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Dec 31, 2022
Allogene Q4 2022 Earnings Report
Allogene reported financial results for the fourth quarter and full year 2022 and provided a business update.
Key Takeaways
Allogene Therapeutics reported a net loss of $94.8 million for the fourth quarter of 2022, with $576.5 million in cash, cash equivalents, and investments as of December 31, 2022. The company highlighted progress in its allogeneic CAR T programs, including the initiation of a pivotal Phase 2 trial for ALLO-501A and promising data from its BCMA and CD70 programs.
Initiated the industry’s first potentially pivotal Phase 2 allogeneic CAR T trial, ALPHA2, in Relapsed/Refractory (R/R) Large B Cell Lymphoma (LBCL).
Presented data highlighting industry-leading allogeneic CAR T portfolio.
Ended 2022 with $576 million in cash, cash equivalents and investments.
ALLO-316 demonstrated promising anti-cancer activity in the subset of nine patients with confirmed CD70-positive RCC from the ongoing Phase 1 TRAVERSE trial
Forward Guidance
Allogene expects a decrease in cash, cash equivalents, and investments of approximately $250 million in 2023. Based on current expectation, the Company expects the cash runway to be sufficient to fund operations into 2025. GAAP Operating Expenses are expected to be approximately $350 million, including estimated non-cash stock-based compensation expense of approximately $90 million. These estimates exclude any impact from potential business development activities.
Positive Outlook
- Cash runway is expected to be sufficient to fund operations into 2025.
- Company is making large strides toward giving patients back precious time.
- Allogene initiated the industry’s first potentially pivotal Phase 2 allogeneic CAR T trial, ALPHA2, in Relapsed/Refractory (R/R) Large B Cell Lymphoma (LBCL).
- Presented data highlighting industry-leading allogeneic CAR T portfolio.
- ALLO-316 has demonstrated a generally manageable safety profile with no GvHD
Challenges Ahead
- Company expects a decrease in cash, cash equivalents, and investments of approximately $250 million in 2023.
- Gaining access to autologous CAR T therapy and the inevitable wait times associated with manufacturing remain a critical factor for patients.
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