Alpha Cognition Inc. Reports $1.66 Million Revenue in Q2 2025, Despite Increased Net Loss

Alpha Cognition Inc. reported its financial results for the second quarter of 2025, revealing a total revenue of $1.66 million, a significant increase from zero revenue in the same period last year. This revenue was primarily driven by product sales of $1.58 million and licensing revenue of $81,276. For the first half of 2025, the company generated total revenue of $4.59 million, compared to no revenue in the first half of 2024. Despite this growth, Alpha Cognition recorded a net loss of $10.49 million for the quarter, a substantial increase from a loss of $2.12 million in the prior year, and a total loss of $12.50 million for the first half of 2025, compared to $7.12 million in the same period of 2024.

The company's financial position showed a decline in total assets, which decreased to $45.12 million as of June 30, 2025, down from $50.74 million at the end of 2024. Cash and cash equivalents also fell to $39.41 million from $48.55 million. Current liabilities decreased slightly to $3.04 million from $3.35 million, while total liabilities rose to $13.23 million, up from $9.27 million at the end of 2024. The increase in liabilities was primarily attributed to warrant liabilities, which rose significantly to $9.84 million from $5.82 million.

Strategically, Alpha Cognition launched its product ZUNVEYL in March 2025, targeting long-term care facilities specializing in Alzheimer’s disease. The company has set a Wholesale Acquisition Cost (WAC) of $749 per month for ZUNVEYL, aiming to balance patient access with the value of its innovative treatment. The company is also pursuing additional pre-clinical development programs, including formulations for moderate-to-severe Alzheimer’s disease and cognitive impairment related to mild traumatic brain injury.

Operationally, Alpha Cognition's employee headcount has increased as the company expands its commercial operations. The company reported a significant rise in selling, general, and administrative expenses, which totaled $6.54 million for the quarter, up from $1.43 million in the same period last year. This increase reflects the costs associated with the launch of ZUNVEYL and the expansion of its commercial team. The company is also actively seeking additional funding to support its ongoing operations and commercialization efforts, indicating a reliance on external financing to meet its future capital needs.

Looking ahead, Alpha Cognition anticipates continued growth in revenue as it expands its market presence with ZUNVEYL and explores additional product candidates. However, the company acknowledges the risks associated with obtaining sufficient funding and achieving market acceptance for its products. The management remains optimistic about the potential for future revenue generation and is focused on executing its commercialization strategy while managing its financial resources effectively.