10-Q · May 14, 2026
Alpha Cognition Inc. reported total revenues of $3,533,798 for Q1 2026, marking a 21% increase from $2,928,654 in Q1 2025, driven by significant growth in commercial sales of ZUNVEYL. However, net loss widened to…
Earnings analysis · 10-Q
ACOG earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Q2 2026 revenue of $6.092 million increased approximately 52% sequentially and 205% year over year, and exceeded consensus by approximately 6%, while diluted EPS of negative $0.40 deteriorated sequentially but improved…
Read full summary
Q2 2026 revenue of $6.092 million increased approximately 52% sequentially and 205% year over year, and exceeded consensus by approximately 6%, while diluted EPS of negative $0.40 deteriorated sequentially but improved year over year. Free cash flow remained negative at $6 million, and the company disclosed that all prior financing proceeds had been utilized as of June 30, 2026. The most material concern is that disclosure controls remained ineffective because the previously identified material weakness had not yet been remediated.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.4
What stood out
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Revenue Accelerated and Beat Estimates
Q2 2026 revenue was $6.092 million, up approximately 52% from $4 million in Q1 2026 and approximately 205% from $2 million in Q2 2025. Revenue also exceeded the $5.750 million consensus estimate by approximately 6%.
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EPS Improved Year Over Year
Diluted EPS was negative $0.40 versus negative $0.32 in Q1 2026, a deterioration of $0.08 sequentially, but improved by $0.25 from negative $0.65 in Q2 2025.
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Free Cash Flow Burn Improved Sequentially
Free cash flow was negative $6 million in Q2 2026, improving from negative $12 million in Q1 2026 and matching the negative $6 million reported in Q2 2025.
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Material-Weakness Remediation Underway
The company implemented additional management review controls over reconciliations, variance analyses, and journal-entry approvals during the six months ended June 30, 2026, and engaged external technical accounting specialists.
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Commercialization Investment Continued
The company spent approximately $29.32 million of financing proceeds on commercialization and launch efforts for ZUNVEYL, formerly ALPHA-1062, in Alzheimer’s disease.
What to watch
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Material Weakness Remains Unremediated
Disclosure controls and procedures were not effective as of June 30, 2026 because the previously identified material weakness had not operated for a sufficient period to demonstrate remediation. The weakness includes accounting for warrants and stock-option liabilities, deferred-tax disclosures, and inadequate segregation of duties.
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Financing Proceeds Fully Utilized
The company stated that it had utilized all proceeds from prior financings as of June 30, 2026. Of approximately $46.15 million in net proceeds, cumulative uses included $29.32 million for ZUNVEYL commercialization, $4.13 million for commercial CMC activities, and $11.50 million for working capital and general corporate purposes.
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Ongoing Losses and Cash Burn
The company continues to report substantial cash consumption: free cash flow was negative $6 million in Q2 2026, following negative $12 million in Q1 2026. Continued commercialization spending alongside negative EPS of $0.40 increases dependence on future operating cash generation or external financing.
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Current Margin Disclosure Incomplete
Gross margin was 67.8% in Q2 2025 and operating margin was negative 346.1% in Q2 2025; current-quarter margin figures were not available in the provided filing text, limiting assessment of the profitability trend.
Management's outlook
No quantitative revenue or EPS guidance was identified in the provided 10-Q text. The filing states that all proceeds from prior financings had been utilized as of June 30, 2026.
Earlier filings 4
10-K · March 31, 2026
Alpha Cognition commercially launched ZUNVEYL following FDA approval on July 26, 2024 and an official U.S. launch on March 19, 2025, pursuing a long‑term care (LTC) focused commercialization strategy and international…
10-Q · November 13, 2025
Alpha Cognition reported Q3 revenue of $2,840,858 driven by product sales ($2,334,222) and licensing ($506,636), producing a meaningful sequential and year-over-year revenue increase. Diluted loss per share improved to…
10-Q · August 14, 2025
Alpha Cognition reported its first commercial revenue in Q2 2025 with total revenue of $1,657,687, driven by product sales of $1,576,411 and licensing revenue of $81,276. Despite revenue generation, the company posted a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.