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	$9.12
SO	21.8M
Options	2.7M
Warrants	2.2M
FD SO	26.7M
MC	$243.1M

Cash	$41.4M
Total debt	—
EV	$201.7M

TTM Multiples
EV / Revenue	13.2x
EV / EBITDA	—
MC / Net Income	—
EV / FCF	—
MC / FCF	—

Ownership & coverage
Institutional	56.1%
Insiders	5.1%
# Institutions	30
Analysts	5
Consensus	Strong Buy
Avg target	$18.00

Short % float	1.2%
Days to cover	1.29

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-13. 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 2026-10-05 — 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 2026-09-15; the float denominator can be unreliable on tiny floats.

Financial statements

	6/30/26	3/31/26	12/31/25	9/30/25
Total Revenue	6.09	3.53	2.79	2.84
Revenue YoY %	267.6%	20.7%	—	—
Cost of Revenue	0.39	0.25	0.18	0.16
Gross Profit	5.70	3.28	2.61	2.68
Gross Profit YoY %	292.2%	12.7%	—	—
Gross Margin %	93.6%	93.0%	93.6%	94.3%

SG&A	11.45	10.26	9.89	6.95
R&D	2.01	1.10	0.57	0.57
Operating Expense	13.46	11.38	10.54	7.99

Operating Income	(7.76)	(8.10)	(7.93)	(5.31)
Operating Income YoY %	8.2%	(137.8%)	(194.4%)	(113.5%)
Operating Margin %	(127.3%)	(229.1%)	(283.7%)	(187.0%)
EBITDA	(7.65)	(8.07)	(7.90)	(5.30)
EBITDA Margin %	(125.6%)	(228.3%)	(282.8%)	(186.5%)

Other Income / (Expense)	(1.03)	1.62	1.07	3.99
Pretax Income	(8.79)	(6.48)	(6.86)	(1.32)
Net Income	(8.79)	(6.48)	(6.86)	(1.32)
Net Margin %	(144.3%)	(183.3%)	(245.5%)	(46.4%)

Diluted EPS	-$0.40	-$0.32	-$0.31	-$0.30
Basic EPS	-$0.40	-$0.30	-$0.31	-$0.08
Diluted Avg Shares	21.8	21.9	—	16.1
Basic Avg Shares	21.8	21.8	—	16.1

	LTM	12/31/25	12/31/24	12/31/23
Total Revenue	15.26	10.22	—	—
Revenue YoY %	49.3%	—	—	—
Cost of Revenue	0.98	0.60	—	—
Gross Profit	14.28	9.62	—	—
Gross Profit YoY %	48.5%	—	—	—
Gross Margin %	93.6%	94.1%	—	—

SG&A	38.54	29.08	8.01	5.05
R&D	4.25	1.87	3.92	4.88
Operating Expense	43.37	32.28	—	—

Operating Income	(29.09)	(22.66)	(12.01)	(9.94)
Operating Income YoY %	(28.4%)	(88.6%)	(20.9%)	—
Operating Margin %	(190.6%)	(221.7%)	—	—
EBITDA	(28.92)	(22.60)	(11.93)	(9.85)
EBITDA Margin %	(189.5%)	(221.1%)	—	—

Interest Expense	—	—	0.11	0.02
Other Income / (Expense)	5.65	1.99	(2.67)	(3.81)
Pretax Income	(23.44)	(20.67)	(14.79)	(13.76)
Net Income	(23.44)	(20.67)	(14.79)	(13.76)
Net Margin %	(153.6%)	(202.2%)	—	—

Diluted EPS	-$1.33	-$1.18	-$2.04	-$3.84
Basic EPS	-$1.09	-$1.17	-$2.04	-$3.84
Diluted Avg Shares	21.8	17.7	7.2	3.6
Basic Avg Shares	21.8	17.7	7.2	3.6

	6/30/26	3/31/26	12/31/25	9/30/25
Cash & Equivalents	41.38	54.25	66.05	35.40
Receivables	5.47	3.58	4.24	2.85
Inventory	6.39	6.04	5.12	4.50
Other Current Assets	4.67	4.69	3.60	2.96
Total Current Assets	57.93	68.56	79.01	45.70

Net PPE	0.37	0.31	0.33	0.20
Intangible Assets	6.22	0.39	0.39	0.40
Total Assets	64.52	69.25	79.73	46.30

Accounts Payable	1.19	1.43	3.07	0.84
Other Current Liabilities	5.22	3.99	6.06	5.99
Total Current Liabilities	6.41	5.43	9.13	6.83
Other Liabilities	5.15	6.37	8.07	5.56
Total Liabilities	11.56	11.79	17.20	12.39

