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These risks and uncertainties include, among others: risks related to the commercial adoption and market acceptance of ZUNVEYL; prescription demand; prescriber behavior and repeat prescribing patterns; long-term care facility adoption; patient access; payer coverage; formulary positioning; reimbursement levels; PBM and Medicare Part D implementation; utilization management restrictions; pricing pressure; gross-to-net deductions, including rebates, chargebacks, discounts, returns and patient assistance programs; the accuracy, completeness, timing and potential revision of third-party prescription and commercial data; the Company’s ability to achieve revenue growth, manage operating expenses, maintain adequate liquidity, obtain additional financing if needed, and achieve its expected financial and operational objectives, including any target of future operating profitability; risks related to commercial manufacturing, supply chain operations, inventory management, distribution, marketing and sales execution; risks related to the safety, efficacy, tolerability and real-world clinical performance of ZUNVEYL; ongoing regulatory oversight, pharmacovigilance obligations and product labeling requirements; risks related to the initiation, enrollment, conduct, timing, completion, results and interpretation of clinical trials, chart review studies and real-world evidence programs; risks relating to the development, regulatory review and potential approval of new formulations and product candidates; intellectual property protection and enforcement; and other risks described from time to time in the Company’s filings with the U.S. Securities and Exchange Commission and Canadian securities regulatory authorities.
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Additional information regarding these and other risks and uncertainties is contained in the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2026, and in the Company’s subsequent filings with the SEC, as well as the Company’s filings available under its profile on SEDAR+.
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Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this news release. Except as required by applicable law, the Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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Note regarding Key Performance Indicators
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As the company began commercial sales of ZUNVEYL in 2025, management has identified several key performance indicators that it utilizes to assess the progress of commercialization and sale of ZUNVEYL and the success of its operations period over period. These key performance indicators include bottles dispensed, number of prescribers, homes and unique facilities engaged. These indicators are defined below along with management’s reasons for focusing on these indicators.
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“Bottles dispensed” refers to the number of 30-day prescriptions of ZUNVEYL filled during a given period. This data is sourced from third-party providers. Reported figures reflect the bottles recorded as dispensed within that period based on management’s review of the data. Because the data may be updated over time, actual totals may vary slightly.
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Management considers bottles dispensed a key performance metric because it closely reflects real-world product usage and is a meaningful indicator of ZUNVEYL’s commercial performance and the Company’s operational progress.
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“Prescribers” refers to the number of healthcare providers actively writing prescriptions for ZUNVEYL at the end of a reported period. This data is sourced from third-party providers and is evaluated on a weekly basis. The reported number reflects prescriber activity at a specific point in time and may not represent the total number of prescribers throughout the entire period.
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Management considers prescribers a key metric because it indicates the level of commercial adoption of ZUNVEYL among healthcare providers and helps assess the potential for future growth in bottles dispensed.
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“Homes” refers to the number of long-term care facilities where medical staff have prescribed ZUNVEYL to patients residing in those facilities. “Unique facilities engaged” refers to the number of long-term care facilities with which the Company’s sales team has had discussions regarding prescribing ZUNVEYL.
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This data is sourced from third-party providers. Reported figures may vary from actual totals as data is updated over time.
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Management considers homes and unique facilities engaged to be key performance metrics, as they reflect the effectiveness of the Company’s sales efforts in reaching potential prescribers and expanding coverage within the long-term care market.
