Investment Rating - The report maintains a "Recommended" rating for the pharmaceutical industry [2][11]. Core Insights - New technology platforms are increasingly favored by multinational corporations (MNCs), leading to earlier collaboration opportunities. A notable example is the global strategic partnership between Heptares Therapeutics and AstraZeneca, which includes a $105 million equity investment [3]. - The weight loss market is seeing multiple business developments (BD) materialize, with significant sales growth reported by Novo Nordisk and Eli Lilly. Novo Nordisk's core products generated approximately $27.94 billion in sales, while Eli Lilly's tirzepatide saw a 124% year-on-year increase in sales to $11.54 billion [5]. - Progress in universal CAR-T and solid tumor cell therapies is ongoing, with global CAR-T sales projected at approximately $4.53 billion in 2024. Chinese companies are also participating in this market, with three domestic CAR-T products approved for sale [6]. - The CRO (Contract Research Organization) environment may experience changes, with potential supply flexibility due to the easing of U.S. bioterrorism law concerns. This could enhance the competitiveness of Chinese CROs [7]. - The active pharmaceutical ingredient (API) sector is exploring new applications, particularly in the nicotine tobacco production sector, leveraging synthetic biology technologies [8]. - Major hospitals are launching specialized AI models, indicating a rising trend in the integration of AI in healthcare, with collaborations between tech companies and healthcare providers [10]. Summary by Sections 1. Pharmaceutical Market Tracking - The pharmaceutical industry outperformed the CSI 300 index by 0.88 percentage points over the past week, ranking 20th among 31 primary industry indices [20]. 2. Pharmaceutical Sector Trends and Valuation - The pharmaceutical sector's index has a current PE (TTM) of 30.95, which is below the five-year historical average of 32.98 [36]. 3. Recent Research Achievements - The research team has published several in-depth reports on various pharmaceutical sectors, highlighting trends such as the growth of blood products and the impact of policy support on inhalation drug industries [40]. 4. Important Industry Policies and News - Recent policy changes include the National Medical Products Administration's (NMPA) decision to abolish certain medical device standards to optimize the regulatory framework [42]. - Significant industry news includes the approval of several new drug applications and clinical trials by the NMPA, indicating a robust pipeline for pharmaceutical innovation [44][46].

Financial Data and Key Metrics Changes - As of December 31, 2024, the company had $373.1 million in cash, cash equivalents, and investments, with a cash runway extending into the second half of 2026 [37] - Research and development expenses for Q4 2024 were $45 million, with full-year R&D expenses totaling $192.3 million [37] - The net loss for Q4 2024 was $59.9 million or $0.28 per share, with a full-year net loss of $257.6 million or $1.32 per share [38] Business Line Data and Key Metrics Changes - The pivotal phase two ALPHA3 trial for ALLO-501A in first-line consolidation large B cell lymphoma is progressing, with 40 sites activated [9][25] - ALLO-329, targeting autoimmune diseases, received FDA clearance for a Phase one resolution basket trial, marking the company's entry into this area [11][28] - ALLO-316 is showing promise in renal cell carcinoma, with plans to share updates from the phase one b cohort in mid-2025 [14][34] Market Data and Key Metrics Changes - The company is focusing on the allogeneic CAR T therapy market, aiming to disrupt multiple disease areas and compete with autologous therapies [16] - The ALLO-501A trial is the first randomized trial evaluating CAR T as first-line consolidation therapy for MRD-positive patients, potentially redefining treatment paradigms [24] Company Strategy and Development Direction - The company aims to establish off-the-shelf cell therapy as a new standard of care, with a differentiated pipeline in oncology and autoimmune diseases [9][11] - The strategy includes leveraging proprietary DAGR technology to enhance treatment efficacy and reduce lymphodepletion requirements [31] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in reaching critical milestones in 2025, with a focus on operational excellence and scientific innovation [8][9] - The company anticipates that the ALLO-501A trial could redefine the standard of care in first-line large B cell lymphoma [24] Other Important Information - The company is expanding its strategic collaboration with Foresight Diagnostics to support the development of a companion diagnostic