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BRINGING HOPE TO PEOPLE LIVING WITH NEURODEGENERATIVE DISEASES Corporate Presentation, November 2025 www.alphacognition.com
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FORWARD-LOOKING STATEMENTS This presentation has been prepared by Alpha Cognition Inc. (“ACI” or the “Company”). This presentation includes forward-looking statements within the meaning of applicable securities laws. Except for statements of historical fact, any information contained in this presentation 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 include statements regarding the Company’s business strategy, future plans, 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 technology. Although the Company believes that we 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 as a result of known and unknown risks, uncertainties, assumptions and other factors. These risks include those associated with clinical studies and manufacturing; risks around development and commercialization of the Company’s products; the need for additional financing to maintain operations; risks posed by the economic and political environments in which the Company operates and intends to operate; market instability due to the COVID-19 pandemic; the potential for losses arising from the expansion of operations into new markets; increased competition; assumptions regarding market trends and the expected demand and desires for the Company’s products and proposed products; reliance on industry manufacturers, suppliers and key personnel; the failure to adequately protect intellectual property; a failure to adequately manage future growth; adverse market conditions; and failure to satisfy ongoing regulatory requirements or obtain regulatory approvals. These forward-looking statements speak only as of the date of this presentation and, other than as required by applicable securities laws, the Company undertakes no obligation to revise or update any forward-looking statements, even if new information becomes available in the future. This presentation includes industry and market data that we obtained from periodic industry publications, third-party studies and surveys, filings of public companies in our industry, patient and disease advocacy educational sites and internal company surveys. These sources include government and industry sources. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable and reasonable. Although we believe the industry and market data to be reliable as of the date of this presentation, this information could prove to be inaccurate. Industry and market data could be wrong because of the method by which sources obtained their data and because information cannot always be verified with complete certainty due to the limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and other limitations and uncertainties. In addition, we do not know all of the assumptions regarding general economic conditions or growth that were used in preparing the forecasts from the sources relied upon or cited herein. The projections, assumptions and estimates of the future performance of the markets in which we operate and our future performance are necessarily subject to uncertainty and risk due to a variety of factors. These and other factors could cause results to differ materially from those expressed in the estimates made by third parties and by us. All currencies denoted are in united states dollars unless otherwise indicated www.alphacognition.com 2
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4 ALPHA COGNITION BRINGING HOPE TO PEOPLE WITH NEUROLOGICAL DISEASE ZUNVEYL (benzgalantamine) Indication: for the treatment of mild to moderate dementia of the Alzheimer’s type in adults. 2025 Financials Q3 Revenues reported: $2.8M 2025 Expense guidance: $28-30M Cash balance: 2 $72M Worldwide Rights to ZUNVEYL Multiple country approvals expected in 2026 Targeting 2027 Operating Profitability With goal of building a multi- product Neuroscience company 1. Q2 represents one quarter of commercialization 2. October 31 2025 balance. Locations: Listed on NASDAQ Vancouver, CA Ticker: ACOG Grapevine, TX Commercial Launch Underway with over 4,500 Filled prescriptions DEVELOPING TREATMETS FOR PEOPLE LIVING WITH Neurological Illness
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5 ZUNVEYL Has Blockbuster Potential In Large Underserved Disease Area 2. Clarivate DRG Market Forecast Assumptions Dashboard 3. Data on File Symphony METYS Retail 2019 4. Data on File Market Research, Affinity Group July 2021 High Unmet Need • 55% of patients discontinue current therapies within one year3 • 72% of physicians dissatisfied with current therapies4 Attractive Commercial Market • 11M annual RX and 80% of AD patients receive AChEI’s 2,3 • Long Term Care (LTC) represents 36% of market opportunity First Oral Alzheimer’s (AD) treatment approved in 15 years • Dual MOA – Acetylcholinesterase Inhibitor (AChEI) & modulates alpha nicotinic receptor sensitivity • Effective for AD cognitive & behavioural symptoms
