Alpha Cognition

Positives: capital‑light ex‑Asia license with CMS bringing an upfront payment and potential milestones/royalties; tight focus on one commercial brand and near‑adjacent formulations; SG&A investment targeted at LTC where barriers are relationship‑ and process‑driven.

Negatives: heavy near‑term burn to stand up a 60‑person field team; reliance on equity raises in 2024–2025 with warrants/RSUs that add dilution; R&D is narrower post‑approval but pipeline still pre‑commercial outside of ZUNVEYL. Overall, strategy is coherent but not yet validated by free cash flow.