Allakos(US:ALLK)2025-03-12 20:08Financial Position - As of December 31, 2024, Allakos Inc. reported an estimated unaudited cash, cash equivalents, and investments balance[6]. Discontinuation of AK006 - The company plans to discontinue the development of AK006, resulting in a workforce reduction of approximately 75%[10]. - Estimated costs related to discontinuing AK006 activities and workforce reduction are approximately $34 million to $38 million, with $24 million to $28 million for AK006 activities and $10 million for workforce reduction[8]. - The Phase 1 clinical trial of AK006 in patients with chronic spontaneous urticaria did not demonstrate therapeutic activity[10]. Restructuring Efforts - The majority of the estimated restructuring costs are expected to be paid in the first half of 2025[8]. - The company is exploring strategic alternatives following the discontinuation of AK006[10]. - The restructuring activities are subject to risks and uncertainties that could affect the anticipated benefits[12]. - The company aims to maintain its listing on Nasdaq amid restructuring efforts[12]. - Allakos Inc. has not provided specific future revenue guidance following the restructuring announcement[12]. - The company may incur additional costs related to the corporate restructuring that are not currently anticipated[8].