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6 ZUNVEYL: UNIQUELY DESIGNED PRODRUG OF GALANTAMINE Designed to optimize efficacious dose, minimize treatment- limiting side effects & improve long term outcomes. The formation of the benzoyl ester eliminates AChE inhibition; the gluconate salt increases solubility ZUNVEYL is absorbed in the small intestine as an inactive compound with minimal side effects ZUNVEYL is subject to 1 st pass effect, cleaving the benzoyl ester, resulting in the release of galantamine (active moiety) Metabolite may circulate with greater bioavailability (ability to be absorbed and used by the body)
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7 GALANTAMINE (ZUNVEYL’S ACTIVE MOIETY) ENHANCES ACETYLCHOLINE LEVELS & MODULATES NICOTINIC RECEPTOR SENSITIVITY Decreased acetylcholine levels and loss of nicotinic acetylcholine receptors (nAChR) negatively impacts learning, memory, and function Current therapeutics1 increase acetylcholine levels by inhibiting acetylcholinesterase (AChE) Modulation of nAChR (a7/a4b2)2: • Stimulates the cholinergic pathway • Modulates inflammation • Buffers the effects of amyloid • Enhances release of other transmitters: • Glu, DA, GABA, 5HT - resulting in enhanced: Memory acquisition and retrieval Stabilization of behaviour Inhibition of cell death and neuroprotectionAttention & activity Galantamine raises the concentration of Ach in the synaptic cleft by inhibiting AChE Galantamine modulates nAChRs, making them more sensitive to ACh Raised ACh & enhanced response of nAChRs to ACh lead to improved post-synaptic response 1. Excluding Memantine for moderate-to-severe Alzheimer’s disease 2. Lilienfeld, S. (2002) CNS Drug Reviews, 8(2), 159-176
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8 ZUNVEYL’S DIFFERENTIATED PROFILE OFFERS COMPELLING ALTERNATIVE TO EXISTING THERAPIES GALANTAMINE RIVASTIGMINE DONEPEZIL Significant need for better treatment options Current treatment options can have significant gastrointestinal and insomnia side effects. Physicians report feeling dissatisfied about symptomatic treatment options.3 Caregivers express dissatisfaction with legacy treatments options.3 Purposefully Designed Prodrug Technology No impact on Sleep Behavioural Symptoms Effect Proven Medication Dual Mechanism of Action No significant difference vs placebo across sleep- related outcomes No incidence of insomnia in ZUNVEYL label Benefit for behavioural symptoms as measured by NPI Significant and sustained improvement in cognitive and functional performance Potentiates acetylcholine transmission and modulates nAChR (a7/a4b2)2 ARICEPT is a registered trademark of Eisai Co., Ltd. RAZADYNE is a registered trademark of Johnson & Johnson EXELON is a registered trademark of Novartis Pharmaceuticals Corp 1. Xu et al. Neurology 96 (17) e2221 (2021) 2. Feldman et al. International Journal of Geriatric Psychiatry 2009; 24: 479–488 3. Data on File, Infinity Group, HCP and Caregiver Market Research, July 2021 *Rivastigmine is also available as a transdermal patch Designed to avoid GI nervous system stimulation Protects from peripheral and central cholinergic Side Effects
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11 ALPHA COGNITION WILL INITIATE 3 ADDITIONAL STUDIES TO DIFFERENTIATE AND SUPPORT ZUNVEYL UTILIZATION • Phase 4 Observational Trial in AD patients with behaviors • Evaluation of ZUNVEYL efficacy and tolerability in treating behaviors associated with mild-to-moderate AD • 100 patients • Initiation Q1, 2026 • Retrospective Data Analysis of ZUNVEYL in Long Term Care AD Patients • Analysis of ZUNVEYL in LTC setting to determine tolerability, dosing, and polypharmacy impact • 400 patients • Completion date: Q3, 2026 • Real World Effectiveness Study to determine impact of AChEI in a Long Term Care Setting • Provides ZUNVEYL cognition, behavioral, and tolerability data in AD patient • 200 patients • Completion date: Q4, 2026
