--76-week trial is evaluating the safety and efficacy of a progranulin-elevating candidate in slowing disease progression-- --Enrollment completed ahead of schedule-- SOUTH SAN FRANCISCO, Calif., April 17, 2025 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a late-stage clinical biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, today announced the completion of enrollment in PROGRESS-AD, a 76-week Phase 2 clinical trial evaluating the sa ...

Core Viewpoint - Alector, Inc. announces the appointment of Giacomo Salvadore, M.D., as the new Chief Medical Officer, succeeding Gary Romano, M.D., Ph.D., who will remain as an advisor. This leadership change is aimed at advancing the company's clinical development efforts in neurodegenerative diseases [1][2]. Company Overview - Alector is a late-stage clinical biotechnology company focused on developing therapies for neurodegenerative diseases, leveraging genetics, immunology, and neuroscience [6][7]. - The company is advancing a portfolio that includes two late-stage clinical candidates and five research and preclinical programs, supported by its proprietary blood-brain barrier technology platform, Alector Brain Carrier (ABC) [2][6]. Leadership Transition - Gary Romano has played a crucial role in shaping Alector's clinical pipeline and will continue to support the company as an advisor [2][3]. - Giacomo Salvadore brings over 15 years of experience in neurology-focused clinical development and has been with Alector since 2023 as Senior Vice President of Clinical Development [4][5]. Clinical Development Pipeline - Alector is on track to report topline data from the pivotal INFRONT-3 Phase 3 trial of latozinemab in frontotemporal dementia with a granulin gene mutation (FTD-GRN) in Q4 2025 [2]. - The company aims to complete enrollment in the PROGRESS-AD Phase 2 trial of AL101 in early Alzheimer's disease by mid-2025 [2]. - Alector plans to advance multiple early-stage programs supported by ABC into IND-enabling studies later this year, with first-in-human trials expected in 2026 [2].

Alector (ALEC) Q4 2024 Earnings Call February 27, 2025 04:09 AM ET Company Participants Katie Hogan - Senior Director of Corporate Communication & Investor RelationsArnon Rosenthal - Co-Founder, CEO & DirectorGary Romano - Chief Medical OfficerSara Kenkare-Mitra - President and Head of Research & DevelopmentMarc Grasso - CFO, Principal Financial Officer & Principal Accounting OfficerAlec Stranahan - Vice President - Equity ResearchEmily Chudy - Equity Research AssociateSamuel Lee - Equity Research Associate ...

Alector Corporate Overview February 2025 Forward-Looking Statement This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potentially," "predict," "should," "will" or ...

Alector (ALEC) came out with a quarterly loss of $0.02 per share versus the Zacks Consensus Estimate of a loss of $0.64. This compares to loss of $0.49 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 96.88%. A quarter ago, it was expected that this biotechnology company would post a loss of $0.53 per share when it actually produced a loss of $0.43, delivering a surprise of 18.87%.Over the last four quarters, the company has su ...