Retained Earnings	(112.37)	(103.58)	(97.11)	(90.10)
Total Equity	52.96	57.46	62.53	33.91

	LTM	12/31/25	12/31/24	12/31/23
Cash & Equivalents	41.38	66.05	48.55	1.40
Receivables	5.47	4.24	—	—
Inventory	6.39	5.12	0.62	—
Other Current Assets	4.67	3.60	1.09	0.51
Total Current Assets	57.93	79.01	50.25	1.92

Net PPE	0.37	0.33	0.03	0.00
Intangible Assets	6.22	0.39	0.41	0.53
Total Assets	64.52	79.73	50.74	2.45

Accounts Payable	1.19	3.07	0.87	0.48
Other Current Liabilities	5.22	6.06	2.48	2.14
Total Current Liabilities	6.41	9.13	3.35	2.62
Other Liabilities	5.15	8.07	8.29	4.54
Total Liabilities	11.56	17.20	11.64	7.16

Retained Earnings	(112.37)	(97.11)	(76.44)	(61.65)
Total Equity	52.96	62.53	39.09	(4.70)

	6/30/26	3/31/26	12/31/25	9/30/25
Net Income	(8.79)	(6.48)	(6.86)	(1.32)
D&A	0.10	0.03	0.03	0.01
Stock-Based Comp	1.45	1.40	0.95	1.46
Δ Working Cap & Other	0.38	(6.75)	(1.02)	(5.44)
Operating Cash Flow	(6.86)	(11.80)	(6.91)	(5.29)

CapEx	(0.10)	(0.00)	(0.15)	(0.07)
Other Investing	(5.91)	—	—	—
Investing Cash Flow	(6.01)	(0.00)	(0.15)	(0.07)

Other Financing	—	—	37.70	1.36
Financing Cash Flow	0.00	0.00	37.70	1.36

Free Cash Flow	(6.96)	(11.80)	(7.05)	(5.36)

	LTM	12/31/25	12/31/24	12/31/23
Net Income	(23.44)	(20.67)	(14.79)	(13.76)
D&A	0.17	0.06	0.08	0.08
Stock-Based Comp	5.26	4.92	1.13	2.37
Δ Working Cap & Other	(12.84)	(4.69)	5.82	2.51
Operating Cash Flow	(30.85)	(20.38)	(7.76)	(8.80)

CapEx	(0.32)	(0.29)	(0.03)	—
Other Investing	(5.91)	—	—	—
Investing Cash Flow	(6.23)	(0.29)	(0.03)	—

Stock Issuance	—	—	3.73	9.22
Other Financing	39.06	38.21	51.12	(0.99)
Financing Cash Flow	39.06	38.21	54.85	8.23

Effect of FX on Cash	—	—	—	(0.02)

Free Cash Flow	(31.18)	(20.67)	(7.78)	—

	6/30/26	3/31/26	12/31/25	9/30/25
Current Ratio	9.03	12.64	8.65	6.69
Quick Ratio	8.04	11.52	8.09	6.03
Debt / Equity	—	—	—	—
EBITDA Margin %	(125.6%)	(228.3%)	(282.8%)	(186.5%)
Working Capital	51.51	63.13	69.88	38.87
Net Debt	—	—	—	—
ROE %	(16.6%)	(11.3%)	(11.0%)	(3.9%)
ROA %	(13.6%)	(9.4%)	(8.6%)	(2.8%)

	LTM	12/31/25	12/31/24	12/31/23
Current Ratio	9.03	8.65	15.00	0.73
Quick Ratio	8.04	8.09	14.81	—
Debt / Equity	—	—	—	—
EBITDA Margin %	(189.5%)	(221.1%)	—	—
Working Capital	51.51	69.88	46.90	(0.70)
Net Debt	—	—	—	—
ROE %	(44.3%)	(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
2026-10-02	Opaleye Management Inc.	10% Owner	2026-10-01	P	19,050	$8.69	$165,634
2026-09-28	Opaleye Management Inc.	10% Owner	2026-09-25	P	13,426	$8.47	$113,718
2026-09-28	Opaleye Management Inc.	10% Owner	2026-09-24	P	18,337	$8.57	$157,082
2026-09-16	Opaleye Management Inc.	10% Owner	2026-09-16	P	53,029	$8.57	$454,607
2026-09-16	Opaleye Management Inc.	10% Owner	2026-09-16	P	27,141	$8.40	$227,984
2026-09-16	Opaleye Management Inc.	10% Owner	2026-09-15	P	3,375	$8.54	$28,831
2026-09-16	Opaleye Management Inc.	10% Owner	2026-09-14	P	40,373	$8.70	$351,084
2026-08-24	Wills Robert James	Director	2026-08-21	P	10,000	$9.62	$96,200
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