Full Press Release Details
Alpha Cognition Announces
Financial Results for the Second Quarter and Six Months Ended June 2024 and Provides Corporate Update
VANCOUVER, B.C., August 12, 2024. Alpha Cognition
Inc. (OTCQB: ACOGF) (CSE: ACOG) ("Alpha Cognition", or the "Company"), a biopharmaceutical company developing
novel therapeutics for debilitating neurodegenerative disorders, today reported financial results for the second quarter and six months
ended June 30, 2024, and provided a corporate update.
"The FDA approval of ZUNVEYL represents
an important breakthrough for patients with Alzheimer's disease. This approval marks a pivotal moment for our company, demonstrating
our commitment to innovation and our ability to deliver life-changing therapies to patients. The second oral therapy approved this decade,
ZUNVEYL's dual MOA was designed to eliminate drug absorption in the gastrointestinal (GI) tract, potentially addressing certain
tolerability issues with leading Alzheimer's disease medications, combined with a long-term efficacy profile. Over the coming months,
we will focus attention on preparing for the commercial launch of ZUNVEYL and bringing this innovative treatment to patients," said
Michael McFadden, the Company's Chief Executive Officer.
Second Quarter 2024 Business Accomplishments
and Corporate Highlights
Financial Highlights for Second Quarter and
Six Months ended June 30, 2024 (Expressed in United States Dollars and prepared in conformity with U.S. Generally Accepted Accounting
Standards) (Unaudited)
About Alpha Cognition
Alpha Cognition Inc. is a development stage, biopharmaceutical company
dedicated to developing treatments for patients suffering from neurodegenerative diseases, such as AD and Cognitive Impairment with mild
Traumatic Brain Injury ("mTBI"), for which there are currently no approved treatment options.
ZUNVEYL, previously ALPHA-1062, is a novel patented oral Alzheimer's
disease therapy with a dual mechanism of action designed to eliminate drug absorption in the GI tract, potentially addressing certain
tolerability issues with leading AD medications, combined with the efficacy and long-term benefit profile of galantamine. As a new generation
acetylcholinesterase inhibitor, it was developed to demonstrate a potentially improved GI side effect profile and has a CNS safety profile
that includes no incidence of insomnia. While precise mechanism of action is not known, it is believed that ZUNVEYL works through two
distinct pathways to enhance neurotransmitter activity and protect neuronal health, leading to improved cognitive and functional outcomes.
Separately, ZUNVEYL is also being developed
in combination with memantine to treat moderate-to-severe Alzheimer's dementia, and as an intranasal formulation for Cognitive Impairment
with mTBI. For more information about ZUNVEYL, please visit www.zunveyl.com or contact info@alphacognition.com
and connect with us on Twitter and LinkedIn.
For further information:
Michael McFadden, CEO
The Canadian Securities Exchange (the "CSE")
does not accept responsibility for the adequacy or accuracy of this release.
Forward-looking Statements
This news release includes forward-looking statements
within the meaning of applicable United States and Canadian securities laws. Except for statements of historical fact, any information
contained in this news release may be a forward-looking statement that reflects the Company's current views about future events
and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, levels of
activity, performance or achievements to be materially different from the information expressed or implied by these forward-looking statements.
In some cases, you can identify forward-looking statements by the words "may," "might," "will," "could,"
"would," "should," "expect," "intend," "plan," "objective," "anticipate,"
"believe," "estimate," "predict," "project," "potential," "target,"
"seek," "contemplate," "continue" and "ongoing," or the negative of these terms, or other
comparable terminology intended to identify statements about the future. Forward-looking statements may include statements regarding the
Company's planned commercial development of ZUNVEYL, the anticipated long-term efficacy and tolerability profile of ZUNVEYL, plans
regarding the development of ZUNVEYL in combination with memantine to treat moderate-to-severe AD, and as an intranasal formulation for
Cognitive Impairment with mTBI, the Company's business strategy, market size, potential growth opportunities, capital requirements,
clinical development activities, the timing and results of clinical trials, regulatory submissions, potential regulatory approval and
commercialization of the Company's products. Although the Company believes to have a reasonable basis for each forward-looking statement,
we caution you that these statements are based on a combination of facts and factors currently known by us and our expectations of the
future, about which we cannot be certain. The Company cannot assure that the actual results will be consistent with these forward-looking
statements. These forward-looking statements are subject to certain risks, including risks regarding our ability to raise sufficient capital
to implement our plans to commercialize ZUNVEYL , risks regarding the efficacy and tolerability of ZUNVEYL , risks related to ongoing
regulatory oversight on the safety of ZUNVEYL, risk related to market adoption of ZUNVEYL, risks related to the Company's intellectual
property in relation to ZUNVEYL , risks related to the commercial manufacturing, distribution, marketing and sale of ZUNVEYL , risks related
to product liability and other risks as described in the Company's filings with Canadian securities regulatory authorities and available
at www.sedar.com and the Company's filings with the United States Securities and Exchange Commission (the "SEC"), including
those risk factors under the heading "Risk Factors" in the Company's Form S-1 registration statement as filed with the
SEC on July 30, 2024 and available at www.sec.gov. These forward-looking statements speak only as of the date of this news release and
the Company undertakes no obligation to revise or update any forward-looking statements for any reason, even if new information becomes
available in the future, except as required by law.
Condensed Consolidated Statements of Operations (Unaudited)
(expressed in United States Dollars)
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Total operating expenses | $ | (2,421,211 | ) | $ | (2,728,058 | ) | $ | (6,832,729 | ) | $ | (4,714,405 | ) | ||||
| Other income (expenses) | 305,699 | (89,516 | ) | (285,494 | ) | (9,002 | ) | |||||||||
| Net loss | (2,115,512 | ) | (2,817,574 | ) | (7,118,223 | ) | (4,723,407 | ) | ||||||||
| Currency translation adjustment | - | 27,898 | - | (8,341 | ) | |||||||||||
| Comprehensive loss | $ | (2,115,512 | ) | $ | (2,789,676 | ) | $ | (7,118,223 | ) | $ | (4,731,748 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.01 | ) | $ | (0.03 | ) | $ | (0.05 | ) | $ | (0.05 | ) | ||||
| Weighted average shares used to compute net loss per sahre basic and diluted | 150,234,327 | 94,604,510 | 146,925,149 | 86,273,053 |
Selected Consolidated Balance Sheet Data
(expressed in United States Dollars)
| Unaudited | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Cash and cash equivalents | $ | 1,194,183 | $ | 1,494,573 | ||||
| Working capital (deficiency) | $ | (57,156 | ) | $ | (697,554 | ) | ||
| Total assets | $ | 2,082,002 | $ | 2,452,170 | ||||
| Total long-term liabilities | $ | 1,904,333 | $ | 4,539,872 |
Basis of Presentation - The Company financial statements are
prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim
financial information and the rules of the Securities and Exchange Commission (the "SEC").