2025年12月11日，康哲药业(00867)宣布，用于治疗急性缺血性卒中的1类创新药注射用Y-3(拟定中文通 用名：注射用洛贝米柳)的新药上市许可申请(NDA)已获得中国国家药品监督管理局(NMPA)受理。 康哲药业表示，中枢神经系统是其核心优势领域之一，已逐步形成深度产品布局，夯实市场基础。注射 用Y-3如获批上市，将与在售创新药维图可(丛集性癫痫)、原研品牌药黛力新(焦虑、抑郁)以及处于NDA 审评中的改良型新药ZUNVEYL(阿尔茨海默症)在专家网络与市场资源上产生高效协同。凭借康哲药业 卓越的商业化经验与合规高效的运营体系，加速推动创新疗法惠及更多患者，为中国缺血性脑卒中患者 带来疗效优异、作用更全面的新一代脑细胞保护剂。 注射用Y-3是全球首个基于脑卒中病理过程重要靶点PSD95-nNOS和MPO开发的脑细胞保护剂，作用于 缺血性脑卒中缺血级联反应多个关键病理过程，通过多靶点高选择性协同，更有利于发挥脑细胞保护作 用。产品具有优异的治疗缺血性脑卒中和潜在的预防卒中后抑郁焦虑症状的作用。注射用Y-3的中国Ⅲ 期临床研究达到主要疗效终点，患者临床获益明显，整体安全性良好。主要研究结果未来计划在国际学 ...

注射用Y-3是全球首个基于脑卒中病理过程重要靶点PSD95-nNOS和MPO开发的脑细胞保护剂，作用于 缺血性脑卒中缺血级联反应多个关键病理过程，通过多靶点高选择性协同，更有利于发挥脑细胞保护作 用。产品具有优异的治疗缺血性脑卒中和潜在的预防卒中后抑郁焦虑症状的作用。注射用Y-3的中国Ⅲ 期临床研究达到主要疗效终点，患者临床获益明显，整体安全性良好。主要研究结果未来计划在国际学 术会议上公布，整体研究将在国际学术期刊上发表。 康哲药业表示，中枢神经系统是其核心优势领域之一，已逐步形成深度产品布局，夯实市场基础。注射 用Y-3如获批上市，将与在售创新药维图可(丛集性癫痫)、原研品牌药黛力新(焦虑、抑郁)以及处于NDA 审评中的改良型新药ZUNVEYL(阿尔茨海默症)在专家网络与市场资源上产生高效协同。凭借康哲药业 卓越的商业化经验与合规高效的运营体系，加速推动创新疗法惠及更多患者，为中国缺血性脑卒中患者 带来疗效优异、作用更全面的新一代脑细胞保护剂。 智通财经APP获悉，2025年12月11日，康哲药业(00867)宣布，用于治疗急性缺血性卒中的1类创新药注 射用Y-3(拟定中文通用名：注射用洛贝米柳)的新药上 ...

Alpha Cognition (NasdaqCM:ACOG) Fireside Chat December 02, 2025 12:00 PM ET Company ParticipantsBoris Peaker - Head of Research and Managing DirectorMichael McFadden - CEOOperatorAll right, perfect. Maybe I'll just kick this off, in the sake of time.Boris PeakerSure.OperatorAppreciate everyone—appreciate everyone joining, for this fireside chat with Alpha Cognition. We have Michael McFadden, the CEO of Alpha Cognition, ACOG, on the line here today, along with Boris Peaker, who is our Head of Research and Ma ...

Dec 1, 2025 5:51 PM Eastern Standard Time Alpha Cognition to Participate in Virtual Fireside Chat Hosted by Titan Partners Share VANCOUVER, British Columbia & DALLAS--(BUSINESS WIRE)--Alpha Cognition Inc. (Nasdaq: ACOG) ("Alpha Cognition†or the "Company†), a commercial-stage biopharmaceutical company focused on developing therapies for neurodegenerative diseases, today announced that Alpha Cognition will participate in an upcoming virtual fireside chat hosted by Boris Peaker of Titan Partners. The discuss ...

Core Insights - Alpha Cognition Inc. (NASDAQ: ACOG) has shown significant growth in the commercialization of its product ZUNVEYL® during Q3 2025, particularly in the U.S. long-term care (LTC) sector [1][7] - The company reported a 102% sequential increase in pharmacy orders, with over 600 nursing homes now covered and a prescriber base exceeding 500 clinicians [1][7] - Revenue for the quarter reached $2.8 million, driven by $2.3 million in net product sales from ZUNVEYL and $0.5 million in licensing revenue, indicating strong sequential growth [7] Company Performance - ZUNVEYL's launch momentum is accelerating, supported by a differentiated cognitive and behavioral profile and favorable tolerability signals observed in real-world use [1] - The LTC-focused field team is actively reinforcing the product's benefits, contributing to evidence of durable adoption and repeat ordering behavior in high-volume facilities [1] - Pro forma cash stands at approximately $73.2 million following an equity raise in October, providing about two years of operational runway at planned spending levels, bolstered by a $75 million ATM facility [7]

