Allakos(US:ALLK)2024-11-06 21:07Financial Performance - Allakos reported a net loss of $18.4 million for Q3 2024, a significant decrease from the $45.6 million loss in Q3 2023, resulting in a net loss per share of $0.21 compared to $0.52 in the prior year[6]. - Total operating expenses for Q3 2024 were $19.8 million, down from $48.2 million in Q3 2023[10]. Research and Development - Research and development expenses decreased to $10.9 million in Q3 2024 from $36.7 million in Q3 2023, a reduction of $25.8 million attributed to halting the lirentelimab development program[6]. - The Phase 1 trial of intravenous AK006 for chronic spontaneous urticaria has completed enrollment of over 30 patients, with data expected in early Q1 2025[2][3]. - The bioavailability of subcutaneous AK006 was approximately 77%, with a half-life of 12-22 days, indicating potential for infrequent dosing[2]. Cash and Investments - Allakos ended Q3 2024 with $92.7 million in cash, cash equivalents, and investments, reflecting a net decrease of $30.4 million during the quarter, with approximately $18 million related to exiting the lirentelimab program[5]. - The company expects to end 2024 with total cash, cash equivalents, and investments in the range of $81 to $86 million, extending its cash runway into mid-2026[4]. General and Administrative Expenses - General and administrative expenses decreased to $8.9 million in Q3 2024 from $11.5 million in Q3 2023, a reduction of $2.6 million[6]. Asset Management - Allakos' total assets decreased to $124.4 million as of September 30, 2024, down from $243.6 million at the end of 2023[11]. - The company has substantially completed its exit from the lirentelimab development program, which contributed to the reduction in expenses[4].