Alpha Cognition (ACOG)
Market Price (11/6/2026): $8.16 | Market Cap: $177.7 MilSector: Health Care | Industry: Biotechnology
Alpha Cognition (ACOG)
Market Price (11/6/2026): $8.16Market Cap: $177.7 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 233% Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. | Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -67% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -191% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -202%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -243% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% Key risksACOG key risks include [1] its significant financial challenges and dependence on external funding, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -23% |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 233% |
| Megatrend and thematic driversMegatrends include Precision Medicine, and Aging Population & Chronic Disease. Themes include Targeted Therapies, Biopharmaceutical R&D, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -53%, 3Y Excs Rtn is -67% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -29 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -191% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -202%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -243% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -19% |
| Key risksACOG key risks include [1] its significant financial challenges and dependence on external funding, Show more. |
Qualitative Assessment
AI Analysis | Feedback
Alpha Cognition (ACOG) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results.
Alpha Cognition reported its fiscal Q2 2026 earnings on August 13, 2026, within the specified period, which presented a balanced outcome for investors. The company exceeded revenue expectations significantly, reporting $6 million in quarterly revenue against analyst estimates of $4.38 million. This included a notable sequential increase of approximately 71% in ZUNVEYL net product revenue from fiscal Q1 2026 to fiscal Q2 2026. However, the reported Earnings Per Share (EPS) of -$0.40 slightly missed analysts' consensus estimates of -$0.39. This combination of strong revenue growth and a marginal EPS miss likely led to a relatively neutral investor reaction, contributing to the stock's stable trend.
2. Routine Clinical and Commercial Updates for ZUNVEYL.
During the period, Alpha Cognition released several updates regarding its Alzheimer's treatment, ZUNVEYL, which were consistent with ongoing commercialization efforts rather than groundbreaking news. These included the publication of a U.S. patent application related to ZUNVEYL's manufacturing process on October 13, 2026, and presentations of new clinical and real-world data at scientific meetings on October 6, 2026. Additionally, the company announced initial results from the CONVERGE real-world evidence evaluation on ZUNVEYL use in long-term care on October 1, 2026. While these updates reinforced the product's profile and commercial progress, they were incremental developments that typically do not trigger significant stock volatility.
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Alpha Cognition (ACOG) stock has remained largely at the same level since 7/31/2026 because of the following key factors:
1. Mixed Fiscal Q2 2026 Financial Results.
Alpha Cognition reported its fiscal Q2 2026 earnings on August 13, 2026, within the specified period, which presented a balanced outcome for investors. The company exceeded revenue expectations significantly, reporting $6 million in quarterly revenue against analyst estimates of $4.38 million. This included a notable sequential increase of approximately 71% in ZUNVEYL net product revenue from fiscal Q1 2026 to fiscal Q2 2026. However, the reported Earnings Per Share (EPS) of -$0.40 slightly missed analysts' consensus estimates of -$0.39. This combination of strong revenue growth and a marginal EPS miss likely led to a relatively neutral investor reaction, contributing to the stock's stable trend.
2. Routine Clinical and Commercial Updates for ZUNVEYL.
During the period, Alpha Cognition released several updates regarding its Alzheimer's treatment, ZUNVEYL, which were consistent with ongoing commercialization efforts rather than groundbreaking news. These included the publication of a U.S. patent application related to ZUNVEYL's manufacturing process on October 13, 2026, and presentations of new clinical and real-world data at scientific meetings on October 6, 2026. Additionally, the company announced initial results from the CONVERGE real-world evidence evaluation on ZUNVEYL use in long-term care on October 1, 2026. While these updates reinforced the product's profile and commercial progress, they were incremental developments that typically do not trigger significant stock volatility.
3. Absence of Major Market-Moving Catalysts.
The specified period did not include any announcements of major catalysts that typically drive substantial movements in biopharmaceutical stock prices. There were no definitive Phase 3 clinical trial readouts, major new regulatory approvals, significant strategic partnerships, or large-scale financing rounds. While there are ongoing studies like the RESOLVE Phase 4 study for ZUNVEYL, its topline results are not anticipated until after fiscal Q2 2027. The next major financial event, the fiscal Q3 2026 earnings report, was scheduled for November 11, 2026, which falls outside the analysis period of July 31, 2026, to November 3, 2026, meaning investors were awaiting future events for potential shifts.
