ACOG · Alpha Cognition Inc.
Alpha Cognition Inc., a biopharmaceutical company, engages in the development of treatments for patients suffering from neurodegenerative diseases in the United States and Canada. The company's commercial development program includes ZUNVEYL oral tablet formulation for treating Alzheimer's disease. Its pre-clinical development programs comprise ZUNVEYL in combination with memantine for the treatment of moderate-to-severe Alzheimer's disease; ALPHA-1062 sublingual formulation; ALPHA-1062 intranasal formulation for the treatment of cognitive impairment with mild traumatic brain injury; and ALPHA-0602, ALPHA-0702, and ALPHA-0802 programs for the treatment of neurodegenerative diseases, including amyotrophic lateral sclerosis disease and spinal muscular atrophy. Alpha Cognition Inc. was founded in 2000 and is headquartered in Grapevine, Texas.
Cap structure and valuation
| Cap structure | |
|---|---|
| SP | $8.94 |
| SO | 21.8M |
| Options | 2.7M |
| Warrants | 1.6M |
| FD SO | 26.1M |
| MC | $233.0M |
| Cash | $54.2M |
| Total debt | — |
| EV | $178.7M |
| TTM Multiples | |
|---|---|
| EV / Revenue | 16.5x |
| EV / EBITDA | — |
| MC / Net Income | — |
| EV / FCF | — |
| MC / FCF | — |
| Ownership & coverage | |
|---|---|
| Institutional | 55.1% |
| Insiders | 5.3% |
| # Institutions | 28 |
| Analysts | 4 |
| Consensus | — |
| Avg target | $16.00 |
| Short % float | 1.2% |
| Days to cover | 3.62 |
MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-05-14. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-08-05 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-07-15; the float denominator can be unreliable on tiny floats.
Financial statements
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Total Revenue | 3.53 | 2.79 | 2.84 | 1.66 |
| Revenue YoY % | 20.7% | — | — | — |
| Cost of Revenue | 0.25 | 0.18 | 0.16 | 0.06 |
| Gross Profit | 3.28 | 2.61 | 2.68 | 1.60 |
| Gross Profit YoY % | 12.7% | — | — | — |
| Gross Margin % | 93.0% | 93.6% | 94.3% | 96.7% |
| SG&A | 10.26 | 9.89 | 6.95 | 6.54 |
| R&D | 1.10 | 0.57 | 0.57 | 0.32 |
| Operating Expense | 11.38 | 10.54 | 7.99 | 7.34 |
| Operating Income | (8.10) | (7.93) | (5.31) | (5.74) |
| Operating Income YoY % | (137.8%) | (194.4%) | (113.5%) | (136.9%) |
| Operating Margin % | (229.1%) | (283.7%) | (187.0%) | (346.1%) |
| EBITDA | (8.07) | (7.90) | (5.30) | (5.73) |
| EBITDA Margin % | (228.3%) | (282.8%) | (186.5%) | (345.4%) |
| Interest Expense | — | — | — | (0.00) |
| Other Income / (Expense) | 1.62 | 1.07 | 3.99 | (4.75) |
| Pretax Income | (6.48) | (6.86) | (1.32) | (10.49) |
| Net Income | (6.48) | (6.86) | (1.32) | (10.49) |
| Net Margin % | (183.3%) | (245.5%) | (46.4%) | (632.7%) |
| Diluted EPS | -$0.32 | -$0.31 | -$0.30 | -$0.65 |
| Basic EPS | -$0.30 | -$0.31 | -$0.08 | -$0.65 |
| Diluted Avg Shares | 21.9 | — | 16.1 | 16.0 |
| Basic Avg Shares | 21.8 | — | 16.1 | 16.0 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Total Revenue | 10.83 | 10.22 | — | — |
| Revenue YoY % | 5.9% | — | — | — |
| Cost of Revenue | 0.65 | 0.60 | — | — |
| Gross Profit | 10.18 | 9.62 | — | — |
