Alpha Cognition's ZUNVEYL Shows Accelerating Growth in Long-Term Care Market

Alpha Cognition Inc. (NASDAQ: ACOG) reported accelerating commercial momentum for its Alzheimer's treatment ZUNVEYL during the third quarter of 2025, with pharmacy orders growing 102% sequentially and expanding reach to more than 600 nursing homes across the United States. The company's long-term care focused commercialization strategy appears to be gaining traction, supported by record monthly prescription volumes and a prescriber base that has surpassed 500 clinicians.

The company generated $2.8 million in total revenue for the quarter, consisting of $2.3 million in net product revenue from ZUNVEYL sales and $0.5 million in business development and licensing revenue. Year-to-date revenue reached $7.4 million, marking significant progress as the company enters its first full launch year following product commercialization. Management expressed confidence in the early utilization trends, noting that the doubling of pharmacy orders and expanding nursing home penetration support their view that long-term care market penetration remains in the early stages.

Alpha Cognition's commercial strategy centers on deepening engagement with prescribers while broadening coverage within Medicare and long-term care pharmacy networks to sustain prescription growth into the fourth quarter and beyond. The company's field team continues to reinforce ZUNVEYL's differentiated cognitive and behavioral profile alongside favorable tolerability signals in real-world use. Management has reduced operating spend guidance to $28-30 million and maintains its target of achieving operating profitability by 2027.

The company's research and development efforts are expanding beyond the current product, with the Department of Defense funding a Bomb Blast preclinical study in repetitive mild traumatic brain injury that showed reduced neuroinflammation and neuropathology. This supports further development of intranasal and other ALPHA 1062 formulations. A sublingual version of ALPHA 1062 for patients with dysphagia or aphasia remains on track for formulation completion and taste testing in the first quarter of 2026, followed by a comparative pharmacokinetic study and Investigational New Drug filing in the first half of 2026.

Financially, Alpha Cognition reported an operating loss of $5.3 million and a net loss of $1.3 million for the quarter, compared to a $1.9 million net loss in the prior year period. Research and development expenses declined while selling, general and administrative costs rose to $6.9 million from $1.5 million, reflecting the company's increased commercial activities. The company ended the quarter with $35.4 million in cash and equivalents, and an October 2025 equity offering added approximately $37.8 million in net proceeds, bringing pro forma cash to about $73.2 million and extending the company's financial runway to roughly two years.

Internationally, the collaboration with CMS provides a pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, supporting expectations for ex-U.S. revenues beginning as early as fiscal year 2026. The company also strengthened its intellectual property position with a U.S. patent granted in January 2025 that extends ZUNVEYL protection to 2044. Three new studies are expected to take place over the next year, providing additional data points for ZUNVEYL's clinical profile and potential applications.