Alpha Cognition Inc. Q3 FY2025 earnings call

• Sales growth: Third quarter saw sales growth of ZUNVEYL, with ex-factory purchases rising 44% vs Q2, and demand sales bottles dispensed up 102% vs Q2.
• Commercial launch: Engaged 2,038 homes in Q3, with 605 homes ordering ZUNVEYL, 70% repeating orders. Field team engaged 1,850 prescribers, 576 wrote orders in Q3 with 62% writing multiple orders.
• Medical activities: Medical team had 7 abstracts accepted for publication, with poster presentations at various conferences.
• R&D: Initiating 2 studies in LTC (CONVERGE and BEACON) and a prospective registry trial (RESOLVE) in 2026.
• Business development: CMS Pharma filed in China for approval, accepted for review with 18-month process. Sublingual formulation work to complete in Q1 2026, with PK study and IND submission planned.
• Expense management: Managing expenses judiciously while preparing for long-term care market opportunities.

For the third quarter of 2025, Alpha Cognition generated total revenue of $2.8 million. This included $2.3 million in net product sales from the lead commercial product ZUNVEYL and $507,000 in licensing revenue from the collaboration with CMS Pharma. ZUNVEYL contributed 82.14% of the total revenue (calculated as $2.3 million divided by $2.8 million).

• Expect continued sequential growth in ZUNVEYL sales as awareness and payer access expand through 2026.
• Full year 2025 operating expenses expected to be in the range of $28 million to $30 million, a reduction from prior guidance due to cost discipline.

Q: What's the current status of contracting discussions for ZUNVEYL and number of GPOs with agreements?

A: Highly focused on key Medicare plans/PBMs. One plan under contract, close to finalizing another by end of quarter, with downstream accounts to be covered in Q1/Q2 2026.

Q: Details on 15% coverage and unique prescribers for ZUNVEYL?

A: 15% of lives covered without restriction for one plan, with 576 prescribers in Q3, 62% writing multiple orders. 605 homes ordered ZUNVEYL, 70% repeating, 15% new in September.

Q: Comments on key marketing messages resonating with prescribers and pushback?

A: Key messages on impact on behaviors and no impact on sleep. Pushback mainly on payer obstacles, with focus on growing reimbursement support team.

Q: Details on 10-milligram dosage demand and sales cycle?

A: 50-50 split between 5mg and 10mg in Q3, faster titration due to product tolerability. Sales cycle starts slow with frail population, but accelerates once providers try the product.