| Gross Profit YoY % | 5.8% | — | — | — |
| Gross Margin % | 94.0% | 94.1% | — | — |
| SG&A | 33.63 | 29.08 | 8.01 | 5.05 |
| R&D | 2.56 | 1.87 | 3.92 | 4.88 |
| Operating Expense | 37.25 | 32.28 | — | — |
| Operating Income | (27.07) | (22.66) | (12.01) | (9.94) |
| Operating Income YoY % | (19.5%) | (88.6%) | (20.9%) | — |
| Operating Margin % | (250.1%) | (221.7%) | — | — |
| EBITDA | (26.99) | (22.60) | (11.93) | (9.85) |
| EBITDA Margin % | (249.3%) | (221.1%) | — | — |
| Interest Expense | — | — | 0.11 | 0.02 |
| Other Income / (Expense) | 1.93 | 1.99 | (2.67) | (3.81) |
| Pretax Income | (25.14) | (20.67) | (14.79) | (13.76) |
| Net Income | (25.14) | (20.67) | (14.79) | (13.76) |
| Net Margin % | (232.2%) | (202.2%) | — | — |
| Diluted EPS | -$1.58 | -$1.18 | -$2.04 | -$3.84 |
| Basic EPS | -$1.34 | -$1.17 | -$2.04 | -$3.84 |
| Diluted Avg Shares | 21.9 | 17.7 | 7.2 | 3.6 |
| Basic Avg Shares | 21.8 | 17.7 | 7.2 | 3.6 |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Cash & Equivalents | 54.25 | 66.05 | 35.40 | 39.41 |
| Receivables | 3.58 | 4.24 | 2.85 | 1.81 |
| Inventory | 6.04 | 5.12 | 4.50 | 0.88 |
| Other Current Assets | 4.69 | 3.60 | 2.96 | 2.55 |
| Total Current Assets | 68.56 | 79.01 | 45.70 | 44.65 |
| Net PPE | 0.31 | 0.33 | 0.20 | 0.07 |
| Intangible Assets | 0.39 | 0.39 | 0.40 | 0.40 |
| Total Assets | 69.25 | 79.73 | 46.30 | 45.12 |
| Accounts Payable | 1.43 | 3.07 | 0.84 | 0.75 |
| Other Current Liabilities | 3.99 | 6.06 | 5.99 | 2.29 |
| Total Current Liabilities | 5.43 | 9.13 | 6.83 | 3.04 |
| Other Liabilities | 6.37 | 8.07 | 5.56 | 10.19 |
| Total Liabilities | 11.79 | 17.20 | 12.39 | 13.23 |
| Retained Earnings | (103.58) | (97.11) | (90.10) | (88.78) |
| Total Equity | 57.46 | 62.53 | 33.91 | 31.90 |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Cash & Equivalents | 54.25 | 66.05 | 48.55 | 1.40 |
| Receivables | 3.58 | 4.24 | — | — |
| Inventory | 6.04 | 5.12 | 0.62 | — |
| Other Current Assets | 4.69 | 3.60 | 1.09 | 0.51 |
| Total Current Assets | 68.56 | 79.01 | 50.25 | 1.92 |
| Net PPE | 0.31 | 0.33 | 0.03 | 0.00 |
| Intangible Assets | 0.39 | 0.39 | 0.41 | 0.53 |
| Total Assets | 69.25 | 79.73 | 50.74 | 2.45 |
| Accounts Payable | 1.43 | 3.07 | 0.87 | 0.48 |
| Other Current Liabilities | 3.99 | 6.06 | 2.48 | 2.14 |
| Total Current Liabilities | 5.43 | 9.13 | 3.35 | 2.62 |
| Other Liabilities | 6.37 | 8.07 | 8.29 | 4.54 |
| Total Liabilities | 11.79 | 17.20 | 11.64 | 7.16 |
| Retained Earnings | (103.58) | (97.11) | (76.44) | (61.65) |
| Total Equity | 57.46 | 62.53 | 39.09 | (4.70) |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Net Income | (6.48) | (6.86) | (1.32) | (10.49) |
| D&A | 0.03 | 0.03 | 0.01 | 0.01 |
| Stock-Based Comp | 1.40 | 0.95 | 1.07 | 1.77 |
| Δ Working Cap & Other | (6.75) | (1.02) | (5.06) | 2.57 |
| Operating Cash Flow | (11.80) | (6.91) | (5.29) | (6.14) |
| CapEx | (0.00) | (0.15) | (0.07) | (0.01) |
| Investing Cash Flow | (0.00) | (0.15) | (0.07) | (0.01) |
| Other Financing | — | 37.70 | 1.36 | — |
| Financing Cash Flow | 0.00 | 37.70 | 1.36 | (0.01) |
