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Alector (ALEC) investor relations material
Alector Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Focused on developing therapies for neurodegenerative diseases, leveraging proprietary blood-brain barrier technology and a robust clinical and preclinical pipeline, including lead candidates AL137 and AL050 advancing toward IND filings in 2026 and 2027.
Announced negative topline results for the Phase 3 INFRONT-3 trial of latozinemab in FTD-GRN, leading to discontinuation of related studies and a 47% workforce reduction in October 2025.
Nivisnebart (AL101) remains in Phase 2 development for Alzheimer's disease, with trial enrollment completed in April 2025 and interim analysis planned for 1H 2026.
ABC platform enables efficient brain delivery of antibodies, enzymes, and siRNA, with robust preclinical results supporting further development.
Cash, cash equivalents, and marketable securities of $291.1 million as of September 30, 2025, expected to fund operations through 2027.
Financial highlights
Collaboration revenue was $3.3 million for Q3 2025, down from $15.3 million in Q3 2024, due to completion of certain performance obligations.
Net loss for Q3 2025 was $34.7 million ($0.34 per share), compared to $42.2 million ($0.43 per share) in Q3 2024.
Research and development expenses decreased to $29.4 million in Q3 2025 from $48.0 million in Q3 2024, reflecting program wind-downs and workforce reductions.
General and administrative expenses were $11.5 million in Q3 2025, down from $15.8 million in Q3 2024, mainly due to reduced personnel and absence of prior year impairment charges.
Cash, cash equivalents, and investments totaled $291.1 million as of September 30, 2025, including $14.7 million from ATM equity raised in September and $5.3 million in October.
Outlook and guidance
Cash runway expected through 2027 based on current operating plan and recent workforce reductions.
Revenue for the next several years will primarily derive from the GSK collaboration, with deferred revenue of $179.0 million as of September 30, 2025.
2025 guidance: collaboration revenue between $13–18 million, R&D expenses $130–140 million, G&A expenses $55–65 million.
IND submissions for AL137 and AL050 targeted for 2026 and 2027, respectively.
Interim analysis for PROGRESS-AD Phase 2 trial planned for 1H 2026.
Explain ABC platform's TfR binding advantage
How does RIF impact Alector's strategic focus?
Detail recent ATM offerings and cash runway impact
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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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