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Alpha Cognition Inc. Reports Fourth Quarter and Full Year 2024 Financial Results and Operating Overview

Published 2 days ago via Business Wire
  •  Raised $52.8 million in gross proceeds in Q4 2024 to support the upcoming ZUNVEYL commercial launch and Nasdaq uplisting (symbol: ACOG).
  • Completed commercial manufacturing to support the ZUNVEYL launch.
  • Successfully completed the first phase of a pre-clinical bomb-blast study funded by a Department of Defense grant, demonstrating benzgalantamine’s efficacy and safety in treating head trauma from simulated bomb blasts.
  • Cash and cash equivalents of $48.6 million as of December 31, 2024, compared to $3.7 million as of September 30, 2024 and $1.4 million as of December 31, 2023. At current cash utilization rates, the Company expects a cash runway of approximately two years.

Alpha Cognition Inc. (Nasdaq: ACOG) (“Alpha Cognition”, or the “Company”) today announced its financial results for the fourth quarter and full year ended December 31, 2024.

“We closed 2024 on a strong note, securing capital to support the ZUNVEYL commercial launch and assembling an experienced leadership team,” said Michael McFadden, Chief Executive Officer. “In early 2025, we completed the manufacturing of the initial commercial supply of ZUNVEYL. Additionally, we’ve invested in commercial infrastructure, product supply, and operational capabilities to support the launch. We introduced ZUNVEYL to the U.S. market in March 2025 and are focused on commercialization excellence.”

Recent Business and Operational Highlights:

Commercial Readiness:

Alpha Cognition successfully hired its commercialization team on schedule and within budget.

  • The commercial leadership team brings over 100 years of experience in long-term care and CNS and has led 140 product launches.
  • Collectively, our salesforce has an average tenure of 16 years industry sales experience and 10 years in long-term care.
  • The Company launched its commercialization efforts in the U.S. in March 2025, making ZUNVEYL available to physicians and patients.

Strategic Global Expansion:

In January 2025, Alpha Cognition signed its first ex-U.S. distribution deal for ZUNVEYL with China Medical System Holdings Limited (CMS) (867.HK), a leading pharmaceutical platform company with strong commercialization and product lifecycle management expertise in the People’s Republic of China.

  • The deal is valued at $44 million and includes royalties on all future sales in Asia.
  • The companies have initiated work plans for product approval across Asia.
  • Alpha Cognition received an initial payment of $3 million in February 2025.

Pipeline Expansion:

In Q1 2025, Alpha Cognition reclaimed two programs from Alpha Seven Therapeutics:

  • A preclinical program for Cognitive Impairment with mTBI (concussion).
  • An early-stage program for Acute Pancreatitis as a core treatment.

Strengthened Intellectual Property Portfolio:

The Company secured a new composition of matter patent in the U.S., covering the tablet formulation of benzgalantamine.

  • This patent extends ZUNVEYL’s U.S. protection through 2044 and global protection through 2041, enhancing Alpha Cognition’s long-term competitive position.

Fourth Quarter 2024 Financial Results:

  • Cash and cash equivalents of $48.6 million as of December 31, 2024, compared to $3.7 million as of September 30, 2024, and $1.4 million as of December 31, 2023. At current cash utilization rates, the Company expects a cash runway of approximately two years.
  • Research and development expenses for the fourth quarter of 2024 were $1.0 million compared to $1.1 million for the comparable period in 2023.
  • General and administrative expenses for the fourth quarter of 2024 were $1.5 million compared to $1.3 million for the comparable period in 2023.
  • Net loss for the fourth quarter of 2024 was $5.7 million, or $(0.51) per share, compared to a net loss of $5.7 million, or $(1.33) per share, in 2023.

Full Year 2024 Financial Results:

  • Research and development expenses for the year ended December 31, 2024, were $3.9 million compared to $4.9 million for the comparable period in 2023.
  • General and administrative expenses for the year ended December 31, 2024, were $7.9 million compared to $5.1 million for the comparable period in 2023.
  • Net loss for the year ended December 31, 2024, was $14.6 million, or $(2.02) per share, compared to a net loss of $13.8 million, or $(3.84) per share, in 2023.

About Alpha Cognition Inc.

Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are currently no approved treatment options.

ZUNVEYL is a patented drug approved as a new generation acetylcholinesterase inhibitor for the treatment of Alzheimer’s disease, with expected minimal gastrointestinal side effects. ZUNVEYL’s active metabolite is differentiated from donepezil and rivastigmine in that it binds neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition. ALPHA-1062 is also being developed in combination with memantine to treat moderate to severe Alzheimer’s dementia, and as an intranasal formulation for Cognitive Impairment with mTBI.

Forward-looking Statements

This news release includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this news release may be a forward‐looking statement that reflects the Company’s current views about future events and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements. In some cases, you can identify forward‐looking statements by the words “may,” “might,” “will,” “could,” “would,” “should,” “expect,” “intend,” “plan,” “objective,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,” “target,” “seek,” “contemplate,” “continue” and “ongoing,” or the negative of these terms, or other comparable terminology intended to identify statements about the future. Forward‐looking statements may include statements regarding the potential benefits of the licensing agreement for the development and commercialization of ZUNVEYL in Asia (excluding Japan), Australia and New Zealand, the Company’s timing and planned activities to launch ZUNVEYL in the U.S. and China, the timing for the Company’s planned corporate update call, the potential timing for the availability of ZUNVEYL in the U.S. and China, the potential future developments of ZUNVEYL in China, the potential market size for ZUNVEYL in China, the Company’s business strategy for the launch of ZUNVEYL in China, the market size and demand for ZUNVEYL in China, the Company’s potential growth opportunities in China, the timing and results of the Company’s milestone payments for China, the Company’s regulatory submissions in China, and the potential regulatory approval and commercialization of the Company’s products in China. Although the Company believes to have a reasonable basis for each forward-looking statement, we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking statements. These forward-looking statements are subject to certain risks, including risks regarding our ability to raise sufficient capital to implement our plans to commercialize ZUNVEYL, risks regarding the efficacy and tolerability of ZUNVEYL, risks related to ongoing regulatory oversight on the safety of ZUNVEYL, risk related to market adoption of ZUNVEYL, risks related to the Company’s intellectual property in relation to ZUNVEYL, risks related to the commercial manufacturing, distribution, marketing and sale of ZUNVEYL, risks related to product liability and other risks as described in the Company’s filings with Canadian securities regulatory authorities and available at www.sedar.com and the Company’s filings with the United States Securities and Exchange Commission (the “SEC”), including those risk factors under the heading “Risk Factors” in the Company’s Form S-1/A registration statement as filed with the SEC on November 6, 2024 and available at www.sec.gov. These forward‐looking statements speak only as of the date of this news release and the Company undertakes no obligation to revise or update any forward‐looking statements for any reason, even if new information becomes available in the future, except as required by law.

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