for ALLO-501A [27] - The ALLO-329 program is designed to address unique challenges in autoimmune diseases, with a focus on achieving lasting remission [12][31] Q&A Session Summary Question: Follow-up on the recent JCO publication and ALPHA3 trial - Management highlighted that lower disease volume correlates with higher response rates and lower adverse events, supporting the ALLO-501A's potential in the ALPHA3 study [42][44] Question: Mid-2025 futility and lymphodepletion decision - Management indicated that the trial is designed to assess the necessity of ALLO-647, with both scenarios having potential benefits [52][53] Question: ALLO-329 trial in autoimmune disease - Management expects to show biomarker-based proof of concept by year-end, focusing on B cell and T cell targeting [62][64] Question: Event-free survival in ALPHA3 - Management stated that the study is well-powered for event-free survival, with a focus on MRD conversion rates for futility analysis [75][86] Question: Patient enrollment timeline for ALPHA3 - Management confirmed that enrollment is tracking towards completion by the first half of 2026, with a balanced site distribution [91][93]

Financial Data and Key Metrics Changes - As of December 31, 2024, the company had $373.1 million in cash, cash equivalents, and investments, with a cash runway extending into the second half of 2026 [26] - Research and development expenses for Q4 2024 were $45 million, with full-year R&D expenses totaling $192.3 million [26] - The net loss for Q4 2024 was $59.9 million, or $0.28 per share, while the full-year net loss was $257.6 million, or $1.32 per share [27][28] Business Line Data and Key Metrics Changes - The pivotal Phase II ALPHA3 trial for SemaCell in first-line consolidation large B cell lymphoma is progressing with 40 sites activated [9][19] - ALLO329, targeting autoimmune diseases, received FDA clearance for a Phase I resolution basket trial, marking the company's expansion into this area [10][20] - ALLO316 is showing promising results in renal cell carcinoma, with data expected to be shared in mid-2025 [24] Market Data and Key Metrics Changes - The company is focusing on the allogeneic CAR T therapy market, aiming to redefine treatment paradigms in oncology and autoimmune diseases [12][10] - The competitive landscape includes both autologous and allogeneic CAR T therapies, with the company positioning itself to surpass autologous therapies in accessibility and scalability [12] Company Strategy and Development Direction - The company has set a bold strategy for 2024, focusing on advancing its differentiated pipeline and achieving critical milestones in its key programs [7][8] - The strategy includes a commitment to making off-the-shelf cell therapy a new standard of care, particularly in large B cell lymphoma and autoimmune diseases [8][10] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve significant milestones in 2025, which they believe will be a breakthrough year for allogeneic CAR T therapy [12][13] - The management highlighted the importance of early intervention with CAR T therapy for improved safety and efficacy outcomes [17] Other Important Information - The company is collaborating with Foresight Diagnostics to support the development of a companion diagnostic for its clinical programs [20] - The ALLO329 program is designed to potentially eliminate the need for lymphodepletion, which could significantly change treatment approaches in autoimmune diseases [22][23] Q&A Session Summary Question: Follow-up on the recent JCO publication and its implications for the ALPHA3 trial - Management highlighted a strong correlation between low disease burden and higher response rates, which bodes well for the ALPHA3 study [30][31] Question: Confirmation on the necessity of lymphodepletion in the ALPHA3 trial - Management indicated that the trial is designed to assess whether lymphodepletion is needed, with potential benefits regardless of the outcome [36][37] Question: Data expected from ALLO329 by year-end - Management expects to show biomarker-based proof of concept, including B cell depletion and CAR T cell expansion [45][46] Question: Follow-up on the duration of follow-up for ALLO329 - Management confirmed that longer follow-up will be necessary to assess durable efficacy, beyond initial biomarker data [84][85] Question: Insights on the futility analysis for ALPHA3 - Management clarified that the futility analysis will consider the totality of data, focusing on safety and MRD conversion rates [64][65]

