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Jun 30, 2024
Allogene Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024 and provided corporate updates.
Key Takeaways
Allogene Therapeutics reported a net loss of $66.4 million for the second quarter of 2024 and ended the quarter with $444.6 million in cash, cash equivalents, and investments. The pivotal Phase 2 ALPHA3 trial was initiated in June 2024, and the IND application for ALLO-329 is on track for Q1 2025.
Pivotal Phase 2 ALPHA3 Trial Initiated in June 2024 for Cemacabtagene Ansegedleucel (Cema-Cel) in Large B-Cell Lymphoma (LBCL).
Patient screening and enrollment for the ALPHA3 trial are proceeding as planned, with ten community and academic sites opened across the US.
Investigational New Drug (IND) Application for ALLO-329 in Autoimmune Disease (AID) is on track for Q1 2025, with proof-of-concept data expected by YE 2025.
A Phase 1 TRAVERSE data update for ALLO-316 in Renal Cell Carcinoma (RCC), including details on the diagnostic and treatment algorithm, is planned for YE 2024.
Forward Guidance
Allogene expects a decrease in cash, cash equivalents, and investments of approximately $200 million in 2024. GAAP Operating Expenses are expected to be approximately $300 million, including estimated non-cash stock-based compensation expense of approximately $60 million. These estimates exclude any impact from potential business development activities.
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