Financial Performance - The company incurred net losses of $133.3 million, $130.4 million, and $119.0 million for the years ended December 31, 2022, 2023, and 2024, respectively, with an accumulated deficit of $829.1 million as of December 31, 2024[230]. - The company has no products approved for commercial sale and has not generated any revenue from product sales to date[227]. - The company anticipates needing substantial additional financing to complete the development and commercialization of its product candidates[240]. - The company has a limited operating history and no completed pivotal clinical trials, making future success uncertain[228]. - The company has invested significantly in the development of its product candidates, including the ABC technology platform, which requires substantial capital investment[246]. - The company has entered into a loan agreement allowing access to up to $50 million, with an initial tranche of $25 million available through June 30, 2026[249]. - The company may face challenges in raising additional capital due to market volatility and instability, which could impact its ability to fund research and development programs[244]. Research and Development - The company plans to continue its research and development activities, which are expected to incur significant expenses and operating losses for the foreseeable future[234]. - The company has terminated clinical development for three product candidates, including AL002 and AL044, due to failure to meet primary endpoints in trials[239]. - The company is currently developing two product candidates, latozinemab in Phase 3 and AL101 in Phase 2 clinical trials, with no guarantee of success in these trials[255]. - The company has inactivated the IND application for AL101 in FTD, focusing on larger indications such as Alzheimer's disease and Parkinson's disease[227]. - The company’s drug development strategy includes seeking regulatory approval for indications where it can quickly generate proof-of-concept data, but this requires substantial resources[263]. - The company may need to prioritize certain product candidates due to limited resources, which could lead to missed opportunities in potentially more profitable areas[246]. - The company’s reliance on genetic screening and biomarkers may necessitate the development of companion diagnostics, impacting product development costs and timelines[247]. Regulatory and Approval Risks - The company’s ability to obtain regulatory approval for its product candidates is uncertain, and failure to do so could adversely affect its business viability[256]. - Clinical trials are expensive and time-consuming, with potential delays that could impair revenue generation and product commercialization[267]. - The neurodegenerative disease field is characterized by high failure rates in clinical trials, with many candidates never receiving regulatory approval[280]. - Regulatory approval processes are lengthy and unpredictable, with no guarantee that any product candidates will receive approval, significantly impacting revenue generation[314]. - The acceptance of clinical trial data from studies conducted outside the United States by regulatory authorities is uncertain, which could necessitate additional trials and delay commercialization[325]. - Changes in FDA leadership and policies under new administrations may lead to further regulatory uncertainties and delays in the approval process[319]. - The company may experience delays in regulatory approvals due to external factors such as government shutdowns or budget constraints affecting the FDA[315]. Competition and Market Challenges - The company faces significant competition in the neurodegenerative field, with potential competitors achieving regulatory approval before it does[284]. - The company faces risks related to the commercialization of its product candidates, including competition and market acceptance challenges[258]. - Competitors may obtain regulatory approvals more rapidly, establishing a strong market position before the company can enter the market[287]. - The company’s future pipeline opportunities may be reduced if it fails to successfully develop and apply its proprietary ABC technology[261]. - There are currently limited approved therapeutic options for patients with FTD, Alzheimer's disease, and Parkinson's disease, highlighting the need for new treatments[265]. Manufacturing and Supply Chain Risks - The complexity of manufacturing product candidates poses risks, including potential delays in clinical trials and regulatory approvals[289]. - The company relies on third-party manufacturers for the production of materials for preclinical studies, clinical trials, and commercialization, which increases the risk of supply shortages and cost issues[381]. - The company faces competition for access to limited manufacturing facilities, which may affect its ability to produce medicines[383]. - Any performance failures by third-party manufacturers could delay clinical development or marketing approval, leading to increased costs and delays[384]. - The company's dependence on third-party suppliers for key raw materials poses risks related to supply chain disruptions and geopolitical events[386]. Intellectual Property and Compliance - The company is actively pursuing patent protection for its product candidates, but there is no guarantee that these applications will result in granted patents[389]. - Changes in patent laws or interpretations could adversely affect the company's ability to protect its intellectual property[390]. - The company may face challenges in protecting its intellectual property rights globally, as foreign laws may not provide the same level of protection as U.S. laws[410]. - The company enters into non-disclosure and confidentiality agreements to protect its trade secrets, but there is no guarantee that all parties will comply, which could lead to breaches and loss of competitive position[424]. - The company is subject to various obligations under collaboration agreements, and failure to meet these could result in loss of rights to develop and commercialize products[407]. Healthcare Regulations and Legislative Risks - Legislative measures, such as the Inflation Reduction Act of 2022, may significantly impact the pharmaceutical industry, including price negotiations for high-cost drugs[346]. - The elimination of the statutory cap on Medicaid Drug Rebate Program rebates may require pharmaceutical manufacturers to pay more in rebates than they receive from sales[346]. - Ongoing healthcare reforms may lead to reductions in Medicare funding and more stringent coverage criteria, impacting reimbursement rates[352]. - The company faces uncertainty regarding the future of federal and state healthcare legislation that could affect revenue and operational costs[351]. - State-level regulations are increasingly imposing price controls and transparency measures, potentially increasing compliance costs for the company[349].

