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Alpha Cognition (ACOG) Financials

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$7.94 -0.29 (-3.46%)
As of 11:51 AM Eastern
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Annual Income Statements for Alpha Cognition

Annual Income Statements for Alpha Cognition

This table shows Alpha Cognition's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders
-14 -15 -21
Consolidated Net Income / (Loss)
-14 -15 -21
Net Income / (Loss) Continuing Operations
-14 -15 -21
Total Pre-Tax Income
-14 -15 -21
Total Operating Income
-9.94 -12 -23
Total Gross Profit
0.00 0.00 9.75
Total Revenue
0.00 0.00 10
Operating Revenue
- 0.00 10
Total Cost of Revenue
0.00 0.00 0.47
Operating Cost of Revenue
- 0.00 0.47
Total Operating Expenses
9.94 12 32
Selling, General & Admin Expense
5.05 8.01 29
Research & Development Expense
4.88 3.92 1.87
Amortization Expense
- 0.08 0.02
Other Operating Expenses / (Income)
- 0.00 1.44
Total Other Income / (Expense), net
-3.83 -2.78 1.99
Interest & Investment Income
0.01 0.16 1.90
Other Income / (Expense), net
-3.81 -2.94 0.09
Basic Earnings per Share
($3.84) ($2.04) ($1.17)
Weighted Average Basic Shares Outstanding
3.59M 7.25M 17.68M
Diluted Earnings per Share
($3.84) ($2.04) ($1.18)
Weighted Average Diluted Shares Outstanding
3.59M 7.25M 17.68M
Weighted Average Basic & Diluted Shares Outstanding
- 16.02M 21.77M

Quarterly Income Statements for Alpha Cognition

This table shows Alpha Cognition's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders
-3.27 -5.00 -2.12 -1.86 -5.81 0.04 -10 -1.32 -8.90 -0.13
Consolidated Net Income / (Loss)
-3.27 -5.00 -2.12 -1.86 -5.81 0.04 -10 -1.32 -8.90 -0.13
Net Income / (Loss) Continuing Operations
-3.27 -5.04 -2.12 -1.85 -5.78 0.04 -10 -1.32 -8.90 -0.13
Total Pre-Tax Income
-3.27 -5.04 -2.12 -1.85 -5.78 0.04 -10 -1.32 -8.90 -0.13
Total Operating Income
-2.77 -4.41 -2.42 -2.49 -2.69 -3.40 -5.74 -5.31 -8.21 -8.10
Total Gross Profit
0.00 0.13 0.00 0.00 -0.13 -0.03 1.22 2.68 5.88 -0.25
Total Revenue
0.00 0.13 0.00 0.00 -0.13 0.00 1.66 2.84 5.72 0.00
Total Cost of Revenue
0.00 0.00 0.00 0.00 - 0.03 0.44 0.16 -0.16 0.25
Operating Cost of Revenue
- 0.00 0.00 0.00 - 0.03 0.44 0.16 -0.16 0.25
Total Operating Expenses
2.77 4.51 2.42 2.50 2.59 0.40 6.95 7.99 17 0.38
Selling, General & Admin Expense
1.34 3.47 1.43 1.48 1.62 0.31 6.54 6.95 15 0.17
Research & Development Expense
1.43 0.92 0.97 1.00 1.04 0.08 0.32 0.57 0.89 0.20
Amortization Expense
- 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.01
Total Other Income / (Expense), net
-0.50 -0.63 0.31 0.64 -3.09 1.68 -4.75 3.99 1.07 1.62
Interest & Investment Income
0.00 0.01 0.00 -0.02 0.16 0.46 0.43 0.38 0.63 0.51
Other Income / (Expense), net
-0.50 -0.63 0.32 0.65 -3.27 -0.00 -5.18 3.62 1.65 -0.01
Basic Earnings per Share
($0.84) ($0.87) ($0.35) ($0.31) ($0.51) ($0.11) ($0.65) ($0.08) ($0.33) ($0.30)
Weighted Average Basic Shares Outstanding
3.88M 5.74M 6.01M 6.03M 7.25M 16.02M 16.02M 16.14M 17.68M 21.76M
Diluted Earnings per Share
($0.84) ($0.87) ($0.35) ($0.31) ($0.51) ($0.11) ($0.65) ($0.30) ($0.12) ($0.32)
Weighted Average Diluted Shares Outstanding
3.88M 5.74M 6.01M 6.03M 7.25M 16.02M 16.02M 21.74M 17.68M 21.93M
Weighted Average Basic & Diluted Shares Outstanding
- - 150.86M 15.53M 16.02M 16.02M 16.16M 21.74M 21.77M 21.77M