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Stock Movement Drivers
Fundamental Drivers
The -1.6% change in ACOG stock from 7/31/2026 to 11/5/2026 was primarily driven by a -30.1% change in the company's P/S Multiple.| (LTM values as of) | 7312026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.28 | 8.15 | -1.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11 | 15 | 41.0% |
| P/S Multiple | 16.6 | 11.6 | -30.1% |
| Shares Outstanding (Mil) | 22 | 22 | -0.1% |
| Cumulative Contribution | -1.6% |
Market Drivers
7/31/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACOG | -1.6% | |
| Market (SPY) | -1.9% | 46.2% |
| Sector (XLV) | 13.8% | 1.0% |
Fundamental Drivers
The 36.5% change in ACOG stock from 4/30/2026 to 11/5/2026 was primarily driven by a 49.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302026 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.97 | 8.15 | 36.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 10 | 15 | 49.3% |
| P/S Multiple | 13.1 | 11.6 | -11.4% |
| Shares Outstanding (Mil) | 22 | 22 | 3.2% |
| Cumulative Contribution | 36.5% |
Market Drivers
4/30/2026 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACOG | 36.5% | |
| Market (SPY) | 2.3% | 18.4% |
| Sector (XLV) | 27.2% | -9.0% |
Fundamental Drivers
The 31.7% change in ACOG stock from 10/31/2025 to 11/5/2026 was primarily driven by a 232.7% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312025 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 6.19 | 8.15 | 31.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 15 | 232.7% |
| P/S Multiple | 21.6 | 11.6 | -46.2% |
| Shares Outstanding (Mil) | 16 | 22 | -26.4% |
| Cumulative Contribution | 31.7% |
Market Drivers
10/31/2025 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACOG | 31.7% | |
| Market (SPY) | 8.4% | 23.9% |
| Sector (XLV) | 29.8% | 5.3% |
Fundamental Drivers
The 16.4% change in ACOG stock from 10/31/2023 to 11/5/2026 was primarily driven by a 9.2233720368547763E17% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 10312023 | 11052026 | Change |
|---|---|---|---|
| Stock Price ($) | 7.00 | 8.15 | 16.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 15 | 9.2233720368547763E17% |
| P/S Multiple | ∞ | 11.6 | |
| Shares Outstanding (Mil) | 4 | 22 | -82.6% |
| Cumulative Contribution | 0.0% |
Market Drivers
10/31/2023 to 11/5/2026| Return | Correlation | |
|---|---|---|
| ACOG | 16.4% | |
| Market (SPY) | 81.3% | 14.6% |
| Sector (XLV) | 55.5% | 11.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ACOG Return | 32% | -78% | 132% | -53% | 10% | 25% | -57% |
| Peers Return | 35% | 14% | 1% | 1% | 27% | 31% | 160% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ACOG Win Rate | 43% | 33% | 50% | 33% | 33% | 55% | |
| Peers Win Rate | 63% | 57% | 42% | 43% | 60% | 64% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 45% | |
Max Drawdowns [4] | |||||||
| ACOG Max Drawdown | - | -85% | -60% | -74% | -55% | -31% | |
| Peers Max Drawdown | -21% | -20% | -26% | -24% | -22% | -16% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: PFE, JNJ, ABBV, LLY, BIIB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 11/5/2026 (YTD)
How Low Can It Go
| Event | ACOG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.7% | -18.8% |
| % Gain to Breakeven | 74.4% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.1% | -9.5% |
| % Gain to Breakeven | 39.0% | 10.5% |
| Time to Breakeven | 11 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.7% | -6.7% |
| % Gain to Breakeven | 107.0% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
In The Past
Alpha Cognition's stock fell -42.7% during the 2025 US Tariff Shock. Such a loss loss requires a 74.4% gain to breakeven.
Preserve Wealth
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Asset Allocation
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| Event | ACOG | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -42.7% | -18.8% |
| % Gain to Breakeven | 74.4% | 23.1% |
| Time to Breakeven | 27 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -28.1% | -9.5% |
| % Gain to Breakeven | 39.0% | 10.5% |
| Time to Breakeven | 11 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -51.7% | -6.7% |
| % Gain to Breakeven | 107.0% | 7.1% |
| Time to Breakeven | 34 days | 31 days |
In The Past
Alpha Cognition's stock fell -42.7% during the 2025 US Tariff Shock. Such a loss loss requires a 74.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Alpha Cognition (ACOG)
Alpha Cognition (ACOG) is a biopharmaceutical company focused on developing treatments for neurodegenerative diseases. The company's primary product and immediate commercial focus is ZUNVEYL™ (benzgalantamine), a delayed-release oral tablet that received FDA approval on July 26, 2024. ZUNVEYL is indicated for the treatment of mild to moderate dementia of the Alzheimer’s type in adults.
