Alector(ALEC) - 2024 Q4 - Annual Results

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].