Alpha Cognition Reports Record Third-Quarter 2026 ZUNVEYL Revenue and Expanding Prescriber Adoption, Reaffirms Path to Profitability in 2027
Alpha Cognition Inc., a biopharmaceutical company focused on developing and commercializing novel therapies for debilitating neurodegenerative disorders, has reported its financial results for the third quarter ended September 30, 2026, and provided updates on its commercial, clinical and operational progress. The company highlighted its strongest quarterly performance since launching ZUNVEYL, its oral treatment for Alzheimer’s disease, with significant growth in product revenue, prescription volume and healthcare professional adoption.
During the third quarter of 2026, Alpha Cognition generated approximately $7.8 million in net product revenue from ZUNVEYL, representing approximately 30% growth compared with the second quarter of 2026 and more than 230% growth compared with the third quarter of 2025. The company also reported record prescriber and long-term care facility adoption, while maintaining a focus on commercial efficiency and operating expense discipline.
ZUNVEYL is the first new oral Alzheimer’s treatment to receive approval in more than 15 years. Since its commercial launch, Alpha Cognition has been working to expand physician awareness, prescription adoption and access to the treatment, particularly within long-term care settings.
Michael McFadden, Chief Executive Officer of Alpha Cognition, said the third quarter represented the company’s strongest performance since ZUNVEYL entered the market. He noted that the company achieved substantial demand growth, increased the number of prescribing healthcare professionals and expanded facility adoption while maintaining disciplined spending.
“The third quarter was our strongest quarter since the launch of ZUNVEYL, the first new oral Alzheimer’s treatment approved in more than 15 years,” McFadden said. He added that Alpha Cognition exceeded its original full-year prescriber target one quarter ahead of schedule while improving the productivity of its commercial organization.
According to McFadden, the combination of sustained commercial growth, improving efficiency and disciplined spending supports the company’s objective of reaching operating profitability in 2027.
He also emphasized the importance of generating real-world evidence in the settings where Alzheimer’s patients receive treatment. The company’s CONVERGE program has produced initial findings that support further evaluation of ZUNVEYL’s use in long-term care environments. Together with improving payer access, the growing evidence base is expected to support continued commercial expansion.
ZUNVEYL Revenue and Prescription Demand Continue to Increase
ZUNVEYL delivered approximately $7.8 million in net product revenue during the third quarter of 2026, compared with $6.0 million in the second quarter of 2026. This represented sequential growth of approximately 30%. Revenue was also substantially higher than the $2.3 million reported in the third quarter of 2025, reflecting increased demand and prescription volume.
The company dispensed 10,896 bottles of ZUNVEYL during the third quarter of 2026, compared with 8,294 bottles in the preceding quarter. This represented approximately 31% quarter-over-quarter growth in dispensed bottles.
Across the first six quarters of commercialization, more than 30,000 prescriptions have been filled. The cumulative prescription total reflects the continued expansion of the company’s commercial reach and the increasing adoption of ZUNVEYL among healthcare professionals treating patients with Alzheimer’s disease.
The growth in prescription volume was accompanied by an increase in the number of healthcare professionals prescribing the treatment. Alpha Cognition reported 1,639 prescribing healthcare professionals during the third quarter, compared with 1,347 in the second quarter of 2026, representing approximately 22% sequential growth.
Cumulative prescribing healthcare professionals reached 2,410 by the end of the third quarter, compared with 1,908 as of June 30, 2026. This means the company exceeded its original full-year 2026 goal of approximately 2,000 prescribers three months ahead of schedule.
Based on its commercial progress, Alpha Cognition is now on track to exceed its revised target of 2,500 cumulative prescribers. The company believes that continued expansion of its prescriber network will help support additional demand and strengthen ZUNVEYL’s position in the Alzheimer’s treatment market.
Repeat Prescribing and Commercial Productivity Improve
In addition to attracting new prescribers, Alpha Cognition reported continued engagement among healthcare professionals who have already adopted ZUNVEYL.
