Alpha Cognition Inc (ACOG) Balance Sheet
ACOG balance sheet, 2025
December 31, 2025 · U.S. dollars$79.7M assets = $17.2M liabilities + $62.5M equity
Both columns are drawn to the same scale: what ACOG owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ACOG financial health
Descriptive bands, not a rating. Fiscal 2025.
ACOG balance sheet trends, 2020–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $10.8M2020 | $79.7M2025 | +49.2%/yr | |
| Total liabilities | $10.8M2020 | $17.2M2025 | +9.9%/yr | |
| Shareholders’ equity | $20,4402020 | $62.5M2025 | +397.9%/yr | |
| Cash & short-term investments | $7.6M2020 | $66.1M2025 | +54.3%/yr | |
| Total debt | $4.1M2020 | $911,4632024 | −31.4%/yr | |
| Net cash (debt) | $3.5M2020 | $47.6M2024 | +$44.2M | |
| Working capital | $5.3M2020 | $69.9M2025 | +$64.6M | |
| Book value per share | $5.722024 | $3.542025 | −38.2%/yr | |
| Current ratio | 2.152020 | 8.652025 | +6.50 | |
| Debt / equity | 200.842020 | 0.022024 | −200.82 | |
| Shares outstanding | 7.2M2024 | 17.7M2025 | +143.9%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ACOG assets
ACOG liabilities and equity
ACOG debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ACOG balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Cash & short-term investments | $66.1M | $48.5M | $1.5M | $2.8M | $14.4M | $7.6M |
| Cash & equivalents | $66.1M | $48.5M | $1.5M | $2.8M | $14.4M | $7.6M |
| Receivables | $4.2M | $253,426 | $57,549 | $0 | $0 | $1.8M |
| Inventory | $5.1M | $615,133 | $0 | $0 | $0 | $0 |
| Other current assets | $3.5M | $836,409 | $366,317 | $334,627 | $1.1M | $427,318 |
| Total current assets | $79.0M | $50.3M | $1.9M | $3.1M | $15.5M | $9.8M |
| Property, plant & equipment (net) | $328,540 | $27,077 | $1,720 | $5,138 | $16,569 | $8,730 |
| Goodwill & intangible assets | $782,846 | $412,969 | $532,010 | $825,515 | $888,012 | $931,020 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $45,714 | $1 | $1 | $1 | $1 |
| Total assets | $79.7M | $50.7M | $2.5M | $4.0M | $16.4M | $10.8M |
| Liabilities | ||||||
| Accounts payable | $3.1M | $872,676 | $475,553 | $2.7M | $579,880 | $35,167 |
| Short-term debt | — | $911,463 | $1.2M | $1.6M | $1.4M | $30,645 |
| Deferred revenue | $153,171 | — | $10,413 | — | — | — |
| Total current liabilities | $9.1M | $3.4M | $2.6M | $5.5M | $2.3M | $4.6M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $3.2M |
| Other long-term liabilities | $8.1M | $5.9M | $4.5M | $287,921 | $2.6M | $3.0M |
| Total liabilities | $17.2M | $9.3M | $7.2M | $5.7M | $4.9M | $10.8M |
| Shareholders' equity | ||||||
| Common stock & paid-in capital | $133.9M | $99.1M | $50.4M | $54.1M | $51.0M | $18.6M |
| Retained earnings (deficit) | −$97.1M | −$76.3M | −$63.4M | −$67.2M | −$48.5M | −$23.6M |
| Accumulated other comprehensive income | −$104,301 | −$104,301 | $8.3M | $11.3M | $9.0M | $5.0M |
| Total shareholders' equity | $62.5M | $41.5M | −$4.7M | −$1.8M | $11.5M | $20,440 |
| Key figures | ||||||
| Total debt | — | $911,463 | $1.2M | $1.6M | $1.4M | $4.1M |
