Alpha Cognition Inc.
ACOG · Biological Products, (No Diagnostic Substances) · 21.8M shares · +102%/yr ↑ dilution · EDGAR filings ↗
Reference price $5.99 · est. market cap ~$130M — last insider purchase, 2026-06-15 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Clinical/early-stage biotech — early-commercial CNS (Zunveyl), funded.
Strengths
- Liquidity — current ratio 8.7 (77th)
Risks
- Pre-revenue, deep losses — per metrics
- Pre-revenue/clinical-stage — history of losses & need for capital per risk factors
- Binary clinical & funding risk — per 10-K
Notable findings
- Material weakness● We identified material weaknesses in our internal control over financial reporting which are in the process of being remediated, and if we fail to maintain an effective system of disclosure contro
- Net lossNet loss (net margin -202.2%)
- Cash burnNegative free cash flow (-20.7M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Chronic dilutionShare count +102%/yr over 1y (dilution, book value/share -21%)
- Insider buyingInsider buying — 40 open-market buy(s) by 2 insider(s) (cluster of 2 insiders, ~$3M, last 6mo) Form 4 ↗
- Notable holderHeld by 1 notable fund(s): CITADEL ADVISORS LLC (as of 2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
94.1%
Operating margin
-221.7%
Net margin
-202.2%
Return on equity
-33.1%
Return on assets
-25.9%
Revenue growth (QoQ)
26.5%
Current ratio
8.7×
Free cash flow
-$21M
EBITDA
-$23M
Tangible book value
$62M
Cash & investments
$66M
Cash runway
13q
Stock comp / revenue
48.2%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-15 | Opaleye Management Inc. | Buy | 4.5K | $5.99 |
| 2026-06-12 | Opaleye Management Inc. | Buy | 273 | $5.93 |
| 2026-06-11 | Opaleye Management Inc. | Buy | 2.9K | $5.91 |
| 2026-06-10 | Opaleye Management Inc. | Buy | 5.9K | $5.99 |
| 2026-06-09 | Opaleye Management Inc. | Buy | 25K | $5.98 |
| 2026-06-05 | Opaleye Management Inc. | Buy | 10K | $5.83 |
| 2026-05-29 | Opaleye Management Inc. | Buy | 71K | $5.90 |
| 2026-05-28 | Opaleye Management Inc. | Buy | 2.0K | $5.83 |
| 2026-05-27 | Opaleye Management Inc. | Buy | 1.2K | $5.73 |
| 2026-05-21 | Opaleye Management Inc. | Buy | 16K | $5.70 |
| 2026-05-20 | Opaleye Management Inc. | Buy | 8.4K | $5.89 |
| 2026-05-19 | D'Angelo Lauren | Buy | 3.5K | $5.76 |
| 2026-05-18 | Opaleye Management Inc. | Buy | 17K | $5.69 |
| 2026-05-15 | Opaleye Management Inc. | Buy | 17K | $5.83 |
| 2026-04-16 | Sensenig Bethany | Grant | 5.5K | — |
| 2026-03-30 | Opaleye Management Inc. | Buy | 1.9K | $4.99 |
| 2026-03-27 | Opaleye Management Inc. | Buy | 10K | $5.08 |
| 2026-03-26 | Opaleye Management Inc. | Buy | 7.3K | $5.28 |
| 2026-03-25 | Opaleye Management Inc. | Buy | 8.6K | $5.43 |
| 2026-03-24 | Opaleye Management Inc. | Buy | 4.2K | $5.59 |
| 2026-03-19 | Opaleye Management Inc. | Buy | 2.1K | $5.71 |
| 2026-03-18 | Opaleye Management Inc. | Buy | 2.5K | $5.75 |
| 2026-03-16 | Opaleye Management Inc. | Buy | 1.3K | $5.78 |
| 2026-03-13 | Opaleye Management Inc. | Buy | 7.4K | $5.75 |
