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Dec 31, 2023
Allakos Q4 2023 Earnings Report
Allakos reported a net loss for Q4 2023, with research and development expenses increasing due to higher manufacturing and clinical study costs. They halted lirentelimab development, restructured to cut costs, and focused on AK006 clinical development, extending the cash runway into mid-2026.
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.
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.
Historical Earnings Impact
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