ZUNVEYL is a patented, next-generation acetylcholinesterase inhibitor that differentiates itself from existing treatments by its active metabolite binding to neuronal nicotinic receptors, particularly the alpha-7 subtype, which is known to enhance cognition. Alpha Cognition's commercial strategy for ZUNVEYL centers on the long-term care market. The company aims to target large volume nursing homes specializing in Alzheimer’s, engage with Medicare payors, and establish strategic and clinical partnerships with consultant pharmacists and long-term care pharmacies.
While Alpha Cognition has a pipeline of additional pre-clinical programs, including ZUNVEYL in different formulations or combinations, and other assets like ALPHA-0602 for ALS (which has an Orphan Drug Designation) and Progranulin GEMs for other neurodegenerative conditions, the company currently intends to out-license these pre-clinical assets. This approach highlights ZUNVEYL's commercialization as the core material value driver for the company at this time.
AI Analysis | Feedback
Here are 1-3 brief analogies to describe Alpha Cognition:
Imagine a newer Eisai, but with a next-generation Alzheimer's drug.
An Acadia Pharmaceuticals focused on Alzheimer's, having just received its first major FDA approval.
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- ZUNVEYL™ (benzgalantamine) oral tablet: An FDA-approved delayed-release oral tablet indicated for the treatment of mild to moderate Alzheimer’s disease.
- ZUNVEYL in combination with memantine: A pre-clinical oral formulation under development for moderate-to-severe Alzheimer's disease.
- ALPHA-1062 sublingual formulation: A pre-clinical sublingual formulation of ZUNVEYL designed for Alzheimer's patients experiencing dysphagia.
- ALPHA-1062 intranasal (ALPHA-1062IN): A pre-clinical intranasal formulation for cognitive impairment with mild traumatic brain injury, intended for out-licensing.
- ALPHA-0602: A pre-clinical drug candidate with Orphan Drug Designation for the treatment of Amyotrophic Lateral Sclerosis (ALS).
AI Analysis | Feedback
Alpha Cognition (ACOG) sells its products primarily to other companies and institutions within the healthcare sector, rather than directly to individuals. Based on the provided description, its major customer categories for ZUNVEYL™ and its other pipeline assets are:
- Long Term Care (LTC) Facilities / Nursing Homes: The Company specifically states its intent to "target large volume nursing homes specializing in Alzheimer’s" to leverage an account-based sales team. These facilities will be the primary institutional purchasers and administrators of ZUNVEYL for their residents suffering from mild to moderate Alzheimer's disease.
- Long Term Care Pharmacies and Consultant Pharmacists: Alpha Cognition plans to "work with strategic and clinical partnerships with consultant pharmacists and long term care pharmacies." These entities are crucial intermediaries in the distribution and management of pharmaceuticals within the long-term care market.
- Licensing Partners: For its preclinical development programs, including ALPHA-1062 intranasal formulation, ALPHA-0602, ALPHA-0702, and ALPHA-0802, the Company explicitly intends to "seek potential licensing partners for other additional indications and new formulations" or "out-license the assets to interested third parties." These partners would be other pharmaceutical or biotechnology companies.
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Michael McFadden, Chief Executive Officer and Director
Mr. McFadden brings over 30 years of successful leadership experience, spanning pre-IND drug discovery through commercialization. He was appointed CEO in April 2021. His previous leadership roles include Chief Commercial Officer at MPower Health, Chief Commercial Officer at Urovant Sciences (Nasdaq: UROV), and Senior Vice President of Sales and Marketing at Avanir Pharmaceuticals (Nasdaq: AVNR). Prior to these roles, he held leadership positions at Amylin Pharmaceuticals (Nasdaq: AMLN) and Pharmacia.
Henry Du, Interim Chief Financial Officer and VP Finance and Accounting
Mr. Du joined Alpha Cognition as VP of Finance and Accounting and interim CFO on October 21, 2024. He has over 20 years of experience in corporate accounting and finance, with a strong background in the life science industry. Before Alpha Cognition, he was Sr. Vice President of Accounting and Administration at Amplify Surgical, where he led finance and accounting functions and was instrumental in helping the company achieve consistent positive EBITDA and profitability. He also served as VP of Finance and Senior Corporate Controller at HUYABIO International, where he established commercial accounting policy for a product launch in Japan, and held leadership roles at Eledon Pharmaceuticals (formerly Novus Therapeutics), United Auto Credit, and Avanir Pharmaceuticals.
