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Sep 30, 2022
Allakos Q3 2022 Earnings Report
Allakos reported financial results for the third quarter ended September 30, 2022.
Key Takeaways
Allakos reported a net loss of $30.8 million for the third quarter of 2022, compared to a net loss of $62.7 million for the same period in 2021. The company's research and development expenses were $18.4 million, including a $12.2 million benefit from raw material disposals, and general and administrative expenses were $13.0 million.
Initiated a Phase 2b study of subcutaneous lirentelimab in patients with chronic spontaneous urticaria (CSU) in Q3 2022.
Reported topline data from Phase 3 EoDyssey study of lirentelimab in patients with eosinophilic duodenitis (EoD) in Q3 2022; currently not planning additional studies in eosinophilic gastrointestinal diseases.
Closed an underwritten common stock offering in September 2022, receiving approximately $140.5 million net of expenses.
Ended the third quarter of 2022 with $325.3 million in cash, cash equivalents and investments.
Forward Guidance
Allakos anticipates completing IND-enabling studies of AK006 during 2022 and initiating the first-in-human study in the first half of 2023. They also expect to report topline data from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis and the Phase 2b study in patients with chronic spontaneous urticaria in the second half of 2023.
Positive Outlook
- Completing IND-enabling studies of AK006 during 2022.
- Initiating the first-in-human study of AK006 in the first half of 2023.
- Reporting topline data from the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis in the second half of 2023.
- Reporting 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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