Alpha Cognition Inc (NASDAQ: ACOG) is a commercial-stage biopharmaceutical company focused on developing and commercializing treatments for neurodegenerative diseases, including Alzheimer's disease. The company generates revenue through commercial sales of its single approved product, ZUNVEYL, an oral tablet formulation targeting Alzheimer's disease patients. Its commercial program concentrates on the long-term care channel. Alpha Cognition was incorporated on November 15, 2017, under British Columbia law, completed its qualifying transaction with Alpha Cognition Canada Inc. on March 18, 2021, and listed on the Nasdaq Capital Market under the symbol ACOG on November 12, 2024. As of December 31, 2025, the company carried an accumulated deficit of $97,106,775 and held $66,105,189 in cash and cash equivalents including restricted cash. Operations are headquartered in Grapevine, Texas. The company does not pay dividends and has financed operations primarily through equity issuances.

Revenue model

Transactional pharmaceutical product sales of ZUNVEYL oral tablets, distributed through a long-term care commercial team. The company disclosed it will need to raise additional capital to fund planned operations beyond existing working capital, as of the 10-K filed March 31, 2026.

Products and services

ZUNVEYL: an oral tablet formulation approved for Alzheimer's disease, classified as an acetylcholinesterase inhibitor (AChEI) treatment. No other commercial products are disclosed in the filing.

Customers and end markets

Long-term care facilities are the primary commercial target channel. End market is Alzheimer's disease patients, a neurodegenerative disease end market with limited existing treatment options as described in the FY2025 10-K.

Value-chain role

Commercial-stage pharmaceutical manufacturer and seller. The company handles commercial manufacturing and direct sales of ZUNVEYL through its long-term care commercial team via its subsidiary Alpha Cognition USA Inc., incorporated in Texas.

Geographic exposure

Primary operations and commercial focus in the United States. Parent company incorporated in British Columbia, Canada, with subsidiary Alpha Cognition Canada Inc. as intermediate holding company and Alpha Cognition USA Inc. as the U.S. operating entity. Previously listed on the CSE and TSX-V in Canada; voluntarily delisted from CSE on December 17, 2024.

Source: SEC 10-K, filed 2026-03-31

Industry: Biological Products, (No Diagnostic Substances) Peers: ESSA Pharma Inc. Repare Therapeutics Inc. Xenon Pharmaceuticals Inc