Alector Reports 2021 First Quarter Financial Results and Provides Business Update
- Enrollment ongoing for AL001 INFRONT-3 Phase 3 trial in frontotemporal dementia with a progranulin mutation and for AL002 INVOKE-2 Phase 2 trial in early Alzheimer’s disease patients
- Three abstracts accepted for presentation at 2021 Alzheimer’s
Association International Conference(AAIC), including updated data from ongoing AL001 open-label Phase 2 study in FTD-GRN
“Positive momentum continues to build throughout our early and late-stage product pipeline,” said
Key Business Updates
- Alector plans to present updated data from the ongoing AL001 Phase 2 open-label study at the upcoming Alzheimer’s
Association International Conference(AAIC), taking place July 26-30, 2021.
- Enrollment is ongoing in INFRONT-3, a randomized, placebo-controlled, pivotal Phase 3 trial evaluating AL001 in people at risk for or with frontotemporal dementia due to a progranulin gene mutation (FTD-GRN). The ongoing pivotal trial is evaluating the efficacy and safety of AL001 in at-risk and symptomatic participants with FTD-GRN. Participants in the trial will be given the option to continue receiving treatment in an open-label extension study.
- The Company is on track to initiate a Phase 2 study evaluating AL001 in people with amyotrophic lateral sclerosis (ALS) caused by C9orf72 repeats, which share TDP-43 pathology with FTD-GRN in the second half of 2021.
Alzheimer’s Disease Portfolio:
- Alector continues patient enrollment in INVOKE-2, a Phase 2 trial evaluating AL002 in people with early Alzheimer’s disease. The randomized, double-blind, placebo-controlled, dose-ranging, multi-center Phase 2 study is expected to enroll approximately 265 participants with early Alzheimer’s disease (AD) at up to 90 sites globally. The AL002 clinical program is being developed in collaboration with AbbVie.
- Alector plans to present two posters highlighting AL002 at AAIC, taking place
July 26-30, 2021. The first poster will include the results of the AL002 Phase 1 study in healthy volunteers and the second poster will highlight the study design of the ongoing INVOKE-2 trial in people with early AD.
- Data from the Phase 1b study evaluating AL003 in participants with AD is expected in 2021. Alector initiated the Phase 1b study in
January 2020and completed enrollment in 2020. The AL003 clinical development program is being developed in collaboration with AbbVie. Preliminary results from the study are expected to be presented at a scientific medical meeting in the second half of 2021.
Early-Stage Pipeline with Potential in Neurodegenerative Diseases and Oncology
- The Company continues to progress AL044, a first-in-class antibody targeting the MS4A4A receptor. MS4A4A is a major risk gene for AD that encodes a transmembrane receptor protein that is expressed selectively in microglia in the brain and is associated with control of microglia functionality and potential viability.
- Planning is underway to initiate first-in-human studies for AL008 and AL009, two oncology programs, in 2022. AL008 is a novel, investigational, antibody product candidate with a dual mechanism of action that combines inhibition of the CD47-SIRP-alpha (SIRPα) pathway with stimulation of activating Fc receptors and has the potential to yield a best-in-class product. AL009 is a first-in-class multi-Siglec inhibitor that works to enhance the innate and adaptive immune system response by blocking a critical glycan checkpoint pathway that drives immune inhibition.
First Quarter 2021 Financial Results
Revenue. Collaboration revenue for the quarter ended
R&D Expenses. Total research and development expenses for the quarter ended
G&A Expenses. Total general and administrative expenses for the quarter ended
Net Loss. For the quarter ended
Cash Position. Cash, cash equivalents, and marketable securities were $362.7 million as of
Alector is a clinical stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. The Company is developing a broad portfolio of innate immune system programs, designed to functionally repair genetic mutations that cause dysfunction of the brain’s immune system and enable the rejuvenated immune cells to counteract emerging brain pathologies.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions, Alector and its business as set forth in Alector’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on February 25, 2021, as well as the other documents Alector files from time to time with the
Selected Consolidated Balance Sheet Data
|Cash, cash equivalents, and marketable securities||$||362,744||$||413,308|
|Total current liabilities (excluding deferred revenue)||41,362||44,088|
|Deferred revenue (including current portion)||128,193||131,476|
|Total stockholders’ equity||227,829||268,450|
Consolidated Statement of Operations Data
(in thousands, except share and per share data)
|Three Months Ended
|Research and development||45,733||34,605|
|General and administrative||11,012||14,644|
|Total operating expenses||56,745||49,249|
|Loss from operations||(52,635||)||(42,078||)|
|Other income, net||464||2,059|
|Net loss per share, basic and diluted||$||(0.66||)||$||(0.53||)|
|Shares used in computing net loss per share, basic and diluted||79,386,836||74,820,950|
Source: Alector, Inc.