Alpha Cognition Inc. Q4 FY2024 earnings call

• Successful capital raise from CSE to NASDAQ, raising $52 million in gross proceeds.
• Substantial progress on commercial manufacturing, initiating commercial batches for 5, 10, and 15 mg strengths; CMC stability tests showed stable compound with API life to 5 years and finished goods to 2 years.
• Reclaimed two programs from Alpha Seven Therapeutics; initiated reformulation of sublingual formulation of ALPHA-1062 to improve taste and disintegration, expected to be completed Q4 2025.
• Bomb blast preclinical study with ALPHA-1062 to conclude late Q2 2025 with results in Q3.
• Secured new composition of matter patent for tablet formulation of benzgalantamine, extending protection in US market through 2044; progress with ex-US partner CMS Pharmaceuticals in China and greater Asian territories.
• Launched ZUNVEYL in US long-term care market on March 19, 2025; hired commercial leaders with significant experience, including sales leaders with CNS and LTC experience, and field sales team.
• Positive feedback from prescribers and early interest from customers.

For the fourth quarter of 2024, operating loss was $2.5 million (a 5% increase from the prior year's $2.4 million), driven by higher general and administrative expenses. Net loss was $5.7 million or $0.51 per share, essentially unchanged from the prior year. For the full year 2024, operating loss was $11.9 million (up from $9.9 million in 2023) and net loss was $14.6 million or $2.02 per share (up from $13.8 million or $3.84 per share in 2023). As of December 31, 2024, cash was approximately $48.6 million compared to $1.4 million in 2023, primarily from the fourth quarter capital raise.

• Will not provide revenue guidance for 2025.
• Expect operating expenses for full year 2025 to range from $38 million to $42 million.
• Anticipate moving to breakeven status in year three of ZUNVEYL launch if internal revenue forecasts are achieved and expenses are managed judiciously.

• Risks associated with execution of internal revenue forecasts and expense management to achieve breakeven.
• Uncertainties related to market access and payer coverage for ZUNVEYL.
• Regulatory uncertainties that could impact the commercialization timeline of pipeline programs.

Q: Any other geographies being considered for partnerships besides Greater Asia?

A: In multiple conversations for other territories around the globe, believing Alzheimer's market is significant in almost every territory and ZUNVEYL can be partnered in different regions.

Q: Detail on major variables to reaching cash flow breakeven?

A: Execution of selling efforts in long-term care and diligent expense management; sales team needs to educate doctors and staff, and manage expenses carefully as the company expands.