Opaleye Management Inc. (10% owner) bought $1.2M of stock
SEC Form 4
Alpha Cognition Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
Stock price today
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Third-party market data · may be delayed
Fair value per share
Under review: data-quality checks not passed.
Price vs value
Under review: data-quality checks not passed. We'll show the comparison once resolved.
Alpha Cognition Inc. valuation: adjust assumptions and compare models →
Who’s trading
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
- Insiders3 buying, 0 selling60 purchases and 0 sales by directors and officers, last 12 monthsInsider trades
- Funds8 adding, 4 cuttingOf 3 active managers that changed their stake, 2 added; quarter to June 30, 2026Fund buyers and sellers
The Fundamentalytics view
Current signal Earnings running well ahead of cash (high accruals): Over the last 12 months net income exceeded operating cash flow by an amount equal to 11.5% of total assets. Earnings built on accounting accruals rather than cash have historically proved less persistent.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
Highlights
How we pick theseStrengths
- Net cash. Cash exceeds long-term debt by $0.0bn.
Things to watch
- Loss-making. Operating margin is -190.6%: costs exceed revenue.
- Burning cash. Free cash flow was -204.3% of revenue over the last 12 months.
- Heavy stock-based pay. Stock pay equals 34.5% of revenue: a real cost that cash-flow figures leave out.
- High sales multiple. The shares trade at 11 times revenue while operating margins remain thin.
- Volatile shares. Over the past year the shares showed annualised volatility of 63% and a beta of 1.1 against the S&P 500.
Latest results: FY2026 Q2
- Earnings per share
- -$0.40 against an average estimate of -$0.39: missed by 2.6%
- Revenue
- $6m, up 267.6% on a year earlier
- Next report
- November 12, 2026; average EPS estimate -$0.33
Price chart
- 1 day-4.6%
- 1 week+0.5%
- 1 month-8.4%
- This year+28.3%
- 1 year+34.7%
- S&P 500 this year+11.2%
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Third-party market data · may be delayed
At a glance
Profitability
- Revenue (TTM)
- $15.3M
- Operating margin
- -190.6%
- Net margin
- -153.6%
- EPS (TTM, diluted)
- $-1.14
Cash
- Free cash flow (TTM)
- -$31.2M
- FCF margin
- -204.3%
- Stock pay % of revenue
- 34.5%
Earnings
- Last results
- March 26, 2026
News & updates
Company announcements, filed results and changes that matter to shareholders.
- Insider trade
The inputs used by the models below have passed source checks. Individual model values are available below and in the interactive valuator. Their differences are shown explicitly; the platform combined value and recommendation remain withheld.
Valuation models
We value Alpha Cognition Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.9%: the 10-year Treasury yield (4.9%) plus a beta of 1.1 times a 4.5% equity risk premium.
| Model | Value per share | In the combined value? |
|---|---|---|
| Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. | ~$15 ~$7.1–$23 | Primary model, counts double |
| Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. | — | Does not apply: This model is withheld pending its input or assumption review. |
| Combined value Individual source-checked model scenarios are available. The platform combined value and recommendation remain withheld. | — | Combined value withheld. Review the individual models and their assumptions. |
Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Alpha Cognition Inc. with Biotechnology in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.
Valuation multiples over time Market data may be delayed
| At fiscal year end | 2025 | Now |
|---|---|---|
| Share price | $6.50 | $8.34 |
| Market value | $115m | $172m |
| + Net debt (− = net cash) | −$66m | −$41m |
| Enterprise value | $49m | $130m |
| Multiples | ||
| Price / sales | 11.2x | 11.3x |
| Price / earnings | — | — |
| Price / free cash flow | — | — |
| EV / EBITDA | — | — |
Moat
Not assessed: fewer than five years of comparable figures in the filings. AI disruption exposure for this industry: Medium.
Forecasts and guidance
Next results: November 12, 2026, after the close. Analysts expect revenue of $10m and EPS of −$0.33 (range −$0.35 to −$0.31) for the quarter.
Analysts' consensus
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$1.26 | −7% | $36m | +154% |
| Next | −$0.62 | +51% | $67m | +86% |
How the EPS forecast has moved
The consensus EPS forecast for the current fiscal year is −12.5% on 90 days ago. In the last 30 days, 1 analyst raised Alpha Cognition Inc.'s forecast and 0 cut it.
