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Mar 31, 2023
Allogene Q1 2023 Earnings Report
Allogene Therapeutics reported financial results for the first quarter of 2023 and provided a corporate update.
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.