Alpha Cognition (ACOG) investor relations material

Executive summary

• Achieved strong sales growth in Q3 2025, with ZUNVEYL's commercial launch driving significant expansion in prescriber engagement and long-term care market penetration.

• Revenue growth was fueled by ZUNVEYL product sales and a new licensing agreement with CMS for Asia-Pacific, Australia, and New Zealand.

• Commercial team engaged over 1,850 prescribers and reached more than 600 unique nursing homes, with 605 homes ordering ZUNVEYL and 70% repeat orders.

• ZUNVEYL demonstrated strong tolerability and positive anecdotal clinical outcomes, with low rates of GI adverse events.

• Significant expansion in commercial operations, including increased personnel and marketing costs to support product launch.

Financial highlights

• Q3 2025 revenue totaled $2.8 million: $2.3 million from ZUNVEYL sales and $507,000 from licensing; nine-month 2025 revenue was $7.43 million, with $4.26 million from product sales and $3.17 million from licensing.

• Operating expenses for Q3 were $7.5–$8.2 million, up from $2.5 million in Q3 2024, mainly due to higher SG&A for the commercial launch.

• Operating loss was $5.3 million in Q3 2025; net loss improved to $1.3 million from $1.9 million in Q3 2024, aided by a $3.7 million non-cash gain from derivative liabilities.

• Cash and equivalents stood at $35.4 million as of September 30, 2025, with a pro forma total of $73.2 million after the October capital raise.

• General and administrative expenses rose 201% year-over-year to $19.19 million, mainly due to commercial expansion and share-based compensation.

Outlook and guidance

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

• Full-year 2025 operating expenses now guided to $28–$30 million, reduced from prior guidance due to cost discipline.

• Operational runway extends well into 2027, supporting commercial and corporate priorities; cash runway projected at approximately two years at current operating levels.

• Operating profitability expected in 2027.

• Management anticipates further capital raises, both dilutive and non-dilutive, to support ongoing commercialization and development.