Allakos Provides Business Update and Reports Second Quarter 2024 Financial Results

Core Insights - Allakos Inc. is a biotechnology company focused on developing antibodies for allergic, inflammatory, and proliferative diseases, providing a business update and financial results for Q2 2024 [1] Recent Events - Initiated a Phase 1 trial of intravenous AK006 for chronic spontaneous urticaria [2] - Completed dosing for the subcutaneous AK006 cohort in healthy volunteers [2] - Reported safety, pharmacokinetics, and pharmacodynamics results from the Phase 1 trial of IV AK006 [2] - Presented preclinical data on mast cell inhibition with AK006 at the EAACI Annual Congress [2] Upcoming Milestones - Expected to report safety, pharmacokinetics, and pharmacodynamics results from the Phase 1 trial of SC AK006 in Q3 2024 [3] - Anticipated to report data from the Phase 1 trial of AK006 in patients with chronic spontaneous urticaria by the end of 2024 [3] Financial Overview - Ended Q2 2024 with $123.1 million in cash, cash equivalents, and investments, reflecting a net decrease of $16.2 million during the quarter [4][5] - 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] - General and administrative expenses were $9.2 million in Q2 2024, down from $10.5 million in Q2 2023 [6] - Reported a net loss of $26.7 million in Q2 2024, an improvement from a net loss of $35.1 million in Q2 2023, with a net loss per share of $0.30 compared to $0.41 [6] Cash Guidance - The company expects to end 2024 with cash, cash equivalents, and investments between $81 million and $86 million, with a cash runway extended into mid-2026 due to restructuring activities [4]