Alpha Cognition Inc. is a biopharmaceutical company focused on developing treatments for neurodegenerative diseases, primarily Alzheimer's disease. The company commercially launched ZUNVEYL, an oral tablet formulation for mild-to-moderate Alzheimer's disease, on March 19, 2025, following FDA approval on July 26, 2024. ZUNVEYL is positioned as a next-generation acetylcholinesterase inhibitor with expected minimal gastrointestinal side effects and a dual mechanism of action. Total revenue for the year ended December 31, 2025, was $10,220,275, a significant increase from $0 in 2024, comprising $6,792,024 from product sales and $3,428,251 from licensing. Net loss increased to $(20,669,875) in 2025 from $(14,788,727) in 2024, primarily due to a substantial increase in selling, general, and administrative (SG&A) expenses. SG&A expenses surged by 263% to $29,076,123 in 2025 from $8,012,230 in 2024, largely due to commercialization efforts for ZUNVEYL. Research and development (R&D) expenses decreased by 52% to $1,867,972 in 2025 from $3,920,412 in 2024, reflecting a shift towards commercialization. The company secured a licensing agreement with CMS International Development and Management Limited (CMSI) for ZUNVEYL in Asia (excluding Japan), Australia, and New Zealand, totaling $44 million in potential payments, including a $3 million upfront payment received in January 2025. Cash and cash equivalents increased to $66,046,789 as of December 31, 2025, from $48,546,210 in 2024, supported by significant capital raises. Capital raises in 2025 included a public offering in October 2025 generating net proceeds of approximately $32.8 million and an over-allotment exercise for $5.25 million. In 2024, a public offering generated net proceeds of approximately $46.15 million. The company identified a material weakness in its internal control over financial reporting related to accounting for warrants and stock option liabilities and a lack of segregation of duties, with remediation efforts underway. Alpha Cognition is pursuing additional pre-clinical programs, including ZUNVEYL in combination with memantine for moderate-to-severe AD and ALPHA-1062 sublingual formulations for dysphagia and mild traumatic brain injury (mTBI).