| Free Cash Flow | (11.80) | (7.05) | (5.36) | (6.15) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Net Income | (25.14) | (20.67) | (14.79) | (13.76) |
| D&A | 0.08 | 0.06 | 0.08 | 0.08 |
| Stock-Based Comp | 5.19 | 4.92 | 1.13 | 2.37 |
| Δ Working Cap & Other | (10.27) | (4.69) | 5.82 | 2.51 |
| Operating Cash Flow | (30.13) | (20.38) | (7.76) | (8.80) |
| CapEx | (0.23) | (0.29) | (0.03) | — |
| Investing Cash Flow | (0.23) | (0.29) | (0.03) | — |
| Stock Issuance | — | — | 3.73 | 9.22 |
| Other Financing | 39.05 | 38.21 | 51.12 | (0.99) |
| Financing Cash Flow | 39.05 | 38.21 | 54.85 | 8.23 |
| Effect of FX on Cash | — | — | — | (0.02) |
| Free Cash Flow | (30.37) | (20.67) | (7.78) | — |
| 3/31/26 | 12/31/25 | 9/30/25 | 6/30/25 | |
|---|---|---|---|---|
| Current Ratio | 12.64 | 8.65 | 6.69 | 14.69 |
| Quick Ratio | 11.52 | 8.09 | 6.03 | 14.40 |
| Debt / Equity | 0.21 | 0.28 | 0.37 | 0.41 |
| EBITDA Margin % | (228.3%) | (282.8%) | (186.5%) | (345.4%) |
| Working Capital | 63.13 | 69.88 | 38.87 | 41.61 |
| Net Debt | — | — | — | — |
| ROE % | (11.3%) | (11.0%) | (3.9%) | (32.9%) |
| ROA % | (9.4%) | (8.6%) | (2.8%) | (23.2%) |
| LTM | 12/31/25 | 12/31/24 | 12/31/23 | |
|---|---|---|---|---|
| Current Ratio | 12.64 | 8.65 | 15.00 | 0.73 |
| Quick Ratio | 11.52 | 8.09 | 14.81 | — |
| Debt / Equity | 0.21 | 0.28 | 0.30 | -1.52 |
| EBITDA Margin % | (249.3%) | (221.1%) | — | — |
| Working Capital | 63.13 | 69.88 | 46.90 | (0.70) |
| Net Debt | — | — | — | — |
| ROE % | (43.8%) | (33.1%) | (37.8%) | 292.6% |
| ROA % | (36.3%) | (25.9%) | (29.1%) | (561.3%) |
Insider activity (last 2 years)
| Date Filed | Reporter | Relationship | Trans. Date | Code | Shares | Price | Total Value |
|---|---|---|---|---|---|---|---|
| 2026-08-04 | Opaleye Management Inc. | 10% Owner | 2026-08-03 | P | 50,000 | $8.00 | $400,000 |
| 2026-08-04 | Opaleye Management Inc. | 10% Owner | 2026-07-31 | P | 2,900 | $7.92 | $22,976 |
| 2026-07-28 | Opaleye Management Inc. | 10% Owner | 2026-07-24 | P | 130 | $7.90 | $1,027 |
| 2026-07-24 | Opaleye Management Inc. | 10% Owner | 2026-07-23 | P | 49,849 | $7.80 | $388,588 |
| 2026-07-24 | Opaleye Management Inc. | 10% Owner | 2026-07-22 | P | 140,237 | $7.83 | $1,098,575 |
| 2026-07-24 | Opaleye Management Inc. | 10% Owner | 2026-07-22 | P | 10,000 | $7.83 | $78,337 |
| 2026-06-29 | Opaleye Management Inc. | 10% Owner | 2026-06-26 | P | 152,336 | $6.40 | $975,209 |
| 2026-06-29 | Opaleye Management Inc. | 10% Owner | 2026-06-25 | P | 197 | $6.50 | $1,280 |
| 2026-06-15 | Opaleye Management Inc. | 10% Owner | 2026-06-15 | P | 4,550 | $5.99 | $27,253 |
| 2026-06-15 | Opaleye Management Inc. | 10% Owner | 2026-06-12 | P | 273 | $5.93 | $1,619 |
| 2026-06-15 | Opaleye Management Inc. | 10% Owner | 2026-06-11 | P | 2,862 | $5.91 | $16,901 |
| 2026-06-11 | Opaleye Management Inc. | 10% Owner | 2026-06-10 | P | 5,872 | $5.99 | $35,157 |
| 2026-06-11 | Opaleye Management Inc. | 10% Owner | 2026-06-09 | P | 24,856 | $5.98 | $148,534 |
| 2026-06-09 | Opaleye Management Inc. | 10% Owner | 2026-06-05 | P | 10,054 | $5.83 | $58,596 |
| 2026-05-29 | Opaleye Management Inc. | 10% Owner | 2026-05-29 | P | 70,577 | $5.90 | $416,397 |
