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Alpha Cognition (ACOG) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 13, 2026 · Alpha Cognition (ACOG) Q2 2026 earnings results →
Q2 2026 Revenue up 268% year over year to $6.1M · 144¢ of every $1 of revenue lost · operating margin -127.3%
Alpha Cognition made $6.1M in Q2 2026 (+268% Y/Y): Product, net $6.0M, Licensing $51K. Operating margin -127.3%, net loss $8.8M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 13, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $6.1M in Q2 2026, up 268% year over year and up 72% from the previous quarter. Product, net was the largest line at 99% of revenue. Product, net added $4.5M year over year (up 283%), 101% of the total change. Licensing declined 37%.
Gross margin was 93.6%, up 5.9 points from Q2 2025. Operating costs exceeded revenue by $7.8M, an operating margin of -127.3%. Operating expenses grew 36% against revenue growth of 268%. The fastest-growing cost line was Research & development (+395%). The quarter ended with a net loss of $8.8M, wider than the previous quarter's $6.5M loss.
Operating cash flow was −$6.9M. Non-cash charges added back $104K of depreciation and amortization and $1.5M of share-based compensation. Working capital and other items added $376K. Capital expenditures of $99K exceeded it, leaving free cash flow of −$7.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 13, 2026 | $6.1M | +268% | -127.3% | −$8.8M | −$6.9M |
| Q1 2026 | 10-Q | May 14, 2026 | $3.5M | +21% | -229.1% | −$6.5M | −$11.8M |
| Q4 2025 | 10-K | Mar 31, 2026 | $2.8M | — | -283.7% | −$6.9M | −$6.9M |
| Q3 2025 | 10-Q | Nov 13, 2025 | $2.8M | — | -187.0% | −$1.3M | −$5.3M |
| Q2 2025 | 10-Q | Aug 14, 2025 | $1.7M | — | -346.1% | −$10.5M | −$6.1M |
| Q1 2025 | 10-Q | May 15, 2025 | $2.9M | — | -125.9% | −$2.0M | −$2.0M |
Charts
Interactive views
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Alpha Cognition
We are a biopharmaceutical company dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as Alzheimer’s disease (“AD”), for which there are limited or no treatment options. We focus on the development of commercial manufacturing and commercial sales of ZUNVEYL oral tablet formulation. Our commercial development program for ZUNVEYL is primarily focused on building a long-term care (“LTC”) commercial team that can focus on providing key points of differentiation, exploiting key issues with existing Acetylcholinesterase inhibitors (“AChEI”) treatments, and franchising potential additional indications and new products.
In its own words, from its 10-K, filed Mar 31, 2026.
Alpha Cognition against its Biological Products, (No Diagnostic Substances) peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +268% against the peers' median +29%. Operating margin: -127.3% against the peers' median 35.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ACOG Alpha Cognition | Q2 2026 | $6.1M | +268% | -127.3% |
| AMGN Amgen | Q3 2026 | $10.4B | +8% | 35.8% |
| GILD Gilead Sciences | Q3 2026 | $8.3B | +7% | 41.7% |
| BIIB Biogen | Q3 2026 | $2.8B | +11% | -0.3% |
| MRNA Moderna | Q3 2026 | $1.3B | +29% | 9.9% |
| NBIX Neurocrine Biosciences | Q3 2026 | $1.1B | +41% | 29.5% |
| EXEL Exelixis | Q3 2026 | $659M | +10% | 40.8% |
| HALO Halozyme Therapeutics | Q3 2026 | $493M | +39% | 59.8% |
| MGTX MeiraGTx Holdings | Q2 2026 | $321M | 87× | 76.0% |
Source: Alpha Cognition 10-Q on SEC EDGAR · CIK 1655923 · Biological Products, (No Diagnostic Substances)
13F: who owns ACOG and who is buying
More on ACOG
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results