Allakos(US:ALLK)2024-08-07 20:06Financial Performance - Allakos reported a net loss of $26.7 million for Q2 2024, a decrease from a net loss of $35.1 million in Q2 2023, resulting in a net loss per share of $0.30 compared to $0.41 in the prior year[6]. - General and administrative expenses decreased to $9.2 million in Q2 2024 from $10.5 million in Q2 2023, primarily due to reduced compensation costs[6]. - Total operating expenses for Q2 2024 were $28.6 million, down from $37.8 million in Q2 2023[9]. Research and Development - Research and development expenses decreased to $19.4 million in Q2 2024 from $27.3 million in Q2 2023, attributed to lower contract research costs and decreased compensation[5]. - Allakos initiated a Phase 1 trial of intravenous AK006 in patients with chronic spontaneous urticaria and completed dosing in a subcutaneous cohort[2]. - The company plans to report safety, pharmacokinetics, and pharmacodynamic results from the Phase 1 trial of subcutaneous AK006 in Q3 2024[3]. Cash and Assets - Allakos ended Q2 2024 with $123.1 million in cash, cash equivalents, and investments, reflecting a net decrease of $16.2 million during the quarter[5]. - The company expects to end 2024 with total cash, cash equivalents, and investments in the range of $81 to $86 million[4]. - Allakos' total assets decreased to $156.5 million as of June 30, 2024, from $243.6 million at the end of 2023[10]. Future Costs - The company anticipates approximately $30 million in costs related to exiting the lirentelimab development program, with $13 million spent in the first half of 2024[4].