Annual Cash Flow Statements for Alpha Cognition

This table details how cash moves in and out of Alpha Cognition's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents
-0.59 47 18
Net Cash From Operating Activities
-8.80 -7.76 -20
Net Cash From Continuing Operating Activities
-8.80 -7.76 -20
Net Income / (Loss) Continuing Operations
-14 -15 -21
Consolidated Net Income / (Loss)
-14 -15 -21
Depreciation Expense
0.08 0.08 0.06
Amortization Expense
0.00 0.46 0.00
Non-Cash Adjustments To Reconcile Net Income
2.29 6.65 4.91
Changes in Operating Assets and Liabilities, net
2.59 -0.16 -4.67
Net Cash From Investing Activities
0.00 -0.03 -0.29
Net Cash From Continuing Investing Activities
0.00 -0.03 -0.29
Purchase of Property, Plant & Equipment
0.00 -0.03 -0.29
Net Cash From Financing Activities
8.23 55 38
Net Cash From Continuing Financing Activities
8.23 55 38
Repayment of Debt
-0.06 -0.76 -0.91
Repurchase of Common Equity
-1.06 -5.70 -2.55
Issuance of Debt
0.00 4.55 0.00
Issuance of Common Equity
9.22 57 40
Other Financing Activities, net
0.12 0.23 1.42
Cash Interest Paid
0.06 0.04 0.00

Quarterly Cash Flow Statements for Alpha Cognition

This table details how cash moves in and out of Alpha Cognition's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents
-0.31 0.57 0.93 -1.23 2.58 45 -2.94 -6.16 -4.01 31 -12
Net Cash From Operating Activities
-1.60 -2.03 -2.47 -1.40 -1.58 -2.30 -2.04 -6.14 -5.29 -6.91 -12
Net Cash From Continuing Operating Activities
-1.60 -2.03 -2.47 -1.40 -1.58 -2.30 -2.04 -6.14 -5.29 -6.91 -12
Net Income / (Loss) Continuing Operations
-3.31 -5.73 -5.00 -2.12 -1.86 -5.81 -1.73 -11 -1.32 -6.86 -6.48
Consolidated Net Income / (Loss)
-3.31 -5.73 -5.00 -2.12 -1.86 -5.81 -1.73 -11 -1.32 -6.86 -6.48
Depreciation Expense
0.02 0.02 0.02 0.02 0.02 0.02 0.01 0.01 0.01 0.03 0.03
Non-Cash Adjustments To Reconcile Net Income
1.21 -0.14 3.31 0.15 -0.30 3.49 -0.03 7.04 -2.61 0.50 -0.30
Changes in Operating Assets and Liabilities, net
0.47 3.83 -0.80 0.54 0.14 -0.04 -0.30 -2.42 -1.38 -0.58 -5.05
Net Cash From Investing Activities
- - 0.00 - - -0.03 -0.06 -0.01 -0.07 -0.15 -0.00
Net Cash From Continuing Investing Activities
- - 0.00 - - -0.03 -0.06 -0.01 -0.07 -0.15 -0.00
Purchase of Property, Plant & Equipment
- - 0.00 - - -0.03 -0.06 -0.01 -0.07 -0.15 -0.00
Net Cash From Financing Activities
1.31 2.62 3.40 0.17 4.16 47 -0.83 -0.01 1.36 38 0.00
Net Cash From Continuing Financing Activities
1.31 2.62 3.40 0.17 4.16 47 -0.83 -0.01 1.36 38 0.00
Repayment of Debt
- - 0.00 - -0.46 -0.30 -0.91 - - - 0.00
Other Financing Activities, net
0.20 -0.09 0.07 0.17 0.07 -0.09 0.08 -0.01 1.36 0.00 0.00
Cash Interest Paid
0.03 0.01 0.02 0.02 - - 0.00 - - - 0.00

Annual Balance Sheets for Alpha Cognition

This table presents Alpha Cognition's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
Total Assets
2.45 51 80
Total Current Assets
1.92 50 79
Cash & Equivalents
1.40 49 66
Restricted Cash
0.09 0.02 0.06
Accounts Receivable
0.06 0.00 4.24
Inventories, net
0.00 0.62 5.12
Prepaid Expenses
0.37 1.07 3.55
Plant, Property, & Equipment, net
0.00 0.03 0.33
Total Noncurrent Assets
0.53 0.46 0.39
Intangible Assets
0.53 0.41 0.39
Total Liabilities & Shareholders' Equity
2.45 51 80
Total Liabilities
7.16 12 17
Total Current Liabilities
2.62 3.35 9.13
Accounts Payable
1.39 2.44 8.98
Current Deferred Revenue
0.01 0.00 0.15
Total Noncurrent Liabilities
4.54 8.29 8.07
Noncurrent Deferred Revenue
- 0.00 0.04
Other Noncurrent Operating Liabilities
4.54 8.29 8.03
Total Equity & Noncontrolling Interests
-4.70 39 63
Total Preferred & Common Equity
-4.70 39 63
Preferred Stock
0.00 0.00 0.00
Total Common Equity
-4.70 39 63
Common Stock
57 116 160
Retained Earnings
-62 -76 -97
Accumulated Other Comprehensive Income / (Loss)
-0.10 -0.10 -0.10

