Allogene Q3 2023 Earnings Report
Key Takeaways
Allogene Therapeutics reported $497.7 million in cash, cash equivalents, and investments as of September 30, 2023. Net loss for the third quarter of 2023 was $61.3 million, or $0.37 per share.
Ended Q3 2023 with $497.7 Million in Cash, Cash Equivalents and Investments with Continued Cash Runway Projection into the Second Half of 2025
Enrollment Continues in the Global ALPHA2 Phase 2 Trial with ALLO-501A in LBCL with Clinical Sites Open in the United States, Canada, Europe and Australia
Posters Announced for the Upcoming Annual Meeting of the American Society of Hematology, Including Comprehensive Review of Overall Safety Profile of our ALLO-501/501A Candidates Used in Conjunction with Propriety Lymphodepletion With Investigational ALLO-647 From the Phase 1 ALPHA/ALPHA2 Studies
Preclinical Posters to Be Presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting on the Next Generation AlloCAR Tâ„¢ Platform
Allogene
Allogene
Forward Guidance
The Company expects a decrease in cash, cash equivalents, and investments of approximately $230 million in 2023. Based on current assumptions, the Company continues to expect its cash runway to fund operations into 2H 2025. GAAP Operating Expenses are expected to be approximately $340 million, including estimated non-cash stock-based compensation expense of approximately $80 million. These estimates exclude any impact from potential business development activities.
Positive Outlook
- Cash runway to fund operations into 2H 2025.
- Continued progress in clinical trials.
- Advancements in next-generation AlloCAR T platform technologies.
- New appointments to the leadership team.
- Focus on broadening patient access to CAR T therapy.
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.
- Net loss for the third quarter of 2023 was $61.3 million.
- Dependence on novel technologies, which makes it difficult to predict the time and cost of product candidate development and obtaining regulatory approval.
- Servier’s discontinuation of its involvement in the development of all CD19 products