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ALPHA COGNITION INC. CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
June 30, | December 31, | |||||||
2026 | 2025 | |||||||
(unaudited) | ||||||||
ASSETS | ||||||||
Current assets | ||||||||
Cash and cash equivalents | $ | 41,384,287 | $ | 66,046,789 | ||||
Restricted cash | 58,400 | 58,400 | ||||||
Accounts receivable, net | 5,474,956 | 4,236,136 | ||||||
Inventory | 6,394,817 | 5,123,496 | ||||||
Prepaid expenses and other current assets | 4,614,222 | 3,545,451 | ||||||
Total current assets | 57,926,682 | 79,010,272 | ||||||
Equipment, net | 374,692 | 328,540 | ||||||
Intangible assets, net | 6,218,509 | 391,423 | ||||||
Total assets | $ | 64,519,883 | $ | 79,730,235 | ||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||||||||
Current liabilities | ||||||||
Accounts payable and accrued liabilities | $ | 6,237,986 | $ | 8,976,904 | ||||
Current deferred income | 103,192 | 153,171 | ||||||
Other current liabilities | 71,540 | – | ||||||
Total current liabilities | 6,412,718 | 9,130,075 | ||||||
Deferred income | 30,170 | 35,944 | ||||||
Option liability | – | 3,174,662 | ||||||
Warrant liabilities | 5,080,530 | 4,812,198 | ||||||
Other long-term liabilities | 34,716 | 47,181 | ||||||
Total liabilities | 11,558,134 | 17,200,060 | ||||||
Stockholders’ equity | ||||||||
Common stock, no par value, unlimited shares authorized, 21,774,104 and 21,742,104 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively | 133,952,684 | 133,891,673 | ||||||
Class B preferred stock, no par value, unlimited shares authorized, 316,655 shares issued and outstanding as of June 30, 2026, and December 31, 2025, respectively | 62 | 62 | ||||||
Additional paid-in capital | 31,487,837 | 25,849,516 | ||||||
Accumulated other comprehensive loss | (104,301 | ) | (104,301 | ) | ||||
Accumulated deficit | (112,374,533 | ) | (97,106,775 | ) | ||||
Total stockholders’ equity | 52,961,749 | 62,530,175 | ||||||
Total liabilities and stockholders’ equity | $ | 64,519,883 | $ | 79,730,235 | ||||
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ALPHA COGNITION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) | ||||||||||||||||
For the | For the | |||||||||||||||
2026 | 2025 | 2026 | 2025 | |||||||||||||
Revenue | ||||||||||||||||
Product, net | $ | 6,041,506 | $ | 1,576,411 | $ | 9,545,327 | $ | 1,923,340 | ||||||||
Licensing | 51,468 | 81,276 | 81,445 | 2,663,001 | ||||||||||||
Total revenue | 6,092,974 | 1,657,687 | 9,626,772 | 4,586,341 | ||||||||||||
Cost of Revenues | ||||||||||||||||
Cost of product sales, excluding amortization of intangible assets | 277,466 | 105,354 | 526,319 | 131,895 | ||||||||||||
Cost of licensing revenue | 39,362 | 93,118 | 62,285 | 903,118 | ||||||||||||
Amortization of intangible assets | 74,229 | 5,386 | 79,616 | 10,773 | ||||||||||||
Total cost of revenues | 391,057 | 203,858 | 668,220 | 1,045,786 | ||||||||||||
Gross Profit | 5,701,917 | 1,453,829 | 8,958,552 | 3,540,555 | ||||||||||||
Operating Expenses | ||||||||||||||||
Research and development | 2,008,870 | 406,140 | 3,105,175 | 806,556 | ||||||||||||
Selling, general and administrative expenses | 11,449,054 | 9,494,966 | 21,705,611 | 14,586,238 | ||||||||||||
Total operating expenses | 13,457,924 | 9,901,106 | 24,810,786 | 15,392,794 | ||||||||||||
Loss from operations | (7,756,007 | ) | (8,447,277 | ) | (15,852,234 | ) | (11,852,239 | ) | ||||||||
Other income (expenses) | ||||||||||||||||
Interest income, net | 380,735 | 425,670 | 886,791 | 887,539 | ||||||||||||
Grant income | – | – | – | 71,095 | ||||||||||||
Loss on change in fair value of warrant liabilities | (1,414,267 | ) | (5,172,091 | ) | (290,195 | ) | (4,024,209 | ) | ||||||||
Loss on foreign currency contracts | (42,251 | ) | – | (42,251 | ) | – | ||||||||||
Other income (expenses) | 42,050 | (5,530 | ) | 30,131 | (6,487 | ) | ||||||||||
Total other income (expenses) | (1,033,733 | ) | (4,751,951 | ) | 584,476 | (3,072,062 | ) | |||||||||
Net loss and comprehensive loss | (8,789,740 | ) | (13,199,228 | ) | (15,267,758 | ) | (14,924,301 | ) | ||||||||
Weighted average shares outstanding, basic | 21,774,104 | 16,020,702 | 21,768,115 | 16,020,015 | ||||||||||||
Net loss per share, basic | $ | (0.40 | ) | $ | (0.82 | ) | $ | (0.70 | ) | $ | (0.93 | ) | ||||
Adjusted net loss, diluted | $ | (8,789,740 | ) | $ | (13,199,228 | ) | $ | (15,629,682 | ) | $ | (14,924,301 | ) | ||||
Weighted average outstanding stock, diluted | 21,774,104 | 16,020,702 | 21,879,362 | 16,020,015 | ||||||||||||
Net loss per share, diluted | $ | (0.40 | ) | $ | (0.82 | ) | $ | (0.71 | ) | $ | (0.93 | ) | ||||
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For further information:
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LifeSci Advisors, PJ Kelleher
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