Financial Data and Key Metrics Changes - For Q3 2025, the company generated total revenue of $2.8 million, with $2.3 million from net product sales of ZUNVEYL and $507,000 from licensing revenue [11] - Total operating expenses were $8.2 million, including $633,000 in cost of goods sold, reflecting an increase from $2.5 million in operating expenses in Q3 2024 [11] - The net loss was reported at $1.3 million, or $0.08 basic loss per share, an improvement from a net loss of $1.9 million, or $0.31 per share, in the previous year [12] Business Line Data and Key Metrics Changes - ZUNVEYL sales showed significant growth, with ex-factory purchases rising 44% from Q2 to Q3, and demand sales bottles dispensed growing 102% [15] - The company engaged with 2,038 homes in Q3, with 605 homes ordering ZUNVEYL, and 70% of those homes placing repeat orders [16] Market Data and Key Metrics Changes - The company anticipates continued sequential growth in ZUNVEYL's sales as awareness and payer access expand through 2026 [13] - The average of 16 years of industry experience among sales representatives is driving clinical education and adoption across the long-term care market [18] Company Strategy and Development Direction - The company plans to invest in sales, marketing, and research for ZUNVEYL, particularly focusing on behavioral symptoms associated with Alzheimer's [5] - The company is also advancing its sublingual formulation and anticipates running a comparative PK study in Q1 2026 [10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in ZUNVEYL's potential, highlighting the drug's clinically meaningful benefits across cognitive and behavioral symptoms [10] - The company remains focused on executing its commercial strategy and maintaining financial discipline to create long-term value for shareholders [14] Other Important Information - The company raised approximately $38 million in net proceeds through an equity offering in October, strengthening its balance sheet [12] - The company expects to initiate two studies in long-term care settings in Q4 2025 and Q1 2026 to assess ZUNVEYL's cognitive benefits and tolerability [9] Q&A Session Summary Question: Current status of contracting discussions and GPO agreements for ZUNVEYL - The company has one contract with a major PBM and is close to finalizing another by the end of the quarter, targeting four key Medicare plans [23][24] Question: Coverage without restrictions - Currently, about 15% of the signed plan has adopted ZUNVEYL without restrictions, with more visibility expected in the coming quarters [25] Question: Breakdown of unique prescribers and repeat orders - In Q3, 576 prescribers wrote orders, with 62% writing multiple orders, and 70% of homes placing repeat orders [27][28] Question: Key marketing messages resonating with prescribers - The most impactful messages include ZUNVEYL's effect on behaviors and its lack of impact on sleep, which is a significant concern for prescribers [31][32] Question: Sales cycle and prescriber interactions - The sales cycle remains initially slow, but once prescribers gain confidence, they tend to increase their patient base more rapidly [41]

Core Viewpoint - The company is preparing for a public offering and has outlined the potential risks and uncertainties associated with its forward-looking statements regarding the commercialization of ZUNVEYL [1] Group 1: Public Offering Details - The company is proposing a public offering, including the timing and size, along with an option for the underwriter to purchase additional securities [1] - The completion of the offering is subject to customary closing conditions [1] Group 2: Forward-Looking Statements - Forward-looking statements reflect the company's current views about future events and are subject to various risks and uncertainties [1] - The company cannot assure that actual results will align with these forward-looking statements [1] Group 3: Risks Associated with ZUNVEYL - Risks include the ability to raise sufficient capital for ZUNVEYL's commercialization, efficacy and tolerability concerns, and ongoing regulatory oversight [1] - Market adoption, intellectual property issues, and commercial manufacturing risks are also highlighted [1]

Core Viewpoint - Haitong International slightly adjusted the revenue forecast for Kangzheng Pharmaceutical (00867) for 2025-26E to 8.33/9.30 billion HKD, representing a year-on-year increase of 11.5%/11.6% [1] - The net profit forecast for the same period was adjusted to 1.67/1.88 billion HKD, reflecting a year-on-year growth of 3.4%/12.9% [1] - The valuation model was changed to a discounted cash flow (DCF) model to better reflect the long-term value of the pipeline cash flow from Demy Pharmaceutical, with a target price of 18.38 HKD (+85%) [1] Financial Performance - Kangzheng Pharmaceutical achieved a revenue of 4 billion HKD in the first half of the year, a year-on-year increase of 11% [2] - The revenue from major exclusive/brand products and innovative products was 2.9 billion HKD, up 21% year-on-year, which is the core driver of the company's performance recovery [2] - The gross profit margin was 72%, with R&D expenses of 570 million HKD (down 8% year-on-year) and a net profit of 940 million HKD (up 3% year-on-year) [2] Business Growth Drivers - The recovery in revenue is attributed to the clearance of the impact from existing centralized procurement products and the steady growth of core products such as Weifurui and Meitai Tong [3] - Exclusive/brand and innovative product sales accounted for 62.1% of total revenue, up from 56.1% in the same period last year [3] - Revenue by segment includes 2.2 billion HKD from cardiovascular, 1.4 billion HKD from digestive/immunity, 500 million HKD from skin health (up 104%), and 360 million HKD from ophthalmology [3] Innovation and Pipeline - The company has three NDA applications under review and approximately ten clinical trials progressing in China, including treatments for ischemic stroke and atopic dermatitis [4] - Potential products in development include Povorcitinib and CMS-D001, targeting various conditions [4] Spin-off Plans - Kangzheng Pharmaceutical plans to spin off Demy Pharmaceutical for independent listing on the Hong Kong Stock Exchange by April 2025 [5] - Demy Pharmaceutical's pipeline addresses significant unmet clinical needs in skin diseases and has over 650 sales professionals covering more than 10,000 hospitals [5]