Financial Performance - Alector reported collaboration revenue of $54.2 million for Q4 2024, up from $15.2 million in Q4 2023, and total collaboration revenue for 2024 reached $100.6 million, compared to $97.1 million in 2023[10]. - Alector's net loss for Q4 2024 was $2.1 million, or $0.02 per share, significantly improved from a net loss of $41.4 million, or $0.49 per share, in Q4 2023; for the full year, the net loss was $119.0 million, or $1.23 per share, compared to $130.4 million, or $1.56 per share, in 2023[13]. - The net loss for the three months ended December 31, 2024, was $2.07 million, compared to a net loss of $41.43 million in the same period of 2023, showing an improvement of 95%[22]. - Net loss per share for the twelve months ended December 31, 2024, was $1.23, down from $1.56 in 2023, reflecting a reduction of 21%[22]. - The net loss before income tax for the twelve months ended December 31, 2024, was $118.92 million, down from $125.18 million in 2023, indicating a reduction of 5%[22]. - Income tax expense for the three months ended December 31, 2024, was $48, significantly lower than $1.67 million in the same period of 2023, reflecting a decrease of 97%[22]. Research and Development - Total research and development expenses for Q4 2024 were $46.5 million, a slight decrease from $47.7 million in Q4 2023, while total R&D expenses for the year were $185.9 million, down from $192.1 million in 2023[11]. - Research and development expenses for the twelve months ended December 31, 2024, totaled $185.94 million, a decrease from $192.12 million in 2023, representing a decline of 3%[22]. - Alector plans to complete enrollment in the PROGRESS-AD Phase 2 trial of AL101/GSK4527226 by mid-2025, which is evaluating early Alzheimer's disease[2]. - Alector is advancing two proprietary programs, ADP037-ABC targeting amyloid beta and ADP050-ABC for GCase replacement therapy, with plans to enter the clinic in 2026[3]. - The pivotal INFRONT-3 Phase 3 trial of latozinemab is ongoing, with topline data expected by Q4 2025, targeting frontotemporal dementia with a granulin gene mutation[6]. - Alector received a $1.7 million grant from The Michael J. Fox Foundation for collaborative research on GPNMB, a target for Parkinson's disease[7]. Financial Position - As of December 31, 2024, Alector had cash, cash equivalents, and investments totaling $413.4 million, expected to fund operations through 2026[14]. - Alector's total assets decreased to $468.3 million as of December 31, 2024, from $621.8 million in 2023, while total liabilities decreased to $341.5 million from $487.7 million[20]. Operating Expenses - Total operating expenses for the twelve months ended December 31, 2024, were $245.56 million, slightly down from $248.80 million in 2023, indicating a decrease of 1%[22]. - General and administrative expenses for the three months ended December 31, 2024, were $15.03 million, slightly up from $14.92 million in the same period of 2023, indicating an increase of 1%[22]. - Other income for the twelve months ended December 31, 2024, was $26.08 million, compared to $26.56 million in 2023, showing a decrease of 2%[22]. Future Projections - Alector anticipates collaboration revenue for 2025 to be between $5 million and $15 million, with R&D expenses projected between $175 million and $185 million, and G&A expenses expected to be between $55 million and $65 million[14].

