ZUNVEYL generated net product revenue of $3.5 million in Q1 2026, a 40% quarter-over-quarter increase

Cumulative net product revenue totaled $10.3 million through first four full quarters of launch

Q1 2026 bottles dispensed increased 23% quarter-over-quarter to 6,054, with March representing the strongest month of demand since launch

Approximately 75% of prescribers and 81% of facilities demonstrated repeat utilization, reinforcing durable adoption trends

Real-world clinical studies active, with BEACON enrolling ahead of schedule

Cash and cash equivalents totaled $54 million as of March 31, 2026, supporting the Company's continued target of operating profitability in 2027

Company to host conference call and webcast today, May 14, at 4:30 p.m. ET

VANCOUVER, British Columbia & GRAPEVINE, Texas--(BUSINESS WIRE)--May 14, 2026-- 

Alpha Cognition Inc. (ACOG: NASDAQ) ("Alpha Cognition", "ACI", or the "Company"), a biopharmaceutical company developing novel therapeutics for debilitating neurodegenerative disorders, today reported financial results for the first quarter ended March 31, 2026, and provided a business update.

"The first quarter of 2026 marked our fourth full quarter of commercial operations for ZUNVEYL, the first new oral Alzheimer's treatment approved in more than 15 years. We delivered 40% sequential revenue growth from Q4 to Q1, supported by clear quarter-over-quarter acceleration in prescriber adoption. March was our strongest demand month since launch, with approximately 75% of active prescribers generating repeat prescriptions and consistent utilization across both prescribers and facilities. These trends demonstrate not only expanding adoption but increasing depth of use across our commercial base," said Michael McFadden, Chief Executive Officer of Alpha Cognition.

"Our clinical programs are also advancing, with BEACON enrollment substantially complete, and topline data now anticipated in early Q3, ahead of schedule. CONVERGE is underway, and by the end of 2026 we expect to have two real-world evidence datasets to support payer coverage expansion and further reinforce prescriber confidence. With our full field team now in action, we are focused on driving productivity across territories while remaining firmly on track to achieve profitability in 2027," concluded Mr. McFadden.

ZUNVEYL Commercial Performance

   --  Net ZUNVEYL Revenue: Generated approximately $3.5 million in net 
      product revenue in the first quarter of 2026, representing 40% sequential 
      growth over Q4 2025 net product revenues. Cumulative net product revenue 
      totaled $10.3 million through first four full quarters of launch. 
 
   --  Bottles Dispensed: Dispensed 6,054 bottles in Q1, representing 23% 
      quarter-over-quarter growth. Demand accelerated meaningfully throughout 
      the quarter, with March representing the strongest month since launch. 
      March demand increased approximately 29% over February, establishing 
      strong exit velocity into Q2. 
 
   --  Expanding Prescriber Base and Adoption Expansion: HCP writers grew 23% 
      quarter-over-quarter to 1,060, with approximately 75% of active 
      prescribers placing repeat prescriptions. The number of prescribers 
      called on expanded 93% quarter-over-quarter to approximately 3,762, 
      reflecting the impact of the fully staffed 60-person customer-facing 
      field team. 
 
   --  Commercial Reach: Sales team reached 2,502 unique nursing homes in Q1, 
      26% more than Q4, and called on approximately 7,900 total healthcare 
      providers. 110 new homes were brought on board in March alone, the 
      highest single-month new account total since launch. 
 
   --  Payer progress: Medicare Part D contracts in place with two major PBMs 
      covering approximately 45 million lives, with no prior authorization 
      requirements for ZUNVEYL. These contracts establish favorable access 
      parameters as downstream implementation expands. Implementation across 
      downstream plans is currently approximately 16% of the total contracted 
      book of business, with expansion expected to accelerate through mid-2026 
      as plans respond to increasing prescription volume and utilization 
      trends. The Company views payer access as a timing dynamic rather than a 
      demand constraint, given strong underlying commercial performance. 

Recent and Upcoming Business, Clinical, and Operational Highlights

   --  Alpha Cognition presented new clinical data on ZUNVEYL at the American 
      Association of Geriatric Psychiatrists (AAGP) in April 2026 and is 
      presenting at the Neuroscience Education Institute (NEI) Spring Congress 
      in May 2026. 
 
   --  Alpha Cognition continues to anticipate two strategic product approvals 
      in Asia via its partner, CMS Pharma, in 2026. 
 
