Alpha Cognition Reports Strong Fiscal 2025 Results, Highlights Growing Momentum for ZUNVEYL and Strategic Progress Toward Profitability
Alpha Cognition ,a biopharmaceutical company focused on developing innovative treatments for neurodegenerative diseases, has reported its financial results for the fourth quarter and full year ended December 31, 2025. The company also provided a comprehensive operational update, underscoring significant commercial progress, expanding market access, and continued advancement of its lead Alzheimer’s therapy, ZUNVEYL.
The results reflect a year of meaningful transition for Alpha Cognition as it moved further into the commercial stage, strengthened its financial position, and built momentum for long-term growth. The company’s leadership emphasized that 2025 marked a pivotal period defined by strong execution, increasing demand, and strategic investments aimed at supporting sustained adoption of its flagship product.
Strong Financial Performance and Revenue Growth
Alpha Cognition reported fourth quarter 2025 net product revenue of $2.5 million from ZUNVEYL, contributing to total full-year revenue of $10.2 million. This annual figure includes $6.8 million in net product revenue and $3.4 million in licensing revenue, highlighting a balanced revenue stream as the company continues to scale its commercial operations.
The steady growth in revenue reflects increasing physician adoption and broader penetration within the long-term care market. ZUNVEYL’s performance since launch has demonstrated encouraging traction, particularly as awareness grows and payer access improves.
Accelerating Demand and Prescription Growth
Demand for ZUNVEYL showed strong upward momentum during the fourth quarter. The company reported that 4,941 bottles were dispensed, representing a 62% increase compared to the previous quarter. Notably, December emerged as the strongest month since the product’s launch, with 1,859 bottles dispensed, signaling accelerating uptake and growing confidence among prescribers.
In addition to increased dispensing volumes, Alpha Cognition saw a meaningful expansion in its prescriber base. The number of prescribing clinicians grew by 50% during the quarter, reflecting broader engagement and acceptance within the medical community. Furthermore, the number of long-term care facilities prescribing ZUNVEYL increased by 26%, indicating that the therapy is gaining traction as part of routine patient management rather than being limited to initial trial use.
This trend toward repeat prescribing is particularly significant, as it suggests that clinicians are observing positive outcomes and are increasingly integrating ZUNVEYL into ongoing treatment regimens for Alzheimer’s patients.
Expanding Commercial Reach and Market Access
Alpha Cognition continued to expand its commercial footprint throughout 2025. During the fourth quarter alone, the company’s sales team reached 1,986 long-term care facilities, bringing total engagement to approximately 4,000 unique facilities since the product’s launch. This broad outreach has played a critical role in driving awareness and supporting adoption across key care settings.
A major milestone achieved during the quarter was the execution of a second national pharmacy benefit manager (PBM) contract. With this agreement, Alpha Cognition now has partnerships with two of the four major PBMs serving the long-term care market. These agreements are expected to improve reimbursement pathways and facilitate greater patient access to ZUNVEYL.
The company believes that continued progress in payer coverage will be a key driver of growth in 2026, as improved “payer pull-through” enables more patients to access the therapy without significant barriers.
Leadership Perspective on Commercial Progress
Michael McFadden, Chief Executive Officer of Alpha Cognition, highlighted the company’s achievements and outlook, noting that 2025 was a year of strong commercial execution.
He emphasized that ZUNVEYL, the first new oral Alzheimer’s treatment approved in over 15 years, has demonstrated encouraging performance since its launch. According to McFadden, the fourth quarter showed particularly strong demand, with December setting a new benchmark for monthly sales.
He also pointed to rising repeat orders as a key indicator of success, suggesting that ZUNVEYL is moving beyond initial adoption and becoming embedded in routine care for patients in long-term care settings. Additionally, he noted that consistent clinical feedback regarding the drug’s tolerability and behavioral profile has further supported its growing acceptance among healthcare providers.
Looking ahead, McFadden expressed confidence in the company’s ability to sustain growth, driven by improved payer access, expanded commercial efforts, and ongoing clinical validation.
Advancing Clinical and Real-World Evidence
In parallel with its commercial expansion, Alpha Cognition continues to invest in building a robust body of clinical and real-world evidence to support ZUNVEYL’s long-term positioning.
The company is currently enrolling patients in the BEACON study, which is designed to evaluate the real-world effectiveness of ZUNVEYL in long-term care settings. This study focuses on key outcomes such as cognition, behavior, and tolerability, providing valuable insights into how the therapy performs outside of controlled clinical trials.
In addition, Alpha Cognition plans to initiate several new studies aimed at further strengthening its evidence base:
- The CONVERGE study, a retrospective analysis involving approximately 400 patients, will examine real-world data related to dosing, tolerability, and polypharmacy in long-term care Alzheimer’s patients.
- The RESOLVE study, a Phase 4 clinical trial, will assess ZUNVEYL’s impact on behavioral symptoms and overall tolerability in Alzheimer’s disease patients. The results are expected to support future regulatory discussions and inform physicians and payers.
These initiatives reflect the company’s commitment to generating comprehensive data that can guide clinical decision-making and support broader adoption.
Pipeline Innovation and Future Opportunities
Beyond its current formulation, Alpha Cognition is also advancing a sublingual version of ZUNVEYL, which is currently in preclinical development. The company plans to move this formulation into clinical trials in 2026.
This innovation is particularly significant for Alzheimer’s patients who experience dysphagia (difficulty swallowing) or aphagia, conditions that can limit their ability to take oral medications. If approved, the sublingual formulation could address a critical unmet need and expand the therapy’s reach to a broader patient population.
Additionally, Alpha Cognition expects to achieve two product approvals outside the United States through its partner CMS in Asia, further extending its global footprint.
The company has also strengthened its intellectual property portfolio with the issuance of an additional U.S. patent covering ZUNVEYL dosing regimens, reinforcing its competitive position.
Expense Profile and Financial Position
As Alpha Cognition continues its transition to a commercial-stage company, its expense profile reflects increased investment in infrastructure and market expansion.
For the full year 2025:
- Research and development expenses were $1.9 million, down from $3.9 million in 2024, as the company shifted focus from early-stage development to commercialization.
- Selling, general, and administrative (SG&A) expenses rose to $29.1 million, compared to $8.0 million in the prior year, driven by investments in personnel, sales operations, and commercial infrastructure.
- Operating loss increased to $22.7 million, compared to $12.0 million in 2024.
- Net loss totaled $20.7 million, compared to $14.8 million in the previous year, with some offset from favorable changes in the fair value of warrant liabilities.
Despite higher expenses, the company significantly strengthened its balance sheet. Alpha Cognition ended 2025 with $66 million in cash and cash equivalents, up from $48.5 million at the end of 2024. This improvement was supported by a $40 million capital raise completed in October 2025.
Based on its current operating plan, the company expects its cash reserves to provide a runway of approximately two years, supporting ongoing commercialization efforts and clinical development initiatives.
Path Toward Profitability
Alpha Cognition remains focused on achieving operating profitability by 2027, a goal supported by its growing revenue base, expanding market access, and disciplined financial management.
The company believes that continued growth in ZUNVEYL adoption, combined with improved payer coverage and additional clinical validation, will drive revenue expansion in the coming years. At the same time, strategic investments in commercialization and pipeline development are expected to position the company for long-term success.
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.
