Alpha Cognition Inc. (ACOG) Financials
A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 11, 2026; every other figure is from the SEC filings on this page. Not financial advice.
Newest figures come from the 10-Q for Q2 FY2026, filed Aug 13, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ACOG SEC filings page.
Alpha Cognition Inc. (ACOG) reported $15.3M in revenue over the twelve months to Jun 30, 2026. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 3 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).
Alpha Cognition’s dominant mechanic is externally financed commercialization: $10.2M of revenue sits beneath cash-intensive operating costs.
Operating cash flow of-$20.4M nearly matched free cash flow of-$20.7M , indicating that reported cash consumption was driven mainly by operations, with capital investment adding little. At the same time, financing cash flow of$38.2M alongside a 38.9-month liquidity comparison points to outside funding as the mechanism supporting the balance sheet rather than internally generated cash.
The margin shape is unusually top-heavy: gross margin reached
The balance-sheet posture is liquid but externally funded: the current ratio was 8.7x and debt-to-equity was 0.3x, indicating substantial short-term asset coverage without high debt leverage. Yet operating cash flow remained negative, so the balance-sheet strength currently coexists with a business that has not financed itself through operations.
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Alpha Cognition Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Alpha Cognition Inc.'s reported operating margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 2/100.
Not available for Alpha Cognition Inc., and counted as zero in the overall score.
Alpha Cognition Inc. carries a low D/E ratio of 0.28, meaning only $0.28 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 8.65, Alpha Cognition Inc. holds $8.65 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 97/100.
Alpha Cognition Inc.'s reported free cash flow margin for fiscal year 2025 is below the lowest share of revenue this page publishes, so the figure is not shown here. This dimension scores 2/100.
Alpha Cognition Inc. posts a -33.1% return on equity (ROE), meaning it loses $33 for every $100 of shareholders' equity. This results in a returns score of 34/100. This is up from -37.8% the prior year.
Alpha Cognition Inc. scores 5.30, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($193.8M) relative to total liabilities ($17.2M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Alpha Cognition Inc. passes 2 of 6 computable financial strength tests (3 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
Alpha Cognition Inc. reported a net loss of $20.7M while operations used $20.4M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Key Financial Metrics
Earnings & Revenue
Alpha Cognition Inc. generated $6.1M in revenue in Q2 2026. This represents an increase of 267.6% from the same quarter a year earlier. Against the prior quarter it is up 72.4%.
Alpha Cognition Inc.'s EBITDA was -$7.7M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 9.3% from the same quarter a year earlier. Against the prior quarter it is up 5.1%.
Alpha Cognition Inc. reported -$8.8M in net income in Q2 2026. This represents an increase of 33.4% from the same quarter a year earlier. Against the prior quarter it is down 35.7%.
Alpha Cognition Inc. earned -$0.40 per diluted share (EPS) in Q2 2026. This represents an increase of 51.2% from the same quarter a year earlier. Against the prior quarter it is down 25.0%.
Cash & Balance Sheet
Alpha Cognition Inc. recorded an outflow of $7.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 13.2% from the same quarter a year earlier. Against the prior quarter it is up 41.0%.
Alpha Cognition Inc. held $41.4M in cash as of Q2 2026; long-term debt is not reported for that period.
Not reported for Q2 2026.
Margins & Returns
Alpha Cognition Inc.'s gross margin was 93.6% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 5.9 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.6 percentage points.
Alpha Cognition Inc.'s ROE was -16.6% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 32.8 percentage points from the same quarter a year earlier. Against the prior quarter it is down 5.3 percentage points.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Not shown for Q2 2026: the reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Capital Allocation
Alpha Cognition Inc. invested $2.0M in research and development in Q2 2026. This represents an increase of 394.6% from the same quarter a year earlier. Against the prior quarter it is up 83.2%.
Alpha Cognition Inc. invested $99K in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 1085.4% from the same quarter a year earlier. Against the prior quarter it is up 7356.1%.
Not reported for Q2 2026.
