Alpha Cognition Inc. demonstrated accelerating commercial momentum for its Alzheimer's treatment ZUNVEYL during the third quarter of 2025, with pharmacy orders growing 102% sequentially and expanding reach to more than 600 nursing homes across the United States. The company's long-term care focused strategy appears to be gaining substantial traction as the prescriber base surpassed 500 clinicians, with management observing growing evidence of durable adoption and repeat ordering behavior in high-volume facilities.
Financial performance for the quarter showed $2.8 million in total revenue, consisting of $2.3 million in net product revenue from ZUNVEYL and $0.5 million in business development and licensing revenue. Year-to-date revenue reached $7.4 million, representing the company's first full year of commercialization. The strong early utilization trends, including record monthly prescription volumes, provided management with sufficient confidence to implement price increases for the medication, signaling market acceptance and therapeutic value.
The commercial team continues to focus on deepening engagement with prescribers while support teams broaden coverage within Medicare and long-term care pharmacy networks to sustain prescription growth into the fourth quarter and beyond. Management reduced operating spend guidance to $28-30 million and maintains its target of achieving operating profitability by 2027. The company's collaboration with CMS provides a pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, supporting expectations for ex-U.S. revenues beginning as early as fiscal year 2026.
Research and development efforts continue to expand the company's neurodegenerative disease platform around ZUNVEYL and ALPHA 1062. A Department of Defense funded Bomb Blast preclinical study in repetitive mild traumatic brain injury showed reduced neuroinflammation and neuropathology, supporting further development of intranasal and other ALPHA 1062 formulations. The sublingual ALPHA 1062 formulation for patients with dysphagia or aphasia remains on track for completion and taste testing in the first quarter of 2026, followed by a comparative pharmacokinetic study and Investigational New Drug filing in the first half of 2026.
Alpha Cognition's intellectual property position strengthened with a U.S. patent granted in January 2025 that extends ZUNVEYL protection to 2044. The company announced three new studies expected to take place over the next year, providing additional data points for ZUNVEYL's clinical profile. Financial performance showed an operating loss of $5.3 million and net loss of $1.3 million for the quarter, improved from a $1.9 million net loss in the prior year period.
The company ended the quarter with $35.4 million in cash and equivalents, supplemented by an October 2025 equity offering that added approximately $37.8 million in net proceeds. This brings pro forma cash to about $73.2 million, extending the company's runway to roughly two years. Additional financing flexibility is provided through a $75 million at-the-market facility. Stonegate Capital Partners maintains coverage on Alpha Cognition with a valuation range of $26.93 to $35.68 using discounted cash flow analysis available at https://www.stonegateinc.com.
