Alpha Cognition Reports Strong ZUNVEYL Commercial Growth in Q3 2025

Alpha Cognition Inc. (NASDAQ: ACOG) reported significant commercial progress during its second quarter of ZUNVEYL® commercialization in the third quarter of 2025, with launch momentum accelerating across the U.S. long-term care channel. Pharmacy orders grew 102% sequentially, supported by record prescription volumes each month and expanding reach into more than 600 nursing homes, while the prescriber base surpassed 500 clinicians. The long-term care-focused field team continued to reinforce ZUNVEYL's differentiated cognitive and behavioral profile alongside a favorable tolerability signal in real-world use.

Management's long-term care call strategy remains central to the launch, with growing evidence of durable adoption and repeat ordering behavior as the brand becomes more embedded in high-volume facilities. In 3Q25, ZUNVEYL generated $2.3 million in net product revenue and $0.5 million in business development and licensing revenue, for total third quarter revenue of $2.8 million and year-to-date revenue of $7.4 million. Early utilization trends, including the doubling of pharmacy orders quarter-over-quarter, record monthly prescription volumes, and expanding activity across more than 600 nursing homes, support management's view that long-term care penetration remains in the early stages.

The commercial team is focused on deepening engagement with prescribers, while support teams are broadening coverage within Medicare and long-term care pharmacy networks to sustain prescription growth into the fourth quarter of 2025 and beyond. Management reduced operating spend guidance to $28 to $30 million and continues to target operating profitability in 2027. Additionally, the CMS collaboration provides a pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, supporting expectations for ex-U.S. revenues beginning as early as fiscal year 2026.

The company is building a broader neurodegenerative disease platform around ZUNVEYL and ALPHA 1062. The Department of Defense funded Bomb Blast preclinical study in repetitive mild traumatic brain injury showed reduced neuroinflammation and neuropathology, supporting further intranasal and other ALPHA 1062 formulations. A sublingual ALPHA 1062 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 an Investigational New Drug filing in the first half of 2026.

Financial performance showed total revenue in the third quarter of 2025 was $2.84 million compared with no revenue in the prior year as the company entered its first full launch year. Research and development declined while selling, general and administrative expenses rose to $6.9 million from $1.5 million, and Alpha Cognition reported an operating loss of $5.3 million and a net loss of $1.3 million versus a $1.9 million net loss a year ago. Cash and equivalents were $35.4 million at quarter end, and an October 2025 equity offering added approximately $37.8 million in net proceeds, bringing pro forma cash to about $73.2 million and extending runway to roughly two years, supplemented by a $75 million at-the-market facility for additional financing flexibility.