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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Alector Inc | NASDAQ:ALEC | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.05 | 0.94% | 5.39 | 4.00 | 7.00 | 5.68 | 5.325 | 5.46 | 306,339 | 01:00:00 |
Commentary on the Quarter:
“In the third quarter, we expanded our first-in-class clinical immuno-neurology pipeline with AL044, a biologic targeting MS4A, a brain immune checkpoint molecule and a genetic risk factor for Alzheimer’s disease. We also continued to advance our INFRONT-3 Phase 3 pivotal study of latozinemab for frontotemporal dementia with progranulin mutations, or FTD-GRN, and our INVOKE-2 Phase 2 Alzheimer’s disease study with AL002, which activates TREM2 receptor signaling,” said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. “We will be reporting new data from the Phase 1 study of AL101 later this year at CTAD in addition to follow-up data from the INFRONT-2 Phase 2 trial in patients with symptomatic FTD-C9orf72 in 2023.”
“We anticipate biomarker data from the AL044 healthy volunteer study and completion of enrollment in our INVOKE-2 study in 2023. We believe that our immuno-neurology drug candidates, which are designed to regulate key aspects of microglial proliferation, survival, migration, lysosomal function and immune response, could prove important in effectively treating neurodegeneration either as stand-alone therapies or potentially in combination with anti-beta amyloid drugs.”
Sara Kenkare-Mitra, Ph.D., President and Head of Research and Development at Alector, added, “Our immuno-oncology pipeline continues to advance as well. We remain on track to submit an IND for AL009, Alector’s first-in-class multi-Siglec inhibitor, by the end of the year.”
“We are also thrilled to have expanded our talented leadership team over the past quarter as we welcomed Peter Heutink, Ph.D., as Chief Scientific Officer,” said Dr. Kenkare-Mitra. “Peter’s expertise in the human genetics of neurodegenerative disease is important to our efforts at Alector.”
Clinical Programs
Immuno-Neurology PortfolioProgranulin Assets (Latozinemab, AL101)
TREM2 Asset (AL002)
Novel MS4A Asset (AL044)
Immuno-Oncology Portfolio Multi-Siglec and SIRPα Assets (AL009, AL008)
Recent Corporate Updates
Third Quarter 2022 Financial Results
Revenue. Collaboration revenue for the quarter ended September 30, 2022, was $14.9 million, compared to $182.4 million for the same period in 2021. The decrease of $167.6 million was due to $173.4 million collaboration revenue recognized from AL001 FTD-GRN license provided as part of the GSK Agreement in 2021.
R&D Expenses. Total research and development expenses for the quarter ended September 30, 2022, were $48.3 million, compared to $43.1 million for the quarter ended September 30, 2021. The increase in R&D expenses was mainly driven by increased personnel-related expenses as well as an increase in AL002 expenses.
G&A Expenses. Total general and administrative expenses for the quarter ended September 30, 2022, were $14.3 million, compared to $13.0 million for the same period in 2021. The increase is primarily due to personnel-related expenses.
Net Income (Loss). For the quarter ended September 30, 2022, Alector reported net loss of $46.1 million, or $0.56 net loss per share, compared to a net income of $126.6 million, or $1.56 net income per share, for the same period in 2021.
Cash Position. Cash, cash equivalents, and investments were $758.3 million as of September 30, 2022. Management anticipates that this will be sufficient to fund current operations through 2024.
About AlectorAlector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases, and innate immuno-oncology. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector has discovered and is developing a broad portfolio of innate immune system programs, designed to functionally repair genetic mutations that cause dysfunction of the brain’s immune system and enable rejuvenated immune cells to counteract emerging brain pathologies. Alector’s immuno-neurology product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimer’s disease. This scientific approach is also the basis for the company’s innate immuno-oncology programs. Alector is headquartered in South San Francisco, California. For additional information, please visit www.alector.com.
Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding our business plans, business strategy, product candidates, planned preclinical studies, clinical trials, expected milestones, expectations of our collaborations, and financial and cash guidance. Such statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties as set forth in Alector’s Quarterly Report on Form 10-Q, as filed on November 8, 2022, with the Securities and Exchange Commission (“SEC”), as well as the other documents Alector files from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for Alector to differ materially from those contained in Alector’s forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Alector specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Selected Consolidated Balance Sheet Data(in thousands)
September 30, | December 31, | |||||
2022 | 2021 | |||||
Cash, cash equivalents, and marketable securities | $ | 758,306 | $ | 735,251 | ||
Total assets | 837,038 | 814,658 | ||||
Total current liabilities (excluding deferred revenue) | 41,205 | 48,752 | ||||
Deferred revenue (including current portion) | 506,041 | 425,218 | ||||
Total liabilities | 583,934 | 513,934 | ||||
Total stockholders’ equity | 253,104 | 300,724 |
Consolidated Statement of Operations Data(in thousands, except share and per share data)
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||
Collaboration revenue | $ | 14,852 | $ | 182,413 | $ | 119,177 | $ | 193,091 | |||||||||
Operating expense: | |||||||||||||||||
Research and development | 48,348 | 43,066 | 155,925 | 136,617 | |||||||||||||
General and administrative | 14,252 | 13,018 | 45,648 | 38,015 | |||||||||||||
Total operating expenses | 62,600 | 56,084 | 201,573 | 174,722 | |||||||||||||
Income (loss) from operations | (47,748 | ) | 126,329 | (82,396 | ) | 18,369 | |||||||||||
Other income, net | 2,333 | 268 | 4,047 | 910 | |||||||||||||
Net income (loss) before income tax | (45,415 | ) | 126,597 | (78,349 | ) | 19,279 | |||||||||||
Income tax expense | 733 | | 2,533 | ||||||||||||||
Net income (loss) | $ | (46,148 | ) | $ | 126,597 | $ | (80,882 | ) | $ | 19,279 | |||||||
Net income (loss) per share: | |||||||||||||||||
Basic net income (loss) per share | $ | (0.56 | ) | $ | 1.56 | $ | (0.98 | ) | $ | 0.24 | |||||||
Diluted net income (loss) per share | $ | (0.56 | ) | $ | 1.49 | $ | (0.98 | ) | $ | 0.23 | |||||||
Weighted-average shares used in calculating: | |||||||||||||||||
Basic net income (loss) per share | 82,602,842 | 80,964,701 | 82,367,936 | 80,048,758 | |||||||||||||
Diluted net income (loss) per share | 82,602,842 | 85,232,690 | 82,367,936 | 82,871,254 |
Contacts:
1AB (media) Dan Budwick 973-271-6085 dan@1abmedia.com
Argot Partners (investors) Laura Perry/Carrie McKim Argot Partners 212.600.1902 alector@argotpartners.com
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