SOUTH SAN FRANCISCO, Calif., Feb. 28, 2024 (GLOBE NEWSWIRE) -- Alector, Inc. (NASDAQ:ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced that management will participate in the following upcoming investor conferences: TD Cowen 44th Annual Health Care Conference (Boston, Massachusetts) Tuesday, March 5, 2024, at 10:30 a.m. ET, panel Leerink Partners Global Biopharma Conference (Miami, Florida) Tuesday, March 12, 2024, at 10:40 a.m. ET, corporate presentation Barclays 26 ...

Alector, Inc. (NASDAQ:ALEC) Q4 2023 Earnings Conference Call February 27, 2024 4:30 PM ET Company Participants Katie Hogan - Investor Relations Arnon Rosenthal - Co-Founder and Chief Executive Officer Sara Kenkare-Mitra - President and Head, Research and Development Gary Romano - Chief Medical Officer Marc Grasso - Chief Financial Officer Conference Call Participants Michael Reid - Morgan Stanley Pete Stavropoulos - Cantor Fitzgerald Greg Harrison - Bank of America Myles Minter - William Blair Ananda Ghosh ...

Exhibit 99.1 Alector Reports Fourth Quarter and Full Year 2023 Financial Results and Provides Business Update Data from INVOKE-2, evaluating the most advanced TREM2 candidate in clinical development for early Alzheimer’s disease (AD), expected in Q4 2024; trial enrollment completed in Q3 2023 First participant in the global PROGRESS-AD Phase 2 clinical trial of AL101 in early AD dosed in Q1 2024 Latozinemab granted FDA’s Breakthrough Therapy Designation for frontotemporal dementia due to a mutation in the p ...