Lauren D'Angelo, Chief Operating Officer
Ms. D'Angelo serves as the Chief Operating Officer. She was recognized as a 2023 PharmaVoice Top 100 Industry Leader, Medical Marketing & Media's (MM+M) 2022 Woman of Distinction, MM+M's 2017 Woman to Watch, and was selected as one of Pharmaceutical Executive's Emerging Pharma Leaders for 2020.
Denis Kay, MSc, PhD, Chief Scientific Officer
Dr. Kay co-founded the Company's original entity, Neurodyn Life Sciences (NLS), in August 2006, and served as NLS's Chief Scientific Officer since that time. He assumed the role of Chief Scientific Officer at Alpha Cognition in 2017. He brings over 30 years of experience in the development and characterization of animal models of neurological diseases and 7 years of early-stage Central Nervous System clinical development experience.
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Here are the key risks to Alpha Cognition's business:
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Commercialization and Market Adoption of ZUNVEYL
Alpha Cognition's immediate future heavily relies on the successful commercialization, manufacturing, distribution, marketing, and sales of its newly FDA-approved drug, ZUNVEYL™ (benzgalantamine), for mild to moderate Alzheimer's disease. The company's strategy involves building a long-term care commercial team, targeting large volume nursing homes, positioning with Medicare payors, and collaborating with consultant pharmacists and long-term care pharmacies. Risks include the ability to raise sufficient capital for these plans, the efficacy and tolerability of ZUNVEYL in a real-world setting, ongoing regulatory oversight regarding its safety, and ultimately, market adoption. Failure to effectively execute this commercialization strategy could significantly hinder the company's revenue generation and growth prospects.
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Competition in the Alzheimer's Disease Market
ZUNVEYL is a next-generation acetylcholinesterase inhibitor, a class of drugs with existing treatments in the market. Alpha Cognition intends to differentiate ZUNVEYL by exploiting key issues with existing acetylcholinesterase inhibitor treatments. However, the Alzheimer's market is dynamic, with other companies also developing and commercializing new treatments, including those that target underlying disease mechanisms (disease-modifying therapies). Alpha Cognition faces the challenge of gaining market share against established therapies and potentially newer, disease-modifying drugs that could emerge or gain broader acceptance, which might temper ZUNVEYL's medium- and long-term market potential.
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Uncertainty and Reliance on Out-licensing for Early-Stage Pipeline Assets
Alpha Cognition has several preclinical development programs, including ZUNVEYL in combination with memantine, a sublingual formulation of ALPHA-1062, an intranasal ALPHA-1062IN formulation for mTBI, and the 'Progranulin' and 'Progranulin GEM's' programs (ALPHA-0602, ALPHA-0702, and ALPHA-0802). The company explicitly states that ALPHA-0702 and ALPHA-0802 "do not add material value to the Company" and that it "will not develop these assets further and instead will seek to out-license the assets to interested third parties." Similarly, ALPHA-1062IN is "intended to be out-licensed for pre-clinical development." The success and value realization from these early-stage assets, some of which the company has no intention of developing itself, are entirely dependent on finding suitable licensing partners. The process of out-licensing early-stage therapies is subject to considerable risk, including challenges in determining final indications, intellectual property rights, competitive landscape, and aligning expectations between parties.
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The emergence and increasing adoption of disease-modifying therapies for Alzheimer's disease, such as anti-amyloid antibody treatments (e.g., lecanemab, donanemab), represent a clear emerging threat. ZUNVEYL is a symptomatic treatment, and if these disease-modifying therapies prove significantly effective in slowing disease progression and are widely adopted, particularly in the mild to moderate Alzheimer's population targeted by ZUNVEYL, they could significantly reduce the market demand and relevance for purely symptomatic treatments.
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Alpha Cognition (ACOG) operates in several significant addressable markets for neurodegenerative diseases.
ZUNVEYL™ (benzgalantamine) for mild to moderate dementia of the Alzheimer’s type
- The global Alzheimer's therapeutics market was valued at approximately USD 6.49 billion in 2025 and is predicted to increase to about USD 33.62 billion by 2034, expanding at a compound annual growth rate (CAGR) of 20.06% from 2025 to 2034.
- The mild to moderate Alzheimer's disease segment alone held the largest share of 46.70% in the global Alzheimer therapeutics market in 2024.
