You are missing the quotes again. This time all over the place. And your paths are not defined.
Also, and I don’t know why, but I always need to add a single quote either before the system name or after the last paired quote so this…
retroarch.exe -L ".\cores\mame_libretro.dll" "alice32 -rp ".\system\mame\roms" -cass "d:\Games\Alice\Galaxion.k7" -autoboot_delay "2" -autoboot_command "cload\n"
If you are running from the root retroarch folder (Relative path)
or this…
d:\Games\Retroarch\retroarch.exe -L "d:\Games\Retroarch\cores\mame_libretro.dll" "alice32 -rp "d:\Games\Retroarch\system\mame\roms" -cass "d:\Games\Alice\Galaxion.k7" -autoboot_delay "2" -autoboot_command "cload\n"
If your retroarch folder is d:\Games\Retroarch
. (Absolute path.)
More than when you have spaces in paths, the quotes separate the commands so that retroarch knows which part to read and which part to send to the core. So even if you have no spaces, you need the quotes.
Notice the non-paired quote before alice32. ("alice32)
Again, I have no idea why it is needed. It makes no sense to me. (You can try it with and without.)