Financial Performance - The company reported a net loss for every period since inception and anticipates substantial net losses in the future[24]. - Net loss for 2024 was $257,590,000, compared to a net loss of $327,265,000 in 2023, representing a 21% improvement[638]. - The company expects to incur additional operating losses and recognizes the need to raise additional capital to implement its business plan[651]. - The Company has fully offset its net deferred tax assets with a valuation allowance due to historical operating performance and net losses[679]. - The Company recorded zero collaboration costs for the year ended December 31, 2024, compared to $1.8 million for 2023, with no milestones achieved in both years[743]. Cash and Investments - As of December 31, 2024, the company had cash, cash equivalents, and investments totaling $373.1 million[617]. - Cash and cash equivalents at the end of 2024 were $75,218,000, down from $83,155,000 in 2023, a decrease of about 10%[635]. - The total financial assets as of December 31, 2024, amounted to $368.7 million, compared to $444.1 million as of December 31, 2023[696]. - The fair value of available-for-sale securities decreased from $444.1 million in 2023 to $368.7 million in 2024, indicating a significant reduction in investment value[700]. - The Company has not experienced significant credit losses in its cash and investment accounts as of December 31, 2024 and 2023[657]. Research and Development - Research and development expenses decreased from $242,914,000 in 2023 to $192,299,000 in 2024, a reduction of about 21%[638]. - The Company has accrued liabilities for estimated research and development costs based on services provided but not yet invoiced[677]. - Research and development expenses include costs incurred for internal and sponsored collaborative research, totaling significant amounts but not specified in the provided content[688]. - The Company recorded $3.5 million in research and development expenses related to clinical trials start readiness milestones for the year ended December 31, 2024[769]. - The Company recorded $5.4 million in research and development expenses for the year ended December 31, 2024, upon achieving a regulatory milestone, compared to zero in 2023[734]. Liabilities and Equity - Total liabilities decreased slightly from $130,604,000 in 2023 to $126,531,000 in 2024, a decrease of approximately 3%[635]. - The total stockholders' equity decreased from $512,233,000 in 2023 to $422,179,000 in 2024, a decline of about 17%[635]. - The total operating lease liabilities as of December 31, 2024, were $90.756 million, a decrease from $95.121 million in 2023[775]. - The weighted-average number of shares used in computing net loss per share increased from 156,931,778 in 2023 to 194,811,756 in 2024, an increase of approximately 24%[638]. - The Company has a total of 212,210,597 shares of common stock issued and outstanding as of December 31, 2024, compared to 168,642,238 shares in 2023[789]. Impairment and Charges - An impairment charge of $15.7 million was recorded for the right-of-use asset and related leasehold improvements due to identified impairment indicators[630]. - The company incurred an impairment of long-lived assets of $15,717,000 in 2024, compared to $13,245,000 in 2023, an increase of about 19%[638]. - The Company recognized $2.0 million and $3.0 million in impairment losses for its equity investments in Notch for the years ended December 31, 2024, and 2023, respectively[785]. - The company recognized an aggregate long-lived asset impairment charge of $6.2 million for the right-of-use asset and leasehold improvements in 2024, following a discounted cash flow analysis[703]. - The expected sublease rental income for a property in South San Francisco was revised to $4.7 million through March 31, 2032, leading to an additional impairment charge of $9.5 million[705]. Financing and Capital Raising - The Company anticipates needing substantial additional financing to develop its products and implement operating plans[24]. - The Company intends to raise additional capital through equity securities, debt financings, or other sources to fund operations and product development[651]. - The Company sold an aggregate of 20,894,565 shares of common stock in ATM offerings during 2023, resulting in net proceeds of $91.1 million[648]. - In a registered offering on May 13, 2024, the Company sold 37,931,035 shares at a price of $2.90 per share, generating gross proceeds of $110.0 million[649]. - The Company has committed up to $15.0 million in funding for a strategic collaboration with The University of Texas MD Anderson Cancer Center, with $3.0 million paid upfront in both 2020 and 2023[745]. Agreements and Collaborations - The Company has potential milestone payments of up to $840.0 million under the Pfizer Agreement, with no payments made in 2024 or 2023[714]. - The Servier Agreement includes potential milestone payments of up