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, 2023 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 ...

Alector, Inc. (NASDAQ:ALEC) Q2 2023 Results Conference Call August 3, 2023 4:30 PM ET Company Participants Katie Hogan - Senior Director of Corporate Communication and Investor Relations Dr. Arnon Rosenthal - Co-Founder and CEO Dr. Sara Kenkare-Mitra - President and Head of Research and Development Dr. Gary Romano - Chief Medical Officer Dr. Marc Grasso - Chief Financial Officer. Conference Call Participants Graig Suvannavejh - Mizuho Securities Paul Matteis - Stifel Tom Shrader - BTIG Myles Minter - Willia ...

Financial Performance - The company reported a net income of $1.4 million for the three months ended June 30, 2023, compared to a net income of $9.9 million for the same period in 2022, indicating a decrease in profitability [71]. - The net loss for the six months ended June 30, 2023, was $44.5 million, compared to a net loss of $34.7 million for the same period in 2022, reflecting an increase in losses [71]. - Net income for Q2 2023 was $1.4 million, a decline of 86.1% compared to $9.9 million in Q2 2022 [82]. - For the six months ended June 30, 2023, collaboration revenue was $72.8 million, down 30.2% from $104.3 million in the same period of 2022 [90]. - Total operating expenses for the six months ended June 30, 2023, were $126.5 million, a decrease of 9.0% from $139.0 million in the same period of 2022 [89]. Revenue and Collaborations - The company has not generated any revenue from product sales and does not expect to do so in the near future, relying on collaborations for funding [72]. - The balance of deferred revenue was $313.9 million as of June 30, 2023, related to the AbbVie and GSK Agreements [74]. - The company received a $17.8 million milestone payment in March 2023 from AbbVie for the dosing of the first patient in a long-term extension trial [74]. - Under the GSK Agreement, the company received $700 million in upfront payments, with potential additional milestone payments of up to $1.5 billion [74]. - Collaboration revenue for Q2 2023 was $56.2 million, down 29.5% from $79.9 million in Q2 2022, primarily due to the termination of the AL003 program and a decrease in revenue from latozinemab programs [83]. Expenses and Cost Management - Research and development expenses decreased to $46.2 million in Q2 2023 from $54.5 million in Q2 2022, a reduction of 15.4% attributed to prioritizing late-stage programs [84]. - General and administrative expenses fell to $13.6 million in Q2 2023 from $15.8 million in Q2 2022, a decrease of 13.9% driven by lower consulting expenses [86]. - The company expects research and development expenses to increase substantially as it advances product candidates through clinical trials and seeks regulatory approvals [77]. - A workforce reduction of approximately 11% was initiated to align resources with strategic priorities, impacting about 30 employees [71]. Cash and Investments - As of June 30, 2023, the company had $630.0 million in cash, cash equivalents, and marketable securities, with an accumulated deficit of $624.2 million [96]. - Cash used in operating activities for the six months ended June 30, 2023, was $91.6 million, primarily due to a net loss of $44.5 million [104]. - Cash used in investing activities for the six months ended June 30, 2023, was $66.9 million, a decrease from $237.9 million in the same period of 2022 [105]. - Cash provided by financing activities for the six months ended June 30, 2023, was $1.9 million, down from $3.4 million in the same period of 2022 [106]. - Approximately $5.4 million of cash exceeded the FDIC insurance limit as of June 30, 2023 [110]. Future Outlook - The company expects to fund operations and capital expenditures through 2025 with existing cash and marketable securities, while anticipating increased expenses related to ongoing activities [99]. - The company plans to complete enrollment in the INFRONT-3 clinical trial for latozinemab in the fourth quarter of 2023, focusing on symptomatic participants [69]. Accounting and Risk Management - There have been no material changes to the company's critical accounting policies and estimates since the last annual report filed on February 28, 2023 [107]. - The company has not had a formal hedging program for foreign currency, and foreign currency transaction gains and losses have not been material [111]. - The company’s investment activities aim to preserve capital while maximizing income from investments without assuming significant risk [110]. - An immediate 100 basis point increase or decrease in interest rates would cause a change in fair value of approximately $2.3 million as of June 30, 2023 [110].

Alector Corporate Overview Forward-Looking Statement This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will” or the negative o ...

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 March 31, 2023 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 of ( ...

Alector Corporate Overview Forward-Looking Statement This presentation contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this presentation are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potentially,” “predict,” “should,” “will” or the negative o ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) (cid:0) ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR (cid:0) 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 001-38792 82-2933343 (State or other ...