ACOG Alpha Cognition Inc.

Overview and Growth

Fiscal 2025 results for Alpha Cognition Inc. combined $10.22M of revenue with net loss of $20.67M and an operating cash outflow of $20.38M. The $10.22M revenue base provides substantial context for the company’s earnings, cash generation, and capital requirements. The company reported diluted EPS of -$1.18, adding a shareholder-level measure to the absolute income figures considered below. Diluted shares averaged 17.68M; this is the reported share base over which the company’s diluted per-share earnings were spread. The diluted share count was 144.0% higher than fiscal 2024, when diluted shares averaged 7.25M, adding context to the EPS comparison. Total assets stood at $79.73M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. Revenue equaled 0.13x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

The first profit layer was $9.62M of gross profit, the amount available after reported direct revenue costs to absorb operating expenses. Gross profit represented 94.1% of revenue, showing how much of the top line remained after direct costs. The reported operating result was an operating loss of $22.66M, reflecting costs that exceeded gross profit. The operating loss equaled 221.7% of revenue, showing the scale of the operating deficit relative to sales. After all below-operating-line items, the company recorded a net loss of $20.67M for the fiscal year. Measured against revenue, the bottom-line deficit represented 202.2% after all recognized items. EBITDA was negative $22.60M, showing a deficit before interest, taxes, depreciation, and amortization. Relative to period-end equity, the net loss represented 33.1%. Relative to total assets, the net loss represented 25.9%. The net loss widened to $20.67M from $14.79M in fiscal 2024.

Liquidity and Capital Structure

Total assets were $79.73M, supported by $17.20M of liabilities and $62.53M of shareholder equity. At period end, current assets of $79.01M compared with current liabilities of $9.13M, defining the company’s short-term resource position. Current assets covered current liabilities by 8.65x, leaving a positive buffer for near-term obligations. Cash and equivalents totaled $66.05M, identifying the most liquid reported component available within the broader current-asset balance. Measured only with cash and equivalents, coverage of current liabilities was 723.4%, excluding receivables and other current assets. Equity equaled 78.4% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 21.6% of total assets, quantifying the liability-funded share of the company’s resource base. Cash and equivalents equaled 82.8% of total assets, showing the liquid cash component within the company’s broader resource base. Compared with $50.74M in fiscal 2024, the current asset base moved 57.1% and finished higher. Book equity was 59.9% higher than fiscal 2024 equity of $39.09M, showing how shareholder capital changed year over year. Cash and equivalents were 36.0% higher than fiscal 2024 cash of $48.55M, showing the year-over-year change in liquid resources.

Cash Flow and Earnings Quality

Operating activities used $20.38M of cash, resulting in an operating cash outflow for the year. The company spent $293.49K on capital expenditures while operations also absorbed cash, so both ongoing activity and investment drew on liquidity during the period. Operating cash flow and capital spending combined to leave a $20.67M cash deficit after capital spending. The free-cash-flow deficit equaled 202.3% of revenue, showing the post-investment cash shortfall relative to sales. The cash deficit after capital spending represented 25.9% of the period-end asset base. Cash absorbed by operations increased from $7.76M in fiscal 2024 to $20.38M.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.