Alector Reports Third Quarter 2022 Financial Results and Provides Business Update
Progressing enrollment in the INFRONT-3 Phase 3 pivotal study for latozinemab (AL001) and in the INVOKE-2 Phase 2 study for AL002
Initiated first-in-human Phase 1 trial of AL044, the company’s third novel, first-in-class clinical stage microglia immune checkpoint therapy for the treatment of Alzheimer’s disease (AD)
Commentary on the Quarter:
“In the third quarter, we expanded our first-in-class clinical immuno-neurology pipeline with AL044, a biologic targeting MS4A, a brain immune checkpoint molecule and a genetic risk factor for Alzheimer’s disease. We also continued to advance our INFRONT-3 Phase 3 pivotal study of latozinemab for frontotemporal dementia with progranulin mutations, or FTD-GRN, and our INVOKE-2 Phase 2 Alzheimer’s disease study with AL002, which activates TREM2 receptor signaling,” said
“We anticipate biomarker data from the AL044 healthy volunteer study and completion of enrollment in our INVOKE-2 study in 2023. We believe that our immuno-neurology drug candidates, which are designed to regulate key aspects of microglial proliferation, survival, migration, lysosomal function and immune response, could prove important in effectively treating neurodegeneration either as stand-alone therapies or potentially in combination with anti-beta amyloid drugs.”
“We are also thrilled to have expanded our talented leadership team over the past quarter as we welcomed
Progranulin Assets (Latozinemab, AL101)
- Enrollment is ongoing globally in the INFRONT-3 randomized, placebo-controlled, pivotal Phase 3 trial evaluating the efficacy and safety of latozinemab (AL001) in at-risk and symptomatic patients with FTD-GRN. The first patient has been enrolled in the open-label extension study.
- The company expects to report follow-up data from the INFRONT-2 Phase 2 clinical trial of latozinemab in frontotemporal dementia patients with a C9orf72 genetic mutation (FTD-C9orf72) in 2023.
- Alector will present a poster, Repeat IV and SC dosing of the Anti-Sortilin Antibody AL101, with data from the Phase 1 trial of AL101 in healthy volunteers at the 15th Clinical Trials on Alzheimer’s Disease (CTAD) conference, being held in
San Francisco, Californiafrom November 29 to December 2, 2022. AL101 is intended to elevate progranulin levels in a manner similar to latozinemab, and the company plans to investigate AL101 for the treatment of Alzheimer’s disease (AD) and Parkinson’s disease (PD).
- Latozinemab and AL101 are being developed in collaboration with GSK.
TREM2 Asset (AL002)
- Enrollment in the INVOKE-2 Phase 2 study of AL002 continues. The INVOKE-2 Phase 2 clinical trial is designed to evaluate the efficacy and safety of AL002 in slowing disease progression in individuals with early AD. AL002 is being developed in collaboration with AbbVie and targets Triggering Receptor Expressed on Myeloid cells 2 (TREM2) to increase TREM2 signaling and the functionality of microglia, which are brain-specific immune cells.
Novel MS4A Asset (AL044)
- The company commenced its first-in-human Phase 1 trial of AL044, the first clinical-stage drug candidate to target MS4A, a major genetic risk factor for AD and an immune checkpoint expressed on microglia. The study, initiated in September of this year, is investigating the safety profile, pharmacokinetics (PK), pharmacodynamics (PD) and target engagement of AL044 in healthy adults. Safety and biomarker data from this study are anticipated in 2023. The company views MS4A as a master inhibitory checkpoint for the brain’s immune system and believes its inhibition will activate microglia in a disease-selective manner to broadly counteract Alzheimer’s disease and potentially orphan neurodegenerative indications.
Multi-Siglec and SIRPα Assets (AL009, AL008)
- Alector anticipates submitting an IND for its AL009 innate immuno-oncology program before the end of the year. The company will present a poster, Characterization of suppressive myeloid cells in solid tumors to refine disease selection in a Phase 1 study of the multi-Siglec inhibitor AL009, at the
Society for Immunotherapy of Cancer(SITC) 37th Annual Meeting being held in Boston, Massachusettsand virtually from November 8 to 12, 2022. AL009 is a dual function biologic that inhibits multiple Siglec receptors on myeloid cells and simultaneously activates a stimulating receptor on the same cells. The company plans to prioritize tumor types that have immunosuppressive phenotypes and expects to study AL009 as a monotherapy and in combination with standard of care.
- The company plans to utilize data and documentation from a regulatory filing previously submitted by Innovent to Chinese authorities for AL008 to support a potential IND submission in the
U.S.AL008 is a novel innate immuno-oncology candidate with a dual mechanism of action, targeting SIRP-alpha (SIRPα) to inhibit the CD47- SIRPα pathway and activating Fc receptors to promote immuno-stimulatory pathways that drive anti-tumor immunity.
Recent Corporate Updates
Peter Heutink, Ph.D., began his role as Alector’s Chief Scientific Officer in October. Leveraging nearly 30 years of experience in the neurodegenerative disease space, Dr. Heutinkprovides scientific oversight of the company’s significant research pipeline and helps drive business strategy.
Third Quarter 2022 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 (Loss). For the quarter ended
Cash Position. Cash, cash equivalents, and investments were
Alector is a clinical-stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases, and innate immuno-oncology. 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. This scientific approach is also the basis for the company’s innate immuno-oncology programs. 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 preclinical studies, clinical trials, expected milestones, 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, as filed on
Selected Consolidated Balance Sheet Data
|Cash, cash equivalents, and marketable securities||$||758,306||$||735,251|
|Total current liabilities (excluding deferred revenue)||41,205||48,752|
|Deferred revenue (including current portion)||506,041||425,218|
|Total stockholders’ equity||253,104||300,724|
Consolidated Statement of Operations Data
(in thousands, except share and per share data)
|Three Months Ended
||Nine Months Ended
|Research and development||48,348||43,066||155,925||136,617|
|General and administrative||14,252||13,018||45,648||38,015|
|Total operating expenses||62,600||56,084||201,573||174,722|
|Income (loss) from operations||(47,748||)||126,329||(82,396||)||18,369|
|Other income, net||2,333||268||4,047||910|
|Net income (loss) before income tax||(45,415||)||126,597||(78,349||)||19,279|
|Income tax expense||733||||2,533|
|Net income (loss)||$||(46,148||)||$||126,597||$||(80,882||)||$||19,279|
|Net income (loss) per share:|
|Basic net income (loss) per share||$||(0.56||)||$||1.56||$||(0.98||)||$||0.24|
|Diluted net income (loss) per share||$||(0.56||)||$||1.49||$||(0.98||)||$||0.23|
|Weighted-average shares used in calculating:|
|Basic net income (loss) per share||82,602,842||80,964,701||82,367,936||80,048,758|
|Diluted net income (loss) per share||82,602,842||85,232,690||82,367,936||82,871,254|
Argot Partners (investors)
Source: Alector, Inc.