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Jun 30, 2023
Allakos Q2 2023 Earnings Report
Allakos reported financial results for the second quarter ended June 30, 2023.
Key Takeaways
Allakos reported a net loss of $35.1 million in the second quarter of 2023, compared to a net loss of $49.1 million in the second quarter of 2022. The company's cash, cash equivalents, and investments totaled $221.1 million at the end of the quarter.
Presented preclinical data at the European Academy of Allergy and Clinical Immunology (“EAACI”) Hybrid Congress 2023 highlighting lirentelimab and AK006 mechanisms of action and inhibitory activity on IgE and non-IgE activated mast cells.
The AK006 Investigational New Drug (“IND”) application was accepted by the U.S. Food and Drug Administration.
Appointed Rand Sutherland, M.D. and Dolca Thomas, M.D. to the Allakos Board of Directors.
Topline data expected from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis in late Q4 2023 to Q1 2024.
Forward Guidance
Allakos anticipates topline data from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis and the Phase 2b study of subcutaneous lirentelimab in patients with CSU in late Q4 2023 to Q1 2024. Initiation of the randomized, double-blind, placebo-controlled cohort in patients with CSU is expected in Q2 2024.
Positive Outlook
- Topline data expected from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis in late Q4 2023 to Q1 2024.
- Topline data expected from the Phase 2b study of subcutaneous lirentelimab in patients with CSU in late Q4 2023 to Q1 2024.
- Following the single and multiple ascending dose portions of the Phase 1 AK006 study in healthy volunteers, initiation of the randomized, double-blind, placebo-controlled cohort in patients with CSU is expected in Q2 2024.
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