Alector (ALEC) investor relations material

Executive summary

• Advanced the proprietary ABC platform for neurodegenerative diseases, with a pipeline targeting Alzheimer's and Parkinson's, including AL137 as the lead anti-amyloid beta antibody and AL064/AL164 and AL050 in preclinical development.

• Discontinued major clinical programs (latozinemab, nivisnebart, AL002) after negative trial results and terminated collaborations with GSK and AbbVie.

• Workforce reduced by 47% in late 2025 and 13% in early 2025 to align with new strategic priorities and reduce costs.

• Cash, cash equivalents, and investments totaled $172.8 million as of June 30, 2026, expected to fund operations through at least 2027.

Financial highlights

• Collaboration revenue was $3.3 million for Q2 2026, down from $7.9 million in Q2 2025, mainly due to lower revenue from the AL101 AD program.

• Net loss was $23.0 million ($0.21 per share) for Q2 2026, compared to $30.5 million ($0.30 per share) in Q2 2025.

• Research and development expenses decreased to $19.5 million in Q2 2026 from $27.6 million in Q2 2025; general and administrative expenses fell to $8.3 million from $14.4 million.

• Cash used in operating activities was $84.0 million for the first half of 2026, down from $109.8 million in 2025.

• Accumulated deficit reached $1,018.0 million as of June 30, 2026.

Outlook and guidance

• Expenses for discontinued programs expected to decrease, with continued investment in preclinical and research pipeline.

• Existing cash resources projected to fund operations at least through 2027, but additional capital will be needed for future development and commercialization.

• IND application for lead candidate AL137 targeted for Q1 2027, with first-in-human dosing planned by April 2027 in Australia.