MeritValue

Alpha Cognition Inc.

ACOGdata completeness 88%3 fiscal years on file

Data notes: no data for concept 'totalDebt'; no data for concept 'interestExpense'; no data for concept 'incomeTaxExpense'; no data for concept 'pretaxIncome'

The thesis, from the filings

Alpha Cognition Inc. earns about -35% on equity, but has diluted owners by 393% over 3 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2023FY 2024FY 2025
Revenue——$10.2M1
Net income−$13.8M2−$14.8M3−$20.7M3
Operating cash flow−$8.8M4−$7.76M5−$20.4M5
Capital expenditure—$26,7016$293,4896
Free cash flow (derived)—−$7.78M5−$20.7M5
Total debt———
Cash & equivalents$1.4M7$48.5M8$66M8
Diluted shares3.6M7.2M17.7M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$35.36
your share of equity
Profit it earned you last year
−$11.69
Free cash flow it threw off
−$11.69
Debt you’d be carrying
—

10 shares is a claim on $35.36 of net worth that earned you −$11.69 and generated −$11.69 of cash last year.

iii. Is this a good business?
Moat signal · return on equity
-35% avg · 3y
FY23 —FY24 -38%FY25 -33%

It earned an average -35% on equity over 3 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+393% shares · 3y

Share count is up 393% over 3 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
DCF · Growth Exit 5Y
not applicable
only 2 years of FCF (need ≥3) — model not applicable
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2025-12-31 · accession 0001213900-26-037614 (Revenues)
  2. 10-K · period ending 2023-12-31 · accession 0001213900-25-026225 (NetIncomeLoss)
  3. 10-K · period ending 2024-12-31 · accession 0001213900-26-037614 (NetIncomeLoss)
  4. 10-K · period ending 2023-12-31 · accession 0001213900-25-026225 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2024-12-31 · accession 0001213900-26-037614 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2024-12-31 · accession 0001213900-26-037614 (PaymentsToAcquirePropertyPlantAndEquipment)
  7. 10-K · period ending 2023-12-31 · accession 0001213900-25-026225 (CashAndCashEquivalentsAtCarryingValue)
  8. 10-K · period ending 2024-12-31 · accession 0001213900-26-037614 (CashAndCashEquivalentsAtCarryingValue)