Financial Performance - The company incurred net losses of $130.4 million, $133.3 million, and $36.3 million for the years ended December 31, 2023, 2022, and 2021, respectively, with an accumulated deficit of $710.1 million as of December 31, 2023[141]. - The company has no products approved for commercial sale and has not generated any revenue from product sales to date[140]. - The company expects to continue incurring significant expenses and higher operating losses for the foreseeable future due to ongoing research and development activities[142]. - The company anticipates needing substantial additional financing to complete the development and commercialization of its product candidates[144]. - The company has federal net operating loss (NOL) carryforwards of approximately zero and state NOL carryforwards of $202.2 million as of December 31, 2023[250]. - Federal NOL carryforwards have an indefinite life but can offset no more than 80% of taxable income[250]. - The market price of the company's common stock has demonstrated volatility, influenced by various factors including clinical trial results and competitive products[252]. - The company incurred significant additional costs as a public company, including legal and accounting expenses, which are expected to increase due to compliance with regulations[259]. Research and Development - The company is in Phase 2 and Phase 3 clinical trials for product candidate latozinemab and is also conducting Phase 2 trials for AL002 and AL101[140]. - The company plans to develop AL101 for larger indications, including Alzheimer's disease and Parkinson's disease, after inactivating the IND for FTD[140]. - The company has concentrated research efforts on neurodegenerative diseases, which have seen limited success in drug development[138]. - The company has identified over 100 potential immune system targets, with three product candidates (latozinemab, AL002, and AL101) currently in clinical development[145]. - The company has never completed a clinical development program and has not submitted any applications for regulatory approval for its product candidates[148]. - The company’s drug development strategy includes seeking regulatory approval in indications with the most evidence for quick proof-of-concept data[150]. - The company may abandon development efforts if clinical trials do not yield positive results, adversely affecting its business[148]. - Enrollment in Phase 3 INFRONT-3 and Phase 2 INVOKE-2 trials was completed in the second half of 2023[155]. - The company faced challenges in patient enrollment due to factors such as eligibility criteria and competing clinical trials[156]. - The company has observed treatment-emergent MRI findings resembling ARIA in the INVOKE-2 trial, leading to a voluntary discontinuation of dosing for certain participants[158]. - The company continues to implement earlier MRI monitoring and follow guidelines for ARIA management in clinical trials[158]. - The results of clinical trials may not be predictive of regulatory approval, and additional trials may be required[157]. - The manufacturing process for product candidates is complex, expensive, and highly regulated, posing risks that could delay clinical trials or commercial launches[163]. Regulatory and Compliance Risks - The regulatory approval processes for product candidates are lengthy and unpredictable, potentially taking many years and significantly harming the business if approvals are not obtained[175]. - The company has not submitted any applications for regulatory approval for its product candidates, and there is a risk that none will ever receive approval[175]. - Adverse events or undesirable side effects from product candidates could lead to interruptions in clinical trials and regulatory approval delays, impacting commercial potential[177]. - Regulatory authorities may require additional studies or impose new regulations that could delay approvals and increase compliance costs[176]. - The company may conduct clinical trials outside the United States, but there is no guarantee that data from these trials will be accepted by regulatory authorities[179]. - Obtaining regulatory approval in one jurisdiction does not guarantee approval in others, and failures in one area could negatively impact approvals elsewhere[181]. - The company may need to develop companion diagnostics for its product candidates, which could introduce additional regulatory requirements[179]. - The company has received orphan drug designation from the FDA for latozinemab for the treatment of FTD, which may provide market exclusivity benefits[185]. - The company obtained Fast Track designation and Breakthrough Therapy designation from the FDA for latozinemab, facilitating expedited development and review[186]. - The company inactivated the AL101 IND for FTD in Q3 2023, resulting in the loss of Fast Track designation for that product[187]. - Legislative measures, such as the Inflation Reduction Act, may significantly impact the pharmaceutical industry, including potential price negotiations and increased rebate obligations[188]. - The elimination of the statutory cap on Medicaid Drug Rebate Program rebates effective January 1, 2024, may require manufacturers to pay more in rebates than they receive from sales[188]. - Regulatory compliance costs and potential sanctions could adversely affect the company's ability to commercialize products and generate revenue[184]. - The company is subject to ongoing regulatory requirements that may impact its operational results and market value[184]. - Future healthcare reforms may lead to reduced Medicare funding and lower reimbursement rates, impacting revenue[189]. - Increased scrutiny by Congress on the FDA's approval process may delay marketing approvals and impose stricter requirements[190]. - Compliance with healthcare laws is critical, as violations could lead to significant penalties and operational impacts[192]. - The company faces risks related to fraud and misconduct by employees and contractors, which could lead to regulatory scrutiny[191]. - Environmental, health, and safety compliance is essential, as non-compliance could result in substantial fines and operational disruptions[195]. - Evolving data protection laws, such as GDPR, require ongoing compliance efforts, with potential penalties for violations[196]. - The company anticipates increased costs associated with compliance to healthcare and environmental regulations[194]. Competition and Market Dynamics - The neurodegenerative disease market is highly competitive, with significant resources concentrated among major pharmaceutical companies[161]. - The company may face substantial delays in clinical trials and is highly dependent on key personnel for successful implementation of its business strategy[139]. - The company may face litigation regarding the scope and validity of its patents in relation to competitors' products[162]. - The company may face significant competition in seeking appropriate collaborations, which could delay or reduce the scope of development programs[204]. - The company may face potential competition from biosimilars, which could arise sooner than anticipated due to regulatory pathways established by the FDA and European Commission[170]. - Market acceptance by physicians, patients, and payors is essential for commercial success, influenced by factors such as efficacy, safety, and pricing[166]. - Regulatory approval processes for pricing and reimbursement vary by country, potentially delaying product launches and impacting revenue[168]. - Reimbursement for newly approved drugs may be limited, affecting the company's ability to cover costs and achieve profitability[169]. - Future CMS coverage decisions could materially affect the ability to commercialize product candidates and achieve profitability[189]. Intellectual Property and Legal Risks - The company’s ability to obtain and maintain patent protection is critical for its product candidates, and failure to do so could adversely affect commercialization efforts[210]. - The patent prosecution process is complex and costly, and there is no guarantee that pending patent applications will result in enforceable patents[212]. - The company may face challenges in enforcing patent rights, especially if patents are co-owned with third parties, which could allow competitors to market similar products[215]. - The expiration of patents before product commercialization could limit the company's ability to exclude competitors from the market[214]. - The company may be subject to claims challenging the inventorship of its patents, which could result in substantial costs and loss of valuable intellectual property rights[229]. - The company relies on trade secrets and confidentiality agreements to protect proprietary information, but breaches could materially harm its competitive position[230]. - The competitive landscape in neurodegeneration therapy may lead to significant intellectual property litigation, impacting the company's ability to commercialize its product candidates[234]. - The company may face third-party claims of patent infringement, which could delay or prevent the commercialization of its technologies[235]. - Engaging in patent litigation could divert management resources and significantly harm the company's business due to high costs and potential damages[235]. - The company may struggle to obtain necessary rights to product candidates or technologies due to competition for third-party intellectual property licenses[232]. - Claims of wrongful use or disclosure of trade secrets by employees or consultants could lead to litigation and substantial costs[233]. Operational and Strategic Risks - The company relies on collaborations with third parties for research, development, and commercialization, which poses risks if these collaborations are not successful[202]. - AbbVie can terminate its collaboration agreement for convenience at any time, which could impact the development of product candidates[202]. - GSK is conducting a Phase 2 trial with costs up to $140.5 million, which are not under the company's control[202]. - Reliance on third parties for clinical trials and research may lead to delays if these parties do not meet their contractual obligations[206]. - The company remains responsible for ensuring compliance with regulatory requirements, which could result in fines or sanctions if not adhered to[206]. - Any performance failure by distributors could delay clinical development or marketing approval, resulting in potential revenue loss[206]. - The company relies on third-party contract development and manufacturing organizations (CDMOs) for the manufacture of materials for preclinical studies, clinical trials, and commercial supply, which increases operational risks[207]. - The company does not have its own manufacturing facilities and is dependent on CDMOs, which may lead to delays or impairments in development and commercialization efforts if any CDMO fails to perform as agreed[207]. - The company faces risks related to the supply of key raw materials from third-party suppliers, which could be affected by global economic conditions, trade tariffs, and geopolitical events[208]. - The company does not have long-term supply agreements and purchases raw materials on a development manufacturing services agreement or purchase order basis, limiting negotiation leverage[209]. - The company is highly dependent on key personnel, including its CEO, and may face challenges in attracting and retaining qualified employees[240]. - The company initiated a reduction in force impacting approximately 30 employees in March 2023, incurring one-time restructuring charges of approximately $1.7 million[241]. - The company has engaged in strategic collaborations with AbbVie and GSK, which may lead to increased operating expenses and cash requirements[243]. - Future acquisitions or collaborations may result in dilution of stockholders and potential goodwill impairment[243]. - The company relies on independent organizations and consultants for certain services, and any inability to manage these relationships could delay clinical trials[242]. Cybersecurity and Business Continuity - The company faces risks from cyberattacks that could disrupt operations and compromise sensitive data, with increasing frequency and sophistication of such attacks[244]. - Business disruptions from global pandemics and other uncontrollable events could significantly harm future revenue and financial condition[246]. - The company maintains property damage and business interruption insurance, but coverage may not be sufficient to cover all losses[247]. - The company’s ability to recover from cyber incidents may be limited, potentially resulting in financial, legal, and reputational harm[245]. Market and Economic Conditions - The company may experience adverse effects from international operations due to economic weakness, political instability, and regulatory challenges[248]. - Changes in tax laws, including the Inflation Reduction Act, could negatively impact financial position and cash flows[251]. - The annual consumer price index increase for the U.S. was approximately 3.4% for the 12 months ended December 31, 2023, impacting the company's operating expenses[262]. - Sales of substantial amounts of common stock could lead to a significant decline in market price, even if the business performs well[255]. - Future government shutdowns could impact the company's ability to access public markets and obtain necessary capital[198]. - The average review times at the FDA have fluctuated due to various factors, which could adversely affect the company's ability to bring new drugs to market[198].

