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Alpha Cognition Inc
(NASDAQ:ACOG)
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Rating:55Neutral
Price Target:
$10.00
▲(6.27% Upside)
Action:Reiterated
Date:08/18/26
The score is held back primarily by weak financial quality—large ongoing losses and significant negative free cash flow despite improving revenue—creating continued financing/dilution risk. Offsetting this are strong technical uptrend signals and a generally positive earnings-call setup (rapid sequential revenue growth, very high gross margins, and lowered operating expense guidance), though payer access frictions and GTN pressure remain meaningful near-term constraints.
Positive Factors
Commercial growth and adoption
Rapid sequential product revenue and bottle growth indicate expanding commercial adoption rather than dependence on a single initial launch period. Rising prescriber, customer, and facility activity can create a broader recurring revenue base as the company continues converting demand into durable utilization.
Negative Factors
Persistent cash burn and losses
Substantial operating losses and worsening negative cash flow show that the business is not yet self-funding despite revenue growth. Continued outflows increase reliance on external financing, creating dilution and execution risk if commercialization proceeds more slowly than planned or profitability is delayed.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial growth and adoption
Rapid sequential product revenue and bottle growth indicate expanding commercial adoption rather than dependence on a single initial launch period. Rising prescriber, customer, and facility activity can create a broader recurring revenue base as the company continues converting demand into durable utilization.
Read all positive factors
Alpha Cognition Inc (ACOG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$196.87M
Dividend YieldN/A
Average Volume (3M)101.47K
Price to Earnings (P/E)―
Beta (1Y)1.94
Revenue Growth232.74%
EPS Growth31.08%
CountryUS
Employees71
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-1.09
Shares Outstanding21,777,868
10 Day Avg. Volume85,306
30 Day Avg. Volume101,472
Financial Highlights & Ratios
PEG Ratio0.13
Price to Book (P/B)1.84
Price to Sales (P/S)11.24
P/FCF Ratio-5.56
Enterprise Value/Market Cap0.59
Enterprise Value/Revenue7.59
Enterprise Value/Gross Profit8.44
Enterprise Value/Ebitda-4.21
Forecast
1Y Price Target
$17.50Price Target Upside85.97% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering4
EPS Forecast (FY)-1.32
Revenue Forecast (FY)$25.71M
Alpha Cognition Inc Business Overview & Revenue Model
Company Description
Alpha Cognition Inc., a biopharmaceutical company, engages in the development of treatments for patients suffering from neurodegenerative diseases in the United States and Canada. The company's commercial development program includes ZUNVEYL oral ...
How the Company Makes Money
Alpha Cognition’s ability to generate recurring commercial revenue is null because, as a clinical-stage biopharmaceutical company, it generally does not have approved products for sale. Its funding and cash inflows typically come from capital-rais...
Alpha Cognition Inc Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Dec 01, 2026
Earnings Call Sentiment Positive
The call emphasized strong commercial momentum for ZUNVEYL: rapid sequential revenue growth (71% QoQ), healthy gross margins (~94%), improving net loss, robust organic demand (37% bottle growth) and encouraging prescriber/facility repeat metrics. Management is deliberately investing to scale commercial capabilities and evidence generation (BEACON positive; CONVERGE topline expected Q3). Key challenges are slower-than-expected payer/formulary activation, limited contracted coverage (~16%), and dependence on upcoming data and policy-driven plan behavior; the company remains unprofitable but projects operating profitability in 2027. On balance, the positive commercial execution and financial improvements outweigh the access and timing headwinds, with upside from future payer conversions.Positive Updates
Strong Sequential Revenue Growth
Q2 2026 net product revenue for ZUNVEYL was approximately $6.0M, representing ~71% quarter-over-quarter growth versus Q1 2026 (Q1 ~$3.5M). Total revenue for the quarter was $6.1M versus $1.7M in the prior year period.
Negative Updates
Slow Payer/Formulary Activation
Broad formulary activation has not materialized at scale; downstream plan implementation in Q2 was roughly consistent with Q1. Management characterizes payer access expansion as the most significant near-term friction point and a timing (not demand) issue.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Sequential Revenue Growth
Q2 2026 net product revenue for ZUNVEYL was approximately $6.0M, representing ~71% quarter-over-quarter growth versus Q1 2026 (Q1 ~$3.5M). Total revenue for the quarter was $6.1M versus $1.7M in the prior year period.
