Allakos Provides Business Update and Reports Third Quarter 2024 Financial Results

Core Insights - Allakos Inc. provided a business update and reported financial results for Q3 2024, highlighting advancements in its clinical trials and financial status [1] Recent Allakos Events - The company reported safety, pharmacokinetics (PK), and pharmacodynamics (PD) results from the Phase 1 trial of subcutaneous AK006, showing a bioavailability of approximately 77% and an estimated half-life of 12-22 days [2] - AK006 demonstrated high levels of receptor occupancy in skin tissue mast cells, with a 720 mg dose achieving 98% receptor occupancy at day 113, indicating potential for infrequent dosing [2] - The intravenous (IV) formulation of AK006 was well tolerated, and enrollment of over 30 patients in the Phase 1 trial for chronic spontaneous urticaria (CSU) has been completed, with data expected in early Q1 2025 [2][3] Upcoming Allakos Anticipated Milestones - The company plans to report data from the Phase 1 trial of AK006 in CSU patients in early Q1 2025 [3] Cash Guidance - Allakos ended Q3 2024 with $92.7 million in cash, cash equivalents, and investments, with a net decrease of $30.4 million during the quarter, primarily due to exiting the lirentelimab development program [4][5] - The company expects its cash runway to extend into mid-2026 and to end 2024 with total cash in the range of $81 to $86 million [4] Third Quarter 2024 Financial Results - 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 lirentelimab development [6] - General and administrative expenses also decreased to $8.9 million from $11.5 million year-over-year, reflecting a $2.6 million reduction [7] - The net loss for Q3 2024 was $18.4 million, down from $45.6 million in Q3 2023, with net loss per share improving to $0.21 from $0.52 [8]