Alpha Cognition is a small-cap biopharmaceutical company with a single commercial product: ZUNVEYL (benzgalantamine), an oral tablet approved by the FDA in July 2024 for mild-to-moderate Alzheimer's disease. ZUNVEYL launched commercially in March 2025 and is the first new oral Alzheimer's treatment approved in over 15 years. ZUNVEYL is an acetylcholinesterase inhibitor (AChEI) — a class that slows the breakdown of acetylcholine in the brain to support cognitive function. Its key differentiator is an enteric-coated design that delays drug absorption past the stomach, intended to reduce the GI side effects that drive discontinuation of older AChEIs like donepezil. ZUNVEYL also binds nicotinic receptors, which management believes drives improvement in behavioral symptoms like agitation. Alpha Cognition sells ZUNVEYL primarily into the long-term care (LTC) market — nursing homes where Alzheimer's patients reside — using a specialty sales force targeting high-volume facilities. Revenue is driven by new patient starts and persistence on therapy, and builds slowly as LTC physicians trial the drug cautiously before expanding prescribing. Payer access remains a constraint, with full plan-level coverage expected to roll out through 2026. Alpha Cognition also earns licensing revenue from a partnership with CMS International covering ZUNVEYL rights in Asia, Australia, and New Zealand. The company targets operating profitability in 2027.