- In the United States, the Alzheimer's drugs market was valued at USD 1.62 billion in 2022.
ZUNVEYL in combination with memantine for the treatment of moderate-to-severe Alzheimer’s disease
- This indication falls under the broader Alzheimer's disease therapeutics market. The global Alzheimer's disease therapeutics market reached US$ 24.27 billion in 2024 and is expected to reach US$ 46.47 billion by 2033, growing at a CAGR of 7.5% during the forecast period 2025-2033.
ALPHA-1062IN for cognitive impairment with mild traumatic brain injury (mTBI)
- The global mild traumatic brain injury treatment market size was USD 5.76 billion in 2025 and is projected to reach USD 7.18 billion by 2031, growing at a CAGR of 3.81% from 2026 to 2031.
- North America accounted for 46.18% of the revenue in the mild traumatic brain injury treatment market in 2025. The U.S. holds a significant share in the traumatic brain injury treatment market.
ALPHA-0602 for Amyotrophic Lateral Sclerosis (ALS)
- The global amyotrophic lateral sclerosis therapeutics market was valued at USD 0.89 billion in 2025 and is projected to grow to USD 2.19 billion by 2034, exhibiting a CAGR of 9.93%.
- The Amyotrophic Lateral Sclerosis market size in the United States was estimated to be approximately USD 920 million in 2023.
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Here are 3-5 expected drivers of future revenue growth for Alpha Cognition (ACOG) over the next 2-3 years:
- Commercial Sales of ZUNVEYL™ (benzgalantamine) Oral Tablet: Following FDA approval on July 26, 2024, for the treatment of mild to moderate dementia of the Alzheimer’s type, Alpha Cognition will focus on commercial manufacturing and sales. The company's strategy involves building a dedicated long-term care commercial team and targeting large volume nursing homes specializing in Alzheimer's.
- Licensing Agreements for ZUNVEYL™'s Additional Indications and Formulations: Alpha Cognition is actively seeking potential licensing partners for ZUNVEYL™ for other additional indications and new formulations. This includes ZUNVEYL™ in combination with memantine for moderate-to-severe Alzheimer’s disease and a sublingual formulation for patients suffering from dysphagia.
- Out-licensing of Pre-clinical Assets: The company intends to out-license several pre-clinical assets. Specifically, the ALPHA-1062 intranasal (ALPHA-1062IN) formulation for cognitive impairment with mild traumatic brain injury (mTBI) is intended to be out-licensed for further development. Additionally, Alpha Cognition will seek to out-license ALPHA-0702 and ALPHA-0802 (Progranulin GEMs), which have therapeutic potential across multiple neurodegenerative diseases.
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Share Issuance
- On May 19, 2023, Alpha Cognition announced a private placement offering to raise up to $6.5 million.
- The company completed a public offering on September 30, 2025, generating approximately $35.0 million in gross proceeds from the sale of 5,600,000 common shares at $6.25 per share.
- The number of outstanding shares increased by 178.30% in one year, leading to substantial shareholder dilution.
Inbound Investments
- Alpha Cognition completed a qualifying transaction on March 18, 2021, evolving from a Capital Pool Company into an operating company.
- The company raised up to $6.5 million through a private placement offering announced on May 19, 2023.
- A public offering on September 30, 2025, raised approximately $35.0 million, with an initial investment from a premier healthcare-dedicated investor alongside multiple large existing shareholders. The company has 30 institutional owners, including Opaleye Management Inc., Solas Capital Management, LLC, and AWM Investment Company, Inc., holding a total of 9,909,100 shares.
Capital Expenditures
- In the last 12 months, Alpha Cognition's capital expenditures totaled approximately $172,667.
- Capital expenditures in the most recent quarter were approximately $70,000.
