Alpha Cognition (ACOG) Q2 2026 earnings summary

Executive summary

• Q2 2026 saw strong commercial execution for ZUNVEYL, with net product revenue rising 71% quarter-over-quarter to $6.0 million and 268% year-over-year to $6.1 million, driven by increased prescription volume, prescriber adoption, and long-term care penetration.

• Bottles dispensed grew 37% sequentially to 8,294, with monthly demand peaking at 2,997 in June.

• Prescriber base expanded 26% to 1,347, with 76% of Q2 writers placing repeat prescriptions and long-term care facility penetration reaching 1,095 homes.

• Strategic priorities remain on track, aiming for operating profitability in 2027, supported by positive clinical evidence and disciplined investment in commercialization and evidence generation.

• Cash and cash equivalents stood at $41.4 million as of June 30, 2026, supporting ongoing commercial and clinical expansion.

Financial highlights

• Q2 2026 product revenue was $6.0 million (up from $1.6–$1.7 million in Q2 2025), with gross margin at 94% and cost of product sales at $0.4 million.

• Operating expenses were $13.5 million, including $11.5 million SG&A and $2 million R&D.

• Net loss for Q2 2026 was $8.8 million ($0.40 per share), improved from $13.2 million ($0.82 per share) in Q2 2025.

• Cash and cash equivalents at June 30, 2026, were $41.4 million, with working capital of $51.5 million.

• Licensing revenue for Q2 2026 was $51K, down from $81K in Q2 2025.

Outlook and guidance

• Full-year 2026 operating expense guidance lowered to $50–$54 million, reflecting improved efficiency.

• Management expects continued commercial growth, payer expansion, and disciplined capital allocation to support operating profitability in 2027.

• Expense guidance for 2027 will be provided at the end of 2026 or early 2027.

• Topline data from the CONVERGE study expected in Q3 2026; RESOLVE trial completion anticipated in Q2 2027.