to €75.0 million for regulatory milestones and first commercial sales in the U.S., EU, and UK, with €60.0 million remaining for the initial indication of cema-cel[729]. - Under the Notch Agreement, Notch is eligible to receive up to $283.0 million per exclusive target and cell type upon achieving certain clinical, regulatory, and commercial milestones[739]. - The Company has exclusive rights to commercialize products incorporating Antion technology developed during the collaboration with Antion Biosciences[760]. - The License Amendment with Overland Therapeutics includes up to $115.0 million in milestone payments and tiered mid single-digit to low double-digit royalties on net sales in the JV Territory[753]. Stock Options and Compensation - As of December 31, 2024, the company had 24,184,884 outstanding stock options with a weighted average exercise price of $8.14 and an aggregate intrinsic value of $1,000[795]. - The company granted 6,211,389 options in 2024, with an average exercise price of $3.08, while 357,993 options were exercised at an average price of $2.27[795]. - The aggregate intrinsic value of options exercised in 2024 was $0.6 million, compared to $2.3 million in 2023[795]. - The fair value of common stock for options granted in 2024 ranged from $1.40 to $3.32, with expected volatility between 72.85% and 74.09%[796]. - The expected term for stock options granted in 2024 was between 5.02 and 6.25 years[796].

Financial Performance - The company reported a net loss of $59.9 million for Q4 2024, or $0.28 per share, with a full-year net loss of $257.6 million, or $1.32 per share[18]. - Net loss for the three months ended December 31, 2024, was $59.94 million, compared to a net loss of $85.78 million for the same period in 2023[25]. - Net loss per share, basic and diluted, was $(0.28) for the three months ended December 31, 2024, compared to $(0.51) for the same period in 2023[25]. - The company expects a decrease in cash, cash equivalents, and investments of approximately $170 million in 2025, with GAAP operating expenses projected at around $250 million[16]. - Total operating expenses for the three months ended December 31, 2024, were $60.49 million, a decrease from $85.13 million in the same period of 2023[25]. - Research and development expenses for the year ended December 31, 2024, were $192.30 million, down from $242.91 million in 2023[25]. - General and administrative expenses for the year ended December 31, 2024, were $65.21 million, compared to $71.67 million in 2023[25]. - Interest and other income, net, increased to $20.15 million for the year ended December 31, 2024, from $18.31 million in 2023[25]. Cash and Investments - Allogene Therapeutics ended Q4 2024 with $373.1 million in cash, cash equivalents, and investments, projecting a cash runway into the second half of 2026[18]. - Cash, cash equivalents, and investments decreased to $373.15 million as of December 31, 2024, from $448.70 million as of December 31, 2023[27]. - Total assets decreased to $548.71 million as of December 31, 2024, from $642.84 million as of December 31, 2023[27]. - Total stockholders' equity decreased to $422.18 million as of December 31, 2024, from $512.23 million as of December 31, 2023[27]. Research and Development - Research and development expenses for Q4 2024 were $45.0 million, totaling $192.3 million for the full year, which included $20.4 million in non-cash stock-based compensation[18]. - The pivotal Phase 2 ALPHA3 trial for cema-cel in large B-cell lymphoma (LBCL) has 40 sites activated and aims to enroll approximately 240 patients, with primary event-free survival data expected around year-end 2026[6][7]. - Allogene received FDA clearance for the IND application of ALLO-329, targeting autoimmune diseases, with trial initiation expected in mid-2025 and proof-of-concept data anticipated around year-end 2025[10][16]. - ALLO-316 demonstrated significant anti-tumor activity in advanced renal cell carcinoma (RCC) with positive Phase 1 data, and enrollment for the Phase 1b expansion cohort has been completed[12][13]. - The ALPHA3 trial is the first pivotal trial to potentially eradicate minimal residual disease (MRD) in LBCL, aiming to improve cure rates[5]. - The company aims to demonstrate that allogeneic CAR T therapies can surpass autologous CAR T therapies by reaching more patients with greater accessibility in 2025[3]. Collaborations and Revenue - Allogene's strategic partnership with Foresight Diagnostics has been expanded to support the development of MRD assays as companion diagnostics in multiple regions[8]. - Collaboration revenue from related parties was $21 million for the three months ended December 31, 2023, and $22 million for the year ended December 31, 2023[25].