| Net cash (debt) | — | $47.6M | $274,201 | $1.2M | $13.0M | $3.5M |
| Working capital | $69.9M | $46.9M | −$706,463 | −$2.3M | $13.2M | $5.3M |
| Tangible book value | $61.7M | $41.1M | −$5.2M | −$2.6M | $10.6M | −$910,580 |
| Book value per share | $3.54 | $5.72 | — | — | — | — |
| Shares outstanding | 17.7M | 7.2M | — | — | — | — |
| Current ratio | 8.65 | 15.00 | 0.73 | 0.58 | 6.75 | 2.15 |
| Quick ratio | 7.70 | 14.56 | 0.59 | 0.51 | 6.27 | 2.06 |
| Debt / equity | — | 0.02 | — | — | 0.12 | 200.84 |
| Equity / assets | 78.4% | 81.7% | −192.2% | −44.7% | 70.1% | 0.2% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $41.4M | $54.2M | $66.1M | $35.4M | $39.4M | $45.5M | $48.5M | $3.7M | $1.0M | $2.4M | $1.5M | $706,864 |
| Cash & equivalents | $41.4M | $54.2M | $66.1M | $35.4M | $39.4M | $45.5M | $48.5M | $3.7M | $1.0M | $1.0M | $1.5M | $706,864 |
| Short-term investments | — | — | — | — | — | — | — | — | — | $1.4M | — | — |
| Receivables | $5.5M | $3.6M | $4.2M | $2.8M | $2.0M | $608,503 | $253,426 | $24,795 | $49,121 | $97,637 | $57,549 | $55,886 |
| Inventory | $6.4M | $6.0M | $5.1M | $4.5M | $875,852 | $883,376 | $615,133 | $0 | $0 | $0 | $0 | $0 |
| Other current assets | $4.7M | $4.7M | $3.5M | $3.0M | $2.4M | $1.1M | $836,409 | $823,148 | $445,996 | $333,546 | $366,317 | $381,784 |
| Total current assets | $57.9M | $68.6M | $79.0M | $45.7M | $44.6M | $48.1M | $50.3M | $4.5M | $1.5M | $2.9M | $1.9M | $1.1M |
| Property, plant & equipment (net) | $374,692 | $305,479 | $328,540 | $202,754 | $72,539 | $70,452 | $27,077 | $1,011 | $1,247 | $1,484 | $1,720 | $2,247 |
| Goodwill & intangible assets | $6.2M | $386,036 | $782,846 | $396,809 | $402,196 | $407,582 | $412,969 | $432,729 | $452,490 | $472,250 | $532,010 | $552,604 |
| Long-term investments | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other non-current assets | $0 | $0 | $0 | $0 | $0 | $11,429 | $45,714 | $80,000 | $114,284 | $148,572 | $1 | $0 |
| Total assets | $64.5M | $69.2M | $79.7M | $46.3M | $45.1M | $48.6M | $50.7M | $5.0M | $2.1M | $3.5M | $2.5M | $1.7M |
| Liabilities | ||||||||||||
| Accounts payable | $6.2M | $1.4M | $3.1M | $838,012 | $752,334 | $821,868 | $872,676 | $790,310 | $484,206 | $525,672 | $475,553 | $703,207 |
| Short-term debt | — | — | — | — | — | — | $911,463 | $1.2M | $300,000 | $1.2M | $1.2M | $1.2M |
| Deferred revenue | $103,192 | $115,150 | $153,171 | $301,216 | $231,836 | $239,536 | — | $50,777 | $28,898 | $56,634 | $10,413 | $168,743 |
| Total current liabilities | $6.4M | $5.4M | $9.1M | $6.8M | $3.0M | $2.8M | $3.4M | $3.0M | $1.6M | $2.2M | $2.6M | $2.9M |
| Long-term debt | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1.0M | $911,463 | $0 | $0 | $0 |
| Other long-term liabilities | $5.1M | $6.4M | $8.1M | $5.6M | $10.2M | $5.0M | $5.9M | $3.9M | $992,870 | $1.1M | $4.5M | $4.9M |
| Total liabilities | $11.6M | $11.8M | $17.2M | $12.4M | $13.2M | $7.8M | $9.3M | $7.9M | $3.5M | $3.3M | $7.2M | $7.8M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $134.0M | $134.0M | $133.9M | $101.8M | $99.2M | $99.1M | $99.1M | $49.1M | $49.0M | $48.8M | $50.4M | $42.7M |
