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

ZUNVEYL® net product revenue increased approximately 71% quarter-over-quarter to $6.0 million in the second quarter of 2026.

Bottles dispensed increased approximately 37% quarter-over-quarter to 8,294, with monthly demand reaching 2,997 in June.

Quarterly prescribers increased approximately 26% to 1,347 and repeat prescribers increased approximately 29% to 1,024, with approximately 76% prescribing in multiple months.

Cash and cash equivalents totaled $41.4 million as of June 30, 2026, supporting the Company’s continued target of operating profitability in 2027

Company to host conference call and webcast today, August 13, at 4:30 p.m. ET.

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

“We are pleased with the continued commercial adoption of ZUNVEYL during the second quarter,” said Michael McFadden, Chief Executive Officer of Alpha Cognition. “Our commercial team continues to execute effectively, expanding the prescriber base while driving deeper utilization within existing accounts. We are particularly encouraged by the growth in repeat prescribers, long-term care facility adoption and monthly prescription demand, which we believe reflects increasing clinical confidence in ZUNVEYL. Its differentiated profile and growing real-world utilization provide a strong foundation for continued growth.”

Mr. McFadden continued, “As we move through the second half of 2026 and into 2027, we will remain focused on further strengthening commercial execution, supporting appropriate patient access and maintaining disciplined capital allocation.”

ZUNVEYL Commercial Performance

• Net ZUNVEYL Revenue: Revenue increased to approximately $6.0 million in the second quarter of 2026, representing approximately 71% growth compared to first quarter 2026 revenue of $3.5 million.
• Bottles Dispensed: Dispensed 8,294 bottles during Q2 2026, compared with 6,054 in Q1 2026, representing approximately 37% quarter-over-quarter growth. Monthly prescription demand grew throughout the quarter to 2,997 in June, reflecting consistent commercial momentum.
• Expanding Prescriber Base: Q2 2026 prescribing healthcare professionals increased to 1,347, compared with 1,060 in Q1 2026, representing approximately 26% sequential growth. Cumulative prescribing healthcare professionals reached 1,908 launch-to-date, compared with 1,484 at March 31, 2026, reflecting continued expansion of the Company’s prescriber base.
• Repeat Prescribers: Repeat prescribers increased to 1,024, compared with 795 in Q1 2026, representing 29% sequential growth. Approximately 76% of all Q2 prescribers generated prescriptions in multiple months during the quarter, demonstrating growing prescribing consistency and continued utilization across the prescriber base.
• Commercial Reach: Long-term care facility penetration continued to expand, with 1,095 facilities generating prescriptions during Q2 2026.

Recent and Upcoming Business, Clinical, and Operational Highlights

• Reported positive topline results from BEACON, a real-world effectiveness study evaluating provider-reported cognitive, behavioral, functional, and tolerability outcomes among long-term care residents with mild to moderate Alzheimer’s disease (“AD”) who were receiving ZUNVEYL.
• Initiated CONVERGE, a 400-patient retrospective data analysis evaluating tolerability, dosing, polypharmacy, and adverse events in long-term care, in April 2026 as planned. This study is designed to provide insights into real-world use in complex patient populations, including polypharmacy, which is a key consideration for both prescribers and payers. The Company continues to expect topline data for CONVERGE in Q3 2026.
• Initiated 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, with sites selected, activated, and initial patient enrollment underway. The study is expected to be completed in Q2 2027 and expands the Company’s evidence base into the outpatient setting, representing a significant long-term commercial opportunity.
• Continued to advance the sublingual development program toward the clinic in 2027. The Company believes this formulation, if approved, would provide a disruptive treatment option for AD patients with dysphagia or severe swallowing difficulties who currently have limited treatment options for medication treatment

Second Quarter 2026 Financial Results

• Revenues: Revenue for the second quarter of 2026 was approximately $6.0 million, compared to $3.5 million for the first quarter of 2026 primarily due to an increase in sales volume.
• Cost of Product Sales: Cost of ZUNVEYL Product Sales, including amortization of intangible assets, for the second quarter of 2026 was approximately $352 thousand, compared to $111 thousand for the same period last year. Gross margin increased slightly to 94% for the second quarter of 2026 compared to 93% in the same quarter last year.
• Research and Development (R&D): R&D expenses for the second quarter were approximately $2.0 million compared to $406 thousand in the comparable period in 2025, reflecting continued advancement of the BEACON study, and RESOLVE clinical trial, which initiated during the first quarter and is actively enrolling.
• Sales, General & Administrative (SG&A): SG&A expenses for the three months ended June 30, 2026 were approximately $11.5 million compared to $9.5 million for the same period in 2025, primarily driven by commercial activities supporting the launch and expansion of ZUNVEYL, partially offset by cost-containment initiatives and operational efficiencies.
• Operating Loss: Total operating expenses for Q2 2026 were approximately $13.5 million, resulting in an operating loss of approximately $7.8 million. This was compared to total operating expenses of $9.9 million and a net loss of $8.4 million for the same period last year. The increase in operating expenses reflects deliberate investment in commercial infrastructure, payer engagement, and clinical programs. These investments are aligned with driving long-term revenue growth and market expansion.
• The Company is reducing it’s full-year 2026 R&D and SG&A expense guidance to $50–$54 million.
• Net Loss: Net loss for the second quarter of 2026 was approximately $8.8 million, or $(0.40) per share, compared with $13.2 million, or $(0.82) per share, in the comparable prior-year period.
• Cash Position: Cash, cash equivalents and short-term investments totaled approximately $41.4 million as of June 30, 2026. The Company continues to manage expenditures prudently and believes its current resources support execution of its strategic commercial and development priorities.

Conference Call Information

Alpha Cognition will host a conference call and webcast today, August 13 at 4:30 p.m. Eastern Time. To access the live conference call by phone, dial 877-407-9039 or 201-689-8470.

The live audio webcast will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1767388&tp_key=54be15fdaf. 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 suffering from neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are currently no approved treatment options.

ZUNVEYL is a patented drug approved as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer’s disease, 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. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer’s dementia, and as an intranasal formulation 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.

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

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

For the Three Months Ended June 30,

For the Six Months Ended June 30,

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

)

Contacts

For further information:

Investor Relations LifeSci Advisors, PJ Kelleher [email protected]

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