Alpha Cognition Inc
ACOGHealthcare|Biotechnology|US
$8.29
+0.14 (+1.72%)
DCF Value
$6.49
Tangible Book / Share
$2.15
Cash / Share
$1.90
Financials
Financial Snapshot
Market Cap
$128.8M
Enterprise Value
$87.4M
Revenue (TTM)
$15.3M
Net Income (TTM)
-$23.4M
Cash & Investments
$41.4M
Net Cash
$41.4M
Free Cash Flow (TTM)
-$31.2M
Operating CF (TTM)
-$30.9M
Debt/Equity
0.00
Cash Runway & Burn Rate
Cash on Hand
$41.4M
Quarterly Burn
$7.7M
Monthly Burn
$2.6M
Est. Runway
~5.4 quarters
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | — | — | $7.6M | $14.4M | $2.8M | $1.5M | $48.5M | $66.1M | $41.4M | |
| Operating Cash Flow | — | -$47.4K | -$6.9M | -$12.6M | -$12.4M | -$8.7M | -$7.8M | -$20.4M | -$30.9M | |
| Free Cash Flow | — | -$47.4K | -$7.0M | -$12.7M | -$12.4M | -$8.7M | -$7.8M | -$20.7M | -$31.2M | |
| Capital Expenditure | — | $0.00 | -$11.8K | -$81.1K | -$6.6K | -$5.00 | -$26.7K | -$293.5K | -$310.0K | |
| Financing Cash Flow | — | $590.2K | $7.5M | $19.0M | $33.3K | $8.2M | $54.9M | $38.2M | $39.1M |
R&D Spending
R&D (TTM)
$4.2M
R&D Intensity
27.8%
R&D Growth vs Prior
+127.4%
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.2M | $15.3M | |
| R&D Expense | $0.00 | $0.00 | $6.0M | $10.2M | $11.8M | $5.0M | $3.9M | $1.9M | $4.2M | |
| R&D % of Revenue | — | — | — | — | — | — | — | 18.3% | 27.8% | |
| SG&A | $43.2K | $129.2K | $1.2M | $4.3M | $5.4M | $4.7M | $7.3M | $29.1M | $38.5M |
Income Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $10.2M | $15.3M | |
| Cost of Revenue | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $1.9M | $1.5M | |
| Gross Profit | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $8.3M | $13.7M | |
| R&D | $0.00 | $0.00 | $6.0M | $10.2M | $11.8M | $5.0M | $3.9M | $1.9M | $4.2M | |
| SG&A | $43.2K | $129.2K | $1.2M | $4.3M | $5.4M | $4.7M | $7.3M | $29.1M | $38.5M | |
| Operating Income | -$43.2K | -$129.2K | -$7.3M | -$14.7M | -$18.1M | -$9.6M | -$11.9M | -$22.7M | -$29.1M | |
| Interest Expense | $0.00 | $0.00 | $983.7K | $673.1K | $232.3K | $67.7K | $185.8K | $0.00 | $0.00 | |
| Pretax Income | -$43.2K | -$118.6K | -$7.4M | -$24.9M | -$16.3M | -$13.8M | -$14.6M | -$20.7M | -$23.4M | |
| Net Income | -$43.2K | -$118.6K | -$7.4M | -$24.9M | -$16.3M | -$13.8M | -$14.6M | -$20.7M | -$23.4M | |
| EPS (Diluted) | -0.91 | -3.60 | -3.56 | -11.79 | -6.05 | -3.84 | -2.02 | -1.17 | -1.11 | |
| EBITDA | -$43.2K | -$129.2K | -$6.3M | -$24.1M | -$15.9M | -$13.6M | -$14.4M | -$22.7M | -$27.5M | |
| Shares Out. (M) | 0.05 | 0.03 | 2.07 | 2.13 | 2.72 | 3.59 | 7.25 | 17.68 | 21.77 |
Balance Sheet
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | — | — | $7.6M | $14.4M | $2.8M | $1.5M | $48.5M | $66.1M | $41.4M | |
