Alpha Cognition Inc. demonstrated substantial commercial progress during its second quarter of ZUNVEYL® commercialization, with launch momentum accelerating across the U.S. long-term care channel. Pharmacy orders grew 102% sequentially, supported by record prescription volumes each month and expanding reach into more than 600 nursing homes, while the prescriber base surpassed 500 clinicians. This rapid adoption underscores the growing acceptance of ZUNVEYL's differentiated cognitive and behavioral profile in real-world clinical settings.
The company's long-term care call strategy remains central to the launch, with growing evidence of durable adoption and repeat ordering behavior as the brand becomes more embedded in high-volume facilities. In 3Q25, ZUNVEYL generated $2.3 million in net product revenue and $0.5 million in business development and licensing revenue, for total quarterly revenue of $2.8 million and year-to-date revenue of $7.4 million. These early utilization trends, including the doubling of pharmacy orders and expanding activity across nursing homes, support management's view that LTC penetration remains in the early stages and provided the confidence needed to implement pricing increases.
Management reduced operating spend guidance to $28 to $30 million and continues to target operating profitability in 2027. The commercial team is focused on deepening engagement with prescribers, while support teams are broadening coverage within Medicare and LTC pharmacy networks to sustain prescription growth into the fourth quarter and beyond. The CMS collaboration provides a pathway to develop and commercialize ZUNVEYL across the Asia-Pacific region, supporting expectations for ex-U.S. revenues beginning as early as fiscal year 2026.
Beyond commercial success, Alpha Cognition is building a broader neurodegenerative disease platform around ZUNVEYL and ALPHA 1062. The Department of Defense funded Bomb Blast preclinical study in repetitive mild traumatic brain injury showed reduced neuroinflammation and neuropathology, supporting further intranasal and other ALPHA 1062 formulations. A sublingual ALPHA 1062 for patients with dysphagia or aphasia remains on track for formulation completion and taste testing in the first quarter of 2026, followed by a comparative pharmacokinetic study and an Investigational New Drug filing in the first half of 2026.
Financial performance showed significant improvement, with total revenue in the third quarter reaching $2.84 million compared with no revenue in the prior year as the company entered its first full launch year. Research and development expenses declined while selling, general and administrative costs rose to $6.9 million from $1.5 million, reflecting increased commercial activities. Alpha Cognition reported an operating loss of $5.3 million and a net loss of $1.3 million versus a $1.9 million net loss a year ago.
The company strengthened its financial position with cash and equivalents of $35.4 million at quarter end, and an October 2025 equity offering added approximately $37.8 million in net proceeds, bringing pro forma cash to about $73.2 million and extending runway to roughly two years. This is supplemented by a $75 million at-the-market facility for additional financing flexibility. Intellectual property protection was enhanced by a U.S. patent granted in January 2025 that extends ZUNVEYL protection to 2044, significantly strengthening the company's market position.