Core Insights - Allogene Therapeutics, Inc. will report its fourth quarter and full year 2024 financial results on March 13, 2025, followed by a live audio webcast and conference call [1] Company Overview - Allogene Therapeutics is a clinical-stage biotechnology company based in South San Francisco, focusing on the development of allogeneic CAR T (AlloCAR T™) products for cancer and autoimmune diseases [4] - The company aims to create a pipeline of "off-the-shelf" CAR T cell product candidates to provide readily available cell therapy on-demand, more reliably, and at greater scale to patients [4] Conference Call Details - The conference call will take place at 2:00 p.m. PT/5:00 p.m. ET, and a listen-only webcast will be available on the company's website [1][2] - Registration is required for those who wish to ask questions during the conference call, and participants will receive a personal PIN upon registration [3]

Financial Data and Key Metrics Changes - The cash balance at the end of Q3 2024 was $403.4 million, extending the cash runway into the second half of 2026 [30] - Q3 2024 research and development expenses were $44.7 million, including $5.6 million in non-cash stock-based compensation [30] - General and administrative expenses for Q3 were $16.3 million, which included $7.8 million of non-cash stock-based compensation [30] - The net loss for Q3 2024 was $66.3 million, or $0.32 per share, including non-cash stock-based compensation of $13.4 million and $10.7 million in non-cash impairment of long-lived asset expense [31] Business Line Data and Key Metrics Changes - The pivotal Phase II ALPHA3 trial of cema-cel for large B cell lymphoma is advancing, with 27 of the planned 50 sites activated [17] - ALLO-316 showed a confirmed response rate of 33% and a best overall response rate of 50% in heavily pretreated patients with high CD70 expression [9][19] - ALLO-329 is designed to target both CD19 positive B cells and CD70 positive T cells, addressing a broader spectrum of autoimmune diseases [10] Market Data and Key Metrics Changes - The ALLO-316 program received RMAT designation from the FDA, indicating its potential as a treatment for advanced renal cell carcinoma [24] - The company is focusing on community centers for trial site activation to ensure broad accessibility for CAR T therapies [17] Company Strategy and Development Direction - The company aims to redefine cell therapy for cancer and autoimmune diseases, with a long-term vision for each program [13] - The strategy includes pursuing best-in-class therapies with differentiated development approaches to maximize the attributes of AlloCAR T [13] - The focus on ALLO-329 is to address the challenge of lymphodepleting chemotherapy, aiming to reduce or eliminate its need [12][51] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the advancements of the pivotal cema-cel trial and the promising data for ALLO-316 [15] - The company acknowledges the challenges in a highly competitive field but remains optimistic about the potential of its therapies [13] - Management highlighted the importance of understanding the differences in patient populations and indications when assessing safety and efficacy [40] Other Important Information - The company plans to present data on ALLO-316 at the International Kidney Cancer Symposium and the Society for Immunotherapy of Cancer annual meeting [25] - The company expects a cash burn of approximately $200 million for 2024, with full-year GAAP operating expenses projected at approximately $300 million [31] Q&A Session Summary Question: Insights on RCC data and expansion cohort timeline - Management indicated that approximately 20 patients are expected to be enrolled in the expansion cohort, with updates anticipated next year [35] Question: Safety in autoimmune settings and read-through from ALLO-316 data - Management expressed confidence in the safety profile for autoimmune applications, noting that the intensity of therapy required will be lower compared to oncology [39] Question: Grade 5 events and management algorithm for IECHS - Management acknowledged the complexity of adverse events in heavily pretreated patients and detailed the management algorithm for IECHS, which is similar to those used for CRS [42][43] Question: Enrollment dynamics in autoimmune studies - Management noted that enrollment in autoimmune studies is picking up, with a focus on engaging investigators who may lack CAR T experience [98]

