Alpha Cognition

1 serious warning sign in Alpha Cognition’s filings.

We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.

We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 31 Mar 2026, plus the 10-Q filed 13 Aug 2026 and 3 later 8-Ks.

• Weak checks on its own accounts

  Serious

  The company said its checks on its own accounts did not work at the end of its latest quarter. Mistakes could slip into the numbers.

  “Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness described below.”

  Show the full paragraph

  Our management, with the participation of our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”) (our principal executive officer and principal financial officer, respectively), evaluated the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act, as of June 30, 2026, the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the CEO and CFO concluded that our disclosure controls and procedures were not effective as of June 30, 2026 due to the material weakness described below. Notwithstanding the material weakness, and based on additional analyses and other procedures performed by management, our CEO and CFO have concluded that the condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q are fairly stated in all material respects in accordance with GAAP for each of the periods presented.

  From the 10-Q filed 13 August 2026, Part I, Item 4. Controls and Procedures. Read it in the filing

• Changed auditor

  Worth knowing

  The company changed its auditor (the firm that checks its books) in the last two years.

  “On October 10, 2025, the Audit Committee (the “Audit Committee”) of the Board of Directors (the “Board”) of Alpha Cognition Inc. (the “Company”) received the resignation of Manning Elliott LLP (“Manning Elliott”) as the Company’s independent registered public accounting firm.”

  From an 8-K filed 14 October 2025: Change of auditor. Read it in the filing

• One big customer

  Worth knowing

  One customer brings in a big share of sales: 48% last year. Losing that customer would hurt.

  “As of and for the year ended December 31, 2025, the Company had three customers that accounted for approximately 48%, 22% and 17% of total revenue and these three same customers that accounted for 60%, 17% and 19% of accounts receivable, respectively.”

  From the 10-K filed 31 March 2026, Item 8. Financial Statements and Notes. Read it in the filing

Cheap for a reason is the question the numbers cannot answer.

Whether the price already reflects the risks is what the deep dive is for.