Alpha Cognition Inc. Reports Third Quarter 2026 Financial Results and Provides Operational Update

VANCOUVER, British Columbia & GRAPEVINE, Texas--(BUSINESS WIRE)-- Alpha Cognition Inc. (Nasdaq: ACOG) (“Alpha Cognition”, “ACI”, or the “Company”), a biopharmaceutical company developing and commercializing novel therapeutics for debilitating neurodegenerative disorders, today reported financial results for the third quarter ended September 30, 2026, and provided a business update.

“The third quarter was our strongest quarter since the launch of ZUNVEYL, the first new oral Alzheimer’s treatment approved in more than 15 years,” said Michael McFadden, Chief Executive Officer of Alpha Cognition. “We delivered strong demand growth and record prescriber and facility adoption while maintaining disciplined operating spending. We exceeded our original full-year prescriber goal a quarter early while increasing the productivity of our commercial organization. We believe this combination of sustained growth, improving commercial efficiency and spending discipline supports our goal of operating profitability in 2027.”

Mr. McFadden continued, “We are continuing to build real-world evidence in the setting where these patients are actually treated. Our CONVERGE results speak directly to the potential for ZUNVEYL to make a difference. We believe that the growing body of real-world evidence, together with improving payer access, positions ZUNVEYL well for continued growth.”

ZUNVEYL Commercial Performance

Net ZUNVEYL Revenue: Net product revenue increased to approximately $7.8 million in the third quarter of 2026, representing approximately 30% growth compared with second quarter 2026 net product revenue of $6.0 million and more than 230% growth compared with $2.3 million in the third quarter of 2025.

Demand: Dispensed 10,896 bottles during Q3 2026, compared with 8,294 in Q2 2026, representing approximately 31% quarter-over-quarter growth. More than 30,000 prescriptions have been filled launch-to-date across six quarters of commercialization.
Expanding Prescriber Base and Adoption: Q3 2026 prescribing healthcare professionals increased to 1,639, compared with 1,347 in Q2 2026, representing approximately 22% sequential growth. Cumulative prescribing healthcare professionals reached 2,410 launch-to-date, compared with 1,908 at June 30, 2026, exceeding the Company’s full-year 2026 goal of approximately 2,000 prescribers. The Company is on track to exceed its revised goal of 2,500 prescribers.
Repeat Prescribers: Approximately 77% of Q3 2026 prescribers placed repeat prescriptions, compared with approximately 76% in Q2 2026, and 77% of cumulative launch-to-date prescribers are repeat prescribers. Productivity increased to approximately 6.6 prescriptions per prescriber in the quarter, compared with approximately 6.2 in Q2 2026.
Commercial Productivity: The commercial team made 6,403 calls during Q3 2026. Quarterly prescribing healthcare professionals increased approximately 22%. Conversion from prescribers called on to prescribing healthcare professionals increased to more than 50%, compared with approximately 35% in Q2 2026.
Commercial Reach: Long-term care facility penetration continued to expand, with 1,419 facilities generating prescriptions during Q3 2026.
Payer Progress: Medicare Part D contracts in place with two major PBMs covering approximately 45 million lives. These contracts establish potential favorable access parameters as downstream implementation expands. Where the Company’s reimbursement team supports the prior authorization process, approximately 95% of prescriptions are being approved.
Q3 2026 prescription growth was achieved without a meaningful change in formulary access, and the Company believes continued expansion of payer access could provide an additional driver of future prescription growth.

Recent and Upcoming Business, Clinical, and Operational Highlights

Announced first results from CONVERGE, the Company’s retrospective real-world evidence program using longitudinal long-term care medication administration data, in October. Among residents new to acetylcholinesterase inhibitor (“AChEI”) therapy who started at the initial dose, 79.1% of ZUNVEYL residents reached a therapeutic dose within 180 days, compared with 37.3% of residents on generic AChEIs. Approximately 80% of ZUNVEYL residents reached a therapeutic dose whether new to treatment or switching from another AChEI, compared with approximately 54% on generic AChEIs. ZUNVEYL residents also discontinued approximately twice as many other medication classes as they added, producing a net decrease across all eight classes evaluated, while residents on generic AChEIs added more than twice as many classes as they discontinued, with net increases across all eight. CONVERGE is a retrospective, unadjusted analysis; it does not establish causality and was not adjusted for differences in resident characteristics, disease severity, treatment selection or facility practices. CONVERGE remains ongoing, with additional dataset updates expected in December 2026 and March 2027 and publication of data expected in the first half of 2027.
Enrollment in RESOLVE, a Phase 4 interventional trial in AD patients with behaviors that will evaluate ZUNVEYL’s effect on tolerability, cognitive and behavioral outcomes, and caregiver burden, remains ongoing. The study is expected to be completed in Q2 2027 and is designed to expand the Company’s evidence base into the outpatient setting.
Presented eleven posters – nine at the American Society of Consultant Pharmacists Annual Meeting (October 29 – November 1, 2026) and two BEACON posters at the Neuroscience Education Institute Fall Congress (November 5 – 8, 2026). The analyses span cognition, activities of daily living, neuropsychiatric symptoms, sleep, gastrointestinal tolerability, treatment patterns and psychotropic medication utilization.
Announced the U.S. Patent and Trademark Office published the Company’s patent application covering the proprietary manufacturing process for benzgalantamine.