ACOG Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1M+267.6% | $3.5M+20.7% | $2.8M | $2.8M | $1.7M | $2.9M | N/A | N/A |
| Cost of Revenue | $391K+91.8% | $249K+1861.2% | $224K | $163K | $204K | $13K | N/A | N/A |
| Gross Profit | $5.7M+292.2% | $3.3M+12.7% | $2.6M | $2.7M | $1.5M | $2.9M | N/A | N/A |
| R&D Expenses | $2.0M+394.6% | $1.1M+173.8% | $488K | $574K-42.4% | $406K-58.0% | $400K-56.3% | N/A | $996K-30.3% |
| SG&A Expenses | $11.4M+20.6% | $10.3M+101.5% | $7.5M | $6.9M+371.9% | $9.5M+562.0% | $5.1M+46.5% | N/A | $1.5M+10.2% |
| Operating Income | -$7.8M+8.2% | -$8.1M-137.8% | -$5.5M | -$5.3M-113.5% | -$8.4M-248.9% | -$3.4M+22.8% | N/A | -$2.5M+10.1% |
| EBITDA | -$7.7M+9.3% | -$8.1M-137.4% | -$5.5M | -$5.3M-114.7% | -$8.4M-251.3% | -$3.4M+22.6% | N/A | -$2.5M+10.8% |
| Interest Expense | N/A | N/A | N/A | N/A | -$644-104.2% | $9K+6.6% | N/A | $19K+94.4% |
| Net Income | -$8.8M+33.4% | -$6.5M-275.5% | -$4.4M | -$1.3M+29.1% | -$13.2M-523.9% | -$1.7M+65.5% | N/A | -$1.9M+43.1% |
| EPS (Basic) | -$0.40+51.2% | -$0.30-172.7% | -$0.31+39.2% | -$0.08+74.2% | -$0.82-134.3% | -$0.11+87.4% | -$0.51+68.3% | -$0.31+63.1% |
| EPS (Diluted) | -$0.40+51.2% | -$0.32-190.9% | -$0.31+39.2% | -$0.30+3.2% | -$0.82 | -$0.11 | -$0.51 | -$0.31 |
| Diluted Shares (Avg) | 22M+35.9% | 22M+36.9% | N/A | 16M+167.7% | 16M | 16M | N/A | 6M |
Not reported in any period shown, so not listed: Income Tax.
ACOG Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $64.5M+43.0% | $69.2M+42.5% | $79.7M+57.1% | $46.3M+820.9% | $45.1M+2067.3% | $48.6M | $50.7M+1969.1% | $5.0M |
| Current Assets | $57.9M+29.7% | $68.6M+42.5% | $79.0M+57.2% | $45.7M+912.4% | $44.6M+2849.1% | $48.1M | $50.3M+2519.4% | $4.5M |
| Cash & Equivalents | $41.4M+5.0% | $54.2M+19.2% | $66.0M+36.0% | $35.4M+865.5% | $39.4M+3767.6% | $45.5M+1778.9% | $48.5M+3357.3% | $3.7M+303.6% |
| Short-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Inventory | $6.4M+630.1% | $6.0M+584.2% | $5.1M+732.9% | $4.5M | $876K | $883K | $615K | N/A |
| Accounts Receivable | $5.5M+201.9% | $3.6M+746.3% | $4.2M | $2.8M | $1.8M | $423K | N/A | N/A |
| Long-Term Investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $11.6M-12.6% | $11.8M+51.2% | $17.2M+47.7% | $12.4M+55.9% | $13.2M+1173.3% | $7.8M | $11.6M+62.7% | $7.9M |
| Current Liabilities | $6.4M+111.0% | $5.4M+93.2% | $9.1M+172.5% | $6.8M+127.2% | $3.0M | $2.8M | $3.4M+28.1% | $3.0M |
| Non-Current Liabilities | $5.1M-49.5% | $6.4M+27.6% | $8.1M-2.7% | $5.6M+12.5% | $10.2M+2013.5% | $5.0M | $8.3M+82.6% | $4.9M |
| Total Equity | $53.0M+98.2% | $57.5M+49.2% | $62.5M+59.9% | $33.9M+1419.9% | $26.7M+2460.9% | $38.5M+7094.4% | $39.1M+931.2% | -$2.6M+58.5% |
| Retained Earnings | -$112.4M-26.6% | -$103.6M-32.3% | -$97.1M-27.0% | -$90.1M-27.6% | -$88.8M-29.1% | -$78.3M | -$76.4M-24.0% | -$70.6M |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
ACOG Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.9M-11.7% | -$11.8M-477.1% | -$6.9M-199.8% | -$5.3M-235.2% | -$6.1M-337.8% | -$2.0M+17.3% | -$2.3M-13.5% | -$1.6M+1.6% |
| Depreciation & Amortization | $104K+791.9% | $30K+308.8% | $27K+33.0% | $13K-37.2% | $12K-41.9% | $7K-65.0% | $20K-3.4% | $20K+3709.0% |
| Stock-Based Compensation | N/A | $1.4M+24.1% | N/A | N/A | N/A | $1.1M+224.9% | N/A | N/A |
| Capital Expenditures | $99K+1085.4% | $1K-97.9% | $148K | $74K | $8K | $63K | N/A | N/A |
| Free Cash Flow | -$7.0M-13.2% | -$11.8M-459.9% | -$7.1M | -$5.4M | -$6.1M | -$2.1M | N/A | N/A |
| Investing Cash Flow | -$6.0M-72122.2% | -$1K+97.9% | -$148K | -$74K | -$8K | -$63K | N/A | N/A |
| Financing Cash Flow | $0+100.0% | $800+100.1% | $37.7M-20.0% | $1.4M-67.3% | -$11K-106.2% | -$834K-124.5% | $47.1M+1700.9% | $4.2M+218.4% |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
ACOG Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q2'2610-Q | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 93.6%+5.9pp | 93.0%-6.6pp | 92.0% | 94.3% | 87.7% | 99.6% | N/A | N/A |
| Operating Margin | -127.3% | -229.1% | -196.8% | -187.0% | -509.6% | -116.3% | N/A | N/A |
| Net Margin | -144.3% | -183.3% | -158.5% | -46.4% | -796.2% | -58.9% | N/A | N/A |
| Return on Equity | -16.6%+32.8pp | -11.3%-6.8pp | -7.1% | -3.9% | -49.4%+153.4pp | -4.5%+930.3pp | N/A | N/A |
| Return on Assets | -13.6%+15.6pp | -9.3%-5.8pp | -5.5% | -2.9%+34.1pp | -29.3%+72.4pp | -3.5% | N/A | -37.0% |
| Current Ratio | 9.03-5.7x | 12.64-4.5x | 8.65-6.3x | 6.69+5.2x | 14.69 | 17.14 | 15.00+14.3x | 1.50 |
