Alpha Cognition Financials
This page shows Alpha Cognition (ACOG) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 2 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Alpha Cognition passes 3 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Alpha Cognition generates $0.53 in operating cash flow (-$7.8M OCF vs -$14.6M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Alpha Cognition earns $-112.7 in operating income for every $1 of interest expense (-$11.9M vs $105K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Alpha Cognition's EBITDA was -$11.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 19.5% from the prior year.
Alpha Cognition generated -$7.8M in free cash flow in fiscal year 2024, representing cash available after capex.
Alpha Cognition reported -$14.6M in net income in fiscal year 2024. This represents a decrease of 6.3% from the prior year.
Alpha Cognition earned $-2.02 per diluted share (EPS) in fiscal year 2024. This represents an increase of 47.4% from the prior year.
Alpha Cognition held $48.5M in cash against $0 in long-term debt as of fiscal year 2024.
Alpha Cognition had 16M shares outstanding in fiscal year 2024. This represents an increase of 238.8% from the prior year.
Alpha Cognition invested $3.9M in research and development in fiscal year 2024. This represents a decrease of 19.8% from the prior year.
Alpha Cognition invested $27K in capex in fiscal year 2024, funding long-term assets and infrastructure.
ACOG Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.8M+71.4% | $1.7M-43.4% | $2.9M | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | $163K-63.1% | $441K+3375.3% | $13K | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $2.7M+120.1% | $1.2M-58.3% | $2.9M | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $574K+80.9% | $317K-22.2% | $408K | N/A | $996K+3.0% | $967K+5.5% | $917K | N/A |
| SG&A Expenses | $6.9M+6.2% | $6.5M+21.9% | $5.4M | N/A | $1.5M+2.6% | $1.4M-58.7% | $3.5M | N/A |
| Operating Income | -$5.3M+7.4% | -$5.7M-55.6% | -$3.7M | N/A | -$2.5M-2.7% | -$2.4M+45.1% | -$4.4M | N/A |
| Interest Expense | N/A | -$644-107.3% | $9K | N/A | $19K+22.8% | $15K+84.3% | $8K | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$1.3M+87.4% | -$10.5M-422.7% | -$2.0M | N/A | -$1.9M+12.1% | -$2.1M+57.7% | -$5.0M | N/A |
| EPS (Diluted) | $-0.30+53.8% | $-0.65-400.0% | $-0.13 | N/A | $-0.31 | $-0.35+59.8% | $-0.87 | N/A |
ACOG Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $46.3M+2.6% | $45.1M-7.2% | $48.6M-4.2% | $50.7M+909.1% | $5.0M+141.5% | $2.1M | N/A | $2.5M |
| Current Assets | $45.7M+2.4% | $44.6M-7.2% | $48.1M-4.2% | $50.3M+1013.1% | $4.5M+198.2% | $1.5M | N/A | $1.9M |
| Cash & Equivalents | $35.4M-10.2% | $39.4M-13.4% | $45.5M-6.2% | $48.5M+1224.1% | $3.7M+259.9% | $1.0M-58.0% | $2.4M+72.6% | $1.4M |
| Inventory | $4.5M+413.7% | $876K-0.9% | $883K+43.6% | $615K | N/A | N/A | N/A | N/A |
| Accounts Receivable | $2.8M+56.9% | $1.8M+329.0% | $423K | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $12.4M-6.3% | $13.2M+69.6% | $7.8M-15.9% | $9.3M+16.7% | $7.9M+665.1% | $1.0M | N/A | $7.2M |
| Current Liabilities | $6.8M+124.7% | $3.0M+8.3% | $2.8M-16.2% | $3.4M+11.5% | $3.0M+91.3% | $1.6M | N/A | $2.6M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $33.9M+6.3% | $31.9M-21.8% | $40.8M-1.6% | $41.5M+1713.7% | -$2.6M-346.3% | $1.0M+94.9% | $535K+111.4% | -$4.7M |
| Retained Earnings | -$90.1M-1.5% | -$88.8M-13.4% | -$78.3M-2.6% | -$76.3M-8.0% | -$70.6M-2.7% | -$68.8M | N/A | -$61.6M |
ACOG Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$5.3M+13.8% | -$6.1M-200.3% | -$2.0M+11.3% | -$2.3M-46.0% | -$1.6M-12.5% | -$1.4M+43.3% | -$2.5M-21.7% | -$2.0M |