Alector (ALEC) shares ended the last trading session 6% higher at $6.40. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 25.3% loss over the past four weeks.The FDA granted Breakthrough Therapy designation to the company’s investigational candidate, latozinemab, on Feb 7 for the potential treatment of frontotemporal dementia with a progranulin gene mutation. This might have driven the share price rally.This biotech ...

SOUTH SAN FRANCISCO, Calif., Feb. 08, 2024 (GLOBE NEWSWIRE) -- Alector, Inc. (NASDAQ:ALEC) and GSK plc (NYSE:GSK) today announced that the first patient has been dosed in PROGRESS-AD, the global Phase 2 clinical trial of AL101/GSK4527226 in patients with early Alzheimer's disease (AD), including mild cognitive impairment and mild dementia due to AD. AL101 is an investigational human monoclonal antibody designed to block and downregulate the sortilin receptor to elevate the level of progranulin in the brain ...

-Latozinemab is the most advanced progranulin-elevating candidate in development for FTD-GRN and has now become the first investigational medicine to receive a Breakthrough Therapy Designation for the treatment of FTD-GRN- SOUTH SAN FRANCISCO, Calif., Feb. 07, 2024 (GLOBE NEWSWIRE) -- Alector, Inc. (NASDAQ:ALEC) and GSK plc (NYSE:GSK) today announced that the U.S. Food and Drug Administration (FDA) has granted Breakthrough Therapy Designation to latozinemab, an investigational human monoclonal antibody desi ...

Alector (ALEC) could be a solid choice for investors given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.Sinc ...

Some of the worst and most deadly diseases affect our brains. In multiple sclerosis, the immune system “causes communication problems between your brain and the rest of your body,” preventing some victims from walking.” Brain cancer is often a quick killer, while Alzheimer’s, of course, causes victims to slowly lose their cognitive abilities and is always deadly. This means there is a large market for neuroscience stocks to address to help patients find relief.Schizophrenia, meanwhile, prevents victims from ...

SOUTH SAN FRANCISCO, Calif., Jan. 19, 2024 (GLOBE NEWSWIRE) -- Alector, Inc. (NASDAQ:ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced the closing of its underwritten public offering of shares of its common stock. Alector sold 10,869,566 shares of its common stock in the offering. Alector has granted the underwriter a 30-day option to purchase up to an additional 1,630,434 shares of its common stock. The gross proceeds to Alector from the offering, before deducting u ...