Alpha Cognition Inc. (OTCQB: ACOG) (CSE: ACOG) has announced its financial results for the second quarter and six months ending June 30, 2024, along with a corporate update.
CEO Michael McFadden highlighted the FDA’s approval of ZUNVEYL, a major achievement for Alzheimer’s disease treatment, marking a significant milestone for the company. ZUNVEYL, the second oral therapy approved this decade, aims to address gastrointestinal issues associated with Alzheimer’s medications while offering a long-term efficacy profile. The company is now preparing for its commercial launch.
Key Business Developments:
- FDA approval for ZUNVEYL® (formerly ALPHA-1062) for mild-to-moderate Alzheimer’s disease.
- Progress in pre-clinical studies assessing ALPHA-1062’s impact on behavioral and functional deficits.
- Advancing commercialization efforts for the Long-Term Care (LTC) market segment.
Financial Highlights:
- R&D Expenses: $0.9 million (Q2 2024) and $1.9 million (H1 2024), down from $1.3 million and $2.4 million in 2023.
- G&A Expenses: $1.2 million (Q2 2024) and $4.4 million (H1 2024), up from $0.6 million and $1.3 million in 2023, due to increased consulting and management fees.
- Share-Based Compensation: $0.2 million (Q2 2024) and $0.5 million (H1 2024), compared to $0.8 million and $1.0 million in 2023.
- Derivative Liability: Revalued to $946,105 as of June 30, 2024.
- Net Loss: $2.1 million (Q2 2024) and $7.1 million (H1 2024), compared to $2.8 million and $4.7 million in 2023.
- Cash: $1.0 million as of June 30, 2024.
- Shares Outstanding: 150,505,536 as of June 30, 2023.
About Alpha Cognition Inc.
Alpha Cognition is focused on developing novel treatments for neurodegenerative diseases, including Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (mTBI). ZUNVEYL, a new-generation acetylcholinesterase inhibitor, is designed to improve tolerability and efficacy compared to existing treatments.
