Estados financieros detallados de Alpha Cognition Inc (ACOG): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Márgenes de los últimos 12 meses: margen bruto 89.9%, margen operativo -190.6%, margen neto -153.6%.
Al precio actual de $8.40, ACOG presenta beneficios negativos (P/E no significativo) y un ROE del -45.33%. La capitalización bursátil es de $130M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $10.2M |
| Coste de Ventas | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $1.9M |
| Beneficio Bruto | 0 | 0 | 0 | 0 | 0 | 0 | 0 | $8.3M |
| I+D | 0 | 0 | $6.0M | $10.2M | $11.8M | $5.0M | $3.9M | $1.9M |
| Generales y Administrativos | $43155 | $129241 | $1.2M | $4.3M | $5.4M | $4.7M | $7.3M | $29.1M |
| Gastos Operativos | $43155 | $129241 | $7.3M | $14.7M | $18.1M | $9.6M | $11.9M | $31.0M |
| Beneficio Operativo | -$43155 | -$129241 | -$7.3M | -$14.7M | -$18.1M | -$9.6M | -$11.9M | -$22.7M |
| EBITDA | -$43155 | -$129241 | -$6.3M | -$24.1M | -$15.9M | -$13.6M | -$14.4M | -$22.7M |
| Gastos por Intereses | 0 | 0 | $983671 | $673131 | $232288 | $67712 | $185777 | 0 |
| Beneficio Antes de Impuestos | -$43155 | -$118593 | -$7.4M | -$24.9M | -$16.3M | -$13.8M | -$14.6M | -$20.7M |
| Impuestos | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Beneficio Neto | -$43155 | -$118593 | -$7.4M | -$24.9M | -$16.3M | -$13.8M | -$14.6M | -$20.7M |
| BPA | $-0.91 | $-3.60 | $-3.56 | $-11.79 | $-6.05 | $-3.84 | $-2.02 | $-1.17 |
| BPA Diluido | $-0.91 | $-3.60 | $-3.56 | $-11.79 | $-6.05 | $-3.84 | $-2.02 | $-1.17 |
| Acciones en Circulación (Diluidas) | $47675 | $32903 | $2.1M | $2.1M | $2.7M | $3.6M | $7.2M | $17.7M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $2.8M | $2.8M | $3.5M | $6.1M |
| Beneficio Bruto | $2.2M | $2.5M | $3.3M | $5.7M |
| Beneficio Operativo | -$5.3M | -$7.9M | -$8.1M | -$7.8M |
| EBITDA | -$5.3M | -$7.9M | -$8.1M | -$6.3M |
| Beneficio Neto | -$1.3M | -$6.9M | -$6.5M | -$8.8M |
| BPA | $-0.08 | $-0.31 | $-0.30 | $-0.40 |
| BPA Diluido | $-0.08 | $-0.31 | $-0.32 | $-0.40 |
Balance (10 años)
| Año | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $7.6M | $14.4M | $2.8M | $1.5M | $48.5M | $66.1M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $1.8M | 0 | 0 | $57549 | $253426 | $4.2M |
| Inventario | 0 | 0 | 0 | 0 | $615133 | $5.1M |
| Activos Corrientes | $9.8M | $15.5M | $3.1M | $1.9M | $50.3M | $79.0M |
| Inmovilizado Material | $8730 | $16569 | $5138 | $1720 | $27077 | $328540 |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | $391423 |
| Activos Intangibles | $931020 | $888012 | $825515 | $532010 | $412969 | 0 |
| Activos Totales | $10.8M | $16.4M | $4.0M | $2.5M | $50.7M | $79.7M |
| Cuentas por Pagar | $35167 | $579880 | $2.7M | 0 | $872676 | $3.1M |
| Deuda a Corto | $30645 | $1.4M | $1.6M | $1.2M | $911463 | 0 |
| Pasivos Corrientes | $4.6M | $2.3M | $5.5M | $2.6M | $3.4M | $9.1M |
| Deuda a Largo | $4.1M | 0 | 0 | 0 | 0 | 0 |
| Pasivos Totales | $10.8M | $4.9M | $5.7M | $7.2M | $9.3M | $17.2M |
| Reservas | -$23.6M | -$48.5M | -$67.2M | -$63.4M | -$76.3M | -$97.1M |
| Patrimonio Neto | $20440 | $11.5M | -$1.8M | -$4.7M | $41.5M | $62.5M |
| Deuda Total | $4.1M | $1.4M | $1.6M | $1.2M | $911463 | 0 |
| Deuda Neta | -$3.5M | -$13.0M | -$1.2M | -$274201 | -$47.6M | -$66.1M |
| Capital Circulante | $5.3M | $13.2M | -$2.3M | -$706463 | $46.9M | $69.9M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $35.4M | $66.1M | $54.2M | $41.4M |
| Activos Totales | $46.3M | $79.7M | $69.2M | $64.5M |
| Pasivos Totales | $12.4M | $17.2M | $11.8M | $11.6M |
