Alzamend Neuro Inc (NASDAQ: ALZN) is a clinical-stage biopharmaceutical company developing treatments for Alzheimer's disease and related neuropsychiatric conditions. The company generates no product revenue and funds operations entirely through equity and debt financing. As of April 30, 2025, Alzamend held $3.9 million in cash and cash equivalents, and raised an additional $4.0 million in February 2025, though management disclosed this combined funding is insufficient to sustain operations for the next twelve months. Alzamend holds exclusive licensed rights to two product candidates, AL001 and ALZN002, under agreements requiring royalty payments of 4.5% on future net sales plus minimum annual royalties once commercial sales begin. An initial license fee of $200,000 was paid for AL001, with the licensor also receiving 14,853 shares of common stock. CEO Stephan Jackman and CFO David J. Katzoff lead the company. As of July 22, 2025, Alzamend had 2,896,432 shares of common stock outstanding.

Revenue model

No product revenue as of the fiscal year ended April 30, 2025. Operations are funded through equity issuances, including Series A, B, and C Convertible Preferred Stock, and debt financing. The Series C Convertible Preferred Stock carries a stated value of $10,000 per share and accrues dividends at 15% per annum.

Products and services

AL001: a licensed product candidate targeting Alzheimer's disease, bipolar disorder (BD), major depressive disorder (MDD), and PTSD, with Phase II clinical trials planned. ALZN002: a licensed immunotherapy and diagnostics candidate for mild to moderate Alzheimer's-type dementia, currently in an ongoing Phase I/IIA clinical trial.

Customers and end markets

No commercial customers as of fiscal year ended April 30, 2025. Target end market is patients with Alzheimer's disease and related neuropsychiatric disorders including BD, MDD, and PTSD.

Value-chain role

Licensee of patented biopharmaceutical technologies. Alzamend in-licenses intellectual property from a third-party licensor and is responsible for clinical development and eventual commercialization. The AL001 license requires 4.5% royalties on net sales, a paid initial fee of $200,000, and minimum annual royalties beginning at $40,000 on the first anniversary of first commercial sale.

Geographic exposure

The ALZN002 license grants exclusive worldwide rights limited to Alzheimer's immunotherapy and diagnostics. No geographic revenue breakdown is available given pre-revenue status.

Source: SEC 10-K, filed 2025-07-22

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