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]

Core Viewpoint - Bank of America Securities has downgraded Alector, Inc. due to the failure of its AL002 program in the INVOKE-2 Phase 2 trial for early Alzheimer's disease, which did not meet its primary endpoint [1][2] Group 1: AL002 Program and Impact - The AL002 program is likely considered finished following its failure to slow Alzheimer's clinical progression as measured by the Clinical Dementia Rating Sum of Boxes (CDR-SB) [1] - Alector's workforce has been reduced by 17%, and the anticipated $250 million opt-in milestone from AbbVie is not expected to be realized [2] - The failure of AL002 is expected to negatively affect investor sentiment as they await Phase 3 data on latozinemab for frontotemporal dementia [2] Group 2: Future Trials and Expectations - The INFRONT-3 Phase 3 trial has completed enrollment in October 2023, with a treatment duration of 96 weeks [3] - Alector's next significant milestone is anticipated to be the results from the Phase 3 INFRONT-3 trial, expected in late 2025 or early 2026 [4] Group 3: Analyst Outlook and Valuation - The analyst downgraded Alector from Neutral to Underperform and reduced the price target from $9 to $1, reflecting the removal of AL002 and lower valuation for AL001 [4] - Alector is viewed as being in a "wait-and-see" phase over the next year, with limited opportunities for significant progress in the near term [6] Group 4: Other Programs and Risks - While there is optimism about AL001 targeting progranulin, it carries a similar level of biological risk as AL002 [5] - AL101 presents another potential avenue for Alzheimer's disease, but its prospects are viewed cautiously until it demonstrates functional benefits [5] Group 5: Market Reaction - Alector's stock has decreased by 10.7%, trading at $2.25 [7]

Shares of Alector, Inc. (ALEC) were down 35.1% on Nov. 26 after the company announced data from a mid-stage study that evaluated its pipeline candidate, AL002, for treating individuals with early Alzheimer’s disease (AD).The phase II INVOKE-2 study evaluated the safety and efficacy of AL002 in slowing disease progression in individuals with early AD. The study's primary endpoint was to check disease progression, as measured by the Clinical Dementia Rating Sum of Boxes (“CDR-SB”) scale. The CDR-SB is a numer ...

Core Insights - Alector, Inc. announced results from the INVOKE-2 Phase 2 clinical trial for AL002, which did not meet its primary endpoint of slowing Alzheimer's disease progression as measured by the Clinical Dementia Rating Sum of Boxes (CDR®-SB) [1] - The company is halting the long-term extension study based on these results and plans to further explore TREM2 biology [2] - Alector is committed to advancing its pipeline of drug candidates for neurodegenerative diseases, including ongoing trials for latozinemab and AL101/GSK4527226 [3] Clinical Trial Results - The INVOKE-2 trial was a randomized, double-blind, placebo-controlled study evaluating AL002 in early Alzheimer's disease, with no significant effects on clinical and functional endpoints or Alzheimer's fluid biomarkers [1][7] - MRI changes resembling amyloid-related imaging abnormalities (ARIA) were observed, primarily in participants treated with AL002 [1] Pipeline and Future Plans - Alector is advancing its drug candidates, with topline data from the INFRONT-3 Phase 3 trial of latozinemab expected in late 2025 or early 2026 [3] - The PROGRESS-AD Phase 2 trial for AL101/GSK4527226 has reached over one-third of its target enrollment of 282 participants [3] Technology Development - The company is developing its proprietary blood-brain barrier technology platform, Alector Brain Carrier (ABC), aimed at enhancing therapeutic delivery and improving patient outcomes [4][9] Workforce and Financials - Alector is reducing its workforce by approximately 17% to align resources with strategic priorities [5] - As of September 30, 2024, Alector has $457.2 million in cash and equivalents, expected to provide runway through 2026 [6]

SOUTH SAN FRANCISCO, Calif., Nov. 14, 2024 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced that the Company has entered into a debt financing agreement with Hercules Capital, Inc. (NYSE: HTGC) for up to $50 million. “Alector is in a strong cash position with more than $457 million in cash and investments. This credit facility further enhances our financial strength and provides the Company with increased strategic and oper ...

Alector (ALEC) came out with a quarterly loss of $0.43 per share versus the Zacks Consensus Estimate of a loss of $0.53. This compares to loss of $0.53 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 18.87%. A quarter ago, it was expected that this biotechnology company would post a loss of $0.49 per share when it actually produced a loss of $0.40, delivering a surprise of 18.37%.Over the last four quarters, the company has su ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-38792 Alector, Inc. (Exact name of Registrant as specified in its Charter) Delaware 82-2933343 (State or other jurisdiction ...