Third Quarter 2026 Financial Results

Revenues: Net product revenue for the third quarter of 2026 was approximately $7.8 million, compared with $6.0 million for the second quarter of 2026 and $2.3 million for the third quarter of 2025, primarily due to an increase in sales volume.

Cost of Product Sales: Cost of ZUNVEYL product sales, including amortization of intangible assets, for the third quarter of 2026 was approximately $460 thousand, compared with $168 thousand for the same period last year. Gross product margin was approximately 94% for the third quarter of 2026, consistent with the second quarter of 2026, and compared to 93% for the same period last year.
Research and Development (R&D): R&D expenses for the third quarter of 2026 were approximately $1.3 million, compared with $513 thousand in the comparable period in 2025.
Sales, General & Administrative (SG&A): SG&A expenses for the three months ended September 30, 2026 were approximately $12.4 million, compared with $5.1 million for the same period in 2025, primarily driven by commercial activities supporting the launch and expansion of ZUNVEYL. SG&A increased slightly compared with $11.4 million in the second quarter of 2026.
Operating Loss: Total operating expenses for Q3 2026 were approximately $13.7 million, compared with $12.9 million in Q2 2026 and $5.6 million in Q3 2025, resulting in an operating loss of approximately $6.4 million, compared with $7.1 million in Q2 2026 and $3.4 million in Q3 2025. The sequential improvement reflects revenue growth outpacing operating spend.

Expense Guidance: The Company is reiterating its full-year 2026 R&D and SG&A expense guidance of $50 million to $54 million.

Net Loss: Net loss for the third quarter of 2026 was approximately $7.6 million, or $(0.35) per share, compared with $8.2 million, or $(0.38) per share, in the second quarter of 2026, and $574 thousand net income in the third quarter of 2025. The difference between operating loss and net loss reflects approximately $1.2 million of net non-operating items, primarily a non-cash charge related to the change in fair value of warrant liabilities.
Cash Position: Cash and cash equivalents totaled approximately $37.8 million as of September 30, 2026, compared with $41.4 million as of June 30, 2026, and the Company has no debt. The decrease of approximately $3.6 million in the quarter includes approximately $1.4 million of proceeds from warrant and stock option exercises. The Company believes its current capital position, together with expected future sales of ZUNVEYL and potential milestones and royalties, can support its plan toward operating profitability in 2027.

Conference Call Information

Alpha Cognition will host a conference call and webcast today, November 11, at 4:30 p.m. Eastern Time. To access the live conference call by phone, dial 877-407-9039 or 201-689-8470.

A replay of the call will be available three hours following the call via the Events section of the Alpha Cognition website.

About Alpha Cognition Inc.

Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients with neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are limited or no approved treatment options.

ZUNVEYL is a patented new innovative product being positioned as a next generation acetylcholinesterase inhibitor for the treatment of AD, 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. ZUNVEYL is in pre-clinical development in combination with memantine to treat moderate to severe AD, in pre-clinical development with sublingual formulation for patients suffering from dysphagia, and is in pre-clinical development for cognitive impairment with mTBI.

INDICATION AND USAGE

ZUNVEYL is a cholinesterase inhibitor indicated for the treatment of mild to moderate dementia of the Alzheimer’s type in adults.

IMPORTANT SAFETY INFORMATION

CONTRAINDICATIONS

ZUNVEYL is contraindicated in patients with known hypersensitivity to benzgalantamine, galantamine, or to any inactive ingredients in ZUNVEYL. Serious skin reactions have occurred.

WARNINGS AND PRECAUTIONS

Serious Skin Reactions: Serious skin reactions (Stevens-Johnson syndrome and acute generalized exanthematous pustulosis) have been reported in patients receiving galantamine (the active metabolite of ZUNVEYL tablets). If signs or symptoms suggest a serious skin reaction, use of this drug should not be resumed, and alternative therapy should be considered.

