Alector Reports Recent Business Highlights and First Quarter 2019 Financial Results
- Dosed first frontotemporal dementia patient with AL001 in the Phase 1b portion of the
INFRONT clinical study - Dosed first Alzheimer’s disease patient with AL002 in the Phase 1b portion of the INVOKE clinical study
- Initiated Phase 1 first-in-human clinical trial of AL003, called the INTERCEPT study and commenced dosing in healthy volunteers
Recent Business Highlights
- Dosed the first frontotemporal dementia patient with AL001 in the Phase 1b clinical study – In
April 2019 ,Alector dosed the first frontotemporal dementia patient in the Phase 1b portion of theINFRONT clinical study of AL001. In addition to safety, the study will also measure the levels of a critical target specific biomarker, progranulin, in plasma and in cerebrospinal fluid (CSF) to demonstrate proof of mechanism in patients.
- Dosed the first Alzheimer’s disease patient with AL002 in the Phase 1b clinical study – In
May 2019 ,Alector dosed the first Alzheimer’s disease patient in the Phase 1b portion of the INVOKE clinical study of AL002. The Phase 1b portion of the clinical study will assess the safety of multiple doses and measure target-specific biomarker changes related to AL002 in plasma and in CSF in Alzheimer’s disease patients. AL002 targets a triggering receptor expressed on myeloid cells 2 (TREM2) and is being developed byAlector for the treatment of Alzheimer’s disease in collaboration with its partnerAbbVie .
- Initiated dosing in healthy volunteers for AL003 in the Phase 1 clinical study – In
April 2019 ,Alector initiated its dosing of AL003, the company’s third product candidate, in healthy volunteers in its Phase 1 clinical study called the INTERCEPT study. AL003 targets a sialic acid binding Ig-like lectin 3 (SIGLEC 3) and is being developed byAlector in collaboration with its partnerAbbVie for the treatment of patients with Alzheimer's disease.
First Quarter 2019 Financial Results
Revenue. Collaboration and grant revenue for the first quarter of 2019 was
R&D Expenses. Total research and development expenses for the first quarter of 2019 were
G&A Expenses. Total general and administrative expenses for the first quarter of 2019 were
Net Loss. For the first quarter of 2019,
Cash Position. Cash, cash equivalents, and marketable securities were
About
Cautionary Note Regarding Forward-Looking Statements
This press release contains “forward-looking” statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements are based on our beliefs and assumptions and on information currently available to us on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements include but are not limited to statements regarding the Company’s financial condition and results of operations, and plans for the Company’s product candidates, clinical studies and anticipated regulatory and development milestones. Except as required by law, we assume no obligation to update these forward-looking statements publicly, or to update the reasons actual results could differ materially from those anticipated in the forward-looking statements, even if new information becomes available in the future. Important factors that could cause our actual results to differ materially are detailed from time to time in the reports
Selected Consolidated Balance Sheet Data
(in thousands)
(unaudited)
March 31, |
December 31, | |||||
2019 | 2018 | |||||
Cash, cash equivalents, and marketable securities | $ | 436,595 | $ | 290,408 | ||
Total assets | 496,044 | 308,359 | ||||
Total current liabilities (excluding deferred revenue) | 17,308 | 13,043 | ||||
Deferred revenue (including current portion) | 169,015 | 174,620 | ||||
Total liabilities | 229,858 | 195,237 | ||||
Convertible preferred stock(1) | — | 210,520 | ||||
Total stockholders’ equity | 266,186 | (97,398 | ) |
(1) Upon the closing of our IPO in
Consolidated Statement of Operations Data
(in thousands, except share and per share data)
(unaudited)
Three Months Ended March 31, |
|||||||
2019 | 2018 | ||||||
Revenue: | |||||||
Collaboration revenue | $ | 5,605 | $ | 4,751 | |||
Grant revenue | — | 169 | |||||
Total revenue | 5,605 | 4,920 | |||||
Operating expenses: | |||||||
Research and development | 20,607 | 11,724 | |||||
General and administrative | 5,759 | 2,421 | |||||
Total operating expenses | 26,366 | 14,145 | |||||
Loss from operations | (20,761 | ) | (9,225 | ) | |||
Other income, net | 2,201 | 788 | |||||
Net loss | $ | (18,560 | ) | $ | (8,437 | ) | |
Net loss per share, basic and diluted | $ | (0.42 | ) | $ | (0.78 | ) | |
Shares used in computing net loss per share, basic and diluted | 43,828,106 | 10,858,473 |
Source:
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Source: Alector, Inc.