Average of analysts' published estimates (third-party data).
View chart data
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$1.44 | −$0.63 |
| 60 days ago | −$1.29 | −$0.62 |
| 30 days ago | −$1.29 | −$0.62 |
| 7 days ago | −$1.29 | −$0.62 |
| Now | −$1.26 | −$0.62 |
Earnings against estimates
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.39 | −$0.40 | −2.6% |
| Mar 2026 | −$0.40 | −$0.32 | +19.0% |
| Dec 2025 | −$0.35 | −$0.31 | +11.4% |
| Sept 2025 | −$0.43 | −$0.30 | +30.2% |
Adjusted EPS as companies report it, against the average analyst estimate.
Positioning
- Short interest
- 2.0% of tradable shares
- Days to cover
- 3.27 at average volume
- Short interest, 1 month
- +68% to October 15, 2026
- Held by institutions
- 59% of shares
- Held by insiders
- 5.1% of shares
- Employees
- 71 full time
Share-price performance
Market data may be delayedReturn and risk by year
| Calendar year | 2025 | 2026 to date |
|---|---|---|
| Return | ||
| ACOG | +10% | +28% |
| Industry peers (median) | −5% | −27% |
| S&P 500 | +18% | +11% |
| Months that ended higher | ||
| ACOG | 33% | 55% |
| S&P 500 | 75% | 46% |
| Largest fall from a high during the year | ||
| ACOG | −55% | −31% |
| S&P 500 | −19% | −9% |
Worst fall since November 12, 2024: 60% from July 7, 2025 to February 5, 2026. Getting back needed a 150% gain, and the shares have not yet recovered.
Price behaviour
- 52-week range
- $4.50 – $9.75
- From 52-week high
- −14.5%
- vs 50-day average
- −6.4%
- vs 200-day average
- +16.4%
- Volatility (1 year)
- 63%
- Beta vs S&P 500
- 1.11
Share price after results
- Next day
- 0 up, 1 down typical move ±4.5%
- After a week
- 1 up, 0 down typical move ±12.4%
- After a month
- 1 up, 0 down typical move ±20.9%
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| March 26, 2026 | −4.5% | −3.5% | +12.4% | +20.9% |
Fundamentals
Financial statements
| Fiscal year | 2025 Dec 2025 | LTM Jun 2026 |
|---|---|---|
| Income | ||
| Revenue | 10 | 15 |
| Gross profit | 10 | — |
| EBITDA | −23 | −29 |
| Operating income | −23 | −29 |
| Net income | −21 | −23 |
| Diluted EPS | −$1.18 | −$1.14 |
| Margins | ||
| Gross margin | 94.1% | — |
| EBITDA margin | −221.1% | −189.5% |
| Operating margin | −221.7% | −190.6% |
| Net margin | −202.2% | −153.6% |
| Free-cash-flow margin | −202.3% | −204.3% |
| Cash flow | ||
| Cash from operations | −20 | −31 |
| Capital spending | 0 | 0 |
| Free cash flow | −21 | −31 |
| Stock-based pay | 5 | 5 |
| Free cash flow after stock pay | −26 | −36 |
| Balance sheet | ||
| Cash | 66 | 41 |
| Total debt | 0 | 0 |
| Net debt (negative = net cash) | −66 | −41 |
| Diluted shares | 18m | 21m |
| Quarter | 2025 Q1 Mar 2025 | 2025 Q2 Jun 2025 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 | 2026 Q1 Mar 2026 | 2026 Q2 Jun 2026 |
|---|---|---|---|---|---|---|
| Income | ||||||
| Revenue | 3 | 2 | 3 | 3 | 4 | 6 |
| Gross profit | 3 | 1 | — | — | — | 6 |
| EBITDA | −3 | −8 | −5 | −8 | −8 | −8 |
| Operating income | −3 | −8 | −5 | −8 | −8 | −8 |
| Net income | −2 | −13 | −1 | −7 | −6 | −9 |
| Diluted EPS | −$0.11 | −$0.82 | −$0.30 | −$0.31 | −$0.32 | −$0.40 |
| Growth (year on year) | ||||||
| Revenue | — | — | — | — | +20.7% | +267.6% |
| Margins | ||||||
| Gross margin | 99.6% | 87.7% | — | — | — | 93.6% |
| EBITDA margin | −116.0% | −508.9% | −186.5% | −282.8% | −228.3% | −125.6% |
| Operating margin | −116.3% | −509.6% | −187.0% | −283.7% | −229.1% | −127.3% |
| Net margin | −58.9% | −796.2% | −46.4% | −245.5% | −183.3% | −144.3% |
| Free-cash-flow margin | −72.0% | −370.9% | −188.8% | −252.6% | −333.9% | −114.2% |
| Cash flow | ||||||
| Cash from operations | −2 | −6 | −5 | −7 | −12 | −7 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −2 | −6 | −5 | −7 | −12 | −7 |
| Stock-based pay | 1 | 1 | 1 | 1 | 1 | 1 |
| Free cash flow after stock pay | −3 | −8 | −7 | −8 | −13 | −8 |
Financial health
- Short-term assets cover short-term liabilities $58m of assets due within a year against $6m of liabilities due within a year.
