Alpha Cognition Inc. (ACI), a biopharmaceutical company focused on neurodegenerative disease treatments, reported a net loss of $14.6 million for the year ended December 31, 2024, compared to a net loss of $13.8 million in 2023. Total operating expenses increased by 19% to $11.9 million, driven by a 57% rise in general and administrative expenses to $7.9 million, offset by a 20% decrease in research and development expenses to $3.9 million. The increase in general and administrative expenses reflects costs associated with the company's US IPO and business expansion, while the decrease in R&D expenses is attributed to lower product development costs following the NDA filing for ZUNVEYL.
Significant developments during the year included the FDA approval of ZUNVEYL (benzgalantamine) on July 26, 2024, for the treatment of mild to moderate Alzheimer's disease in adults. The company officially launched ZUNVEYL on March 19, 2025, employing a 32-person sales force targeting the long-term care market. ACI also announced an exclusive licensing agreement with China Medical System Holdings Limited for ZUNVEYL's development and commercialization in Asia (excluding Japan), Australia, and New Zealand, totaling $44 million in upfront payments and milestone payments. Key personnel appointments were made in January 2025, strengthening the commercial and medical teams.
ACI's commercialization strategy for ZUNVEYL focuses on long-term care facilities, leveraging an account-based sales team and seeking partnerships with consultant pharmacists and long-term care pharmacies. The Wholesale Acquisition Cost (WAC) for ZUNVEYL was set at $749 per month. The company anticipates pursuing new business opportunities for commercial and/or development partners domestically and internationally. Pre-clinical development continues on several additional programs, including a ZUNVEYL/memantine combination for moderate-to-severe Alzheimer's disease and a sublingual ZUNVEYL formulation.
As of December 31, 2024, ACI had 52 full-time employees and 5 part-time contractors. The company's manufacturing of ZUNVEYL utilizes contract manufacturing organizations in Taiwan and the United States. ACI's financial statements reflect a cash and cash equivalents balance of $48.6 million as of December 31, 2024, and the company expects to require substantial additional capital to fund its ongoing operations and commercialization efforts. The company anticipates needing to raise additional capital within the next 12 months. The company's outlook is contingent upon the successful commercialization of ZUNVEYL and the continued development of its pipeline.
About Alpha Cognition Inc.
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