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Alector
Alector (ALEC) investor relations material
Alector Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary25 Feb, 2026
Executive summary
Advanced the ABC platform for brain-targeted delivery across antibodies, enzymes, and siRNA, with progress in AL137, AL050, and AL064 programs targeting Alzheimer's and Parkinson's diseases.
Ongoing PROGRESS-AD Phase 2 trial of nivisnebart (AL101) in early Alzheimer's, with interim futility analysis expected in 1H 2026.
Cash, cash equivalents, and investments of $256.0 million as of December 31, 2025, expected to fund operations through at least 2027.
Financial highlights
Collaboration revenue for Q4 2025 was $6.2 million, down from $54.2 million in Q4 2024; full-year 2025 revenue was $21.0 million, down from $100.6 million in 2024, due to completion of prior performance obligations.
R&D expenses for Q4 2025 were $32.5 million (down from $46.5 million in Q4 2024); full-year R&D expenses were $123.1 million (down from $185.9 million in 2024), reflecting reduced program and personnel costs.
G&A expenses for Q4 2025 were $13.3 million (down from $15.0 million in Q4 2024); full-year G&A expenses were $54.0 million (down from $59.6 million in 2024), mainly due to workforce reductions.
Net loss for Q4 2025 was $37.3 million ($0.34 per share), compared to $2.1 million ($0.02 per share) in Q4 2024; full-year net loss was $142.9 million ($1.39 per share), compared to $119.0 million ($1.23 per share) in 2024.
Cash, cash equivalents, and marketable securities were $256.0 million at year-end 2025, down from $413.4 million at year-end 2024.
Outlook and guidance
Cash runway expected to last at least through 2027.
IND application for AL137 expected in Q4 2026/Q1 2027; AL050 IND submission targeted for 2027.
Interim futility analysis for PROGRESS-AD Phase 2 trial of nivisnebart anticipated in 1H 2026; INFRONT-3 Phase 3 results for latozinemab to be presented in 1H 2026.
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Next Alector earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
Alector
Next Alector earnings date
TD Cowen 46th Annual Health Care Conference3 Mar, 2026
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Frequently asked questions
Alector, Inc., a clinical stage biopharmaceutical company, develops therapies for the treatment of neurodegeneration diseases. The company is developing AL001, an antibody that targets delta-like ligand 4-Notch to address abnormal signaling triggered by microglia in Alzheimer's disease prevention and slowing in patients with mild cognitive impairment and early-stage Alzheimer's disease; AL101, an anti-TREM2 antibody targeting microglia function that is in Phase IIa clinical trial for the treatment of frontotemporal dementia; AL003, an anti-LINGO monoclonal antibody targeting oligodendrocyte precursor cells for myelination; and AL002 and AL004 for preventing or slowing disease progression in Parkinson's disease. The company was founded in 2013 and is headquartered in South San Francisco, California.
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