Stonegate Capital Partners Updates Coverage on Alpha Cognition Inc. (ACOG) 2Q26

Alpha Cognition's 2Q26 strengthens the ZUNVEYL launch setup, with results ahead of prior expectations and demand accelerating despite slower payer implementation. Net product revenue increased 71% q/q to $6.0M on 37% bottle growth, with no material stocking benefit and downstream PBM implementation unchanged at ~16%. In our view, quarter quality was better than the access backdrop suggests, as prescriptions, repeat use, and facility adoption advanced without broader formulary activation. June was the strongest demand month since launch, and management indicated growth continued into 3Q. The core setup is increasingly breadth + depth + payer upside: white space remains across homes and physicians, utilization is deepening, and broader PBM implementation remains incremental to growth. ZUNVEYL demand continued to scale in 2Q26, with net product revenue increasing 71% q/q to $6.0M as bottles dispensed increased 37% to 8,294 and June reached 2,997 bottles, the strongest month since launch. The absence of material stocking or additional formulary wins supports the view that the quarter was driven primarily by underlying demand and improving commercial execution. Adoption is broadening while repeat utilization is deepening, with 1,347 quarterly prescribers, 1,024 repeat prescribers, 1,908 cumulative writers and 1,095 LTC facilities generating prescriptions during the quarter. With downstream PBM implementation still approximately 16%, we believe continued prescriber and facility productivity provides a meaningful growth path while broader payer access remains an additional potential driver. Alpha Cognition continues to balance commercial investment with a growing evidence base, lowering FY26 R&D and SG&A guidance to $50M-$54M while maintaining its 2027 operating profitability target. CONVERGE data are expected in 3Q26, RESOLVE is underway and the sublingual program remains gated by comparative PK results, providing several potential milestones as the Company works toward greater operating leverage.