Alpha Cognition 2025 Q3 Earnings Revenue Stable, Net Loss Narrows

Alpha Cognition (ACOG) reported mixed Q3 2025 results, with revenue holding steady at $2.84 million against expectations, while its net loss narrowed to $1.32 million. The company revised operating expense guidance downward to $28–30 million for 2025, reflecting disciplined cost management. Management highlighted ZUNVEYL’s commercial progress, including a 102% surge in pharmacy orders and a 55% increase in prescribers, as key growth drivers.

Revenue

Alpha Cognition’s total revenue remained unchanged at $2.84 million in Q3 2025, supported by $2.33 million in product sales and $506,636 in licensing revenue. The product segment accounted for approximately 82% of total revenue, underscoring the company’s reliance on its core therapeutic offerings. Licensing income, while smaller, demonstrated stability, contributing consistently to the top line.

Earnings/Net Income

The company maintained an EPS of -$0.08 in Q3 2025, with the net loss narrowing to $1.32 million—a 29.4% improvement compared to the $1.9 million loss in Q3 2024. Despite the reduction in losses, the EPS remains negative, indicating ongoing operational challenges. However, the improvement suggests progress in cost control and revenue optimization.

Post-Earnings Price Action Review

The strategy of buying Alpha Cognition shares on earnings dates has historically delivered favorable returns, with a 3-year average of 14.78%. Notably, Q3 2024 saw a 24.95% peak return, while Q1 2023 recorded a 6.5% minimum. This performance aligns with the company’s ability to capitalize on positive earnings surprises and short-term market optimism, though long-term sustainability remains contingent on operational execution and market sentiment.

CEO Commentary

CEO Michael McFadden emphasized ZUNVEYL’s commercial momentum, including robust sales growth, expanded market engagement, and strategic R&D advancements. The drug’s tolerability profile and anecdotal efficacy in cognitive and behavioral symptoms have driven 70% repeat prescriptions in nursing homes. Leadership aims to accelerate commercialization, initiate Phase IV studies, and develop a sublingual formulation by 2026.

Guidance

Alpha Cognition expects continued ZUNVEYL sales growth through 2026, supported by expanding payer access and a second PBM contract anticipated by year-end 2025. Operating expenses are projected at $28–30 million for 2025, with R&D milestones including the completion of the CONVERGE and BEACON studies by late 2026. The company’s cash position of $35.4 million (pre-capital raise) and $73.2 million (post-capital raise) ensures operational runway through 2027.

Additional News

1. Capital Raise: Alpha Cognition secured $37.8 million in net proceeds from a public offering in October 2025, bolstering its cash reserves to $73.2 million and extending its operational runway.

2. Public Offering: The company announced a $35 million public offering of common shares to fund growth initiatives and strengthen commercial execution.

3. PBM Contract: Management anticipates a second PBM contract by year-end 2025, with unrestricted coverage expected in two quarters post-execution, signaling improved market access for ZUNVEYL.