Peer Outperformance in Biotechnology
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Health Care Distributors | 6 | 7.6% | 56.6% | 93.6% | CAH 498% · MCK 396% · COR 181% |
| Health Care Services | 20 | 33.8% | 28.8% | 6.1% | HIMS 189% · RDNT 125% · DGX 100% |
| Health Care Facilities | 25 | 13.9% | 27.4% | -1.4% | THC 280% · NHC 210% · EHC 186% |
| Managed Health Care | 8 | 47.9% | 1.6% | -2.2% | OSCR 95% · HQY 52% · ELV 10% |
| Health Care Equipment | 50 | 11.0% | 17.8% | -17.6% | UFPT 355% · GKOS 286% · PLSE 127% |
| Pharmaceuticals | 61 | -12.9% | 10.6% | -37.3% | LQDA 977% · XERS 571% · KNSA 500% |
| Health Care Supplies | 11 | 23.9% | 17.0% | -40.1% | LNTH 248% · HAE 66% · MMSI 29% |
| Life Sciences Tools & Services | 108 | -8.1% | -18.9% | -74.5% | AXGN 255% · NTRA 214% · MEDP 181% |
| Biotechnology ← | 364 | -25.8% | -36.1% | -82.0% | ELVN 1073% · TRVI 995% · DNTH 956% |
| Health Care Technology | 21 | -21.4% | -50.4% | -82.8% | VEEV -3% · DOCS -51% |
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Would You Still Hold Alpha Cognition Stock If It Fell Another 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 254.19 |
| Mkt Cap | 333.8 |
| Rev LTM | 64,819 |
| Op Inc LTM | 20,186 |
| FCF LTM | 11,738 |
| FCF 3Y Avg | 7,706 |
| CFO LTM | 17,131 |
| CFO 3Y Avg | 15,209 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.2% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 10.5% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 3.1% |
| Op Inc Chg 3Y Avg | 10.3% |
| Op Mgn LTM | 25.9% |
| Op Mgn 3Y Avg | 25.4% |
| QoQ Delta Op Mgn LTM | 0.5% |
| CFO/Rev LTM | 24.3% |
| CFO/Rev 3Y Avg | 25.7% |
| FCF/Rev LTM | 17.2% |
| FCF/Rev 3Y Avg | 18.9% |
FDA Approved Drugs Data
Expand for More| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA218549 | ZUNVEYL | benzgalantamine gluconate | tablet, delayed release | 7262024 | -26.9% | -52.4% | -27.5% | -42.6% | -40.8% |
| Post-Approval Fwd Returns | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| FDA App # | Brand Name | Generic Name | Dosage Form | FDA Approval | 3M Rtn | 6M Rtn | 1Y Rtn | 2Y Rtn | Total Rtn |
| NDA218549 | ZUNVEYL | benzgalantamine gluconate | tablet, delayed release | 7262024 | -26.9% | -52.4% | -27.5% | -42.6% | -40.8% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 |
|---|---|---|
| Commercial manufacturing and sales of pharmaceutical treatments for neurological diseases | 10 | 0 |
| Total | 10 | 0 |
| $ Mil | 2025 | 2024 |
|---|---|---|
| Commercial manufacturing and sales of pharmaceutical treatments for neurological diseases | -23 | -12 |
| Total | -23 | -12 |
| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Researching and developing pharmaceutical treatments for neurological diseases industry | 51 | 2 | 3 | 13 | 8 |
| Total | 51 | 2 | 3 | 13 | 8 |
Price Behavior
| Market Price | $8.15 | |
| Market Cap ($ Bil) | 0.2 | |
| First Trading Date | 06/28/2021 | |
| Distance from 52W High | -16.4% | |
| 50 Days | 200 Days | |
| DMA Price | $8.83 | $7.20 |
| DMA Trend | indeterminate | up |
| Distance from DMA | -7.7% | 13.2% |
| 3M | 1YR | |
| Volatility | 45.8% | 63.1% |
| Downside Capture | 194.61 | 133.92 |
| Upside Capture | 163.97 | 159.83 |
| Correlation (S&P 500) | 38.4% | 23.9% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.34 | 1.87 | 1.85 | 0.55 | 1.10 | 0.95 |
| Up Beta | 5.98 | 1.96 | 2.43 | 1.14 | 1.75 | 1.02 |
| Down Beta | 2.57 | 2.48 | 1.46 | -0.79 | -0.23 | 0.44 |
| Up Capture | 202% | 159% | 205% | 132% | 179% | 104% |
| Bmk +ve Days | 12 | 18 | 28 | 62 | 130 | 427 |
| Stock +ve Days | 9 | 17 | 28 | 61 | 120 | 350 |
| Down Capture | 205% | 173% | 160% | 39% | 112% | 105% |
| Bmk -ve Days | 10 | 25 | 36 | 64 | 121 | 325 |
| Stock -ve Days | 11 | 22 | 29 | 55 | 117 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACOG | |
|---|---|---|---|---|
| ACOG | 40.7% | 63.1% | 0.78 | - |
| Sector ETF (XLV) | 29.2% | 16.9% | 1.33 | 5.4% |
| Equity (SPY) | 9.5% | 13.6% | 0.41 | 24.6% |
| Gold (GLD) | 3.6% | 28.7% | 0.11 | 10.7% |
| Commodities (DBC) | 37.7% | 21.2% | 1.40 | -6.0% |
| Real Estate (VNQ) | 12.0% | 14.2% | 0.55 | -2.2% |