Approximately 77% of healthcare professionals who prescribed the treatment during the third quarter placed repeat prescriptions. This compared with approximately 76% in the second quarter of 2026. Across all prescribers since launch, approximately 77% have become repeat prescribers.
Prescription productivity also improved during the quarter. The company reported approximately 6.6 prescriptions per prescriber in the third quarter, compared with approximately 6.2 prescriptions per prescriber in the second quarter.
These figures indicate that commercial growth was supported not only by an expanding prescriber base but also by continued prescribing activity among existing healthcare professionals.
Alpha Cognition’s commercial organization made 6,403 calls during the third quarter. During the same period, the number of quarterly prescribing healthcare professionals increased by approximately 22%. The conversion rate from healthcare professionals contacted by the commercial team to those who became prescribers increased to more than 50%, compared with approximately 35% in the second quarter.
The improvement in conversion suggests that the company’s commercial engagement strategy is becoming more productive. By increasing the proportion of contacted healthcare professionals who adopt ZUNVEYL, Alpha Cognition may be able to expand its prescriber network while improving the efficiency of its commercial resources.
Long-Term Care Facility Adoption and Payer Access Expand
Long-term care facilities remain an important part of Alpha Cognition’s commercial strategy because many individuals living with Alzheimer’s disease receive ongoing care in these settings.
During the third quarter of 2026, a total of 1,419 long-term care facilities generated ZUNVEYL prescriptions. The continued expansion of facility adoption demonstrates the company’s progress in reaching healthcare professionals and care organizations responsible for treating patients with Alzheimer’s disease.
The company also reported progress in payer access. Medicare Part D contracts are now in place with two major pharmacy benefit managers (PBMs), covering approximately 45 million lives. These agreements establish the potential for favorable access parameters as implementation expands through the relevant payer channels.
Where Alpha Cognition’s reimbursement team provides support with the prior authorization process, approximately 95% of prescriptions are being approved. This level of approval highlights the importance of reimbursement assistance in helping patients access prescribed treatment.
The company noted that third-quarter prescription growth was achieved without a meaningful change in formulary access. It believes that continued expansion of payer coverage and implementation of existing agreements could provide an additional source of prescription growth in future quarters.
CONVERGE Real-World Evidence Program Reports Initial Findings
Alpha Cognition announced the first results from CONVERGE, its retrospective real-world evidence program, in October 2026. The program uses longitudinal medication administration data from long-term care facilities to evaluate treatment patterns and outcomes associated with ZUNVEYL.
The initial analysis focused on residents who were new to acetylcholinesterase inhibitor (AChEI) therapy and began treatment at the initial dose. Among these residents, 79.1% of those receiving ZUNVEYL reached a therapeutic dose within 180 days, compared with 37.3% of residents receiving generic AChEIs.
The findings also showed that approximately 80% of ZUNVEYL residents reached a therapeutic dose, whether they were new to treatment or switching from another AChEI. This compared with approximately 54% of residents receiving generic AChEIs.
The analysis also examined changes in the use of other medication classes. ZUNVEYL residents discontinued approximately twice as many medication classes as they added, resulting in a net decrease across all eight classes evaluated. In comparison, residents receiving generic AChEIs added more than twice as many medication classes as they discontinued, producing net increases across all eight classes.
These observations provide additional information about medication patterns among residents in long-term care settings and may help inform future research into treatment management for Alzheimer’s disease.
However, Alpha Cognition emphasized that CONVERGE is a retrospective and unadjusted analysis. The findings do not establish a causal relationship between treatment and the observed outcomes. The analysis was not adjusted for potential differences in resident characteristics, disease severity, treatment selection or facility practices.
The company plans to continue the CONVERGE program, with additional dataset updates expected in December 2026 and March 2027. Publication of the data is anticipated in the first half of 2027.
McFadden said the company is focused on building evidence in real-world care environments, where patients actually receive treatment. He believes the initial CONVERGE results support further investigation of ZUNVEYL and its potential role in long-term care.
