Alector Reports Second Quarter 2023 Financial Results and Provides Business Update
Closed screening in the INVOKE-2 Phase 2 trial of AL002 in participants with early Alzheimer’s disease; completing enrollment in Q3 2023, with data readout expected in Q4 2024
Presented update on INVOKE-2 at the Alzheimer’s
Anticipate completing enrollment in pivotal INFRONT-3 trial of latozinemab with symptomatic FTD-GRN participants in Q4 2023 based on recent interactions with the FDA and EMA
revenue and expense guidance updated for 2023
Management to host conference call and webcast today at
“We expect to complete enrollment in the INVOKE-2 Phase 2 clinical trial of AL002 in early Alzheimer’s disease in the third quarter,” said
Recent Clinical Updates
TREM2 Program (AL002) Being Developed in Collaboration with AbbVie
- Alector closed screening and plans to complete enrollment in the INVOKE-2 clinical trial in the third quarter of 2023, with data expected in the fourth quarter of 2024. The INVOKE-2 Phase 2 trial is designed to evaluate the efficacy and safety of AL002 in slowing disease progression in individuals with early Alzheimer’s disease (AD).
- Alector presented an update on INVOKE-2 at the Alzheimer’s
Association International Conference(AAIC) in July 2023. The presentation highlighted that treatment-emergent MRI findings resembling amyloid-related imaging abnormalities (ARIA) in INVOKE-2 are similar to the ARIA reported following treatment with anti-amyloid beta antibodies.
- Alector previously presented results from a Phase 1 trial of AL002 in healthy volunteers, which demonstrated both dose-dependent target engagement and activation of microglia.
- Microglial activation is hypothesized to not only enhance clearance of misfolded proteins that accumulate and form amyloid plaques but also perform other supportive microglia functions, including maintenance of neuronal and synaptic health.
- At AAIC, the company also presented a poster on mouse model data demonstrating that TREM2 activation improved AD biomarkers, including amyloid and tau.
Progranulin Programs (latozinemab (AL001) and AL101/ GSK4527226) Being Developed in Collaboration with GSK
- Alector and GSK held a Type C meeting with the
U.S. Food and Drug Administration(FDA) and received scientific advice from the European Medicines Agency(EMA) regarding the pivotal INFRONT-3 Phase 3 clinical trial of latozinemab in participants with frontotemporal dementia due to progranulin gene mutation (FTD-GRN).
- Alector and GSK aligned with the FDA and EMA to conduct the primary analysis on symptomatic participants in INFRONT-3. Based on feedback from the regulatory agencies, the companies performed a sample size re-estimation that is anticipated to support a more focused enrollment of approximately 90-100 symptomatic participants for a treatment duration of 96 weeks.
- Alector plans to complete enrollment in INFRONT-3 in the fourth quarter of 2023.
- In a recent data cut from the FTD-C9orf72 cohort of the open label INFRONT-2 Phase 2 clinical trial of latozinemab, Alector confirmed a two- to threefold elevation in progranulin levels in CSF and plasma. The company conducted an analysis of disease progression rates for the 14 participants who were treated with latozinemab compared with baseline-matched controls from the ALLFTD registry. The small sample size and a high degree of variability in disease progression in both groups rendered the results uninformative regarding treatment effect.
June 2023, Alector published a manuscript in the Journal of Translational Medicinetitled “Latozinemab, a novel progranulin-elevating therapy for frontotemporal dementia.” This publication details Alector’s development of latozinemab and highlights findings demonstrating that the sortilin receptor is a viable target for PGRN-elevating therapy, particularly in patients who have a PGRN deficiency leading to FTD.
- Alector and GSK plan to initiate a global Phase 2 clinical trial with AL101/GSK4527226 in early AD. The companies also plan to present a poster on the pharmacokinetic and pharmacodynamic modeling of PGRN elevation in blood and CSF based on a Phase 1 trial of AL101 at the
American College of Clinical Pharmacology(ACCP) being held in Bellevue, Washingtonfrom September 10-12, 2023.
Early Research Pipeline
- Alector is developing its proprietary, versatile blood brain barrier technology to selectively support its next-generation product candidates.
- The company is developing an investigational therapy, ADP027, which modulates GPNMB for the treatment of Parkinson’s disease.
Recent Corporate Updates
- In the second quarter of 2023, the
U.S. Patent and Trademark Officeissued patents covering methods of treatment using AL002. The European Patent Officealso issued a patent in the second quarter of 2023 covering AL002 compositions and methods of use.
Second Quarter 2023 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 Income. For the quarter ended
Cash Position. Cash, cash equivalents, and investments were
2023 Guidance. Management is revising guidance for the year ending 2023, increasing collaboration revenue to now be between
Second Quarter 2023 Conference Call
Alector’s management team will host a conference call discussing Alector’s results for the second quarter of 2023 and provide a business update. The conference call will be webcast and accessible via the investor relations section of Alector’s website at www.alector.com.
To access the call, please use the following information:
The event will be webcast live under the investor relations section of Alector’s website at https://investors.alector.com/events-and-presentations/events and following the event a replay will be archived there for 30 days. Interested parties participating by phone will need to register using this online form. After registering for dial-in details, all phone participants will receive an auto-generated e-mail containing a link to the dial-in number along with a personal PIN number to use to access the event by phone.
Alector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. Alector has discovered and 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 rejuvenated immune cells to counteract emerging brain pathologies. Alector’s immuno-neurology product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimer’s disease. Alector is headquartered in South
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding our business plans, business strategy, product candidates, planned and ongoing preclinical studies and clinical trials and the timing of enrollment in and data readouts from such trials, expected milestones, including the proposed timing on engagement with regulatory authorities for certain product candidates, expectations of our collaborations, and financial and cash guidance. Such statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties as set forth in Alector’s Quarterly Report on Form 10-Q filed on
|Selected Consolidated Balance Sheet Data
|Cash, cash equivalents, and marketable securities||$||630,048||$||712,851|
|Total current liabilities (excluding deferred revenue)||63,720||45,578|
|Deferred revenue (including current portion)||313,893||491,601|
|Total stockholders’ equity||196,306||214,442|
|Consolidated Statement of Operations Data
(in thousands, except share and per share data)
|Three Months Ended
||Six Months Ended
|Research and development||46,177||54,534||98,064||107,577|
|General and administrative||13,626||15,842||28,403||31,396|
|Total operating expenses||59,803||70,376||126,467||138,973|
|Income (loss) from operations||(3,589||)||9,475||(53,704||)||(34,648||)|
|Other income, net||6,357||1,450||11,516||1,714|
|Net income (loss) before income tax||2,768||10,925||(42,188||)||(32,934||)|
|Income tax expense||1,393||1,042||2,294||1,800|
|Net income (loss)||$||1,375||$||9,883||$||(44,482||)||$||(34,734||)|
|Net income (loss) per share:|
|Basic net income (loss) per share||$||0.02||$||0.12||$||(0.53||)||$||(0.42||)|
|Diluted net income (loss) per share||$||0.02||$||0.12||$||(0.53||)||$||(0.42||)|
|Weighted-average shares used in calculating:|
|Basic net income (loss) per share||83,497,125||82,394,784||83,186,052||82,248,880|
|Diluted net income (loss) per share||83,566,293||82,588,368||83,186,052||82,248,880|
Argot Partners (investors)
Source: Alector, Inc.