| 2026-05-29 | Opaleye Management Inc. | 10% Owner | 2026-05-28 | P | 2,000 | $5.83 | $11,664 |
| 2026-05-29 | Opaleye Management Inc. | 10% Owner | 2026-05-27 | P | 1,161 | $5.73 | $6,653 |
| 2026-05-22 | Opaleye Management Inc. | 10% Owner | 2026-05-21 | P | 15,945 | $5.70 | $90,886 |
| 2026-05-22 | Opaleye Management Inc. | 10% Owner | 2026-05-20 | P | 8,431 | $5.89 | $49,659 |
| 2026-05-19 | D'Angelo Lauren | Officer (Chief Operating Officer) | 2026-05-19 | P | 3,500 | $5.76 | $20,160 |
| 2026-05-19 | Opaleye Management Inc. | 10% Owner | 2026-05-18 | P | 17,395 | $5.69 | $99,023 |
| 2026-05-19 | Opaleye Management Inc. | 10% Owner | 2026-05-15 | P | 16,648 | $5.83 | $96,986 |
| 2026-04-17 | Sensenig Bethany | Director | 2026-04-16 | A | 5,489 | — | $0 |
| 2026-04-17 | Sensenig Bethany | Director | 2026-04-16 | A | 6,991 | — | $0 |
| 2026-03-31 | Opaleye Management Inc. | 10% Owner | 2026-03-30 | P | 1,850 | $4.99 | $9,227 |
| 2026-03-31 | Opaleye Management Inc. | 10% Owner | 2026-03-27 | P | 10,000 | $5.08 | $50,792 |
| 2026-03-26 | Opaleye Management Inc. | 10% Owner | 2026-03-26 | P | 7,319 | $5.28 | $38,675 |
| 2026-03-26 | Opaleye Management Inc. | 10% Owner | 2026-03-25 | P | 8,581 | $5.43 | $46,579 |
| 2026-03-26 | Opaleye Management Inc. | 10% Owner | 2026-03-24 | P | 4,182 | $5.59 | $23,377 |
| 2026-03-20 | Opaleye Management Inc. | 10% Owner | 2026-03-19 | P | 2,094 | $5.71 | $11,950 |
| 2026-03-20 | Opaleye Management Inc. | 10% Owner | 2026-03-18 | P | 2,481 | $5.75 | $14,263 |
| 2026-03-18 | Opaleye Management Inc. | 10% Owner | 2026-03-16 | P | 1,331 | $5.78 | $7,696 |
| 2026-03-13 | Opaleye Management Inc. | 10% Owner | 2026-03-13 | P | 7,358 | $5.75 | $42,286 |
| 2026-03-13 | Opaleye Management Inc. | 10% Owner | 2026-03-12 | P | 5,708 | $5.85 | $33,416 |
| 2026-03-10 | Opaleye Management Inc. | 10% Owner | 2026-03-09 | P | 2,179 | $5.85 | $12,742 |
| 2026-03-10 | Opaleye Management Inc. | 10% Owner | 2026-03-06 | P | 1,900 | $5.80 | $11,018 |
| 2026-03-06 | Opaleye Management Inc. | 10% Owner | 2026-03-05 | P | 42,023 | $5.80 | $243,633 |
| 2026-03-06 | Opaleye Management Inc. | 10% Owner | 2026-03-05 | P | 5,000 | $5.80 | $28,988 |
| 2026-03-06 | Opaleye Management Inc. | 10% Owner | 2026-03-04 | P | 19,795 | $5.81 | $115,001 |
| 2026-03-04 | Opaleye Management Inc. | 10% Owner | 2026-03-03 | P | 46,411 | $5.75 | $266,873 |
| 2026-03-04 | Opaleye Management Inc. | 10% Owner | 2026-03-03 | P | 5,000 | $5.75 | $28,751 |
| 2026-03-04 | Opaleye Management Inc. | 10% Owner | 2026-03-02 | P | 20,000 | $5.80 | $116,000 |
| 2026-03-02 | Opaleye Management Inc. | 10% Owner | 2026-02-27 | P | 3,638 | $5.99 | $21,797 |
| 2026-03-02 | Opaleye Management Inc. | 10% Owner | 2026-02-26 | P | 590 | $5.99 | $3,531 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-24 | P | 53,591 | $5.80 | $310,849 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-24 | P | 5,000 | $5.80 | $29,002 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-23 | P | 95,819 | $5.89 | $564,594 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-23 | P | 4,181 | $5.89 | $24,636 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-20 | P | 10,000 | $5.84 | $58,411 |
