Alector (ALEC) BofA Securities 2025 Healthcare Conference summary

Strategic pipeline updates and portfolio focus

• Prioritized CB-010 in lymphoma and CB-011 in myeloma, discontinuing two phase I programs and preclinical research to extend cash runway into the second half of 2027.

• Focused resources on advancing CB-010 and CB-011 to critical inflection points, with both programs showing encouraging efficacy in early studies.

• CB-010 targets lymphoma patients, especially those unable to access auto CAR-Ts, with a pivotal go/no-go decision based on a 20-patient cohort using partial HLA matching.

• CB-011 addresses the unmet need in myeloma, aiming for efficacy on par with bispecifics and offering a one-and-done treatment advantage.

• Manufacturing is outsourced, enabling scalable production with each run yielding 200-300 doses and long shelf life for cell therapies.

Clinical development and trial design insights

• CB-010's trial moved from third-line to second-line lymphoma patients, targeting those too sick to wait for auto CAR-Ts, and now includes a broader patient profile.

• Success for CB-010 is defined by overall and complete response rates and durability, with data readout expected in the second half of the year.

• For CB-011 in myeloma, the goal is at least a 60-70% overall response rate, with MRD negativity as a key metric for depth and durability of response.

• PFS and EFS are considered as primary endpoints for pivotal studies, with ongoing discussions with the FDA to finalize trial design.

• Both programs are designed to address the low penetration of auto CAR-Ts in their respective indications by offering rapid, off-the-shelf access.

Financial outlook and operational flexibility

• Revised cash guidance supports operations through critical data updates but does not include costs for pivotal trials or dose expansion, though setup work may begin ahead of additional fundraising.

• Outsourced manufacturing provides flexibility and scalability without the need for internal facilities.

• The refined strategy is intended to maximize value by focusing on assets with the highest potential for near-term impact.