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Allakos
🇺🇸 NASDAQ:ALLK
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Sep 30, 2023

Allakos Q3 2023 Earnings Report

Allakos reported financial results for the third quarter ended September 30, 2023 and provided a business update.

Key Takeaways

Allakos reported a net loss of $45.6 million for the third quarter of 2023, compared to a net loss of $30.8 million for the third quarter of 2022. Research and development expenses were $36.7 million, an increase of $18.3 million compared to the same period in 2022. The company ended the quarter with $193.9 million in cash, cash equivalents and investments.

Completed enrollment in the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis and the Phase 2b study of subcutaneous lirentelimab in patients with chronic spontaneous urticaria (“CSU”).

Began dosing patients in the Phase 1 study of AK006.

Appointed Neil Graham, M.D., 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 and the Phase 2b study of subcutaneous lirentelimab in patients with CSU in late Q4 2023 to Q1 2024.

Total Revenue
$0
EPS
-$0.52
Previous year: -$0.53
-1.9%
Gross Profit
-$1.55M
Cash and Equivalents
$70.5M
Previous year: $205M
-65.6%
Free Cash Flow
-$31.1M
Previous year: -$28.5M
+9.4%
Total Assets
$283M
Previous year: $419M
-32.3%

Allakos

Allakos

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. 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.

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.
  • Initiation of the randomized, double-blind, placebo-controlled cohort in patients with CSU is expected in Q2 2024, following the completion of single and multiple ascending dose portions of the Phase 1 AK006 study.
  • Completed enrollment in both the Phase 2 study of subcutaneous lirentelimab in patients with atopic dermatitis.
  • Completed enrollment in the Phase 2b study of subcutaneous lirentelimab in patients with chronic spontaneous urticaria (“CSU”).

Company Overview

Full financial data and analysis

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