RESOLVE Phase 4 Trial Continues Enrollment
Alongside its real-world evidence activities, Alpha Cognition is advancing RESOLVE, an ongoing Phase 4 interventional clinical trial evaluating ZUNVEYL in patients with Alzheimer’s disease who experience behavioral symptoms.
The study is designed to assess the treatment’s effects on tolerability, cognitive outcomes, behavioral outcomes and caregiver burden. By examining these areas, the trial is intended to generate additional evidence about ZUNVEYL’s use in patients with Alzheimer’s disease and the practical considerations associated with treatment in the outpatient setting.
Enrollment in RESOLVE remains ongoing. The company expects the study to be completed in the second quarter of 2027.
The trial is expected to expand Alpha Cognition’s clinical evidence base beyond the long-term care environment and provide additional information about the treatment’s potential use in outpatient care. Evaluating behavioral outcomes and caregiver burden is also relevant because Alzheimer’s disease can affect not only patients’ cognitive function but also daily activities, behavior and the responsibilities of caregivers.
Eleven Scientific Posters Presented at Medical Meetings
Alpha Cognition also reported scientific dissemination activities during the third quarter and early fourth quarter of 2026. The company presented eleven posters containing clinical and real-world analyses related to ZUNVEYL.
Nine posters were presented at the American Society of Consultant Pharmacists Annual Meeting, held from October 29 through November 1, 2026. Two additional BEACON posters were presented at the Neuroscience Education Institute Fall Congress, which took place from November 5 through November 8, 2026.
The analyses covered several areas relevant to Alzheimer’s disease management, including:
- Cognitive outcomes.
- Activities of daily living.
- Neuropsychiatric symptoms.
- Sleep-related outcomes.
- Gastrointestinal tolerability.
- Treatment patterns.
- Psychotropic medication utilization.
These presentations are intended to contribute to the growing body of information about ZUNVEYL and its use in clinical practice. The topics also reflect the broad range of factors that healthcare professionals consider when managing Alzheimer’s disease, including cognitive symptoms, behavioral changes, daily functioning and treatment tolerability.
The company’s continued presentation of clinical and real-world findings at professional meetings is part of its broader effort to increase awareness of ZUNVEYL among clinicians and other healthcare stakeholders.
U.S. Patent Application Published for Proprietary Manufacturing Process
Alpha Cognition also announced that the U.S. Patent and Trademark Office had published the company’s patent application covering its proprietary manufacturing process for benzgalantamine, the active pharmaceutical ingredient associated with ZUNVEYL.
The publication of the patent application represents progress in the company’s intellectual property activities. Proprietary manufacturing processes can be important components of pharmaceutical development because they may support product quality, manufacturing consistency and the protection of specialized production methods.
The company continues to advance its commercial and development strategy for ZUNVEYL while pursuing intellectual property protection related to its manufacturing capabilities.
Third-Quarter 2026 Financial Performance
Alpha Cognition reported approximately $7.8 million in net product revenue for the third quarter of 2026. This compared with $6.0 million in the second quarter of 2026 and $2.3 million in the third quarter of 2025. The increase was primarily driven by higher sales volume as ZUNVEYL adoption expanded.
Cost of product sales, including amortization of intangible assets, was approximately $460,000 during the third quarter of 2026, compared with $168,000 in the same period of 2025.
Despite the increase in product sales costs, gross product margin remained strong at approximately 94% in the third quarter of 2026, consistent with the second quarter of 2026. This compared with a gross product margin of approximately 93% in the third quarter of 2025.
Research and development expenses increased to approximately $1.3 million in the third quarter of 2026, compared with $513,000 in the corresponding period of 2025. The increase reflects the company’s ongoing investment in clinical and development activities.
Sales, general and administrative expenses were approximately $12.4 million for the three months ended September 30, 2026, compared with $5.1 million in the third quarter of 2025. The increase was primarily associated with commercial activities supporting the launch and expansion of ZUNVEYL. SG&A expenses also increased slightly from approximately $11.4 million in the second quarter of 2026.