- Short-term assets cover long-term liabilities $58m short-term assets against $5m of longer-dated liabilities.
- More cash than debt Cash or debt not separately reported. Not assessable.
- Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
- Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
- A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
- Operating profit covers interest at least five times over Interest not separately reported. Not assessable.
Dividends, buybacks and capital spending
- R&D spending
- 27.8%
- of revenue
- Sales & admin spending
- 252.6%
- of revenue
- Days sales outstanding
- 131 days
- receivables vs revenue
Competitors: side by side with peers
| Last 12 months unless stated | ACOG | KROS | ALEC | LCTX | PRQR | CTMX | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $15m | $15m | $14m | $13m | $18m | $18m | $55m |
| Revenue growth, last 12 months | — | −93.6% | −82.9% | 19.9% | −12.1% | −87.0% | 12.6% |
| Revenue growth, 3-year average | — | — | −48.6% | 7.5% | — | −38.7% | 13.7% |
| Revenue growth, latest quarter | 267.6% | −100.0% | −57.8% | −61.3% | — | −92.4% | 10.2% |
| Operating margin | −190.6% | −682.3% | −912.4% | −205.2% | −273.1% | −476.2% | −190.0% |
| Operating margin, 3-year average | — | <−999% | −472.3% | −313.9% | — | −146.9% | −363.5% |
| Net margin | −153.6% | −559.2% | −850.1% | −246.6% | −265.2% | −435.2% | −163.5% |
| Cash from operations / revenue | −202.2% | −322.7% | <−999% | −182.0% | −331.9% | −450.3% | −168.8% |
| Free-cash-flow margin | −204.3% | −326.1% | <−999% | −186.4% | −338.3% | −450.7% | −168.1% |
| Free-cash-flow margin, 3-year average | — | <−999% | −600.8% | −253.2% | — | −192.6% | −310.0% |
| Stock pay / revenue | 34.5% | 153.8% | 120.9% | 38.8% | 25.2% | 55.4% | 20.7% |
| Change in share count | — | −31.6% | 9.7% | 11.9% | 22.4% | 88.7% | 8.2% |
Where the revenue comes from
| Line of business | Revenue | YoY |
|---|---|---|
| Product Net | $6.8M | — |
| Licenses | $3.4M | — |
| Licensing | $598,430 | — |
These categories overlap or exclude eliminations, so shares aren't shown.
| Region | Revenue | Share | YoY |
|---|---|---|---|
| United States | $6.8M | 66.5% | — |
| China | $3.4M | 33.5% | — |
From Alpha Cognition Inc.'s 10-K filed March 31, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.
Who owns it
Funds buying and selling- Reported value
- $76.4M
- Institutions reporting
- 25
- Shares held vs prior quarter
- ▲ 0.6%
- Positions opened / closed
- 1 / 0
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| Opaleye Management Inc. | $20.9M | 2.9M | 27.4% | ▲ 13.0% |
| Solas Capital Management, LLC | $13.9M | 1.9M | 18.2% | 0.0% |
| Awm Investment Company, Inc. | $12.1M | 1.7M | 15.8% | 0.0% |
| Cable Car Capital, LP | $10M | 1.4M | 13.1% | 0.0% |
| Ikarian Capital, LLC | $6M | 836K | 7.9% | ▼ 20.8% |
| Sphera Funds Management Ltd. | $3.9M | 546K | 5.2% | ▼ 3.8% |
| Alyeska Investment Group, L.P. | $2.6M | 365K | 3.5% | 0.0% |
| Aristides Capital LLC | $1.6M | 219K | 2.1% | 0.0% |
| Cantor Fitzgerald, L. P. | $1.6M | 218K | 2.1% | ▲ 15.5% |
| Boothbay Fund Management, LLC | $1.4M | 189K | 1.8% | ▼ 26.2% |
| Citadel Advisors LLC | $704,282 | 98K | 0.9% | ▲ 8.9% |
| Villere St Denis J & Co LLC | $513,760 | 71K | 0.7% | 0.0% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Alpha Cognition Inc.'s complete shareholder register. Values are as reported by the filers .
