Alector Reports Recent Business Highlights and Second Quarter 2019 Financial Results
- Completed planned enrollment of AL001 Phase 1b trial and demonstrated proof-of-mechanism in Frontotemporal Dementia patients
- AL101 granted Orphan Drug Designation from U.S.
- Ended the quarter with
“We are continuing to make substantial progress in our efforts to bring novel disease-modifying treatments to patients suffering from neurodegenerative diseases,” said
Recent Business Highlights
- Data Presented at AAIC Demonstrate AL001 Reverses Progranulin Deficiency in
FTDpatients – In July 2019, Alectorreported initial positive data with its product candidate, AL001, in FTDpatients with a specific mutation in the progranulin (PGRN) gene. Data showed that AL001 elicited a dose-dependent increase in PGRN levels, restoring the level of PGRN in the plasma and in the CSF back to the normal range.
- AL001 Phase 1b Enrollment Completed – In
July 2019, Alectorcompleted the planned enrollment of its Phase 1b clinical trial in FTD-GRN patients. The Company expects to immediately begin the Phase 2 study in FTD-GRN patients in the second half of 2019.
- AL101 Granted Orphan Drug Designation from U.S.
FDA– In July 2019, the U.S. Food and Drug Administration( FDA) granted orphan drug designation to AL101, the company’s second program for the treatment of patients with FTD. Alectorwill be developing AL101 for FTD, as well as specific subsets of patients suffering from other neurological disorders.
- Added Dr.
Kristine Yaffe, M.D. to the Board of Directors – In August 2019, Alectoradded Kristine Yaffe, M.D., to its board of directors. Dr. Yaffe is the Scola Endowed Chair and Vice Chair, professor of psychiatry, neurology and epidemiology and the director of the Center for Population Brain Healthat the University of California, San Francisco. She is an internationally recognized expert in the field of cognitive aging, neurodegeneration, and dementia who has received numerous awards for her groundbreaking contributions to the field.
Second Quarter 2019 Financial Results
Revenue. Collaboration revenue for the second quarter of 2019 was
R&D Expenses. Total research and development expenses for the second quarter of 2019 were
G&A Expenses. Total general and administrative expenses for the second quarter of 2019 were
Net Loss. For the second quarter of 2019,
Cash Position. Cash, cash equivalents, and marketable securities were
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|
|June 30,||December 31,|
|Cash, cash equivalents, and marketable securities||$||410,933||$||290,408|
|Total current liabilities (excluding deferred revenue)||26,231||13,043|
|Deferred revenue (including current portion)||162,098||174,620|
|Convertible preferred stock (1)||—||210,520|
|Total stockholders’ equity||245,716||(97,398||)|
(1) Upon the closing of our IPO in
|Consolidated Statement of Operations Data|
|(in thousands, except share and per share data)|
|Three Months Ended
|Six Months Ended
|Research and development||25,640||16,818||46,247||28,542|
|General and administrative||8,429||2,522||14,188||4,943|
|Total operating expenses||34,069||19,340||60,435||33,485|
|Loss from operations||(27,152||)||(12,231||)||(47,913||)||(21,456||)|
|Other income, net||2,592||1,110||4,793||1,898|
|Net loss per share, basic and diluted||$||(0.36||)||$||(1.00||)||$||(0.77||)||$||(1.78||)|
|Shares used in computing net loss per share, basic and diluted||67,327,975||11,157,024||55,643,352||11,008,568|
Source: Alector, Inc.