Alpha Cognition

ACOG

Financial - Conglomerates · Financial Services

Price

$8.50

+0.15 (+1.80%)

Market Cap

$132.0M

Exchange

NASDAQ

Winston Score

Winston is worried

Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+728.8% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 2.1M (2021) → 17.7M (2025)

Alpha Cognition is a small pharmaceutical company focused on treatments for Alzheimer's disease. Its main product is ZUNVEYL, an oral medication approved by the U.S. Food and Drug Administration to treat mild to moderate Alzheimer's. The company sells to patients and caregivers through pharmacies and healthcare providers in the United States.

Alpha Cognition earns revenue by selling ZUNVEYL directly into the U.S. prescription drug market. It is a very small company with a market cap around $100 million, and it currently spends far more money than it brings in, as shown by its deeply negative operating margin. The company has no wide competitive moat — it competes against established Alzheimer's drugs from much larger pharmaceutical companies — and its biggest risk is whether it can grow prescription volume fast enough to reach profitability before running out of cash.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+20.7% YoY

Steady revenue growth

EPS Growth

-130.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$2M/ year

↓ Declining (-52% vs prior year)

18.3% of revenue

2.6x the sector average (7%)

R&D spend declining — could signal cost-cutting or efficiency

Insider Activity

25.5%ownership

↑ Rising

Insiders increasing their stake — aligned with shareholders

Cash Runway

~14 months

$54M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Adequate runway but may need to raise capital within 2 years

Growth context

Alpha Cognition is growing revenue at 21% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

99.4%

Premium pricing power — 99.4% gross margin

Operating Margin

-229.1%

Losing money on operations — -229.1%

ROCE

-14.1%

Weak — -14.1% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

+269.6%

Fast-growing sales (269.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-280.9%

Burning cash (-280.9%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

N/A

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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