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Mar 31, 2022
Alector Q1 2022 Earnings Report
Alector reported first quarter results, highlighting progress in clinical trials and executive leadership.
Key Takeaways
Alector reported a net loss of $44.6 million for the first quarter of 2022. The company's cash, cash equivalents, and marketable securities totaled $868.6 million as of March 31, 2022, expected to fund operations into mid-2024. Significant progress was made in clinical trials, particularly with latozinemab in FTD-C9orf72 patients.
INFRONT-2 Phase 2 clinical trial data showed a trend towards an annual delay in disease progression of approximately 54 percent in FTD-C9orf72 patients treated with AL001 (latozinemab).
Treatment with latozinemab resulted in a two- to three-fold increase in progranulin above physiological levels.
Gary Romano, M.D., Ph.D., was appointed as Chief Medical Officer, and Marc Grasso, M.D., joined as Chief Financial Officer.
Cash, cash equivalents, and marketable securities totaled $868.6 million, providing a runway into mid-2024.
Revenue by Segment
Forward Guidance
Alector anticipates continued progress across its progranulin franchise and Alzheimer's and oncology programs. They expect to initiate a Phase 1 trial for AL044 in the second half of 2022 and a Phase 1 trial for AL009 within the next year.
Positive Outlook
- Advancing and expanding progranulin franchise
- Ongoing INVOKE-2 Phase 2 clinical trial evaluating AL002
- Expected initiation of Phase 1 trial for AL044 in the second half of 2022
- Presented preclinical data from AL009 immuno-oncology program
- Phase 1 trial of AL009 expected to begin within the next year
Historical Earnings Impact
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Avg. Return Before/After Earnings
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