Alzai Health files IPO prospectus on TSXV to raise up to C$4m
Alzai Health Corp. has filed a final long-form prospectus with regulators in British Columbia, Alberta, and Ontario for an initial public offering on the TSX Venture Exchange, targeting gross proceeds of between C$3.2 million and C$4 million under the ticker symbol "ALZI".
The offering comprises a minimum of 8 million and a maximum of 10 million units priced at C$0.40 each. Each unit consists of one common share and one half-warrant, with each whole warrant exercisable at C$0.60 for 24 months from closing. The corporation retains an acceleration right enabling it to shorten the warrant expiry window to 30 days if the share price trades at or above C$0.90 for 10 consecutive sessions on the TSXV. Haywood Securities Inc. is acting as exclusive agent on a best-efforts basis, earning a 7% commission on proceeds and agent's warrants equivalent to 7% of units issued, along with a C$45,000 corporate finance fee. Closing is targeted on or around 21 May 2026, subject to regulatory approvals.
Net proceeds are earmarked for research and development, sales and marketing, and general working capital, with the detailed allocation set out in the prospectus filed on SEDAR+.
The technology
Alzai describes itself as a health technology company whose core product is an AI-driven, non-invasive risk-screening tool for Alzheimer's disease and related dementias. The platform draws exclusively on pre-existing data from routine clinical records — it does not require new diagnostic procedures — and is positioned by the company as a way to flag cognitive decline earlier in the disease course. The company cites an unmet need it estimates affects roughly 80% of Alzheimer's patients, who it says are diagnosed only after the disease has progressed beyond mild stages.
The product sits at the intersection of digital health and diagnostics: it is not itself a diagnostic test but rather a risk-stratification layer that sits upstream of formal clinical assessment, directing attention and resources toward higher-risk patients. This kind of population-level screening approach, sometimes described as a "pre-diagnostic funnel", has attracted growing interest from payors and integrated health systems looking to manage Alzheimer's burden before high-cost interventions become necessary.
Market context
The Alzheimer's screening and diagnostics space has seen meaningful activity in recent years, partly driven by the approval and gradual uptake of anti-amyloid therapies — first lecanemab and then donanemab — which require early-stage diagnosis to be clinically appropriate. That dynamic is widely seen as creating a pull-through demand for earlier identification tools, making Alzai's timing commercially logical even if the company is at an early stage.
Several larger diagnostics and digital-health companies are pursuing AI-based cognitive screening, and blood-based biomarker tests from companies including Fujirebio and C2N Diagnostics have gained traction as lower-barrier alternatives to PET imaging. Alzai's reliance on existing clinical record data rather than novel biomarker assays differentiates its approach but also means it depends on the quality and completeness of electronic health records, a known variable across health systems.
At the proposed valuation implied by the offering price, Alzai is a micro-cap entry into a sector with substantial corporate and academic competition. Investors will be watching for evidence of payor or provider partnerships and any prospective clinical validation data as near-term milestones that would underpin the commercial narrative.