Anesthesia: See Drug Interactions Section

Cardiovascular Conditions: Cholinesterase inhibitors, including ZUNVEYL, have vagotonic effects on the sinoatrial and atrioventricular nodes, leading to bradycardia and AV block. Bradycardia and all types of heart block have been reported in patients taking cholinesterase inhibitors, both with and without known underlying cardiac conduction abnormalities. Therefore, all patients should be considered at risk for adverse effects on cardiac conduction.

Patients treated with galantamine up to 24 mg/day using the recommended dosing schedule showed a dose-related increase in risk of syncope.

Gastrointestinal Conditions: Cholinesterase inhibitors, including ZUNVEYL, may increase gastric acid secretion. Patients should be monitored closely for active or occult gastrointestinal bleeding, especially those with a history of ulcer disease or those receiving concurrent nonsteroidal anti-inflammatory drugs (NSAIDs). Clinical studies of galantamine have shown no increase, relative to placebo, in the incidence of either peptic ulcer disease or gastrointestinal bleeding.

Galantamine has been shown to produce nausea, vomiting, diarrhea, anorexia, and weight loss. Monitor the patient’s weight during therapy with ZUNVEYL.

Genitourinary Conditions: Although this was not observed in clinical trials with galantamine, cholinesterase inhibitors, including ZUNVEYL, may cause bladder outflow obstruction.

Neurological Conditions: Cholinesterase inhibitors are believed to have some potential to cause generalized convulsions. Seizure activity may also be a manifestation of Alzheimer’s disease. Patients with Alzheimer’s disease should be monitored closely for seizures while taking ZUNVEYL.

Pulmonary Conditions: Cholinesterase inhibitors, including ZUNVEYL, should be prescribed with care to patients with a history of severe asthma or obstructive pulmonary disease. Monitor for respiratory adverse reactions.

ADVERSE REACTIONS

The most common adverse reactions with galantamine tablets (≥5%) were nausea, vomiting, diarrhea, dizziness, headache, and decreased appetite.

DRUG INTERACTIONS

Use with Anticholinergics: Galantamine has the potential to interfere with the activity of anticholinergic medications.

Use with Cholinomimetics and Other Cholinesterase Inhibitors: A synergistic effect is expected when cholinesterase inhibitors are given concurrently with succinylcholine, other cholinesterase inhibitors, similar neuromuscular blocking agents or cholinergic agonists such as bethanechol.

USE IN SPECIFIC POPULATIONS

Pregnancy: Based on animal data may cause fetal harm.

Hepatic Impairment: In patients with moderate hepatic impairment, a decrease in clearance of galantamine was observed; therefore, a dosage adjustment is recommended. Use of ZUNVEYL in patients with severe hepatic impairment is not recommended.

Renal Impairment: In patients with a creatinine clearance of 9 to 59 mL/min, an increase in exposure of galantamine was observed; therefore, a dosage adjustment is recommended. Use of ZUNVEYL in patients with creatinine clearance less than 9 mL/min is not recommended.

These are not all of the possible side effects of ZUNVEYL. You can report side effects to the FDA. Visit www.fda.gov/MedWatch or call 1-800-FDA-1088. Please click here for Full Prescribing Information.

Forward-looking Statements

This news release contains forward-looking statements within the meaning of applicable securities laws, including the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding the commercial performance, growth prospects and market adoption of ZUNVEYL®; prescription demand, bottles dispensed, prescriber adoption, repeat prescribing trends and commercial efficiency; long-term care facility penetration; the Company’s prescriber and facility goals; payer access and reimbursement; implementation and expansion of Medicare Part D and pharmacy benefit manager (“PBM”) contracts; the Company’s expectations regarding future revenues, operating expenses, expense guidance, capital allocation, liquidity, cash runway and potential operating profitability in 2027; the timing, conduct, completion, results and publication of the Company’s clinical, observational and real-world evidence studies, including CONVERGE, RESOLVE and BEACON; the timing of studies, regulatory interactions and IND submissions for the Company’s sublingual formulation and mTBI programs; the timing and outcome of regulatory processes in Asia with the Company’s partner; the Company’s patent applications; and the potential benefits, characteristics, commercial opportunity and future development of ZUNVEYL and the Company’s development programs.

Forward-looking statements are often identified by words such as “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “continue,” “ongoing,” and similar expressions, or the negative of such terms, although not all forward-looking statements contain these identifying words. These forward-looking statements are based on management’s current expectations, assumptions and beliefs and are subject to a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by such statements.

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 limitations of retrospective, unadjusted real-world data analyses; 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, in the United States and in other jurisdictions; risks related to the Company’s reliance on partners; intellectual property protection and enforcement, including whether pending patent applications will issue; 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.

