Alpha Cognition Inc. (NASDAQ: ACOG) (CSE: ACOG), a biopharmaceutical company focused on developing therapies for neurodegenerative diseases, has released its financial results for the second quarter and six months ending September 30, 2024, along with a corporate update.
Key Updates:
- ZUNVEYL FDA Approval: Alpha Cognition’s FDA-approved Alzheimer’s drug, ZUNVEYL, is a significant advancement for Alzheimer’s patients. The company is preparing for its U.S. market launch in Q1 2025 and exploring international licensing opportunities. Alpha Cognition is expanding its team with expertise in marketing, sales, and product reimbursement to support this launch.
- Commercialization and Supply Chain: The company raised $4.5M in bridge financing to build commercial supply and prepare for launch. Successful stability tests have extended ZUNVEYL’s shelf life to 24 months, ensuring a robust supply chain.
- Preclinical Study: Alpha Cognition continues to make progress in a preclinical study in collaboration with the Seattle Institute for Biomedical and Clinical Research. The study focuses on evaluating the impact of ALPHA-1062 on behavioral and functional deficits following neurotoxic insults.
- NASDAD Listing: The company has completed preparation for its NASDAQ listing, filing an S1 and securing a banking partner for a capital raise to fund commercialization.
- Long-Term Care Market Strategy: Alpha Cognition is positioning ZUNVEYL for success in the Long-Term Care (LTC) market, which accounts for a large portion of U.S. prescriptions for Alzheimer’s drugs.
“We are excited to launch ZUNVEYL, a treatment with dual-action benefits that addresses both cognitive symptoms and tolerability issues. The team is working diligently to ensure ZUNVEYL’s accessibility for patients and healthcare providers,” said Lauren D’Angelo, COO of Alpha Cognition.
Financial Results:
- R&D Expenses: R&D expenses for Q3 2024 were $1.0 million, down from $1.4 million in Q3 2023, due to the completion of clinical trials for ZUNVEYL.
- G&A Expenses: General and administrative expenses for Q3 2024 totaled $1.2 million, up from $0.8 million in Q3 2023, largely due to consulting fees and professional services.
- Net Loss: The company reported a net loss of $1.9 million for Q3 2024, or $0.31 per share, compared to a net loss of $3.3 million in Q3 2023. For the nine months ending September 30, 2024, the net loss was $9.0 million, or $1.51 per share.
- Cash Position: As of September 30, 2024, the company had $3.7 million in cash and equivalents, excluding restricted cash.
- Stock Split: On November 5, 2024, the company completed a reverse stock split at a ratio of 1-for-25, which will affect all future share references.
About Alpha Cognition Inc.
Alpha Cognition is dedicated to developing innovative treatments for patients suffering from Alzheimer’s disease and other neurodegenerative conditions. The company’s lead product, ZUNVEYL, is a novel acetylcholinesterase inhibitor designed to improve cognitive function in Alzheimer’s patients while minimizing common side effects like insomnia and gastrointestinal issues.