Total operating expenses reached approximately $13.7 million in the third quarter of 2026, compared with $12.9 million in the second quarter of 2026 and $5.6 million in the third quarter of 2025.
The company reported an operating loss of approximately $6.4 million for the third quarter, compared with an operating loss of $7.1 million in the second quarter of 2026 and $3.4 million in the third quarter of 2025. The sequential improvement reflected revenue growth outpacing the increase in operating spending.
Net Loss, Cash Position and Expense Guidance
Alpha Cognition reported a net loss of approximately $7.6 million, or $0.35 per share, for the third quarter of 2026. This compared with a net loss of approximately $8.2 million, or $0.38 per share, in the second quarter of 2026. In the third quarter of 2025, the company reported net income of approximately $574,000.
The difference between operating loss and net loss in the third quarter of 2026 reflected approximately $1.2 million in net non-operating items. These items primarily included a non-cash charge associated with the change in the fair value of warrant liabilities.
As of September 30, 2026, Alpha Cognition held approximately $37.8 million in cash and cash equivalents, compared with $41.4 million as of June 30, 2026. The company reported that it has no debt.
The quarterly decrease of approximately $3.6 million in cash and cash equivalents included approximately $1.4 million in proceeds from warrant and stock option exercises.
Alpha Cognition reiterated its full-year 2026 research and development and sales, general and administrative expense guidance of $50 million to $54 million.
The company believes its current capital position, together with expected future ZUNVEYL sales and potential milestone payments and royalties, can support its operating plan as it works toward profitability in 2027.
Conference Call and Webcast
Alpha Cognition scheduled a conference call and webcast for November 11, 2026, at 4:30 p.m. Eastern Time to discuss its third-quarter financial results and business developments.
Investors and other interested participants can access the live conference call by dialing 877-407-9039 or 201-689-8470.
A replay of the conference call is expected to become available three hours after the live event through the Events section of Alpha Cognition’s corporate website.
Alpha Cognition’s third-quarter results highlight the company’s progress in expanding ZUNVEYL’s commercial presence, increasing prescriber adoption and developing additional clinical and real-world evidence.
The growth in net product revenue, prescription volume and long-term care facility participation reflects increasing market adoption during the first six quarters of commercialization. The company also exceeded its original full-year prescriber target ahead of schedule and reported improvements in repeat prescribing and commercial conversion.
At the same time, Alpha Cognition is continuing to invest in clinical evidence generation through the CONVERGE real-world program and the RESOLVE Phase 4 trial. Its presentations at medical meetings and publication of manufacturing-related intellectual property further support its broader development and commercial activities.
With payer access agreements covering approximately 45 million lives, high prescription approval rates where reimbursement support is provided and a growing prescriber base, the company believes it is positioned to pursue further commercial expansion.
Management remains focused on maintaining operating discipline while increasing ZUNVEYL revenue. Based on its current commercial progress, financial resources and anticipated future revenue opportunities, Alpha Cognition continues to target operating profitability in 2027.
About Alpha Cognition Inc.
Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients with neurodegenerative diseases, such as Alzheimer’s disease and Cognitive Impairment with mild Traumatic Brain Injury (“mTBI”), for which there are limited or no approved treatment options.
ZUNVEYL is a patented new innovative product being positioned as a next generation acetylcholinesterase inhibitor for the treatment of AD, with expected minimal gastrointestinal side effects. ZUNVEYL’s active metabolite is differentiated from donepezil and rivastigmine in that it binds neuronal nicotinic receptors, most notably the alpha-7 subtype, which is known to have a positive effect on cognition.
ZUNVEYL is in pre-clinical development in combination with memantine to treat moderate to severe AD, in pre-clinical development with sublingual formulation for patients suffering from dysphagia, and is in pre-clinical development for cognitive impairment with mTBI.