| Capital Expenditures | $74K+794.5% | $8K-86.9% | $63K | N/A | N/A | N/A | N/A | N/A |
| Free Cash Flow | -$5.4M+12.7% | -$6.1M-191.7% | -$2.1M | N/A | N/A | N/A | N/A | N/A |
| Investing Cash Flow | -$74K-794.5% | -$8K+86.9% | -$63K | N/A | N/A | N/A | N/A | N/A |
| Financing Cash Flow | $1.4M+12667.0% | -$11K+98.7% | -$834K-101.8% | $47.1M+1033.4% | $4.2M+2296.9% | $173K-94.9% | $3.4M+29.9% | $2.6M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ACOG Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 94.3%+20.9pp | 73.4%-26.2pp | 99.6% | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -187.0%+159.1pp | -346.1%-220.2pp | -125.9% | N/A | N/A | N/A | N/A | N/A |
| Net Margin | -46.4%+586.3pp | -632.8%-564.2pp | -68.5% | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -2.9%+20.4pp | -23.3%-19.1pp | -4.1% | N/A | -37.0%+64.6pp | -101.6% | N/A | N/A |
| Current Ratio | 6.69-8.0 | 14.69-2.5 | 17.14+2.1 | 15.00+13.5 | 1.50+0.5 | 0.96 | N/A | 0.73 |
| Debt-to-Equity | 0.37-0.0 | 0.41+0.2 | 0.19-0.0 | 0.22+3.3 | -3.09-4.1 | 1.00 | N/A | -1.52 |
| FCF Margin | -188.8%+182.0pp | -370.9%-298.9pp | -72.0% | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Alpha Cognition profitable?
No, Alpha Cognition (ACOG) reported a net income of -$14.6M in fiscal year 2024.
What is Alpha Cognition's earnings per share (EPS)?
Alpha Cognition (ACOG) reported diluted earnings per share of $-2.02 for fiscal year 2024. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Alpha Cognition's EBITDA?
Alpha Cognition (ACOG) had EBITDA of -$11.8M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
What is Alpha Cognition's free cash flow?
Alpha Cognition (ACOG) generated -$7.8M in free cash flow during fiscal year 2024. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Alpha Cognition's operating cash flow?
Alpha Cognition (ACOG) generated -$7.8M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Alpha Cognition's total assets?
Alpha Cognition (ACOG) had $50.7M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Alpha Cognition's capital expenditures?
Alpha Cognition (ACOG) invested $27K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Alpha Cognition spend on research and development?
Alpha Cognition (ACOG) invested $3.9M in research and development during fiscal year 2024.
How many shares does Alpha Cognition have outstanding?
Alpha Cognition (ACOG) had 16M shares outstanding as of fiscal year 2024.
What is Alpha Cognition's current ratio?
Alpha Cognition (ACOG) had a current ratio of 15.00 as of fiscal year 2024, which is generally considered healthy.
What is Alpha Cognition's debt-to-equity ratio?
Alpha Cognition (ACOG) had a debt-to-equity ratio of 0.22 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Alpha Cognition's return on assets (ROA)?
Alpha Cognition (ACOG) had a return on assets of -28.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Alpha Cognition's cash runway?
Based on fiscal year 2024 data, Alpha Cognition (ACOG) had $48.5M in cash against an annual operating cash burn of $7.8M. This gives an estimated cash runway of approximately 75 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Alpha Cognition's Piotroski F-Score?
Alpha Cognition (ACOG) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alpha Cognition's earnings high quality?
Alpha Cognition (ACOG) has an earnings quality ratio of 0.53x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Alpha Cognition cover its interest payments?
Alpha Cognition (ACOG) has an interest coverage ratio of -112.7x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.