Earnings

Alpha Cognition's ZUNVEYL Sales Reach $7.75 Million

The Tip Desk · November 13, 2026 · 3 min read

Product sales, net, were $7.75 million in the three months ended September 30, 2026, as the company posted $7.78 million of total revenue and a $7.62 million net loss.

Alpha Cognition (ACOG), a commercial-stage biopharmaceutical company selling ZUNVEYL for Alzheimer’s disease, reported product sales, net, of $7.75 million for the three months ended September 30, 2026, up from $2.33 million a year earlier. Total revenue was $7.78 million.

The company said the increase was primarily attributable to higher prescription volume from increased utilization of ZUNVEYL. Volume rose 215% versus the year-ago quarter. Average wholesale acquisition cost rose to $869.36 a bottle from $788.83, which the company said added 21% to gross product sales.

Those gains were partly offset by higher gross-to-net deductions, including government and commercial rebates, chargebacks, and distribution-related fees. GTN deductions were 25.5% of gross product sales, compared with 21.9% a year earlier, and totaled $2.66 million. The company attributed the mix shift to distribution service fees, Medicare Part D Manufacturer Discount Program obligations, government rebates, and chargebacks, as well as changes in payer mix, channel mix, and patient-support-program use.

Licensing revenue was $27,043, down from $506,636 a year earlier. The company said the amounts related to regulatory, technical, and clinical assistance to CMSI.

Gross profit was $7.29 million. Cost of product sales, excluding amortization of intangible assets, was $372,097. Amortization of intangible assets was $87,998.

The operating loss was $6.43 million. Selling, general and administrative expenses were $12.38 million. The company said the year-over-year increase included $2.4 million more in employee costs from more sales representatives and administrative support, $1.6 million more in marketing and commercial operations including a speaker bureau program, about $0.3 million more in FDA user fees, $1.0 million more in other general and administrative expenses, and $2.0 million more in stock-based compensation from graded vesting of equity awards issued in fiscal 2025 and 2026.

Research and development expenses were $1.34 million. The company said the year-over-year increase was attributable to time allocated in employee and management costs for the dissolvable tablet and clinical studies.

Net loss was $7.62 million, or $8.19 million worse than the $574,380 net income a year earlier. Other income (expense) included a $1.52 million loss on warrant liabilities, versus a $3.67 million gain a year earlier, which the company said primarily resulted from changes in the common-stock price. Interest income, net, was $357,993.

Cash and cash equivalents were $37.80 million as of September 30, 2026, down from $41.38 million at June 30. Current liabilities were $8.04 million. The accumulated deficit was $118.91 million.

Management said it has sufficient working capital to meet liabilities and commitments as planned, and that it will need to raise additional capital for planned research and development, continued commercialization of ZUNVEYL, and operating costs. Possible sources include an at-the-market facility, private placements, public offerings, warrant and option exercises, partnership royalties, and debt. The company said it is contemplating dilutive and non-dilutive strategic capital to execute commercialization and operating plans.

The company said it expects revenue from commercial sales of ZUNVEYL to continue to grow over the year as it expands its sales force and implements its sales strategy, and that cost of product sales will continue to increase with expected higher sales. Cost of licensing revenue is expected to continue to decrease until CMSI agreement requirements are fulfilled.

ZUNVEYL launched on March 19, 2025. The company targets high-volume nursing homes specializing in Alzheimer’s disease through a long-term-care sales team, Medicare payor positioning, and partnerships with consultant pharmacists and long-term-care pharmacies. It also lists two pre-clinical programs: ZUNVEYL in combination with memantine for moderate-to-severe Alzheimer’s disease, and ALPHA-1062IN for mild-moderate Alzheimer’s disease and cognitive impairment with mild traumatic brain injury.