Alpha Cognition Inc. Q1 FY2025 earnings call

• Business development: Made progress with ex-U.S. partner CMS Pharmaceuticals for ZUNVEYL in China and other Asian territories, expects territory distribution initiation in H2 2025 and China regulatory submission in Q4 2025; in advanced discussions for another ex-U.S. territory deal. - Patents: Received U.S. patent approval for composition of matter patent coated tablets for pH-dependent release of benzgalantamine, extending protection to 2044; patent extension for early method of use patent expected in Q3 2025. - Commercialization: ZUNVEYL launch off to good start, became reimbursable by Medicare in April, had ~500 bottles ordered by May 9th, ~100 unique accounts placed orders with half reordering, generated ~$1 million in net sales by April 30th, positive feedback from healthcare professionals, multichannel promotional strategy underway with webinars and medical team engagements.

For the first quarter of 2025, Alpha Cognition had initial net product revenues from ZUNVEYL, the treatment for mild to moderate Alzheimer's disease, of $347,000 in the last two weeks of March. Additionally, recognized licensing revenue from the exclusive licensing agreement with CMS Pharmaceuticals was $2.6 million. These are the key revenue contributors for the quarter.

• Reiterates full year 2025 expense guidance in the range of $38 million to $42 million. - No revenue guidance provided at this time.

• Forward-looking statements involve risks and uncertainties, including those in the risk factors section of the company's latest SEC filings. Actual results may differ materially from projected forward-looking statements.

Q: Please give details on repeat prescribers, length-of-time patients on therapy, prior authorization requirement for ZUNVEYL, and contracting evolution?

A: Lauren D'Angelo and Michael McFadden discussed repeat prescribers with over half of 100 unique accounts already reordering, patients on therapy for 1-6 weeks with expectation to stay as long as benefiting, prior authorizations mostly simple check boxes with some requiring specific info, and contracting progressing with key plans waiting to see utilization trends over next quarters.

Q: Interest from outside long-term care setting, early efficacy feedback, and balance sheet for long-term rollout?

A: Lauren D'Angelo mentioned interest from outside long-term care with outreach and follow-up, Michael McFadden and Lauren D'Angelo shared early efficacy feedback on starting dose, no GI adverse events, and Henry Du stated the company is debt-free with a comfortable balance sheet for long-term care rollout.

Q: Penetration in Tier 1 LTC targets, sales force sufficiency, net revenue interpretation, and U.S. policy impact?

A: Lauren D'Angelo discussed penetration expectations in Tier 1 LTC targets, Michael McFadden noted current sales force has 80% coverage with potential small single-digit increases, Lauren D'Angelo explained net revenue interpretation with initial stocking depletion and ongoing orders, and Michael McFadden addressed U.S. policy with no anticipated impact on pricing power in Alzheimer's category and wait-and-see approach on reference pricing developments