Quarterly Balance Sheets for Alpha Cognition

This table presents Alpha Cognition's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets
2.08 5.03 49 45 46 69
Total Current Assets
1.51 4.51 48 45 46 69
Cash & Equivalents
1.02 3.67 46 39 35 54
Restricted Cash
0.18 0.11 0.10 0.06 0.06 0.06
Accounts Receivable
0.00 0.00 0.42 1.81 2.85 3.58
Inventories, net
- - 0.88 0.88 4.50 6.04
Prepaid Expenses
0.32 0.74 1.19 2.50 2.90 4.63
Plant, Property, & Equipment, net
0.00 0.00 0.07 0.07 0.20 0.31
Total Noncurrent Assets
0.57 0.51 0.42 0.40 0.40 0.39
Intangible Assets
0.45 0.43 0.41 0.40 0.40 0.39
Total Liabilities & Shareholders' Equity
2.08 5.03 49 45 46 69
Total Liabilities
3.48 7.95 7.80 13 12 12
Total Current Liabilities
1.57 3.01 2.81 3.04 6.83 5.43
Accounts Payable
1.24 1.74 2.57 2.81 6.53 5.31
Current Deferred Revenue
0.03 0.05 0.24 0.23 0.30 0.12
Total Noncurrent Liabilities
1.90 4.94 4.99 10 5.56 6.37
Noncurrent Deferred Revenue
- - - 0.15 0.14 0.05
Other Noncurrent Operating Liabilities
0.99 3.94 4.79 10 5.42 6.32
Total Equity & Noncontrolling Interests
-1.39 -2.92 41 32 34 57
Total Preferred & Common Equity
-1.39 -2.92 41 32 34 57
Preferred Stock
0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity
-1.39 -2.92 41 32 34 57
Common Stock
67 68 119 121 124 161
Retained Earnings
-69 -71 -78 -89 -90 -104
Accumulated Other Comprehensive Income / (Loss)
-0.10 -0.10 -0.10 -0.10 -0.10 -0.10

Annual Metrics And Ratios for Alpha Cognition

This table displays calculated financial ratios and metrics derived from Alpha Cognition's official financial filings.

