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.

• 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).

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.

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.

Here are the key risks to Alpha Cognition's business:

1. 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.

2. 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.

3. 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.

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.

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.

Here are 3-5 expected drivers of future revenue growth for Alpha Cognition (ACOG) over the next 2-3 years:

1. 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.
2. 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.
3. 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.

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.