Alpha Cognition Inc. Q4 FY2025 earnings call

• Commercial launch progress: Continued sales growth and demand expansion of Zunvel. Further traction in long-term care. Progress on payer access with second signed contract with National PBM. Raised $40 million in Q3 to expand commercial reach and payer engagement. Maintained strong financial foundation for path to operational profitability in 2027. - Real-world studies: Announced three studies in 2026, including Beacon, Converge in long-term care and Resolve in outpatient setting. - R&D: Progress on sublingual formulation, to initiate comparative PK study vs tablet and intranasal in Q2 2026. - Business development: Partner in Asia working through regulatory process, anticipate two strategic product approvals in 2026. - Marketing and sales: Increased field team reach, initiated marketing resources to position Zunvel as treatment of choice, sales force increased and improved marketing efforts.

For the fourth quarter, total revenues were $2.8 million, including net product revenues of $2.5 million from Zunvel. Launched to date through year-end 2025, total revenues were $10.2 million, with net product revenues from Zunvel being $6.8 million. In Q4, 4,941 bottles of Zunvel were dispensed, including 1,859 in December. The sales team reached almost 2,000 nursing homes during the quarter, with nearly 4,000 unique facilities reached to date. Prescribing doctors increased 50% vs Q3, and cumulative homes with prescriptions increased 69% in Q4.

Not providing formal revenue guidance. Expect continued sequential growth in Zunvel sales through 2026 as physician awareness increases and payer access expands. Anticipate full-year 2026 operating expenses to be in the range of $54 million to $58 million.

Q: Ram Saravaju with HC Wainwright asked about anticipated timing for conversion of additional payers, promotion into neurologist prescriber base, clinical development plans for CONVERGE study, and sublingual formulation.

A: Regarding payers, expect acceleration in Q2 and broad implementation in Q3 for downstream accounts. Plan to expand into neurology closer to break even in 2027. CONVERGE study to evaluate polypharmacy, adherence, tolerability, etc. For sublingual, initiate PK comparative study in Q2 2026, expect to enter clinic in early 2027 with modified 505 path.

Q: Dave Storms with StoneGate Capital asked about sales rep expansion, marketing change related to psychiatry customers, and Beacon trial.

A: Sales force expansion is complete, increased sales force to target psychiatry customers and expanded reimbursement team. Marketing shifted to focus more on behavioral messaging while still emphasizing tolerability. Beacon trial to look at Zunvel's tolerability, cognitive and behavioral efficacy, with top-line data expected in Q4 2026.