Clinical Trials and Product Development - Allogene Therapeutics is focused on developing genetically engineered allogeneic T cell product candidates for cancer and autoimmune diseases, with a pipeline targeting multiple hematological malignancies and solid tumors [90]. - The pivotal Phase 2 clinical trial (ALPHA3) for cemacabtagene ansegedleucel (cema-cel) in large B-cell lymphoma (LBCL) has initiated with almost 30 sites activated, targeting approximately 240 patients [90]. - The ALPHA3 trial aims to study the impact of treating minimal residual disease (MRD) positive patients, with a primary endpoint of event-free survival (EFS) and expected enrollment completion in the first half of 2026 [90]. - The Phase 1 trial (TRAVERSE) of ALLO-316 targeting CD70 in advanced renal cell carcinoma (RCC) has enrolled 39 patients, with 26 confirmed to have CD70 positive RCC [92]. - The best overall response rate (ORR) for ALLO-316 in patients with CD70 Tumor Proportion Score (TPS) of ≥50% was 50%, with a confirmed response rate of 33% [92]. - A biologics license application (BLA) submission for cema-cel is targeted for 2027, following efficacy analyses expected in 2026 [90]. - The Phase 1b expansion cohort for ALLO-316 is expected to include approximately 20 patients, with additional data anticipated in mid-2025 [92]. - The ALPHA2 trial for cema-cel has been deprioritized in favor of the earlier line ALPHA3 trial due to its potential [90]. - The company has implemented a diagnostic and treatment algorithm in the ALLO-316 trial to mitigate treatment-associated hyperinflammatory responses [92]. - The company plans to assess ALLO-647's contribution to the overall benefit-to-risk ratio in the pivotal ALPHA3 trial, with enrollment completion expected in mid-2025 [95]. - ALLO-329, a next-generation allogeneic CAR T cell product candidate, is expected to file an investigational new drug (IND) application in Q1 2025 and initiate a Phase 1 trial in mid-2025 [95]. - The company has significant development priorities focused on cema-cel (1L Consolidation), ALLO-316, and ALLO-329, while exploring partnership opportunities across its pipeline [95]. Financial Performance - The company reported net losses of $66.3 million and $197.7 million for the three and nine months ended September 30, 2024, respectively, with an accumulated deficit of $1.8 billion as of the same date [96]. - The company has $403.4 million in cash and cash equivalents, which is expected to fund operations into 2026 [96]. - The market opportunity for cema-cel is projected to increase by over 50%, expanding from more than $6.0 billion in the U.S. to over $9.5 billion across the U.S., European Union, and United Kingdom [96]. - For the three months ended September 30, 2024, collaboration revenue was $0, a decrease of 100% compared to $22,000 in the same period of 2023 [125]. - Research and development expenses for the three months ended September 30, 2024, were $44.7 million, a decrease of 3% from $46.0 million in the same period of 2023 [127]. - General and administrative expenses decreased to $16.3 million for the three months ended September 30, 2024, down 4% from $17.0 million in the same period of 2023 [130]. - The company recorded an impairment charge of $10.7 million for long-lived assets in the three months ended September 30, 2024, compared to no such expense in the same period of 2023 [131]. - Total operating expenses increased to $71.8 million for the three months ended September 30, 2024, up 14% from $63.0 million in the same period of 2023 [125]. - Interest and other income, net, increased to $6.7 million for the three months ended September 30, 2024, an increase of 8% from $6.2 million in the same period of 2023 [132]. - For the nine months ended September 30, 2024, total operating expenses were $212.7 million, a decrease of 12% from $242.7 million in the same period of 2023 [136]. - The net loss for the three months ended September 30, 2024, was $66.3 million, a 6% increase from a net loss of $62.3 million in the same period of 2023 [125]. - Research and development expenses decreased by $40.9 million to $147.3 million for the nine months ended September 30, 2024, compared to $188.3 million for the same period in 2023, primarily due to a $28.3 million reduction in personnel-related costs [138]. - General and administrative expenses were $49.7 million for the nine months ended September 30, 2024, down from $54.4 million in 2023, reflecting a decrease of $4.8 million mainly from personnel-related costs [139]. - Total impairment charges recognized during the nine months ended September 30, 2024, amounted to $15.7 million, with no such expense recorded in the same period of 2023 [140]. - Interest and other income increased by $5.1 million to $17.1 million for the nine months ended September 30, 2024, compared to $12.0 million in 2023, driven by higher yields on cash and investments [141]. - Cash used in operating activities was $163.6 million for the nine months ended September 30, 2024, an improvement from $184.0 million in 2023 [146]. - Net cash provided by investing activities was $20.8 million for the nine months ended September 30, 2024, compared to $95.8 million in 2023, reflecting a decrease in cash provided by investment maturities [149][150]. - Cash provided by financing activities increased to $110.9 million for the nine months ended September 30, 2024, from $95.5 million in 2023, primarily due to net proceeds from the issuance of common stock [151]. - The company sold 250,000 shares of common stock in ATM offerings during the nine months ended September 30, 2024, resulting in net proceeds of $1.0 million [144]. - As of September 30, 2024, the company had $403.4 million in cash and cash equivalents, sufficient to fund operations for at least the next 12 months [144]. - The company has non-cancellable purchase commitments of $2.3 million as of September 30, 2024, related to agreements with third-party contract manufacturers [153]. Internal Controls and Accounting - The company identified a material weakness in internal controls over financial reporting related to the technical accounting analysis of significant non-routine transactions [164]. - Remediation efforts for the identified material weakness are ongoing, with the engagement of third-party subject matter experts [164]. - Management concluded that the disclosure controls and procedures were not effective at a reasonable assurance level as of September 30, 2024 [163]. - There have been no new accounting pronouncements expected to materially impact the financial statements [158]. - The company does not utilize forward exchange contracts due to the uncertain timing of expected payments in foreign currencies [161]. - No significant changes in critical accounting policies and estimates have occurred compared to the previous annual report [157]. - The company believes that historical fluctuations in interest income have not been significant [160]. - A 10% change in interest rates would not have had a material effect on the fair market value of the company's cash equivalents and available-for-sale securities [160].

Exhibit 99.1 Allogene Therapeutics Reports Third Quarter 2024 Financial Results and Business Update • Cemacabtagene Ansegedleucel (Cema-Cel): 1L Consolidation Large B-Cell Lymphoma (LBCL) ◦ Pivotal Phase 2 ALPHA3 Trial Continuing with Site Activation and Patient Screening/Enrollment ◦ Lymphodepletion Selection Planned for Mid-2025 ◦ Enrollment Completion Expected in 1H 2026 with Primary EFS Data by YE 2026 ◦ Potential BLA Submission in 2027 • ALLO-329 in Autoimmune Disease (AID) ◦ Pre-Clinical Data Highligh ...

Allogene Therapeutics, Inc. (NASDAQ:ALLO) Q2 2024 Earnings Conference Call August 7, 2024 5:00 PM ET Company Participants Christine Cassiano - Executive Vice President, Chief Corporate Officer and IR David Chang - President, Chief Executive Officer and Co-Founder Zachary Roberts - Executive Vice President of Research & Development and Chief Medical Officer Geoffrey Parker - Executive Vice President and Chief Financial Officer Conference Call Participants Brian Chinn - JPMorgan Jenna Li - Jefferies Tyler Van ...