Read all positive updates
Company Guidance
Management lowered full‑year 2026 operating expense guidance to $50–$54M (from $54–$58M) and reiterated a target of achieving operating profitability in 2027, saying 2027 expense guidance will be provided at the start of 2027 or in late Q4; near‑term milestone timing guidance included CONVERGE top‑line data in Q3 2026, RESOLVE study completion in Q2 2027 with data in summer/fall 2027, and sublingual PK/peak data in Q3 2026 to set that program’s path. They cited supporting Q2 metrics—$6M net product revenue (+71% sequential), ~8.29k bottles (+37% Q/Q), GAAP gross product margin ~94%, Q2 operating spend $13.5M (SG&A $11.5M, R&D $2M), net loss $8.8M, cash $41.4M and working capital ≈$51.5M—and noted GTN around 74%, emphasizing that payer wins remain upside to the plan.Alpha Cognition Inc Financial Statement Overview
Summary
Income Statement
24
Negative
Balance Sheet
62
Positive
Cash Flow
18
Very Negative
| Breakdown | TTM | Dec 2025 | Mar 2025 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 15.26M | 10.22M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 13.72M | 8.30M | 0.00 | 0.00 | 0.00 | 0.00 |
| EBITDA | -27.49M | -22.66M | -14.37M | -13.62M | -15.92M | -24.12M |
| Net Income | -23.44M | -20.67M | -14.64M | -13.77M | -16.28M | -24.91M |
Balance Sheet | ||||||
| Total Assets | 64.52M | 79.73M | 50.74M | 2.45M | 3.97M | 16.42M |
| Cash, Cash Equivalents and Short-Term Investments | 41.38M | 66.11M | 48.55M | 1.49M | 2.80M | 14.40M |
| Total Debt | 0.00 | 0.00 | 911.46K | 1.22M | 1.63M | 1.37M |
| Total Liabilities | 11.56M | 17.20M | 9.27M | 7.16M | 5.74M | 4.91M |
| Stockholders Equity | 52.96M | 62.53M | 41.46M | -4.71M | -1.77M | 11.51M |
Cash Flow | ||||||
| Free Cash Flow | -31.22M | -20.67M | -7.78M | -8.73M | -12.42M | -12.67M |
| Operating Cash Flow | -30.91M | -20.38M | -7.76M | -8.73M | -12.42M | -12.59M |
| Investing Cash Flow | -6.23M | -293.49K | -26.70K | 0.00 | -6.55K | 585.47K |
| Financing Cash Flow | 39.08M | 38.21M | 54.85M | 8.16M | 33.30K | 18.96M |
Alpha Cognition Inc Technical Analysis
Negative
9.41
Price Trends
8.99
Negative
8.06
Positive
6.99
Positive
Market Momentum
0.02
Negative
48.21
Neutral
53.22
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ACOG, the sentiment is Negative. The current price of 9.41 is above the 20-day moving average (MA) of 8.84, above the 50-day MA of 8.99, and above the 200-day MA of 6.99, indicating a neutral trend. The MACD of 0.02 indicates Negative momentum. The RSI at 48.21 is Neutral, neither overbought nor oversold. The STOCH value of 53.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ACOG.
Alpha Cognition Inc Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $196.87M | -8.28 | -45.33% | ― | 232.74% | 31.08% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $154.76M | -1.30 | -136.27% | ― | ― | 27.94% | |
48 Neutral | $83.39M | -4.57 | -50.17% | ― | ― | 70.27% | |
46 Neutral | $254.43M | -4.82 | -99.17% | ― | -33.68% | 4.48% | |
44 Neutral | $138.12M | -5.70 | -21.11% | ― | ― | 73.28% | |
42 Neutral | $232.25M | -1.89 | -531.04% | ― | -82.91% | 6.27% |
* Healthcare Sector Average
ACOG
Alpha Cognition Inc
8.84
1.80
25.57%
AVXL
Anavex Life Sciences
1.51
-7.11
-82.48%
ACIU
AC Immune SA
2.45
-1.02
-29.39%
ALEC
Alector
2.08
-0.96
-31.58%
ABOS
Acumen Pharmaceuticals
2.02
-0.10
-4.72%
CGTX
Cognition Therapeutics
0.86
-0.94
-52.44%
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.