Alpha Cognition (ACOG) Q4 2025 earnings summary

Executive summary

• Achieved $10.2 million in total revenue for fiscal 2025, driven by ZUNVEYL product and licensing sales, with strong sales growth and expanding adoption in the $2B long-term care market.

• Secured contracts with two of the top four national PBMs, enhancing payer access and coverage for ZUNVEYL.

• Raised $40M in Q3/Q4 2025, supporting commercial expansion, R&D initiatives, and a clear path to operational profitability in 2027.

• Initiated and planned multiple real-world studies (BEACON, CONVERGE, RESOLVE) to further differentiate ZUNVEYL and support payer and provider adoption.

• Expanded commercial reach, engaging nearly 4,000 unique long-term care facilities since launch.

Financial highlights

• Q4 2025 revenue was $2.8M, including $2.5M in net product sales and $259K in licensing revenue.

• Full year 2025 revenue reached $10.2M, with $6.8M from ZUNVEYL product sales and $3.4M in licensing revenue.

• Q4 operating expenses were $10.7M, up from $2.7M in Q4 2024, driven by SG&A and R&D; SG&A for 2025 rose to $29.1M from $8.0M.

• Q4 net loss was $6.9M ($0.30/share); full year net loss was $20.7M ($1.17/share), both improved on a per-share basis year-over-year.

• Ended 2025 with $66M in cash and equivalents, remaining debt-free.

Outlook and guidance

• Expect continued sequential growth in ZUNVEYL sales through 2026 as awareness and payer access expand.

• No formal revenue guidance provided; 2026 operating expenses projected at $54M–$58M, reflecting increased investment in clinical studies and commercial initiatives.

• Operational runway extends well into 2027, supporting commercial and development activities; cash runway projected for two years at current operating levels.

• Targeting operational profitability in 2027.

• Focus remains on expanding penetration per home, deepening prescriber relationships, and accelerating payer pull-through.