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11 LONG TERM CARE (LTC) HAS LARGE MARKET OPPORTUNITY FOR IMPROVED TREATMENT OPTION Commercial strategy focuses on high volume segment with most favourable market access conditions • LTC provides large $2B potential commercial opportunity3 • Approximately 70% of residents have AD • Brand medications used more commonly in LTC market • 70% of LTC lives have access to ZUNVEYL with zero co-pay Neuro/Psych Other Primary Care Physicians Initial Go-to-Market Commercial Footprint 27% 9% 28% LTC 36% Prescriptions by Specialty1 1. Symphony METYS Retail 2019:Includes donepezil, galantamine, rivastigmine and Namzaric 2. Symphony METYS Retail 2019; Average WAC prices from Access Pointe Managed Markets Market Research 3. Estimated based on US$11 million annual prescriptions x LTC percentage of prescriptions (36%) x average WAC price of $500
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14 COMMERCIALIZATION STRATEGY WILL LEVERAGE LTC EXPERIENCE & FOCUSED SALES EFFORT TO KEY CUSTOMERS 50 Sales, 10 Field and Payor Management ~5,000 Nursing home targets 3900+ calls – thru Q3 ~3000 Health Care Provider (HCP) targets 4300+ calls – thru Q3 50 Long term Care pharmacy providers
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FILLED ZUNVEYL PRESCRIPTIONS GROW MONTH BY MONTH 16 $ 300 600 900 1200 1500 JulyJuneMayApril Monthly Filled Prescriptions 4500+ Filled Prescriptions Launch to Date August Sept
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ZUNVEYL PRESCRIBERS GROW MONTH BY MONTH 16 $ 100 200 300 400 500 JulyJuneMayApril Monthly Cumulative Prescribers 600+ Cumulative Prescribers August Sept 600
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30% Potential Medicare Coverage >17M Potential Medicare lives coverage without Prior Authorization1 Currently 90% of prescriptions currently approved 1. Medicare Contract Coverage occurs over time with implementation of contract EARLY PAYOR COVERAGE CONTRACT SECURED FOR ZUNVEYL Reimbursement team in place to assist with prior authorizations 141312 15
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FINANCIAL HIGHLIGHTS AS OF Q3 2025 16 In cash and cash equivalents as of October 31, 2025 $ $5.0 $10.0 $15.0 $20.0 $25.0 Q4 2025Q3 2025Q2 2025 $6.8 Q1 2025 $5.8 $28-30M in FY 2025 Quarterly Operating Expenses ($Ms) SG&A R&D Company on path to operating profitability in 2027 Quarterly Net Revenue ($Ms) Q2 2025 Q1 2025 $1.7 $2.9 $ $0.5 $1.0 $1.5 $2.0 $2.5 $3.0 $3.5 $72M BD Rev Product Revenue $2.8 Q3 2025 $7.5
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17 ALPHA COGNITION CLINICAL PIPELINE Preclinical Phase 1 Phase 2 Phase 3 /Pivotal Approved Alzheimer’s Dementia ZUNVEYL (ALPHA- 1062) Oral: Mild-to- Moderate Alzheimer’s Disease (AD) Sublingual: Mild-to- Moderate Alzheimer’s Disease (AD) Moderate-to-Severe AD Combination with Memantine (AD) Cognitive Impairment with Mild Traumatic Brain Injury Concussion
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Michael McFadden Chief Executive Officer Denis Kay Chief Scientific Officer 30+ years in drug discovery & commercialization (16+ years in Neuroscience) Former COO at MPower Health and Urovant Sciences (acquired by Sumitovant Biopharma for $584M) 30+ years of experience in developing & characterizing animal models of neurological diseases Co-founded Neurodyn Life Sciences in August 2006; served as Chief Scientific Officer since inception Grant recipient of the Michael J. Fox Foundation and funded by multiple agencies for research and product development LEADERSHIP HAS IMPRESSIVE TRACK RECORD FOR SUCCESSFUL NEW DRUG DEVELOPMENT & COMMERCIALIZATION 19 Former SVP Sales & Marketing at Avanir Pharmaceuticals (acquired by Otsuka for $3.5B) Henry Du VP Finance & Accounting, Interim CFO 20+ years of experience in finance and accounting leadership roles Former SVP of Accounting and Administration at Amplify Surgical; Former VP of Finance at HUYABIO International Multiple pharmaceutical and life science commercial company experience in leadership positions 25+ years in pharmaceuticals marketing, sales, and operations Led 20+ launch plans and successfully launched 15 products across 9 therapeutic areas Former VP of Marketing and Commercial Strategy at Urovant Sciences (acquired by Sumitovant Biopharma for $584M) Lauren D’Angelo, MBA Chief Operating Officer
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20 SHARE CAPITALIZATION NASDAQ: ACOG Issued & Outstanding 150,855,536 7,916,380 6,641,057 69,441,236 20,399,367 10,770,133 244,483,443 56.7% 2.9% 2.5% 26.1% 7.7% 4.05% 100.0% 6,034,221 316,655 265,642 2,933,555 1,019,968 430,805 12,224,172 % of total Proforma Outstanding 1 *Additional stock options may be granted to new employees through the end of the year. November 13, 2025 Issued and Outstanding % of Total Common Shares 21,742,104 75.6% Class B Preferred Series A Shares 316,655 1.1% Performance Shares 265,642 0.9% Warrants 4,443,445 15.4% Stock Options 2,008,260 7.0% Total all shares 28,776,106 100.0%
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