Financial Performance - The Company reported total revenue of $2,840,858 for the three months ended September 30, 2025, representing a 100% increase compared to the previous year[116]. - Total revenue for the nine months ended September 30, 2025, was $7,427,199, a 100% increase compared to $0 in the same period of 2024[117]. - The net loss for the period was $1,318,074, a 29% improvement compared to a net loss of $1,859,906 in the same quarter of the previous year[116]. - Net loss for the nine months ended September 30, 2025, was $(13,813,569), a 54% increase compared to $(8,978,129) in the same period of 2024[117]. - Net loss per share, basic, improved to $(0.86) for the nine months ended September 30, 2025, from $(1.51) in the same period of 2024, representing a 43% reduction[117]. Expenses - Total operating expenses increased by 228% to $8,152,844, driven primarily by a 372% rise in selling, general, and administrative expenses, which reached $6,945,804[116]. - Research and development expenses decreased by $1,581,722, or 55%, from $2,879,945 for the nine months ended September 30, 2024, to $1,298,223 for the same period in 2025[119]. - General and administrative expenses increased by $12,804,708, or 201%, from $6,380,453 for the nine months ended September 30, 2024, to $19,185,161 for the same period in 2025[122]. - Cash used in operating activities increased by 147% to $13,473,949 for the nine months ended September 30, 2025, compared to $5,451,927 in the same period of 2024[140]. - Net loss increased by $5,047,869, primarily due to an increase in employee costs by approximately $8.3 million and non-cash share-based compensation by approximately $3.2 million[141]. Cash and Financing - Cash and cash equivalents stood at $35,457,299, with current liabilities of $6,830,223 as of the same date[108]. - The company expects to rely on debt and equity raises to finance ongoing operations and commercialization of ZUNVEYL, with a risk of financing not being available on favorable terms[127]. - Cash used in investing activities was $145,966 for the nine months ended September 30, 2025, compared to $nil in the same period of 2024, related to equipment acquisition for commercial activity expansion[142]. - Cash provided by financing activities decreased by $7,217,621, with proceeds of $1,384,066 from the exercise of options and warrants during the nine months ended September 30, 2025[143]. - The company completed a public offering of common shares on November 13, 2024, raising approximately $50 million by issuing 8,695,653 common shares at a price of $5.75 per share[133]. Product Development and Commercialization - ZUNVEYL was launched on March 17, 2025, with a Wholesale Acquisition Cost set at $820 per month, aimed at enhancing patient access[104]. - The company received FDA approval for its product ZUNVEYL in July 2024, leading to increased commercial activity and associated costs[141]. - ALPHA-0602 has received Orphan Drug Designation from the FDA for the treatment of ALS, which provides exclusivity provisions upon approval[106]. - The company anticipates substantial increases in expenses related to the commercialization of ZUNVEYL and ongoing clinical trials following FDA approval in July 2024[128]. - The company expects to enter into additional clinical development and manufacturing agreements, which may require upfront payments and long-term capital commitments[145]. Shareholder Information - The weighted-average outstanding shares increased by 168% to 16,144,120, reflecting the impact of the reverse stock split completed on November 5, 2024[110]. - The company issued 4,651,516 Common Shares at a public offering price of $6.25 per share, raising approximately $35 million in total gross proceeds[138]. - An additional 840,000 Common Shares were purchased at the public offering price of $6.25 per share, generating approximately $5.25 million in gross proceeds[139]. Regulatory and Compliance - The company is classified as an emerging growth company and has elected to take advantage of an extended transition period for compliance with new accounting standards[149]. - The company is also a smaller reporting company, allowing it to utilize scaled disclosures as long as certain revenue and market capitalization thresholds are met[150].
Alpha Cognition Inc(ACOG) - 2025 Q3 - Quarterly Report