| Short-Term Investments | — | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Current Assets | — | — | $9.8M | $15.5M | $3.1M | $1.9M | $50.3M | $79.0M | $57.9M | |
| Total Assets | — | — | $10.8M | $16.4M | $4.0M | $2.5M | $50.7M | $79.7M | $64.5M | |
| Total Current Liabilities | — | — | $4.6M | $2.3M | $5.5M | $2.6M | $3.4M | $9.1M | $6.4M | |
| Long-Term Debt | — | — | $4.1M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Total Liabilities | — | — | $10.8M | $4.9M | $5.7M | $7.2M | $9.3M | $17.2M | $11.6M | |
| Stockholders' Equity | — | — | $20.4K | $11.5M | -$1.8M | -$4.7M | $41.5M | $62.5M | $53.0M | |
| Retained Earnings | — | — | -$23.6M | -$48.5M | -$67.2M | -$63.4M | -$76.3M | -$97.1M | -$112.4M |
Cash Flow Statement
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | — | -$47.4K | -$6.9M | -$12.6M | -$12.4M | -$8.7M | -$7.8M | -$20.4M | -$30.9M | |
| Capital Expenditure | — | $0.00 | -$11.8K | -$81.1K | -$6.6K | -$5.00 | -$26.7K | -$293.5K | -$310.0K | |
| Free Cash Flow | — | -$47.4K | -$7.0M | -$12.7M | -$12.4M | -$8.7M | -$7.8M | -$20.7M | -$31.2M | |
| Investing Cash Flow | — | $0.00 | -$11.8K | $585.5K | -$6.6K | $0.00 | -$26.7K | -$293.5K | -$6.2M | |
| Financing Cash Flow | — | $590.2K | $7.5M | $19.0M | $33.3K | $8.2M | $54.9M | $38.2M | $39.1M | |
| Issuance of Stock | — | $590.2K | $2.4M | $17.4M | $0.00 | $9.2M | $56.5M | $41.6M | $39.1M | |
| Repurchase of Stock | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Net Debt Issuance | — | $0.00 | $5.1M | -$30.6K | $0.00 | -$55.0K | $4.2M | -$911.5K | $14.9K | |
| Stock Based Comp. | — | $0.00 | $708.6K | $2.3M | $2.3M | $2.4M | $979.8K | $4.9M | $3.8M | |
| Net Change in Cash | — | $544.2K | $547.6K | $6.9M | -$12.4M | -$589.1K | $47.1M | $17.5M | $2.0M |
Dilution Tracker
Shares outstanding grew 752.6% over 5 years — significant dilution
Shares Outstanding
16M
5-Year Share Growth
+752.6%
Stock Issuance (TTM)
$39.1M
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 0.05 | 0.03 | 2.07 | 2.13 | 2.72 | 3.59 | 7.25 | 17.68 | 21.77 | |
| Change vs Prior % | — | -31.0% | 6202.6% | 2.9% | 27.4% | 31.9% | 102.1% | 143.9% | 23.2% | |
| Stock Issuance | — | $590.2K | $2.4M | $17.4M | $0.00 | $9.2M | $56.5M | $41.6M | $39.1M | |
| Stock Repurchase | — | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Stock Based Comp. | — | $0.00 | $708.6K | $2.3M | $2.3M | $2.4M | $979.8K | $4.9M | $3.8M |
Margins & Profitability
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | — | — | — | — | — | — | — | 81.3% | 89.9% | |
| Operating Margin % | — | — | — | — | — | — | — | -221.7% | -190.6% | |
| Net Margin % | — | — | — | — | — | — | — | -202.2% | -153.6% | |
| EBITDA Margin % | — | — | — | — | — | — | — | -221.7% | -180.1% | |
