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Dec 31, 2023
Allogene Q4 2023 Earnings Report
Allogene reported financial results and provided a corporate update for Q4 2023.
Key Takeaways
Allogene Therapeutics ended 2023 with $448.7 million in cash, cash equivalents and investments and anticipates its cash runway will fund operations into 2026. Start-up activities for the ALPHA3 trial are underway and the trial is expected to begin in mid-2024. Initial data readout from Phase 1 ALPHA2 CLL cohort (n=12) is projected by year-end 2024. ALLO-329 is expected to enter Phase 1 clinical trials in early 2025.
Cema-cel Pivotal ALPHA3 First Line (1L) Consolidation Trial in Large B-Cell Lymphoma (LBCL): Start-Up Activities Underway; Enrollment to Begin Mid-2024
Cema-cel Phase 1 ALPHA2 Trial in Relapsed/Refractory Chronic Lymphocytic Leukemia (CLL): Enrolling Patients with Initial Data Projected YE 2024
ALLO-329 in Autoimmune Disease (AID): Differentiated Next-Generation CD19 Dagger® Program Designed for AID will Focus on Eliminating Lymphodepletion and Meeting Demand; Phase 1 Clinical Trials in Early 2025
Ended 2023 with $448.7 Million in Cash, Cash Equivalents and Investments; Reiterates Cash Runway Projection into 2026
Forward Guidance
The Company expects a decrease in cash, cash equivalents, and investments of approximately $190 million in 2024. Based on current assumptions, the Company continues to expect its cash runway to fund operations into 2026. GAAP Operating Expenses are expected to be approximately $280 million, including estimated non-cash stock-based compensation expense of approximately $60 million. These estimates exclude any impact from potential business development activities.
Positive Outlook
- Cash runway to fund operations into 2026.
- GAAP Operating Expenses are expected to be approximately $280 million.
- Estimated non-cash stock-based compensation expense of approximately $60 million.
- Start-up activities for the ALPHA3 trial are underway and the trial is expected to begin in mid-2024.
- ALLO-329 is expected to enter Phase 1 clinical trials in early 2025.
Challenges Ahead
- The Company expects a decrease in cash, cash equivalents, and investments of approximately $190 million in 2024.
- Estimates exclude any impact from potential business development activities.
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