Core Insights - Alector, Inc. is advancing its clinical programs with key milestones expected in the near future, including topline data from the INFRONT-3 Phase 3 trial of latozinemab by Q4 2025 and completion of enrollment in the PROGRESS-AD Phase 2 trial by mid-2025 [2][4][5] - The company reported a strong financial position with $413.4 million in cash, cash equivalents, and investments, which is expected to fund operations through 2026 [14][19] - Alector is leveraging its proprietary Alector Brain Carrier technology to enhance the delivery of therapeutic candidates targeting neurodegenerative diseases [2][7] Clinical Development Updates - The INFRONT-3 Phase 3 trial of latozinemab is focused on frontotemporal dementia with a granulin gene mutation, with topline data anticipated by Q4 2025 [5] - The PROGRESS-AD Phase 2 trial of AL101/GSK4527226 is progressing well, with a target enrollment of 282 participants expected to be completed by mid-2025 [4] - Alector is also advancing preclinical programs targeting amyloid beta and GCase, with plans to enter clinical studies in 2026 [2][7] Financial Performance - Collaboration revenue for Q4 2024 was $54.2 million, a significant increase from $15.2 million in Q4 2023, and total collaboration revenue for the year was $100.6 million compared to $97.1 million in 2023 [9][10] - Total R&D expenses for Q4 2024 were $46.5 million, slightly down from $47.7 million in Q4 2023, while total R&D expenses for the year were $185.9 million compared to $192.1 million in 2023 [11] - Alector reported a net loss of $2.1 million for Q4 2024, a substantial improvement from a net loss of $41.4 million in Q4 2023, and a net loss of $119.0 million for the full year compared to $130.4 million in 2023 [13][21] Pipeline and Research Focus - Alector's pipeline includes several innovative programs targeting neurodegenerative diseases, including ADP037-ABC for amyloid beta and ADP050-ABC for GCase replacement therapy [9][10] - The company is also developing ADP056, a Reelin modulator, and ADP063-ABC and ADP064-ABC, which target tau pathology in Alzheimer's disease [9][10] - Alector's proprietary Alector Brain Carrier technology aims to improve the delivery of therapeutics across the blood-brain barrier, enhancing efficacy and safety [2][7][16]

Core Insights - Alector, Inc. is set to host a conference call on February 26, 2025, to discuss its fourth-quarter results for the year ending December 31, 2024, along with a full-year business update [1] - The event will be available via live webcast and will be archived for 30 days for later access [2] Company Overview - Alector is a late-stage clinical biotechnology company focused on developing therapies for neurodegenerative diseases, utilizing genetics, immunology, and neuroscience [3] - The company is advancing a portfolio of programs aimed at removing toxic proteins, replacing deficient proteins, and restoring immune and nerve cell function [3] - Alector's product candidates target various conditions, including frontotemporal dementia, Alzheimer's disease, Parkinson's disease, and Lewy body dementia [3] - The company is developing a proprietary blood-brain barrier platform, Alector Brain Carrier (ABC), to enhance therapeutic delivery and improve patient outcomes [3]

Clinical Pipeline Progress - The pivotal INFRONT-3 Phase 3 clinical trial of latozinemab in FTD-GRN is ongoing, with topline data expected by Q4 2025 [1][4] - The PROGRESS-AD Phase 2 trial of AL101/GSK4527226 for early Alzheimer's disease has reached approximately 75% of its target enrollment, with full enrollment anticipated by mid-2025 [1][9] - Latozinemab has been granted Orphan Drug, Breakthrough Therapy, and Fast Track designations, positioning it as the most advanced PGRN-elevating candidate for FTD-GRN [4] Preclinical and Research Pipeline - The company is advancing multiple preclinical programs leveraging its Alector Brain Carrier (ABC) technology, including ADP037-ABC (anti-amyloid beta antibody for Alzheimer's), ADP050-ABC (GCase replacement therapy for Parkinson's and Lewy body dementia), and ADP063-ABC/ADP064-ABC (tau-blocking therapeutic candidates) [1][5][9] - ADP056, a reelin modulator, is designed to block tau pathology and promote synaptic function in Alzheimer's disease [9] - The ABC platform aims to enhance therapeutic delivery to the brain, potentially enabling lower doses, subcutaneous delivery, and reduced treatment costs [1][7][9] Financial Position and Strategic Priorities - As of September 30, 2024, the company had $457.2 million in cash, cash equivalents, and investments, expected to fund operations through 2026 [1][6] - The company is focused on advancing its clinical and preclinical pipeline, with key milestones expected in 2025, including the INFRONT-3 topline data readout and completion of PROGRESS-AD enrollment [1][4][9] Collaborations and Grants - The company is collaborating with GSK on the development of progranulin programs, including latozinemab and AL101/GSK4527226 [2][9] - In December 2024, the company and the University of Luxembourg were awarded a $1.7 million grant from The Michael J. Fox Foundation for Parkinson's Research to advance the ADP027-ABC program targeting GPNMB for Parkinson's disease [9]