| Bitcoin (BTCUSD) | -20.8% | 43.3% | -0.42 | 26.4% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACOG | |
|---|---|---|---|---|
| ACOG | -25.7% | 119.9% | 0.22 | - |
| Sector ETF (XLV) | 8.6% | 15.4% | 0.36 | 7.8% |
| Equity (SPY) | 11.3% | 17.3% | 0.48 | 11.0% |
| Gold (GLD) | 17.5% | 19.1% | 0.74 | 3.4% |
| Commodities (DBC) | 8.0% | 19.6% | 0.29 | 0.6% |
| Real Estate (VNQ) | 1.2% | 18.9% | -0.05 | 3.2% |
| Bitcoin (BTCUSD) | 5.9% | 51.5% | 0.29 | 9.9% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ACOG | |
|---|---|---|---|---|
| ACOG | -10.2% | 119.7% | 0.32 | - |
| Sector ETF (XLV) | 12.2% | 16.8% | 0.60 | 7.7% |
| Equity (SPY) | 14.9% | 18.0% | 0.70 | 10.8% |
| Gold (GLD) | 12.0% | 16.5% | 0.59 | 3.3% |
| Commodities (DBC) | 7.6% | 18.1% | 0.33 | 1.2% |
| Real Estate (VNQ) | 5.7% | 20.7% | 0.23 | 3.0% |
| Bitcoin (BTCUSD) | 61.3% | 66.2% | 1.01 | 8.8% |
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Returns Analyses
Insider Activity
Updated 10/26/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10262026 | 8.23 | 14,973 | 123,294 | 27,107,513 | Form | |
| 2 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10262026 | 8.33 | 17,117 | 142,526 | 27,286,360 | Form | |
| 3 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10192026 | 8.23 | 14,283 | 117,602 | 26,840,989 | Form | |
| 4 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10192026 | 8.43 | 22,657 | 190,974 | 27,356,931 | Form | |
| 5 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10022026 | 8.69 | 19,050 | 165,634 | 28,022,618 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10262026 | 8.23 | 14,973 | 123,294 | 27,107,513 | Form | |
| 2 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10262026 | 8.33 | 17,117 | 142,526 | 27,286,360 | Form | |
| 3 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10192026 | 8.23 | 14,283 | 117,602 | 26,840,989 | Form | |
| 4 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10192026 | 8.43 | 22,657 | 190,974 | 27,356,931 | Form | |
| 5 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 10022026 | 8.69 | 19,050 | 165,634 | 28,022,618 | Form | |
| 6 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 9282026 | 8.47 | 13,426 | 113,718 | 27,137,067 | Form | |
| 7 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 9282026 | 8.57 | 18,337 | 157,082 | 27,330,911 | Form | |
| 8 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 9162026 | 8.51 | 80,170 | 682,591 | 27,008,559 | Form | |
| 9 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 9162026 | 8.54 | 3,375 | 28,831 | 26,412,853 | Form | |
| 10 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 9162026 | 8.70 | 40,373 | 351,084 | 26,858,431 | Form | |
| 11 | Wills, Robert James | Direct | Buy | 8242026 | 9.62 | 10,000 | 96,200 | 310,158 | Form | |
| 12 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 8042026 | 8.00 | 50,000 | 400,000 | 24,385,784 | Form | |
| 13 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 8042026 | 7.92 | 2,900 | 22,976 | 23,753,722 | Form | |
| 14 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 7282026 | 7.90 | 130 | 1,027 | 23,663,052 | Form | |
| 15 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 7242026 | 7.80 | 49,849 | 388,588 | 23,348,428 | Form | |
| 16 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 7242026 | 7.83 | 140,237 | 1,098,575 | 23,072,941 | Form | |
| 17 | Opaleye, Management Inc | Managed Account | Buy | 7242026 | 7.83 | 10,000 | 78,337 | 783,370 | Form | |
| 18 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6292026 | 6.40 | 152,336 | 975,209 | 17,957,453 | Form | |
| 19 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6292026 | 6.50 | 197 | 1,280 | 17,243,012 | Form | |
| 20 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6152026 | 5.99 | 4,550 | 27,253 | 15,887,857 | Form | |
| 21 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6152026 | 5.93 | 273 | 1,619 | 15,708,343 | Form | |
| 22 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6152026 | 5.91 | 2,862 | 16,901 | 15,635,764 | Form | |
| 23 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6112026 | 5.99 | 5,872 | 35,157 | 15,835,744 | Form | |
