Allakos Q4 2023 Earnings Report
Key Takeaways
Allakos reported a net loss of $62.6 million for the fourth quarter of 2023. The company halted lirentelimab-related development to focus on AK006 clinical development.
Completed dosing in SAD cohorts and continued dosing in MAD cohorts of the Phase 1 trial of IV AK006 in healthy volunteers.
Initiated the randomized, double-blind, placebo-controlled subcutaneous (SC) AK006 cohort in healthy volunteers.
Halted lirentelimab-related development activities and announced a restructuring plan to reduce costs and focus on AK006 clinical development.
Ended the fourth quarter of 2023 with approximately $170.8 million in cash, cash equivalents and investments.
Allakos
Allakos
Forward Guidance
The company expects that the restructuring activities will extend the cash runway into mid-2026.
Positive Outlook
- Report safety, pharmacokinetics (PK), and pharmacodynamic (PD) results from the Phase 1 trial of IV AK006 in healthy volunteers, including data to confirm Siglec-6 receptor occupancy in skin biopsy samples in Q2 2024.
- Initiate the randomized, double-blind, placebo-controlled Phase 1 trial of IV AK006 in patients with chronic spontaneous urticaria in Q2 2024.
- Report safety, PK, and PD results from the Phase 1 trial of SC AK006 in healthy volunteers, including data to confirm Siglec-6 receptor occupancy in skin biopsy samples in Q3 2024.
- Report topline data from the Phase 1 trial of IV AK006 in patients with CSU at year end 2024
- The Company expects that the restructuring activities will extend the cash runway into mid-2026.