Metric 2023 2024 2025
Period end date 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding
0.00 15,531,282.00 21,742,104.00
DEI Adjusted Shares Outstanding
0.00 15,531,282.00 21,742,104.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 -0.95 -0.95
Growth Metrics
- - -
Revenue Growth
0.00% 0.00% 0.00%
EBITDA Growth
0.00% -5.42% -56.22%
EBIT Growth
0.00% -8.71% -50.96%
NOPAT Growth
0.00% -20.87% -88.64%
Net Income Growth
0.00% -7.45% -39.77%
EPS Growth
0.00% 46.88% 42.16%
Operating Cash Flow Growth
0.00% 11.86% -162.78%
Free Cash Flow Firm Growth
0.00% 0.00% -330.89%
Invested Capital Growth
0.00% -71.61% 58.23%
Revenue Q/Q Growth
0.00% 0.00% 134.15%
EBITDA Q/Q Growth
0.00% 0.00% -2.83%
EBIT Q/Q Growth
0.00% 0.00% -2.67%
NOPAT Q/Q Growth
0.00% 0.00% -32.16%
Net Income Q/Q Growth
0.00% 0.00% -17.58%
EPS Q/Q Growth
0.00% 0.00% 24.84%
Operating Cash Flow Q/Q Growth
0.00% -3.65% -29.17%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00%
Invested Capital Q/Q Growth
0.00% 0.00% -131.62%
Profitability Metrics
- - -
Gross Margin
0.00% 0.00% 95.36%
EBITDA Margin
0.00% 0.00% -220.26%
Operating Margin
0.00% 0.00% -221.72%
EBIT Margin
0.00% 0.00% -220.83%
Profit (Net Income) Margin
0.00% 0.00% -202.24%
Tax Burden Percent
100.00% 100.00% 100.00%
Interest Burden Percent
100.08% 98.92% 91.58%
Effective Tax Rate
0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00%
Return on Equity (ROE)
292.61% -86.00% -40.68%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00%
Operating Return on Assets (OROA)
0.00% 0.00% -34.60%
Return on Assets (ROA)
0.00% 0.00% -31.69%
Return on Common Equity (ROCE)
292.62% -86.00% -40.68%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-6.96 -8.41 -16
NOPAT Margin
0.00% 0.00% -155.21%
Net Nonoperating Expense Percent (NNEP)
-2,404.36% -26.62% -8.45%
Return On Investment Capital (ROIC_SIMPLE)
199.20% -21.02% -25.37%
Cost of Revenue to Revenue
0.00% 0.00% 4.64%
SG&A Expenses to Revenue
0.00% 0.00% 284.49%
R&D to Revenue
0.00% 0.00% 18.28%
Operating Expenses to Revenue
0.00% 0.00% 317.09%
Earnings before Interest and Taxes (EBIT)
-14 -15 -23
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-14 -14 -23
Valuation Ratios
- - -
Price to Book Value (P/BV)
0.00 1.09 1.84
Price to Tangible Book Value (P/TBV)
0.00 1.10 1.85
Price to Revenue (P/Rev)
0.00 0.00 11.25
Price to Earnings (P/E)
0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 4.78
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00
Leverage & Solvency
- - -
Debt to Equity
-0.26 0.02 0.00
Long-Term Debt to Equity
0.00 0.00 0.00
Financial Leverage
0.06 -1.39 -1.12
Leverage Ratio
-0.52 1.55 1.28
Compound Leverage Factor
-0.52 1.53 1.18
Debt to Total Capital
-34.69% 2.28% 0.00%
Short-Term Debt to Total Capital
-34.69% 2.28% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00%
Common Equity to Total Capital
134.69% 97.72% 100.00%
Debt to EBITDA
-0.09 -0.06 0.00
Net Debt to EBITDA
0.02 3.31 0.00
Long-Term Debt to EBITDA
0.00 0.00 0.00
Debt to NOPAT
-0.17 -0.11 0.00
Net Debt to NOPAT
0.04 5.67 0.00
Long-Term Debt to NOPAT
0.00 0.00 0.00
Altman Z-Score
-50.31 0.23 2.55
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00%
Liquidity Ratios
- - -
Current Ratio
0.73 15.00 8.65
Quick Ratio
0.56 14.49 7.70
Cash Flow Metrics
- - -
Free Cash Flow to Firm (FCFF)
0.00 -4.84 -21
Operating Cash Flow to CapEx
0.00% -29,046.31% -6,944.17%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 0.00
Operating Cash Flow to Interest Expense
-502.37 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
-502.37 0.00 0.00
Efficiency Ratios
- - -
Asset Turnover
0.00 0.00 0.16
Accounts Receivable Turnover
0.00 0.00 0.00
Inventory Turnover
0.00 0.00 0.17
Fixed Asset Turnover
0.00 0.00 57.48
Accounts Payable Turnover
0.00 0.00 0.08
Days Sales Outstanding (DSO)
0.00 0.00 0.00
Days Inventory Outstanding (DIO)
0.00 0.00 2,209.47
Days Payable Outstanding (DPO)
0.00 0.00 4,395.42
Cash Conversion Cycle (CCC)
0.00 0.00 -2,185.95
Capital & Investment Metrics
- - -
Invested Capital
-4.99 -8.56 -3.58
Invested Capital Turnover
0.00 0.00 -1.68
Increase / (Decrease) in Invested Capital
0.00 -3.57 4.98
Enterprise Value (EV)
44 -4.96 49
Market Capitalization
45 43 115
Book Value per Share
($1.31) $2.52 $2.88
Tangible Book Value per Share
($1.46) $2.49 $2.86
Total Capital
-3.49 40 63
Total Debt
1.21 0.91 0.00
Total Long-Term Debt
0.00 0.00 0.00
Net Debt
-0.28 -48 -66
Capital Expenditures (CapEx)
0.00 0.03 0.29
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-0.98 -0.75 3.78
Debt-free Net Working Capital (DFNWC)
0.51 48 70
Net Working Capital (NWC)
-0.70 47 70
Net Nonoperating Expense (NNE)
6.81 6.38 4.81
Net Nonoperating Obligations (NNO)
-0.28 -48 -66
Total Depreciation and Amortization (D&A)
0.08 0.54 0.06
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 36.94%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 683.74%
Net Working Capital to Revenue
0.00% 0.00% 683.74%
Earnings Adjustments
- - -
Adjusted Basic Earnings per Share
$0.00 ($2.02) ($1.17)
Adjusted Weighted Average Basic Shares Outstanding
0.00 7.25M 17.68M
Adjusted Diluted Earnings per Share
$0.00 ($2.02) ($1.18)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 7.25M 17.68M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 16.02M 21.77M
Normalized Net Operating Profit after Tax (NOPAT)
-6.96 -8.41 -16
Normalized NOPAT Margin
0.00% 0.00% -155.21%
Pre Tax Income Margin
0.00% 0.00% -202.24%
Debt Service Ratios
- - -
EBIT to Interest Expense
-785.16 0.00 0.00
NOPAT to Interest Expense
-397.16 0.00 0.00
EBIT Less CapEx to Interest Expense
-785.16 0.00 0.00
NOPAT Less CapEx to Interest Expense
-397.16 0.00 0.00
Payout Ratios
- - -
Dividend Payout Ratio
0.00% 0.00% 0.00%
Augmented Payout Ratio
-7.67% -38.57% -12.32%

Quarterly Metrics And Ratios for Alpha Cognition

This table displays calculated financial ratios and metrics derived from Alpha Cognition's official financial filings.

