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Mar 31, 2023
Allakos Q1 2023 Earnings Report
Allakos reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Allakos reported a net loss of $42.4 million in the first quarter of 2023, compared to a net loss of $197.0 million for the same period in 2022. Research and development expenses were $33.1 million, significantly lower than the $176.8 million reported in the first quarter of 2022 due to cost reduction efforts. The company ended the quarter with $252.6 million in cash, cash equivalents and investments.
Continued enrollment in Phase 2 studies for subcutaneous lirentelimab in atopic dermatitis and chronic spontaneous urticaria (CSU).
Initiation of the first-in-human study with AK006 is expected in the first half of 2023.
Topline data from the Phase 2 study of subcutaneous lirentelimab in atopic dermatitis is expected in the second half of 2023.
Topline data from the Phase 2b study of subcutaneous lirentelimab in chronic spontaneous urticaria is expected in the second half of 2023.
Forward Guidance
Allakos anticipates reporting topline data from Phase 2 studies of lirentelimab and initiating a first-in-human study with AK006.
Positive Outlook
- Initiate the first-in-human study with AK006 in the first half of 2023.
- Report topline data from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis in the second half of 2023.
- Report topline data from the Phase 2b study of subcutaneous lirentelimab in patients with chronic spontaneous urticaria in the second half of 2023.
Historical Earnings Impact
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