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, including its Quarterly Report on Form 10-Q for the quarter ended September 30, 2026, as well as the Company’s filings available under its profile on SEDAR+.

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.

Note regarding Key Performance Indicators

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, as well as calls, prescribers called on and conversion rate. These indicators are defined below along with management’s reasons for focusing on these indicators.

“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.

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.

“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.

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.

“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.

This data is sourced from third-party providers. Reported figures may vary from actual totals as data is updated over time.

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.

ALPHA COGNITION INC. CONDENSED CONSOLIDATED BALANCE SHEETS

	September 30,		December 31,
	2026		2025
	(unaudited)
ASSETS

Current assets
Cash and cash equivalents	$	37,801,828		$	66,046,789
Restricted cash		58,400			58,400
Accounts receivable, net		6,984,993			4,236,136
Inventory		6,413,810			5,123,496
Prepaid expenses and other current assets		6,087,377			3,545,451
Total current assets		57,346,408			79,010,272
Equipment, net		524,255			328,540
Intangible assets, net		6,130,511			391,423
Total assets	$	64,001,174		$	79,730,235

LIABILITIES AND STOCKHOLDERS’ EQUITY

Current liabilities
Accounts payable and accrued liabilities	$	7,866,639		$	8,976,904
Current deferred income		91,234			153,171
Other current liabilities		79,846			-
Total current liabilities		8,037,719			9,130,075
Deferred income		15,085			35,944
Option liability		-			3,174,662
Warrant liabilities		6,603,923			4,812,198
Other long-term liabilities		23,739			47,181
Total liabilities		14,680,466			17,200,060

Stockholders’ equity
Common stock, no par value, unlimited shares authorized, 21,985,387 and 21,742,104 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively		136,050,046			133,891,673
Class B preferred stock, no par value, unlimited shares authorized, 316,655 shares issued and outstanding as of September 30, 2026, and December 31, 2025, respectively		62			62
Additional paid-in capital		32,284,455			25,849,516
Accumulated other comprehensive loss		(104,301	)		(104,301	)
Accumulated deficit		(118,909,554	)		(97,106,775	)
Total stockholders’ equity		49,320,708			62,530,175
Total liabilities and stockholders’ equity	$	64,001,174		$	79,730,235

ALPHA COGNITION INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)

	For the Three Months Ended September 30,		For the Nine Months Ended September 30,
	2026			2025			2026		2025

Revenue
Product, net	$	7,749,959			$	2,334,222		$	17,295,286		$	4,257,562
Licensing		27,043				506,636			108,488			3,169,637
Total revenue		7,777,002				2,840,858			17,403,774			7,427,199

Cost of Revenues
Cost of product sales, excluding amortization of intangible assets		372,097				162,777			898,416			294,672
Cost of licensing revenue		22,326				465,284			84,611			1,368,402
Amortization of intangible assets		87,998				5,387			167,614			16,160
Total cost of revenues		482,421				633,448			1,150,641			1,679,234

Gross Profit		7,294,581				2,207,410			16,253,133			5,747,965

Operating Expenses
Research and development		1,344,947				513,783			3,368,416			1,320,339
Selling, general and administrative expenses		12,380,338				5,113,159			34,085,949			19,699,397
Total operating expenses		13,725,285				5,626,942			37,454,365			21,019,736

Loss from operations		(6,430,704	)			(3,419,532	)		(21,201,232	)		(15,271,771	)

Other income (expenses)
Interest income, net		357,993				377,671			1,244,784			1,265,210
Loss on change in fair value of warrant liabilities		(1,523,393	)			3,671,758			(1,813,588	)		(352,451	)
Loss on foreign currency contracts		(5,906	)			-			(48,157	)		-
Other income (expenses)		(14,717	)			(55,517			15,414			9,091
Total other income (expenses)		(1,186,023	)			3,993,912			(601,547	)		921,850

Net income (loss) and comprehensive loss		(7,616,727	)			574,380			(21,802,779	)		(14,349,921	)

Weighted average shares outstanding, basic		21,855,602				16,144,120			21,797,598			16,051,354

Net income (loss) per share, basic	$	(0.35	)		$	0.04		$	(1.00	)	$	(0.89	)

Adjusted net loss, diluted	$	(7,616,727	)		$	(4,801,884	)	$	(22,164,703	)	$	(14,349,921	)

Weighted average outstanding stock, diluted		21,855,602				16,830,305			21,899,674			16,051,354

Net loss per share, diluted	$	(0.35	)		$	(0.29	)	$	(1.01	)	$	(0.89	)