Metric Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding
0.00 0.00 0.00 150,855,536.00 15,531,282.00 16,019,787.00 16,019,787.00 16,160,787.00 21,742,104.00 21,774,104.00
DEI Adjusted Shares Outstanding
0.00 0.00 0.00 150,855,536.00 15,531,282.00 16,019,787.00 16,019,787.00 16,160,787.00 21,742,104.00 21,774,104.00
DEI Earnings Per Adjusted Shares Outstanding
0.00 0.00 0.00 -0.01 -0.37 0.00 -0.65 -0.08 -0.41 -0.01
Growth Metrics
- - - - - - - - - -
Revenue Growth
0.00% 0.00% 0.00% 0.00% 0.00% -100.00% 0.00% 0.00% 4,377.00% 0.00%
EBITDA Growth
0.00% 0.00% 26.11% 44.00% 0.00% 32.37% -423.56% 7.26% -10.49% -137.69%
EBIT Growth
0.00% 0.00% 25.40% 43.75% 0.00% 32.50% -419.14% 7.59% -9.82% -138.06%
NOPAT Growth
0.00% 0.00% 11.25% 10.06% 0.00% -10.26% -136.95% -113.52% -204.86% -66.44%
Net Income Growth
0.00% 0.00% 24.92% 43.11% 0.00% 100.75% -395.81% 29.13% -53.18% -456.81%
EPS Growth
0.00% 0.00% 0.00% 63.10% 0.00% 87.36% -85.71% 3.23% 76.47% -190.91%
Operating Cash Flow Growth
0.00% 0.00% 0.00% 1.60% -13.46% 17.29% -337.81% -235.22% -199.79% -477.12%
Free Cash Flow Firm Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 782.61% -343.08% 0.00% -1,069.66%
Invested Capital Growth
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -449.87% 65.54% 58.23% 165.48%
Revenue Q/Q Growth
0.00% 0.00% -100.00% 0.00% 0.00% 100.00% 0.00% 71.37% 101.41% -100.00%
EBITDA Q/Q Growth
-15.01% 0.00% 58.56% 12.85% -225.41% 42.45% -220.81% 84.56% -287.71% -23.79%
EBIT Q/Q Growth
-15.76% 0.00% 58.34% 12.72% -225.18% 42.92% -220.46% 84.46% -286.44% -23.73%
NOPAT Q/Q Growth
-1.39% 0.00% 45.12% -2.75% -8.21% -80.69% -17.94% 7.41% -54.49% 1.35%
Net Income Q/Q Growth
-16.03% 0.00% 57.71% 12.08% -212.41% 100.65% -28,046.69% 87.43% -575.26% 98.50%
EPS Q/Q Growth
0.00% 0.00% 59.77% 11.43% -64.52% 78.43% -490.91% 53.85% 60.00% -166.67%
Operating Cash Flow Q/Q Growth
0.00% -21.72% 43.26% -12.54% -45.98% 11.26% -200.33% 13.83% -30.55% -70.83%
Free Cash Flow Firm Q/Q Growth
0.00% 0.00% 0.00% 958.98% -100.00% 0.00% 54.78% -405.88% -61.23% -27.03%
Invested Capital Q/Q Growth
0.00% 0.00% 0.00% -225.44% -91.08% 43.79% -57.31% 79.60% -131.62% 188.11%
Profitability Metrics
- - - - - - - - - -
Gross Margin
0.00% 100.00% 0.00% 0.00% 0.00% 0.00% 73.40% 94.27% 102.73% 0.00%
EBITDA Margin
0.00% -3,756.42% 0.00% 0.00% 0.00% 0.00% -657.72% -59.25% -114.05% 0.00%
Operating Margin
0.00% -3,297.62% 0.00% 0.00% 0.00% 0.00% -346.08% -186.99% -143.43% 0.00%
EBIT Margin
0.00% -3,771.99% 0.00% 0.00% 0.00% 0.00% -658.42% -59.69% -114.53% 0.00%
Profit (Net Income) Margin
0.00% -3,739.53% 0.00% 0.00% 0.00% 0.00% -632.75% -46.40% -155.55% 0.00%
Tax Burden Percent
100.00% 99.21% 100.00% 100.44% 100.54% 100.00% 100.00% 100.00% 100.00% 100.00%
Interest Burden Percent
100.21% 99.92% 100.62% 100.91% 96.85% -1.10% 96.10% 77.73% 135.82% 1.65%
Effective Tax Rate
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Invested Capital (ROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
ROIC Less NNEP Spread (ROIC-NNEP)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Net Nonoperating Assets (RNNOA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Return on Equity (ROE)
0.00% 0.00% 0.00% 0.00% -86.00% -23.89% -118.82% -113.44% -40.68% -42.42%
Cash Return on Invested Capital (CROIC)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -860.57%
Operating Return on Assets (OROA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -42.51% -10.15% -17.94% 0.00%
Return on Assets (ROA)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% -40.85% -7.89% -24.37% 0.00%
Return on Common Equity (ROCE)
0.00% 0.00% 0.00% 0.00% -86.00% -23.89% -118.82% -113.44% -40.68% -42.42%
Return on Equity Simple (ROE_SIMPLE)
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)
-1.94 -3.09 -1.69 -1.74 -1.88 -3.40 -4.02 -3.72 -5.74 -5.67
NOPAT Margin
0.00% -2,308.33% 0.00% 0.00% 0.00% 0.00% -242.26% -130.89% -100.40% 0.00%
Net Nonoperating Expense Percent (NNEP)
