– AK006 achieved serum concentrations consistent with levels demonstrating inhibitory activity in preclinical experiments –– Skin biopsies from subjects treated with AK006 show high receptor occupancy –– AK006 was well-tolerated with a favorable safety profile – SAN CARLOS, Calif., June 25, 2024 (GLOBE NEWSWIRE) -- Allakos Inc. (NASDAQ:ALLK), a biotechnology company developing AK006 for the treatment of mast cell-driven diseases, today announced positive results from the single and multiple ascending Phase ...

– AK006 achieved serum concentrations consistent with levels demonstrating inhibitory activity in preclinical experiments –– Skin biopsies from subjects treated with AK006 show high receptor occupancy –– AK006 was well-tolerated with a favorable safety profile – SAN CARLOS, Calif., June 25, 2024 (GLOBE NEWSWIRE) -- Allakos Inc. (Nasdaq: ALLK), a biotechnology company developing AK006 for the treatment of mast cell-driven diseases, today announced positive results from the single and multiple ascending Phase ...

– Top-line Phase 1 CSU results expected at year end 2024 – SAN CARLOS, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Allakos Inc. (NASDAQ:ALLK), a biotechnology company developing AK006 for the treatment of mast cell-driven diseases, today announced that the first patient with chronic spontaneous urticaria (CSU) has been dosed in a randomized, double-blind, placebo-controlled Phase 1 trial of AK006. The Phase 1 trial is designed to assess the safety, tolerability and pharmacokinetics of AK006, and to explore the ...

– Top-line Phase 1 CSU results expected at year end 2024 – SAN CARLOS, Calif., May 28, 2024 (GLOBE NEWSWIRE) -- Allakos Inc. (Nasdaq: ALLK), a biotechnology company developing AK006 for the treatment of mast cell-driven diseases, today announced that the first patient with chronic spontaneous urticaria (CSU) has been dosed in a randomized, double-blind, placebo-controlled Phase 1 trial of AK006. The Phase 1 trial is designed to assess the safety, tolerability and pharmacokinetics of AK006, and to explore th ...

Allakos (NASDAQ:ALLK) just reported results for the first quarter of 2024.Allakos reported earnings per share of -50 cents. This met the analyst estimate for EPS of -50 cents.The company did not report any revenue for the quarter.InvestorPlace Earnings is a project that leverages data from TradeSmith to automate coverage of quarterly earnings reports. InvestorPlace Earnings distills key takeaways including earnings per share and revenue, as well as how a company stacks up to analyst estimates. These article ...

Financial Performance - The company reported a net loss of $71.1 million for the three months ended March 31, 2024, compared to a net loss of $42.4 million for the same period in 2023, resulting in an accumulated deficit of $1,189.6 million[91]. - Net loss for Q1 2024 was $71.1 million, compared to a net loss of $42.4 million in Q1 2023, with noncash expenses contributing significantly to the loss[113]. - Research and development expenses for Q1 2024 were $34.8 million, an increase of $1.7 million from $33.1 million in Q1 2023, primarily due to increased manufacturing costs related to lirentelimab[108]. - General and administrative expenses decreased to $10.9 million in Q1 2024 from $12.0 million in Q1 2023, reflecting a reduction of $1.1 million[109]. - The company recorded a noncash charge of $27.3 million related to the impairment of long-lived assets during the quarter ended March 31, 2024[91]. - The company recognized a long-lived asset impairment charge of $27.3 million in Q1 2024 due to a significant decline in stock price following the halt of lirentelimab development[100]. Cash and Liquidity - As of March 31, 2024, the company had cash, cash equivalents, and marketable securities totaling $139.3 million, which is expected to fund operations for at least the next 12 months[91]. - As of March 31, 2024, the company had cash, cash equivalents, and investments totaling $139.3 million, sufficient to fund operations for at least the next 12 months[123]. - Net cash used in operating activities was $32.5 million in Q1 2024, primarily due to the net loss adjusted for noncash charges[118]. - Net cash provided by investing activities was $9.0 million in Q1 2024, consisting of $43.4 million from investment maturities, offset by $34.4 million in purchases[121]. Clinical Development - The company is currently conducting a Phase 1 clinical trial for its product candidate AK006, with data from the single ascending dose (SAD) and multiple ascending dose (MAD) portions expected to be reported in the second quarter of 2024[89]. - The company plans to initiate a clinical study with AK006 in an additional mast cell-driven condition in 2024, following the ongoing study in chronic spontaneous urticaria (CSU)[89]. - The company has developed a subcutaneous formulation of AK006 and expects to report safety, pharmacokinetics (PK), and pharmacodynamics (PD) data during the third quarter of 2024[89]. - The company has halted development of lirentelimab (AK002) and reduced its workforce by approximately 50% as part of a reorganization plan to align with current clinical development plans[91]. - The company is focused on developing therapeutics targeting immunomodulatory receptors involved in allergic, inflammatory, and proliferative diseases[89]. Future Outlook and Strategy - The company anticipates significant expenses in the first half of 2024 related to the decision to halt lirentelimab development, including closeout costs and employee severance[97]. - The company plans to continue seeking additional capital through equity or debt financings to support product development and operations[123]. - The company expects general and administrative expenses to decrease in 2024 following the reorganization plan aimed at reducing overall spending[99]. - Capital expenditures will depend on various factors including clinical trials, manufacturing costs, and regulatory reviews[124]. - The company may face dilution of stockholder equity due to future equity or debt financings[125]. Obligations and Risks - Contractual obligations primarily relate to operating leases and non-cancelable purchase obligations with research and development organizations[126]. - The company has not entered into any off-balance sheet arrangements since inception[127]. - As a smaller reporting company, the company is not required to disclose market risk information[128].

Exhibit 99.1 Allakos Provides Business Update and Reports First Quarter 2024 Financial Results SAN CARLOS, Calif., May 9, 2024 (GLOBE NEWSWIRE) – Allakos Inc. (the “Company”) (Nasdaq: ALLK), a biotechnology company developing antibodies for the treatment of allergic, inflammatory and proliferative diseases, today provided a business update and reported financial results for the first quarter ended March 31, 2024. Recent Allakos Events • Completed dosing in the single ascending dose (SAD) cohorts and multipl ...

SAN CARLOS, Calif., May 09, 2024 (GLOBE NEWSWIRE) -- Allakos Inc. (the "Company") (NASDAQ:ALLK), a biotechnology company developing antibodies for the treatment of allergic, inflammatory and proliferative diseases, today provided a business update and reported financial results for the first quarter ended March 31, 2024. Recent Allakos Events Completed dosing in the single ascending dose (SAD) cohorts and multiple ascending dose (MAD) cohorts of the randomized, double-blind, placebo-controlled Phase 1 trial ...

It is not a bad idea to hunt for biotech stocks to sell. Such stocks have earned a bad reputation among investors, and for good reason. Most biotech companies fail, as their success often hinges on receiving regulatory approval for their products. It is an extremely high-risk sector to invest in. For every promising biotech company that successfully navigates clinical trials and generates multibagger returns, there are 99 others that either fail outright or struggle to deliver any gains at all. These stocks ...

One stock that might be an intriguing choice for investors right now is Allakos Inc. (ALLK) . This is because this security in the Medical - Biomedical and Genetics space is seeing solid earnings estimate revision activity, and is in great company from a Zacks Industry Rank perspective.This is important because, often times, a rising tide will lift all boats in an industry, as there can be broad trends taking place in a segment that are boosting securities across the board. This is arguably taking place in ...