Alpha Cognition arrived at the first anniversary of its commercial launch holding the question every newly-sold Alzheimer's drug faces: whether early prescriptions become a durable revenue curve. The Nasdaq-listed, British Columbia-biopharmaceutical markets ZUNVEYL (benzgalantamine), a next-generation acetylcholinesterase inhibitor (AChEI) launched March 19, 2025 and aimed at the long-term-care (LTC) homes where donepezil and rivastigmine dominate as low-cost generics. The fiscal first quarter delivered the cleanest proof yet that the product is selling. Product revenue rose roughly ten-fold year over year to $3.5 million, as the account-based LTC sales team turned a commercial toehold into the company's first real product-sales quarter. But the quarter showed what that growth costs. The licensing revenue that carried 2025 - tied to the China partnership - all but disappeared, selling, general and administrative expense roughly doubled, and the GAAP net loss widened to $6.5 million on an $11.8 million quarterly cash drawdown. The company closed the quarter with $54.2 million of cash, which management expects to fund operations through roughly the next twelve months. What happened: ZUNVEYL's commercial curve finally took hold. What it means: the bet is now whether that curve can scale in a generic-dominated market fast enough to matter ahead of the next financing.