0.00% 0.00% 4,868.80% -15.20% -8.24% 15.09% -32.82% 12.97% -5.55% 11.07%
Return On Investment Capital (ROIC_SIMPLE)
- - 931.22% 246.91% -4.71% -8.34% -12.59% -10.96% -9.19% -9.86%
Cost of Revenue to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 26.60% 5.73% -2.73% 0.00%
SG&A Expenses to Revenue
0.00% 2,596.98% 0.00% 0.00% 0.00% 0.00% 394.41% 244.50% 267.14% 0.00%
R&D to Revenue
0.00% 685.25% 0.00% 0.00% 0.00% 0.00% 19.13% 20.19% 15.61% 0.00%
Operating Expenses to Revenue
0.00% 3,368.01% 0.00% 0.00% 0.00% 0.00% 419.48% 281.26% 298.27% 0.00%
Earnings before Interest and Taxes (EBIT)
-3.26 -5.05 -2.10 -1.83 -5.97 -3.41 -11 -1.70 -6.55 -8.11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
-3.24 -5.03 -2.08 -1.81 -5.91 -3.40 -11 -1.68 -6.53 -8.08
Valuation Ratios
- - - - - - - - - -
Price to Book Value (P/BV)
0.00 0.00 0.00 0.00 1.09 1.99 4.69 4.17 1.84 2.10
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 1.10 2.01 4.75 4.22 1.85 2.11
Price to Revenue (P/Rev)
0.00 0.00 0.00 0.00 0.00 0.00 98.09 32.43 11.25 11.78
Price to Earnings (P/E)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Dividend Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Enterprise Value to Invested Capital (EV/IC)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 20.98
Enterprise Value to Revenue (EV/Rev)
0.00 0.00 0.00 0.00 0.00 0.00 72.19 24.30 4.78 6.46
Enterprise Value to EBITDA (EV/EBITDA)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to EBIT (EV/EBIT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to NOPAT (EV/NOPAT)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Operating Cash Flow (EV/OCF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Enterprise Value to Free Cash Flow (EV/FCFF)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Leverage & Solvency
- - - - - - - - - -
Debt to Equity
0.00 0.00 -0.87 -0.76 0.02 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to Equity
0.00 0.00 -0.65 -0.34 0.00 0.00 0.00 0.00 0.00 0.00
Financial Leverage
0.00 0.00 -0.01 0.53 -1.22 -1.12 -1.29 -1.19 -1.12 -1.02
Leverage Ratio
0.00 0.00 -1.49 -1.72 1.55 1.19 1.55 1.66 1.28 1.20
Compound Leverage Factor
0.00 0.00 -1.50 -1.74 1.50 -0.01 1.49 1.29 1.74 0.02
Debt to Total Capital
0.00% 0.00% -665.63% -313.96% 2.28% 0.00% 0.00% 0.00% 0.00% 0.00%
Short-Term Debt to Total Capital
0.00% 0.00% -164.83% -171.77% 2.28% 0.00% 0.00% 0.00% 0.00% 0.00%
Long-Term Debt to Total Capital
0.00% 0.00% -500.80% -142.19% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Preferred Equity to Total Capital
0.00% 0.00% -0.03% -0.01% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital
0.00% 0.00% 765.66% 413.97% 97.72% 100.00% 100.00% 100.00% 100.00% 100.00%
Debt to EBITDA
0.00 0.00 0.00 0.00 -0.06 0.00 0.00 0.00 0.00 0.00
Net Debt to EBITDA
0.00 0.00 0.00 0.00 3.31 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to EBITDA
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Debt to NOPAT
0.00 0.00 0.00 0.00 -0.11 0.00 0.00 0.00 0.00 0.00
Net Debt to NOPAT
0.00 0.00 0.00 0.00 5.67 0.00 0.00 0.00 0.00 0.00
Long-Term Debt to NOPAT
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Altman Z-Score
0.00 0.00 0.00 0.00 0.81 4.87 4.37 5.11 3.21 4.89
Noncontrolling Interest Sharing Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios
- - - - - - - - - -
Current Ratio
0.00 0.00 0.96 1.50 15.00 17.14 14.69 6.69 8.65 12.64
Quick Ratio
0.00 0.00 0.65 1.22 14.49 16.37 13.56 5.60 7.70 10.66
Cash Flow Metrics
- - - - - - - - - -
Free Cash Flow to Firm (FCFF)
0.00 0.00 -0.32 2.74 0.00 1.41 2.18 -6.65 -11 -14
Operating Cash Flow to CapEx
0.00% 0.00% 0.00% 0.00% -8,627.87% -3,231.04% -73,836.39% -7,112.26% -4,681.59% -892,435.10%
Free Cash Flow to Firm to Interest Expense
0.00 0.00 -20.94 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
-166.93 -299.28 -92.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
-166.93 -299.28 -92.16 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - -
Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.06 0.17 0.16 0.17
Accounts Receivable Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.11
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.03 0.00 0.00 0.17 0.20
Fixed Asset Turnover
0.00 0.00 0.00 0.00 0.00 0.00 41.31 42.84 57.48 54.37
Accounts Payable Turnover
0.00 0.00 0.00 0.00 0.00 0.01 0.23 0.15 0.08 0.18
Days Sales Outstanding (DSO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 71.44
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 12,148.46 0.00 0.00 2,209.47 1,815.54
Days Payable Outstanding (DPO)
0.00 0.00 0.00 0.00 0.00 35,314.01 1,580.97 2,395.30 4,395.42 2,064.72
Cash Conversion Cycle (CCC)
0.00 0.00 0.00 0.00 0.00 0.00 -1,580.97 -2,395.30 -2,185.95 -177.74
Capital & Investment Metrics
- - - - - - - - - -
Invested Capital
0.00 0.00 -1.38 -4.48 -8.56 -4.81 -7.57 -1.54 -3.58 3.15
Invested Capital Turnover
0.00 0.00 0.00 0.00 0.00 0.00 -0.34 -1.45 -1.68 -12.31
Increase / (Decrease) in Invested Capital
0.00 0.00 -1.38 -4.48 0.00 -4.81 -6.19 2.94 4.98 7.96
Enterprise Value (EV)
0.00 0.00 76 59 -4.96 35 110 106 49 66
Market Capitalization
30 83 76 60 43 81 149 142 115 120
Book Value per Share
$0.00 $0.00 ($0.23) ($0.02) $2.52 $2.63 $1.99 $2.10 $2.88 $2.64
Tangible Book Value per Share
$0.00 $0.00 ($0.31) ($0.02) $2.49 $2.60 $1.97 $2.07 $2.86 $2.62
Total Capital
0.00 0.00 -0.18 -0.71 40 41 32 34 63 57
Total Debt
0.00 0.00 1.21 2.21 0.91 0.00 0.00 0.00 0.00 0.00
Total Long-Term Debt
0.00 0.00 0.91 1.00 0.00 0.00 0.00 0.00 0.00 0.00
Net Debt
0.00 0.00 0.02 -1.56 -48 -46 -39 -35 -66 -54
Capital Expenditures (CapEx)
0.00 0.00 0.00 0.00 0.03 0.06 0.01 0.07 0.15 0.00
Debt-free, Cash-free Net Working Capital (DFCFNWC)
0.00 0.00 -0.95 -1.05 -0.75 -0.31 2.14 3.41 3.78 8.83
Debt-free Net Working Capital (DFNWC)
0.00 0.00 0.24 2.72 48 45 42 39 70 63
Net Working Capital (NWC)
0.00 0.00 -0.06 1.51 47 45 42 39 70 63
Net Nonoperating Expense (NNE)
1.33 1.91 0.42 0.12 3.93 -3.44 6.47 -2.40 3.16 -5.53
Net Nonoperating Obligations (NNO)
0.00 0.00 0.02 -1.56 -48 -46 -39 -35 -66 -54
Total Depreciation and Amortization (D&A)
0.02 0.02 0.02 0.02 0.06 0.01 0.01 0.01 0.03 0.03
Debt-free, Cash-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 140.75% 78.22% 36.94% 86.35%
Debt-free Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,730.38% 890.57% 683.74% 617.71%
Net Working Capital to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2,730.38% 890.57% 683.74% 617.71%
Earnings Adjustments
- - - - - - - - - -
Adjusted Basic Earnings per Share
$0.00 $0.00 ($0.25) ($0.31) ($0.51) ($0.13) ($0.65) ($0.08) ($0.33) ($0.30)
Adjusted Weighted Average Basic Shares Outstanding
0.00 0.00 6.01M 6.03M 7.25M 16.02M 16.02M 16.14M 17.68M 21.76M
Adjusted Diluted Earnings per Share
$0.00 $0.00 $0.00 ($0.31) ($0.51) ($0.13) ($0.65) ($0.30) ($0.12) ($0.32)
Adjusted Weighted Average Diluted Shares Outstanding
0.00 0.00 6.03M 6.03M 7.25M 16.02M 16.02M 21.74M 17.68M 21.93M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
0.00 0.00 6.03M 15.53M 16.02M 16.02M 16.16M 21.74M 21.77M 21.77M
Normalized Net Operating Profit after Tax (NOPAT)
-1.94 -3.06 -1.69 -1.74 -1.88 -2.38 -4.02 -3.72 -5.74 -5.67
Normalized NOPAT Margin
0.00% -2,287.84% 0.00% 0.00% 0.00% 0.00% -242.26% -130.89% -100.40% 0.00%
Pre Tax Income Margin
0.00% -3,769.14% 0.00% 0.00% 0.00% 0.00% -632.75% -46.40% -155.55% 0.00%
Debt Service Ratios
- - - - - - - - - -
EBIT to Interest Expense
-339.57 -611.06 -138.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense
-201.53 -373.95 -111.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
-339.57 -611.06 -138.17 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
-201.53 -373.95 -111.39 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - -
Dividend Payout Ratio
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio
0.00% 0.00% 0.00% 0.00% -38.57% 0.00% -29.24% -30.14% -12.32% 0.00%