| 2026-02-24 | Opaleye Management Inc. | 10% Owner | 2026-02-20 | P | 2,819 | $5.84 | $16,466 |
| 2026-01-16 | MERTZ PHILLIP JOSEPH | Director | 2026-01-14 | A | 7,241 | — | $0 |
| 2026-01-16 | MERTZ PHILLIP JOSEPH | Director | 2026-01-14 | A | 8,437 | — | $0 |
| 2026-01-16 | Wills Robert James | Director | 2026-01-14 | A | 7,241 | — | $0 |
| 2026-01-16 | Wills Robert James | Director | 2026-01-14 | A | 8,437 | — | $0 |
| 2026-01-16 | MERTZ LEONARD POWELL | Director | 2026-01-14 | A | 7,241 | — | $0 |
| 2026-01-16 | MERTZ LEONARD POWELL | Director | 2026-01-14 | A | 8,437 | — | $0 |
| 2026-01-16 | CAWKELL KENNETH ANTHONY | Director | 2026-01-14 | A | 7,241 | — | $0 |
| 2026-01-16 | CAWKELL KENNETH ANTHONY | Director | 2026-01-14 | A | 8,437 | — | $0 |
| 2026-01-16 | BAKSHI RAJEEV KUMAR | Director | 2026-01-14 | A | 7,241 | — | $0 |
| 2026-01-16 | BAKSHI RAJEEV KUMAR | Director | 2026-01-14 | A | 8,437 | — | $0 |
| 2026-01-13 | McFadden Michael E. | Director, Officer (Chief Executive Officer) | 2026-01-09 | A | 190,549 | — | $0 |
| 2026-01-13 | McFadden Michael E. | Director, Officer (Chief Executive Officer) | 2026-01-09 | A | 177,576 | — | $0 |
| 2026-01-13 | McFadden Michael E. | Director, Officer (Chief Executive Officer) | 2026-01-09 | A | 76,220 | — | $0 |
| 2026-01-13 | D'Angelo Lauren | Officer (Chief Operating Officer) | 2026-01-09 | A | 137,195 | — | $0 |
| 2026-01-13 | D'Angelo Lauren | Officer (Chief Operating Officer) | 2026-01-09 | A | 106,545 | — | $0 |
| 2026-01-13 | DU HENRY HUY | Officer (VP Finance and Accounting) | 2026-01-09 | A | 20,579 | — | $0 |
| 2026-01-13 | DU HENRY HUY | Officer (VP Finance and Accounting) | 2026-01-09 | A | 15,982 | — | $0 |
| 2025-08-21 | Wills Robert James | Director | 2025-08-18 | P | 15,000 | $8.49 | $127,328 |
| 2025-08-20 | MERTZ PHILLIP JOSEPH | Director | 2025-08-18 | S | (27,778) | $9.00 | -$250,002 |
| 2025-08-20 | MERTZ LEONARD POWELL | Director | 2025-08-18 | P | 27,778 | $9.00 | $250,002 |
| 2025-04-29 | HAVENS JOHN PRENTISS | Director | 2025-02-25 | A | 38,762 | — | $0 |
| 2025-04-09 | Wills Robert James | Director | 2025-04-07 | A | 30,019 | — | $0 |
| 2025-02-27 | CAWKELL KENNETH ANTHONY | Director | 2025-02-25 | A | 38,762 | — | $0 |
| 2025-02-27 | MERTZ LEONARD POWELL | Director | 2025-02-25 | A | 55,659 | — | $0 |
| 2025-02-27 | MERTZ PHILLIP JOSEPH | Director | 2025-02-25 | A | 38,762 | — | $0 |
| 2025-02-27 | BAKSHI RAJEEV KUMAR | Director | 2025-02-25 | A | 38,762 | — | $0 |
| 2025-02-27 | D'Angelo Lauren | Officer (Chief Operating Officer) | 2025-02-25 | A | 298,168 | — | $0 |
| 2025-02-27 | McFadden Michael E. | Director, Officer (Chief Executive Officer) | 2025-02-25 | A | 496,947 | — | $0 |
| 2024-11-15 | McFadden Michael E. | Director, Officer (Chief Executive Officer) | 2024-11-13 | P | 2,608 | $5.75 | $14,996 |
| 2024-11-15 | MERTZ LEONARD POWELL | Director | 2024-11-13 | P | 8,695 | $5.75 | $49,996 |
| 2024-11-15 | HAVENS JOHN PRENTISS | Director | 2024-11-13 | P | 4,347 | $5.75 | $24,995 |