Insider trading activity
Full insider history and chart Insider purchases History → $8.3M 60 trades by 3 insiders, last 12 months Insider sales History → $0 0 trades by 0 insiders
Net ▲ $8.3M net buying
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Opaleye Management Inc. 10% owner | October 23, 2026 | Buy | 14,973 | $8.23 | $123,294 |
| Opaleye Management Inc. 10% owner | October 22, 2026 | Buy | 17,117 | $8.33 | $142,526 |
| Opaleye Management Inc. 10% owner | October 16, 2026 | Buy | 14,283 | $8.23 | $117,602 |
| Opaleye Management Inc. 10% owner | October 15, 2026 | Buy | 22,657 | $8.43 | $190,974 |
| Opaleye Management Inc. 10% owner | October 1, 2026 | Buy | 19,050 | $8.69 | $165,634 |
| Opaleye Management Inc. 10% owner | September 25, 2026 | Buy | 13,426 | $8.47 | $113,718 |
| Opaleye Management Inc. 10% owner | September 24, 2026 | Buy | 18,337 | $8.57 | $157,148 |
| Opaleye Management Inc. 10% owner | September 16, 2026 | Buy | 53,029 | $8.57 | $454,459 |
| Opaleye Management Inc. 10% owner | September 16, 2026 | Buy | 27,141 | $8.40 | $227,984 |
| Opaleye Management Inc. 10% owner | September 15, 2026 | Buy | 3,375 | $8.54 | $28,822 |
| Opaleye Management Inc. 10% owner | September 14, 2026 | Buy | 40,373 | $8.70 | $351,245 |
| Wills Robert James Director | August 21, 2026 | Buy | 10,000 | $9.62 | $96,200 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
Earnings dates and SEC filings
Results announcements
- March 26, 2026
- August 13, 2024
Recent SEC filings
- 10-Q Quarterly report
- 8-K Current report
- 10-Q Quarterly report
- DEF 14A Proxy statement
- 8-K Current report
- 8-K Current report
- 10-K Annual report
- 8-K Current report
Data status
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
Alpha Cognition Inc. in brief
- What does Alpha Cognition Inc. do?
- Alpha Cognition Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
- What is Alpha Cognition Inc.'s stock ticker?
- Alpha Cognition Inc. trades under the ticker ACOG on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
- What is Alpha Cognition Inc.'s free cash flow?
- Alpha Cognition Inc.'s free-cash-flow margin is -204.3% of revenue over the trailing twelve months.
- Who are Alpha Cognition Inc.'s largest institutional shareholders?
- By value reported in 13F filings for June 30, 2026, the largest reported holders are Opaleye Management Inc., Solas Capital Management, LLC and Awm Investment Company, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
- What is Alpha Cognition Inc.'s market cap?
- On November 2, 2026, Alpha Cognition Inc.'s market capitalisation was about $172M and net debt of -$41.4M. Market figures come from third-party market data and may be delayed.
- Who are Alpha Cognition Inc.'s competitors?
- In our Biotechnology peer group, the companies closest to Alpha Cognition Inc. are Keros Therapeutics, Inc., Alector, Inc., Lineage Cell Therapeutics, Inc., Proqr Therapeutics N.V. and Cytomx Therapeutics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Alpha Cognition Inc.'s.
- Are insiders buying or selling Alpha Cognition Inc. stock?
- Over the last 12 months, Alpha Cognition Inc.'s directors and officers reported 60 open-market purchases and 0 sales on Form 4. The insider trading page charts every trade.
- When is Alpha Cognition Inc.'s next earnings date?
- Around November 12, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Alpha Cognition Inc. announces its own schedule.
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