| 24 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6112026 | 5.98 | 24,856 | 148,534 | 15,770,238 | Form | |
| 25 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 6092026 | 5.83 | 10,054 | 58,596 | 15,235,592 | Form | |
| 26 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5292026 | 5.90 | 70,577 | 416,397 | 15,363,971 | Form | |
| 27 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5292026 | 5.83 | 2,000 | 11,664 | 14,775,547 | Form | |
| 28 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5292026 | 5.73 | 1,161 | 6,653 | 14,505,667 | Form | |
| 29 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5222026 | 5.70 | 15,945 | 90,886 | 14,423,103 | Form | |
| 30 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5222026 | 5.89 | 8,431 | 49,659 | 14,809,957 | Form | |
| 31 | D'Angelo, Lauren | Chief Operating Officer | Direct | Buy | 5192026 | 5.76 | 3,500 | 20,160 | 810,403 | Form |
| 32 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5192026 | 5.69 | 17,395 | 99,023 | 14,265,616 | Form | |
| 33 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 5192026 | 5.83 | 16,648 | 96,986 | 14,497,825 | Form | |
| 34 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3312026 | 4.99 | 1,850 | 9,227 | 12,327,858 | Form | |
| 35 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3312026 | 5.08 | 10,000 | 50,792 | 12,545,624 | Form | |
| 36 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3262026 | 5.28 | 7,319 | 38,675 | 12,999,132 | Form | |
| 37 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3262026 | 5.43 | 8,581 | 46,579 | 13,313,398 | Form | |
| 38 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3262026 | 5.59 | 4,182 | 23,377 | 13,662,519 | Form | |
| 39 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3202026 | 5.71 | 2,094 | 11,950 | 13,924,612 | Form | |
| 40 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3202026 | 5.75 | 2,481 | 14,263 | 14,015,050 | Form | |
| 41 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3182026 | 5.78 | 1,331 | 7,696 | 14,081,153 | Form | |
| 42 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3132026 | 5.75 | 7,358 | 42,286 | 13,988,267 | Form | |
| 43 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3132026 | 5.85 | 5,708 | 33,416 | 14,206,361 | Form | |
| 44 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3102026 | 5.85 | 2,179 | 12,742 | 14,156,966 | Form | |
| 45 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3102026 | 5.80 | 1,900 | 11,018 | 14,026,188 | Form | |
| 46 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3062026 | 5.80 | 42,023 | 243,633 | 14,012,028 | Form | |
| 47 | Opaleye, Management Inc | Managed Account | Buy | 3062026 | 5.80 | 5,000 | 28,988 | 521,784 | Form | |
| 48 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3062026 | 5.81 | 19,795 | 115,001 | 13,796,894 | Form | |
| 49 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3042026 | 5.75 | 46,411 | 266,873 | 13,542,003 | Form | |
| 50 | Opaleye, Management Inc | Managed Account | Buy | 3042026 | 5.75 | 5,000 | 28,751 | 488,767 | Form | |
| 51 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3042026 | 5.80 | 20,000 | 116,000 | 13,390,100 | Form | |
| 52 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3022026 | 5.99 | 3,638 | 21,797 | 13,712,375 | Form | |
| 53 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 3022026 | 5.99 | 590 | 3,531 | 13,675,725 | Form | |
| 54 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 2242026 | 5.80 | 53,591 | 310,849 | 13,250,492 | Form | |
| 55 | Opaleye, Management Inc | Managed Account | Buy | 2242026 | 5.80 | 5,000 | 29,002 | 464,032 | Form | |
| 56 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 2242026 | 5.89 | 95,819 | 564,594 | 13,144,655 | Form | |
| 57 | Opaleye, Management Inc | Managed Account | Buy | 2242026 | 5.89 | 4,181 | 24,636 | 441,922 | Form | |
| 58 | Opaleye, Management Inc | Opaleye, L.P. | Buy | 2242026 | 5.84 | 10,000 | 58,411 | 12,470,748 | Form | |
| 59 | Opaleye, Management Inc | Managed Account | Buy | 2242026 | 5.84 | 2,819 | 16,466 | 413,661 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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