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Sep 30, 2022
Alector Q3 2022 Earnings Report
Alector reported its financial results for Q3 2022 and provided a business update.
Key Takeaways
Alector reported a net loss of $46.1 million for the third quarter of 2022, with cash, cash equivalents, and investments totaling $758.3 million as of September 30, 2022, expected to fund operations through 2024. The company also progressed enrollment in clinical trials for latozinemab (AL001) and AL002, and initiated a Phase 1 trial for AL044.
Enrollment is progressing in the INFRONT-3 Phase 3 pivotal study for latozinemab (AL001) and in the INVOKE-2 Phase 2 study for AL002.
The company initiated a first-in-human Phase 1 trial of AL044, a novel microglia immune checkpoint therapy for Alzheimer’s disease.
Cash, cash equivalents, and investments totaled $758.3 million, providing a runway through 2024.
Alector anticipates submitting an IND for its AL009 innate immuno-oncology program before the end of the year.
Revenue by Segment
Forward Guidance
Alector anticipates biomarker data from the AL044 healthy volunteer study and completion of enrollment in the INVOKE-2 study in 2023, and expects cash to fund operations through 2024.
Positive Outlook
- The company expects to report follow-up data from the INFRONT-2 Phase 2 clinical trial of latozinemab in frontotemporal dementia patients with a C9orf72 genetic mutation (FTD-C9orf72) in 2023.
- Alector will present a poster with data from the Phase 1 trial of AL101 in healthy volunteers at the 15th Clinical Trials on Alzheimer’s Disease (CTAD) conference.
- Safety and biomarker data from the AL044 study are anticipated in 2023.
- Alector anticipates submitting an IND for its AL009 innate immuno-oncology program before the end of the year.
- Management anticipates that cash, cash equivalents, and investments will be sufficient to fund current operations through 2024.
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