| 2026-03-12 | Opaleye Management Inc. | Buy | 5.7K | $5.85 |
| 2026-03-09 | Opaleye Management Inc. | Buy | 2.2K | $5.85 |
| 2026-03-06 | Opaleye Management Inc. | Buy | 1.9K | $5.80 |
| 2026-03-05 | Opaleye Management Inc. | Buy | 42K | $5.80 |
| 2026-03-05 | Opaleye Management Inc. | Buy | 5.0K | $5.80 |
| 2026-03-04 | Opaleye Management Inc. | Buy | 20K | $5.81 |
| 2026-03-03 | Opaleye Management Inc. | Buy | 5.0K | $5.75 |
| 2026-03-03 | Opaleye Management Inc. | Buy | 46K | $5.75 |
| 2026-03-02 | Opaleye Management Inc. | Buy | 20K | $5.80 |
| 2026-02-27 | Opaleye Management Inc. | Buy | 3.6K | $5.99 |
| 2026-02-26 | Opaleye Management Inc. | Buy | 590 | $5.99 |
| 2026-02-24 | Opaleye Management Inc. | Buy | 54K | $5.80 |
| 2026-02-24 | Opaleye Management Inc. | Buy | 5.0K | $5.80 |
| 2026-02-23 | Opaleye Management Inc. | Buy | 4.2K | $5.89 |
| 2026-02-23 | Opaleye Management Inc. | Buy | 96K | $5.89 |
| 2026-02-20 | Opaleye Management Inc. | Buy | 2.8K | $5.84 |
| 2026-02-20 | Opaleye Management Inc. | Buy | 10K | $5.84 |
| 2026-01-14 | MERTZ PHILLIP JOSEPH | Grant | 7.2K | — |
| 2026-01-14 | Wills Robert James | Grant | 7.2K | — |
| 2026-01-14 | MERTZ LEONARD POWELL | Grant | 7.2K | — |
| 2026-01-14 | CAWKELL KENNETH ANTHONY | Grant | 7.2K | — |
| 2026-01-14 | BAKSHI RAJEEV KUMAR | Grant | 7.2K | — |
| 2026-01-09 | McFadden Michael E. | Grant | 191K | — |
| 2026-01-09 | D'Angelo Lauren | Grant | 137K | — |
| 2026-01-09 | DU HENRY HUY | Grant | 21K | — |
| 2025-08-18 | Wills Robert James | Buy | 15K | $8.49 |
| 2025-08-18 | MERTZ PHILLIP JOSEPH | Sell | 28K | $9.00 |
| 2025-08-18 | MERTZ LEONARD POWELL | Buy | 28K | $9.00 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07633470 ↗ | A Study of Zunveyl on Safety, Tolerability, Neuropsychiatric Symptoms, and Caregiver Distress in Alzheimer's Disease (RESOLVE) Alzheimer Disease | PHASE4 | Recruiting | 2027-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-01 | Exec/director changeExhibits | filing ↗ |
| 2026-04-20 | Exec/director changeExhibits | filing ↗ |
| 2026-04-14 | Material agreementExhibits | filing ↗ |
| 2026-03-27 | Reg FDExhibits | filing ↗ |
| 2026-03-26 | ResultsExhibits | filing ↗ |
| 2026-02-23 | Exec/director change | filing ↗ |
| 2026-01-15 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-16 | 0001213900-26-070903 ↗ |
| 10-Q | 2026-05-14 | 2026-03-31 | 0001213900-26-056588 ↗ |
| 8-K/A | 2026-05-01 | 2026-04-15 | 0001213900-26-050998 ↗ |
| 8-K | 2026-04-20 | 2026-04-15 | 0001213900-26-045668 ↗ |
| 8-K | 2026-04-14 | 2026-04-10 | 0001213900-26-043517 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001213900-26-037614 ↗ |
| 8-K | 2026-03-27 | 2026-03-27 | 0001213900-26-035696 ↗ |
| 8-K | 2026-03-26 | 2026-03-25 | 0001213900-26-034778 ↗ |
| 8-K | 2026-02-23 | 2026-02-18 | 0001213900-26-019355 ↗ |
| 8-K | 2026-01-15 | 2026-01-09 | 0001213900-26-004765 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001213900-25-110061 ↗ |
| 8-K/A | 2025-10-15 | 2025-10-10 | 0001213900-25-098886 ↗ |