   --  The USPTO issued a patent covering the use of ALPHA-1062 for treating 
      traumatic brain injury in late March 2026, with protection through 2045. 
      The TBI market represents an addressable opportunity estimated at 
      approximately $14 billion, and this patent further strengthens the 
      long-term asset value of the pipeline. 
 
   --  BEACON enrollment is substantially complete, and the study is expected 
      to conclude imminently, with top-line data anticipated in early Q3 2026, 
      earlier than the original Q4 target. The study is expected to provide 
      important real-world evidence supporting payer decision-making and 
      broader formulary adoption. 
 
   --  CONVERGE, a 400-patient retrospective chart review evaluating 
      tolerability, dosing, polypharmacy, and adverse events in long-term care, 
      initiated in April 2026 as planned, with top-line data expected in Q3 
      2026. This study is designed to provide insights into real-world use in 
      complex patient populations, including polypharmacy, which is a key 
      consideration for both prescribers and payers. 
 
   --  RESOLVE, the Phase 4 outpatient study evaluating ZUNVEYL's effect on 
      tolerability, cognitive and behavioral outcomes, and caregiver burden, is 
      expected to initiate in Q2 2026. The study is expected to be completed in 
      Q2 2027. This study expands the Company's evidence base into the 
      outpatient setting, representing a significant long-term commercial 
      opportunity. 
 
   --  Alpha Cognition is advancing its sublingual formulation program toward 
      initiation of a comparative pharmacokinetic $(PK)$ study versus its tablet 
      and intranasal formulations in Q2 2026. The Company believes this 
      formulation, if approved, would provide a disruptive treatment option for 
      AD patients with dysphagia or severe swallowing difficulties who 
      currently have limited treatment options for medication treatment. 
 
   --  The Company strengthened its Board of Directors with the appointment of 
      Bethany Sensenig, a seasoned biopharmaceutical executive with deep 
      experience across finance, corporate strategy, operations and commercial 
      execution. 

First Quarter 2026 Financial Results

   --  Revenues: ZUNVEYL net product revenues were $3.5 million for the 
      quarter ended March 31, 2026, representing 40% sequential growth over Q4 
      2025 net product revenues of $2.5 million. 
 
   --  Research & Development: Expenses reflect continued investment in the 
      BEACON study, and RESOLVE clinical trial, which initiated during the 
      first quarter and is actively enrolling. 
 
   --  Selling, General & Administrative: Expenses reflect investment in the 
      fully staffed 60-person customer-facing sales team, expanded payer 
      engagement capabilities, and marketing programs to support ZUNVEYL's 
      commercial expansion. 
 
   --  Operating Loss: Total operating expenses for Q1 2026 were approximately 
      $11.6 million, reflecting deliberate investment in commercial 
      infrastructure, payer engagement, and clinical programs. These 
      investments are aligned with driving long-term revenue growth and market 
      expansion. The Company is reiterating its full-year 2026 operating 
      expense guidance of approximately $54-$58 million. 
 
   --  Net Loss: $6.5 million for the quarter ended March 31, 2026, compared 
      to $1.7 million in Q1 2025. The year-over-year increase reflects the 
      Company's strategic investments in commercial infrastructure, payer 
      engagement capabilities, and clinical programs, all core to advancing 
      ZUNVEYL's long-term trajectory. 
 
   --  Cash Position: $54.2 million as of March 31, 2026, compared to $66.0 
      million as of December 31, 2025. The Company believes its current capital 
      position is sufficient to fund operations, sustain ZUNVEYL's 
      commercialization, support continued commercial scaling, expand payer 
      access, and advance clinical programs toward operating profitability in 
      2027. 

Conference Call Information

Alpha Cognition will host a conference call and webcast today, May 14 at 4:30 p.m. Eastern Time. To access the live conference call by phone, dial 877-407-9039 or 201-689-8470.

The live audio webcast will be accessible at https://viavid.webcasts.com/starthere.jsp?ei=1761279&tp_key=1a22b7db8e. An archived version of the webcast will be available for replay on the Alpha Cognition Investor Relations page following the event.

About Alpha Cognition Inc.

Alpha Cognition Inc. is a commercial stage, biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer's disease and Cognitive Impairment with mild Traumatic Brain Injury ("mTBI"), for which there are currently no approved treatment options.

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