Allogene Q1 2023 Earnings Report
Key Takeaways
Allogene Therapeutics reported its first quarter financial results, highlighting progress in clinical programs, talent acquisition, and financial management. The company ended the quarter with $514 million in cash and expects the cash runway to extend into Q2 2025.
Enrollment is ongoing in the ALPHA2 Phase 2 trial for relapsed/refractory large B cell lymphoma.
The Phase 2 EXPAND trial was initiated to support licensure of ALLO-647 as a lymphodepleting agent.
Interim Phase 1 data on ALLO-316 in renal cell carcinoma was presented, showing proof-of-concept for an allogeneic CAR T in solid tumors.
Timothy Moore was appointed as Chief Technical Officer.
Allogene
Allogene
Forward Guidance
Allogene expects a decrease in cash of approximately $230 million for 2023 and anticipates funding operations into Q2 2025. GAAP operating expenses are projected to be approximately $340 million, including $80 million in non-cash stock-based compensation.
Positive Outlook
- Cash runway is projected into Q2 2025.
- Focus on bringing an AlloCAR T product to market.
- Ongoing enrollment in ALPHA2 Phase 2 trial.
- Initiation of EXPAND Phase 2 trial.
- Advancements in manufacturing processes to achieve optimal performance.
Challenges Ahead
- Expected decrease in cash, cash equivalents, and investments of approximately $230 million in 2023.
- GAAP Operating Expenses are expected to be approximately $340 million.
- Clinical outcomes may materially change as more patient data become available.
- Challenges with manufacturing or optimizing manufacturing of product candidates.
- Product candidates may cause undesirable side effects.