 1,859 bottles.
- Expanding Prescriber Base and Adoption Expansion: Q4 prescribers increased 50% over the prior quarter. Cumulative homes with prescriptions increased 26% in Q4, an early indicator of broadening adoption in the long-term care setting.
- Commercial Reach: Sales team reached 1,986 homes in the quarter and have engaged with approximately 4,000 unique facilities since commercial launch.
- Payer progress: Executed a second national PBM agreement during the quarter and now has agreements with two of the four major PBMs relevant to the long-term care market.
Recent and Upcoming Business, Clinical, and Operational Highlights
- Alpha Cognition will present new clinical data on ZUNVEYL at the upcoming American Association of Geriatric Psychiatrists (AAGP), and the Neuroscience Education Institute (NEI) Spring Congress in Q2 2026.
- Alpha Cognition continues to expect two product approvals ex-US via our partner, CMS, in Asia.
- Announced Issuance of additional U.S. patent covering ZUNVEYL dosing regimens.
- Enrollment is ongoing in the BEACON study, a real-world effectiveness study to evaluate the impact of ZUNVEYL on cognition, behavior, and tolerability in the long-term care setting.
- Plan to initiate CONVERGE study, a retrospective data analysis in the long-term care environment that will provide data on ZUNVEYL in long term care Alzheimer’s patients. The analysis will provide data from approximately 400 patients for ZUNVEYL in areas of tolerability, dosing, and polypharmacy.
- Plan to Initiate RESOLVE study, a phase 4 study in Alzheimer’s disease (“AD”) patients to assess ZUNVEYL effect on tolerability and behaviors associated with AD. The Company believes the data could be supportive of future regulatory discussions and will be utilized with physicians and payers to inform them on tolerability of ZUNVEYL.
- Alpha Cognition plans to complete its preclinical work with a sublingual formulation and advance the product to the clinic in 2026 for treatment of mild-to-moderate AD. The Company believes this product, if approved, would be a disruptive formulation for AD patients with dysphagia or aphagia who currently have limited options for medication treatment.
Full Year Fiscal 2025 Financial Results
- Revenues: ZUNVEYL net product revenues were $6.8 million, and licensing revenue totaled $3.4 million, for a combined total of $10.2 million for the year ended December 31, 2025.
- Research & Development: Expenses were $1.9 million, compared to $3.9 million for fiscal year 2024 as the Company transitioned to commercial stage.
- Selling, General & Administrative: Expenses were $29.1 million, up from $8.0 million in 2024, reflecting increased commercial investment in personnel and infrastructure.
- Operating Loss: $22.7 million, compared to $12.0 million in 2024.
- Net Loss: $20.7 million, compared to $14.8 million in 2024. The Company benefited from favorable changes to the fair value warrant liabilities.
- Cash Position: $66.0 million as of December 31, 2025, compared to $48.5 million as of December 31, 2024. Following the $40 million in net proceeds from our capital raise completed in October 2025, the Company expects a cash runway of approximately two years at forecasted operating levels.
About Alpha Cognition Inc.
Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are currently no approved treatment options.
ZUNVEYL is a patented drug approved as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer’s disease, with expected minimal gastrointestinal side effects. ZUNVEYL’s active metabolite is differentiated from donepezil and rivastigmine in that it binds neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer’s dementia, and as an intranasal formulation for Cognitive Impairment with mTBI.
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