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Alector Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Business Update
ALECAlector(ALEC) GlobeNewswire·2025-02-26 21:05

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 413.4millionincash,cashequivalents,andinvestments,whichisexpectedtofundoperationsthrough2026[14][19]−AlectorisleveragingitsproprietaryAlectorBrainCarriertechnologytoenhancethedeliveryoftherapeuticcandidatestargetingneurodegenerativediseases[2][7]ClinicalDevelopmentUpdates−TheINFRONT−3Phase3trialoflatozinemabisfocusedonfrontotemporaldementiawithagranulingenemutation,withtoplinedataanticipatedbyQ42025[5]−ThePROGRESS−ADPhase2trialofAL101/GSK4527226isprogressingwell,withatargetenrollmentof282participantsexpectedtobecompletedbymid−2025[4]−AlectorisalsoadvancingpreclinicalprogramstargetingamyloidbetaandGCase,withplanstoenterclinicalstudiesin2026[2][7]FinancialPerformance−CollaborationrevenueforQ42024was413.4 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 15.2millioninQ42023,andtotalcollaborationrevenuefortheyearwas15.2 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 192.1millionin2023[11]−Alectorreportedanetlossof192.1 million in 2023 [11] - Alector reported a net loss of 2.1 million for Q4 2024, a substantial improvement from a net loss of 41.4millioninQ42023,andanetlossof41.4 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]