| FCF Margin % | — | — | — | — | — | — | — | -202.3% | -204.6% | |
| ROE % | 0.0% | 0.0% | -36133.7% | -216.5% | 917.7% | 292.2% | -35.3% | -33.1% | -45.3% | |
| ROA % | 0.0% | 0.0% | -68.6% | -151.7% | -410.5% | -561.6% | -28.8% | -25.9% | -36.3% | |
| ROIC % | 0.0% | 0.0% | -116.8% | -95.2% | -12755.3% | -918.0% | -24.6% | -32.1% | -50.0% | |
| R&D / Revenue % | — | — | — | — | — | — | — | 18.3% | 27.8% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Gross Profit | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | |
| Operating Income | 0.0% | -199.5% | -5536.6% | -102.4% | -22.7% | 46.8% | -23.3% | -91.1% | |
| Net Income | 0.0% | -174.8% | -6127.8% | -237.3% | 34.7% | 15.4% | -6.3% | -41.2% | |
| EPS (Diluted) | 0.0% | -295.6% | 1.1% | -231.2% | 48.7% | 36.5% | 47.4% | 42.1% | |
| Operating Cash Flow | 0.0% | 0.0% | -14561.8% | -81.3% | 1.4% | 29.7% | 11.1% | -162.8% | |
| Free Cash Flow | 0.0% | 0.0% | -14586.7% | -82.2% | 2.0% | 29.7% | 10.8% | -165.7% | |
| R&D Expense | 0.0% | 0.0% | 0.0% | 70.3% | 16.6% | -57.8% | -21.6% | -52.3% | |
| SG&A Expense | 0.0% | 199.5% | 839.0% | 255.3% | 26.1% | -13.8% | 56.1% | 297.2% | |
| Total Assets | 0.0% | 0.0% | 0.0% | 52.4% | -75.8% | -38.2% | 1969.1% | 57.1% | |
| Book Value / Share | 0.0% | 0.0% | 0.0% | 54629.7% | -112.1% | -101.5% | 535.2% | -38.2% | |
| Debt | 0.0% | 0.0% | 0.0% | -66.6% | 18.7% | -25.0% | -25.3% | -100.0% | |
| Diluted Shares | 0.0% | -31.0% | 6202.6% | 2.9% | 27.4% | 31.9% | 102.1% | 143.9% |
Valuation
P/E (TTM)At Loss
P/S8.44
P/B3.41
10Y Low / Med / High1.03 / 1.84 / 918.86
EV/EBITDAAt Loss
EV/Revenue5.73
P/FCFAt Loss
Intrinsic Value Models (per share)
DCF Value
$6.49
Tangible Book / Share
$2.15
Net Current Assets / Share
$2.99
Graham Net-Net
$1.71
Cash / Share
$1.90
| Metric | Trend | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.15 | -2.60 | -2.54 | -0.76 | -1.59 | -1.85 | -2.92 | -5.56 | -7.59 | |
| P/S Ratio | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.24 | 8.44 | |
| P/B Ratio | 0.00 | 0.00 | 918.86 | 1.66 | -14.74 | -5.40 | 1.03 | 1.84 | 3.41 | |
| EV/EBITDA | 0.00 | 0.00 | -2.43 | -0.25 | -1.57 | -1.85 | 0.34 | -2.15 | -3.18 | |
| EV/Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 4.78 | 5.73 |
Analyst Estimates & Quality
Altman Z-Score
6.86
Safe
Piotroski F-Score
2
Weak
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $25.5M | $48.9M | $86.1M |
| Net Income | -$23.5M | -$14.5M | $14.0M |
| EPS | $-1.32 | $-0.62 | $0.60 |
| # Analysts (EPS) | 4 | 5 | 5 |
Revenue Segments
By Product
| Segment | 2025 |
|---|---|
| Service | $433.2K |
By Geography
| Segment | 2025 |
|---|---|
| CHINA | $3.4M |
| UNITED STATES | $6.8M |