| Retained earnings (deficit) | −$112.4M | −$103.6M | −$97.1M | −$90.1M | −$88.8M | −$78.3M | −$76.3M | −$70.6M | −$68.8M | −$66.7M | −$63.4M | −$57.6M |
| Accumulated other comprehensive income | −$104,301 | −$104,301 | −$104,301 | −$104,301 | −$104,301 | −$104,301 | −$104,301 | −$104,301 | −$104,301 | $18.1M | $8.3M | $8.7M |
| Total shareholders' equity | $53.0M | $57.5M | $62.5M | $33.9M | $31.9M | $40.8M | $41.5M | −$2.9M | −$1.4M | $184,919 | −$4.7M | −$6.1M |
| Key figures | ||||||||||||
| Total debt | — | — | — | — | — | — | $911,463 | $2.2M | $1.2M | $1.2M | $1.2M | $1.2M |
| Net cash (debt) | — | — | — | — | — | — | $47.6M | $1.5M | −$192,601 | $1.2M | $274,201 | −$449,833 |
| Working capital | $51.5M | $63.1M | $69.9M | $38.9M | $41.6M | $45.3M | $46.9M | $1.5M | −$57,156 | $695,774 | −$706,463 | −$1.8M |
| Tangible book value | $46.7M | $57.1M | $61.7M | $33.5M | $31.5M | $40.4M | $41.1M | −$3.4M | −$1.8M | −$287,331 | −$5.2M | −$6.7M |
| Book value per share | $2.43 | $2.62 | $2.81 | $2.07 | $1.99 | $2.55 | $3.70 | −$0.48 | −$0.23 | $0.03 | — | — |
| Shares outstanding | 21.8M | 21.9M | 22.2M | 16.4M | 16.0M | 16.0M | 11.2M | 6.0M | 6.0M | 5.7M | — | — |
| Current ratio | 9.03 | 12.64 | 8.65 | 6.69 | 14.69 | 17.14 | 15.00 | 1.50 | 0.96 | 1.32 | 0.73 | 0.40 |
| Quick ratio | 7.31 | 10.66 | 7.70 | 5.60 | 13.61 | 16.43 | 14.56 | 1.23 | 0.68 | 1.17 | 0.59 | 0.26 |
| Debt / equity | — | — | — | — | — | — | 0.02 | — | — | 6.55 | — | — |
| Equity / assets | 82.1% | 83.0% | 78.4% | 73.2% | 70.7% | 84.0% | 81.7% | −58.1% | −66.9% | 5.3% | −192.2% | −361.2% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed March 31, 2026); data from EODHD.
ACOG financial position
At the end of fiscal 2025 (December 31, 2025), Alpha Cognition had total assets of $79.7 million (up 57.1% from a year earlier), total liabilities of $17.2 million and shareholders' equity of $62.5 million. Its current ratio was 8.65. In the latest quarter (ended June 30, 2026) total assets were $64.5 million and equity $53.0 million.
Related: ACOG income statement, ACOG cash flow statement, ACOG key metrics. See the ACOG stock overview for the latest quote and news.
ACOG balance sheet FAQ
What are Alpha Cognition's total assets?
Alpha Cognition reported total assets of $79.7 million at the end of fiscal 2025 (December 31, 2025), compared with $50.7 million a year earlier.
How much cash does Alpha Cognition have?
Alpha Cognition held $66.1 million in cash and short-term investments at the end of fiscal 2025.
What is Alpha Cognition's book value?
Alpha Cognition's shareholders' equity (book value) was $62.5 million at the end of fiscal 2025, or $3.54 per share.
What is Alpha Cognition's current ratio?
Alpha Cognition had current assets of $79.0 million and current liabilities of $9.1 million, a current ratio of 8.65 (it can cover its short-term obligations).
How much goodwill does Alpha Cognition have?
Alpha Cognition carried $0.8 million of goodwill and intangible assets, 1.0% of total assets, at the end of fiscal 2025.