| Debt-to-Equity | 0.22-0.3x | 0.210.0x | 0.280.0x | 0.37 | 0.50-0.5x | 0.20 | 0.30 | N/A |
| Asset Turnover | 0.09+0.1x | 0.050.0x | 0.04 | 0.06 | 0.04 | 0.06 | N/A | N/A |
| FCF Margin | -114.2% | -333.9% | -252.6% | -188.8% | -370.9% | -72.0% | N/A | N/A |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Alpha Cognition Inc. ACOG | FY2025 | $10.2M | -$20.7M | N/A | $193.8M | 34/100 |
| SANGAMO THERAPEUTICS INC SGMO | FY2025 | $39.6M | -$122.9M | N/A | $55.9M | — |
| Milestone Pharmaceuticals Inc. MIST | FY2025 | N/A | -$63K | N/A | $130.7M | — |
| Greenwich LifeSciences, Inc. GLSI | FY2025 | N/A | -$19.4M | N/A | $221.1M | — |
| Seres Therapeutics, Inc. MCRB | FY2025 | $789K | $5.7M | N/A | $51.2M | — |
| Agenus Inc. AGEN | FY2025 | $114.2M | -$3.1M | -2.7% | $310.2M | 47/100 |
Where Alpha Cognition Inc. Ranks
Frequently Asked Questions
What is Alpha Cognition Inc.'s annual revenue?
Alpha Cognition Inc. (ACOG) reported $10.2M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Alpha Cognition Inc. profitable?
No, Alpha Cognition Inc. (ACOG) reported a net income of -$20.7M in fiscal year 2025.
What is Alpha Cognition Inc.'s EBITDA?
Alpha Cognition Inc. (ACOG) had EBITDA of -$22.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Alpha Cognition Inc.'s gross margin?
Alpha Cognition Inc. (ACOG) had a gross margin of 94.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Alpha Cognition Inc.'s return on equity (ROE)?
Alpha Cognition Inc. (ACOG) has a return on equity of -33.1% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Alpha Cognition Inc.'s free cash flow?
Alpha Cognition Inc. (ACOG) recorded an outflow of $20.7M in free cash flow during fiscal year 2025. This represents a -165.7% change compared to the previous fiscal year. 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 Inc.'s operating cash flow?
Alpha Cognition Inc. (ACOG) recorded an outflow of $20.4M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Alpha Cognition Inc.'s total assets?
Alpha Cognition Inc. (ACOG) had $79.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alpha Cognition Inc.'s capital expenditures?
Alpha Cognition Inc. (ACOG) invested $293K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Alpha Cognition Inc. spend on research and development?
Alpha Cognition Inc. (ACOG) invested $1.9M in research and development during fiscal year 2025.
What is Alpha Cognition Inc.'s current ratio?
Alpha Cognition Inc. (ACOG) had a current ratio of 8.65 as of fiscal year 2025, which is generally considered healthy.
What is Alpha Cognition Inc.'s debt-to-equity ratio?
Alpha Cognition Inc. (ACOG) had a debt-to-equity ratio of 0.28 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Alpha Cognition Inc.'s return on assets (ROA)?
Alpha Cognition Inc. (ACOG) had a return on assets of -25.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Alpha Cognition Inc.'s P/E ratio?
Alpha Cognition Inc. (ACOG) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $193.8M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
What is Alpha Cognition Inc.'s price-to-sales ratio?
Alpha Cognition Inc. (ACOG) trades at 12.7x sales, its market capitalization divided by revenue of $15.3M revenue, trailing 12 months to June 30, 2026. The market capitalization is $193.8M as of Sep 11, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.
How does Alpha Cognition Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Alpha Cognition Inc. (ACOG) held $66.0M in cash, cash equivalents and investments, and reported an operating cash outflow of $20.4M over that year. Dividing the one by the other, the reported balance equals about 39 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Alpha Cognition Inc.'s Altman Z-Score?
Alpha Cognition Inc. (ACOG) has an Altman Z-Score of 5.30, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Alpha Cognition Inc.'s Piotroski F-Score?
Alpha Cognition Inc. (ACOG) has a Piotroski F-Score of 2 out of 6 computable signals; 3 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alpha Cognition Inc.'s earnings high quality?
Alpha Cognition Inc. (ACOG) reported a net loss of $20.7M while operations used $20.4M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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.
How financially healthy is Alpha Cognition Inc.?
Alpha Cognition Inc. (ACOG) scores 34 out of 100 on our Financial Health Score, indicating weak standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.