Alpha Cognition's 2025 Q2 Earnings Call: Unpacking Key Contradictions in Patient Penetration, Discounting, and Financial Guidance

Patient penetration in long-term care facilities, gross to net discounting, revenue curve and international expansion expectations, and operating expense guidance are the key contradictions discussed in Alpha Cognition Inc.'s latest 2025Q2 earnings call.



Commercial Launch Success for ZUNVEYL:
- Alpha Cognition reported $1.7 million in total revenue for Q2 2025, with $1.6 million from ZUNVEYL sales and $81,000 from licensing revenue.
- This success was driven by the recently launched ZUNVEYL product, which has seen positive market adoption and prescriber engagement in the long-term care sector.

Operating Expenses and Financial Management:
- Total costs and expenses for Q2 2025 were $7.4 million, with operating expenses increasing from $2.4 million in Q2 2024 to $6.9 million.
- The increase is attributed to initial year sales and investments in commercial launch activities for ZUNVEYL, along with operational expansion.

Sales and Marketing Progress:
- The sales and marketing team made contacts with over 3,700 HCPs in the long-term care market, with prescriptions written in over 300 nursing homes.
- This progress is due to successful engagement with potential prescribers and nursing homes, as well as effective messaging around ZUNVEYL's benefits.

Business Development and International Expansion:
- Alpha Cognition's first ex-U.S. partner, CMS Pharmaceuticals, successfully filed for ZUNVEYL in four additional countries, aiming for ex-U.S. revenues in late 2026.
- The progress is due to strategic partnerships and timely regulatory filings, positioning the company for international growth.