Core Viewpoint - 康哲药业 reported a revenue of 40.02 billion yuan for the first half of 2025, representing a year-on-year increase of 10.83%, and a net profit of 9.41 billion yuan, up 3.38% year-on-year, indicating positive growth in both revenue and profit [1] Financial Performance - The company's expense ratio was 56.75%, an increase of 1.52 percentage points year-on-year; gross margin was 72.26%, down 2.41 percentage points year-on-year; R&D expenses reached 2.02 billion yuan, up 91.79% year-on-year, with an R&D expense ratio of 5.06%, up 2.14 percentage points year-on-year [1] - Sales expense ratio was 35.59%, down 3.19 percentage points year-on-year; management expense ratio was 15.82%, up 2.89 percentage points year-on-year; financial expense ratio was 0.28%, down 0.32 percentage points year-on-year [1] Business Segments - Traditional business in cerebrovascular disease generated sales of 22.16 billion yuan, up 0.6% year-on-year, accounting for 47.5% of total sales; sales from digestive and autoimmune disease lines were 14.11 billion yuan, up 4.9% year-on-year, accounting for 30.2% [1] - New business in dermatology and aesthetics (德镁医药) achieved sales of 4.98 billion yuan, up 104.3% year-on-year, accounting for 10.7%; ophthalmology sales were 3.58 billion yuan, up 17.7% year-on-year, accounting for 7.7% [1] - The company has five innovative drugs commercialized, including 莱芙兰, 美泰彤, 维福瑞, 益路取, and 维图可, with rapid commercialization progress [1] Product Development - Three products are currently under NDA review: 德昔度司他片 for anemia treatment in CKD patients, 芦可替尼乳膏 for vitiligo, and ZUNVEYL for Alzheimer's disease [2] - Two self-developed innovative drugs have received IND approval and are set to begin clinical trials: CMS-D001片 for psoriasis and CMS-D003胶囊 for obstructive hypertrophic cardiomyopathy [2] International Expansion - The company is in the process of splitting 德镁健康 for independent listing on the Hong Kong Stock Exchange, enhancing its position in the dermatology sector [3] - 康哲药业 is advancing its international commercial system, with a focus on Singapore as a regional hub, and has submitted product registration applications in several Southeast Asian countries [3] Investment Outlook - Revenue projections for 康哲药业 from 2025 to 2027 are 83.20 billion yuan, 94.54 billion yuan, and 110.43 billion yuan, with year-on-year growth rates of 11%, 14%, and 17% respectively; net profit estimates are 16.28 billion yuan, 18.92 billion yuan, and 22.52 billion yuan, with growth rates of 0%, 16%, and 19% respectively [3]

Core Viewpoint - CICC maintains the profit forecast for Kangzheng Pharmaceutical (00867) for 2025 and 2026, with a target price increase of 40% to HKD 15.40, indicating a potential upside of 14.9% from the current stock price [1] Financial Performance - The company reported 1H25 revenue of CNY 4.002 billion, a year-on-year increase of 10.8%, with total pharmaceutical sales revenue of CNY 4.670 billion, up 8.9%, and net profit attributable to shareholders of CNY 941 million, up 3.4%, slightly exceeding market expectations [2] - The sales revenue breakdown for 1H25 shows cardiovascular and related diseases line revenue of CNY 2.216 billion (YoY +0.6%), digestive/immunological diseases line revenue of CNY 1.411 billion (YoY +4.9%), dermatology line (Demei Pharmaceuticals) revenue of CNY 498 million (YoY +104.3%), ophthalmology line revenue of CNY 358 million (YoY +17.7%), and other products revenue of CNY 187 million (YoY -2.3%) [3] Product Innovation and Pipeline - The company is driving product innovation through overseas licensing, domestic partnerships, and independent R&D, with significant products like Tongyan Needle (Lizhenran) approved in July 2025, and expected approvals for Lucofenib Cream (for vitiligo) in 2H25 and Dexamethasone Tablets (for renal anemia) by year-end [4] - The company has submitted a listing application for ZUNVEYL (AD) and completed Phase III clinical trials for Y-3 (stroke), with ABP-671 (gout) and IL-4Rα monoclonal antibody (asthma) in ongoing clinical phases [4] Strategic Developments - The company announced plans to spin off Demei Pharmaceuticals for independent listing, which is expected to unlock the value of its rapidly growing dermatology business [5] - In July 2025, the company achieved a secondary listing on the Singapore Stock Exchange, which is anticipated to capture growth opportunities in emerging markets [5]