Financials Breakdown Chart

Key Financial Trends

Alpha Cognition (NASDAQ: ACOG) is still in the early, pre-profit stage, but the latest quarter shows a meaningful improvement in liquidity and a sharp reset in the business mix. The company had $54.2 million in cash and equivalents at March 31, 2026, up from $35.4 million at the end of Q3 2025 and far above the cash balance seen a year earlier. That gives Alpha Cognition a much stronger near-term runway than it had in 2024.

Revenue in Q1 2026 was zero, but the quarter still included negative gross profit because cost of revenue was $248.9 thousand. Operating expenses were relatively modest at $379.2 thousand, but the company still posted an operating loss of $8.1 million due to other items and accounting impacts. Net loss for the quarter was $133.9 thousand on the income statement, although the cash flow statement showed a much larger operating cash burn of $11.8 million.

What stands out most is the company’s balance sheet improvement versus the prior year. Total assets increased to $69.2 million from $46.3 million in Q3 2025, while shareholders’ equity rose to $57.5 million from $33.9 million. At the same time, total liabilities were $11.8 million, which is relatively manageable compared with the cash position. That said, retained earnings remain deeply negative at $(103.6) million, reflecting cumulative losses.

Cash flow trends are mixed. The most recent quarter showed a large operating outflow, driven by working-capital changes, even though capital spending was minimal. In prior quarters, Alpha Cognition also burned cash from operations, including $(6.9) million in Q4 2025 and $(5.3) million in Q3 2025. The good news is that financing activity has often been able to offset losses, and the company ended Q1 2026 with much more cash than it had a year ago.

  • Cash and equivalents climbed to $54.2 million in Q1 2026, giving the company a stronger liquidity cushion.
  • Shareholders’ equity increased to $57.5 million, up from $33.9 million in Q3 2025.
  • Total liabilities were only $11.8 million, which looks modest relative to the cash balance.
  • Capital spending remained very low, with just $1.3 thousand of PP&E purchases in Q1 2026.
  • Operating expense line items were relatively small in Q1 2026 compared with the larger spending levels seen in 2024 and 2025.
  • Revenue was zero in Q1 2026, so the company is not yet showing consistent commercialization momentum in the latest quarter.
  • Inventories rose to $6.0 million, which may support future product sales but also ties up cash.
  • Accounts payable increased to $5.3 million, suggesting working capital still requires careful management.
  • Operating cash flow was a large outflow at $11.8 million in Q1 2026.
  • Retained earnings remain deeply negative at $(103.6) million, underscoring the long history of losses.

Bottom line: Alpha Cognition’s latest balance sheet is much healthier than it was a year ago, but the business still has not proven it can generate stable revenue or positive operating cash flow. For retail investors, the key question remains whether the company can turn its cash-rich position into sustained commercial traction before that runway starts shrinking again.

07/24/26 12:03 PM ETAI Generated. May Contain Errors.

Alpha Cognition Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Alpha Cognition's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Alpha Cognition's net income appears to be on an upward trend, with a most recent value of -$20.67 million in 2025, rising from -$13.76 million in 2023. The previous period was -$14.79 million in 2024. Find out what analysts predict for Alpha Cognition in the coming months.

Alpha Cognition's total operating income in 2025 was -$22.66 million, based on the following breakdown:
  • Total Gross Profit: $9.75 million
  • Total Operating Expenses: $32.41 million

Over the last 2 years, Alpha Cognition's total revenue changed from $0.00 in 2023 to $10.22 million in 2025, a change of 1,022,027,500.0%.

Alpha Cognition's total liabilities were at $17.20 million at the end of 2025, a 47.7% increase from 2024, and a 140.4% increase since 2023.

In the past 2 years, Alpha Cognition's cash and equivalents has ranged from $1.40 million in 2023 to $66.05 million in 2025, and is currently $66.05 million as of their latest financial filing in 2025.

Over the last 2 years, Alpha Cognition's book value per share changed from -1.31 in 2023 to 2.88 in 2025, a change of -319.2%.



Financial statements for NASDAQ:ACOG last updated on 7/9/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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