Alpha Cognition Inc. reported its third‑quarter 2025 results, posting revenue of $2.84 million and an earnings per share of $‑0.30. Both figures surpassed consensus estimates of $2.04 million and $‑0.43, respectively, marking a revenue beat of $0.80 million (≈39%) and an EPS beat of $0.13 (≈30%).
Revenue growth was driven by a sharp increase in sales of the company’s lead product, ZUNVEYL, which generated $2.34 million in the quarter. Licensing revenue added $0.50 million, bringing total revenue to $2.84 million. Compared with the prior quarter’s $1.70 million, revenue rose 67%, and against the zero revenue reported in Q3 2024, the company achieved its first positive top‑line result for the year. The strong ZUNVEYL performance reflects expanding prescriber engagement in long‑term care facilities and a 102% quarter‑over‑quarter rise in pharmacy orders.
The company’s operating loss narrowed to $10.5 million from $12.3 million in Q2, largely due to disciplined SG&A spending that kept the cost of sales in line with revenue growth. The EPS improvement, despite a net loss, indicates that the company is managing its commercial expenses effectively while scaling sales. The margin expansion in the ZUNVEYL segment, coupled with a modest increase in licensing income, contributed to the better-than‑expected earnings figure.
CEO Michael McFadden highlighted the momentum behind ZUNVEYL, noting that “our performance this quarter reinforces our belief in the strength of our long‑term care strategy and reflects disciplined execution across the organization.” He added that the company is deepening engagement with LTC providers and expanding its prescriber base, positioning ZUNVEYL for continued market penetration.
Management reaffirmed its guidance for the full year, reducing operating spend to a range of $28 million to $30 million and reaffirming a target for operating profitability in 2027. The company’s cash position remains robust, with a recent capital raise providing an estimated two‑year runway. This disciplined spend plan signals confidence in sustaining commercial growth while moving toward profitability.
The earnings beat and strong ZUNVEYL adoption underscore Alpha Cognition’s commercial trajectory. While the company remains in a loss‑making phase typical of a commercial‑stage biopharmaceutical, the revenue growth, cost discipline, and clear path to profitability suggest a company on a positive growth trajectory, supported by a strong cash position and expanding market opportunities in the U.S. and internationally.
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