DALLAS, TX -- November 14th, 2025 -- Alpha Cognition Inc. (NASDAQ: ACOG): Stonegate Capital Partners updates their coverage on Alpha Cognition Inc. (NASDAQ: ACOG). Alpha Cognition completed its second quarter of ZUNVEYL® commercialization in 3Q25, with launch momentum accelerating across the U.S. long-term care (LTC) channel. Pharmacy orders grew 102% sequentially, supported by record prescription volumes each month and expanding reach into more than 600 nursing homes, while the prescriber base surpassed 500 clinicians. The LTC-focused field team continued reinforce ZUNVEYL’s differentiated cognitive and behavioral profile alongside a favorable tolerability signal in real-world use. Management’s long-term care call strategy remains central to the launch, with growing evidence of durable adoption and repeat ordering behavior as the brand becomes more embedded in high-volume facilities. 

Company Updates:

ZUNVEYL: In 3Q25, ZUNVEYL generated $2.3M in net product revenue and $0.5M in business development and licensing revenue, for total 3Q revenue of $2.8M and YTD revenue of $7.4M. Early utilization trends, including a doubling of pharmacy orders (q/q), record monthly prescription volumes, and expanding activity across more than 600 nursing homes, support management’s view that LTC penetration remains in the early innings and gave the confidence needed to increase pricing. The commercial team is focused on deepening engagement with prescribers, while support teams are broadening coverage within Medicare and LTC pharmacy networks to sustain prescription growth into 4Q25 and beyond. Management reduced operating spend guidance to $28 to $30M and continues to target operating profitability in 2027. Additionally, the CMS collaboration provides a pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, supporting our expectation for ex-U.S. revenues beginning as early as FY26.

R&D: The Company is building a broader NDD platform around ZUNVEYL and ALPHA 1062. The Department of Defense funded Bomb Blast preclinical study in repetitive mild traumatic brain injury showed reduced neuroinflammation and neuropathology, supporting further intranasal and other ALPHA 1062 formulations. A sublingual ALPHA 1062 for patients with dysphagia or aphasia remains on track for formulation completion and taste testing in 1Q26, followed by a comparative PK study and an IND filing in 1H26, while a U.S. patent granted in January 2025 extends ZUNVEYL protection to 2044 and strengthens the Company intellectual property position. The Company also announced 3 new studies expected to take place over the next year, giving further data points to ZUNVEYL.

Financial Performance and Balance Sheet: Total revenue in 3Q25 was $2.84M compared with no revenue in the prior year as the Company entered its first full launch year. R&D declined while SG&A rose to $6.9M from $1.5M, and Alpha Cognition reported an operating loss of $5.3M and a net loss of $1.3M versus a $1.9M net loss a year ago. Cash and equivalents were $35.4M at quarter end, and an October 2025 equity offering added ~$37.8M in net proceeds, bringing pro forma cash to about $73.2M and extending runway to roughly two years, supplemented by a $75M ATM facility for additional financing flexibility.

Valuation: We use a DCF Model to guide our valuation. Our DCF analysis produces a valuation range of $26.93 to $35.68 with a mid-point of $30.76.

About Stonegate
Stonegate Capital Partners is a leading capital markets advisory firm providing investor relations, equity research, and institutional investor outreach services for public companies. Our affiliate, Stonegate Capital Markets (member FINRA) provides a full spectrum of investment banking services for public and private companies.

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