| Patrimonio Neto | $33.9M | $62.5M | $57.5M | $53.0M |
| Deuda Total | 0 | 0 | 0 | 0 |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$118593 | -$7.4M | -$24.9M | -$16.3M | -$13.8M | -$14.6M | -$20.7M |
| Amortizaciones | 0 | $103994 | $114546 | $122168 | $84479 | $81220 | $58572 |
| Compensación en Acciones | 0 | $708566 | $2.3M | $2.3M | $2.4M | $979799 | $4.9M |
| Cambio en Capital Circulante | $15172 | -$416036 | -$368273 | $3.7M | -$1.6M | -$241679 | -$4.6M |
| Flujo de Caja Operativo | -$47356 | -$6.9M | -$12.6M | -$12.4M | -$8.7M | -$7.8M | -$20.4M |
| Inversiones (CapEx) | 0 | -$11795 | -$81141 | -$6552 | -$5 | -$26701 | -$293489 |
| Adquisiciones | 0 | 0 | $666607 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$47356 | -$7.0M | -$12.7M | -$12.4M | -$8.7M | -$7.8M | -$20.7M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$5.3M | -$6.9M | -$11.8M | -$6.9M |
| Inversiones (CapEx) | -$75294 | -$134855 | -$1318 | -$98570 |
| Flujo de Caja Libre | -$5.4M | -$7.0M | -$11.8M | -$7.0M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | 0 | $945502 | $1.4M | $1.5M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Beneficio Neto (anual) | | -174.8% | -6127.8% | -237.3% | +34.7% | +15.4% | -6.3% | -41.2% |
| Crecimiento BPA (anual) | | -295.6% | +1.1% | -231.2% | +48.7% | +36.5% | +47.4% | +42.1% |
| Cambio en Acciones (anual) | | -31.0% | +6202.6% | +2.9% | +27.4% | +31.9% | +102.1% | +143.9% |
| Crecimiento FCF (anual) | | -14586.7% | -82.2% | +2.0% | +29.7% | +10.8% | -165.7% |
| Margen Bruto | | | | | | | | 81.3% |
| Margen Operativo | | | | | | | | -221.7% |
| Margen EBITDA | | | | | | | | -221.7% |
| Margen Neto | | | | | | | | -202.2% |
| Margen FCF | | | | | | | -202.3% |
| Tasa Impositiva Efectiva | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% | -0.0% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-1.44 | $-3.35 | $-5.94 | $-4.57 | $-2.43 | $-1.07 | $-1.17 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $47675 | $32903 | $2.1M | $2.1M | $2.7M | $3.6M | $7.2M | $17.7M |
Qué mirar en Biotech
La mayoría de biotechs pequeñas pierden dinero. Analizarlas con P/E no tiene sentido — mira caja y pipeline.
- Cash Runway — Meses de caja al ritmo de gasto actual. <18 meses = riesgo de dilución urgente
- Cash burn anual — Ritmo al que queman caja operativa. Comparar con posición de caja para proyectar runway
- Total Debt — Biotech sin ingresos + deuda = receta para bancarrota
- I+D / Capitalización — Cuánto invierten en pipeline vs lo que vale la empresa — indicador de intensidad investigadora
- Market cap / Cash — Si cotiza cerca de su caja, el mercado le da ~0 valor al pipeline — puede ser oportunidad o trampa
Rentabilidad
| Rentabilidad sobre capital | -45.33% |
| Rentabilidad sobre capital invertido | -50.04% |
| Rentabilidad sobre activos | -36.33% |
| Margen bruto | 89.89% |
| Margen operativo | -190.55% |
| Margen neto | -153.61% |
Salud financiera
| Deuda / Patrimonio | 0.00 |
| Ratio corriente | 9.03 |
| Piotroski F-Score | 3 |
| Altman Z-Score | 2.55 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -10.15 | -2.60 | -2.54 | -0.76 | -1.59 | -1.85 | -2.92 | -5.56 |
| P/VC | 0.00 | 0.00 | 918.86 | 1.66 | -14.74 | -5.40 | 1.03 | 1.84 |
| P/V | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 11.24 |
| Margen Bruto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 81.3% |
| Margen Operativo | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -221.7% |
| Margen Neto | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | -202.2% |