05/05/2021 | Press release | Distributed by Public on 05/05/2021 14:13
SOUTH SAN FRANCISCO, Calif., May 05, 2021 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company pioneering immuno-neurology, today announced business updates and financial results for the first quarter ended March 31, 2021.
'Positive momentum continues to build throughout our early and late-stage product pipeline,' said Arnon Rosenthal, Ph.D., co-founder and chief executive officer of Alector. 'Our pivotal AL001 INFRONT-3 Phase 3 trial and AL002 INVOKE-2 placebo-controlled Phase 2 trial continue to enroll patients, and we look forward to sharing additional data from the AL001 Phase 2 clinical development program in people with FTD-GRN this summer at AAIC. In parallel, we continue to prepare for the initiation of a Phase 2 study evaluating AL001 in people with amyotrophic lateral sclerosis and advance our early-stage novel immuno-oncology candidates toward first-in-human studies. This is an exciting time for Alector and we look forward to continued execution on our clinical and corporate objectives.'
Key Business Updates
Progranulin Portfolio:
Alzheimer's Disease Portfolio:
Early-Stage Pipeline with Potential in Neurodegenerative Diseases and Oncology
First Quarter 2021 Financial Results
Revenue. Collaboration revenue for the quarter ended March 31, 2021, was $4.1 million, compared to $7.2 million for the same period in 2020. Revenue is recognized as the program costs are incurred by measuring actual costs incurred to date compared to the overall total expected costs to satisfy the performance obligation. Changes in estimates for revenue recognized over time are recognized on a cumulative basis.
R&D Expenses. Total research and development expenses for the quarter ended March 31, 2021, were $45.7 million, compared to $34.6 million for the same period in 2020. This increase was mainly driven by an increase in expenses to support the advancement of clinical and pre-clinical programs across several therapeutic initiatives as well as an increase in personnel-related expenses.
G&A Expenses. Total general and administrative expenses for the quarter ended March 31, 2021, were $11.1 million, compared to $14.6 million for the same period in 2020. This decrease was primarily due to a decrease in legal fees related to the conclusion of our arbitration proceedings for certain intellectual property matters.
Net Loss. For the quarter ended March 31, 2021, Alector reported a net loss of $52.2 million, compared to a net loss of $40.0 million for the same period in 2020.
Cash Position. Cash, cash equivalents, and marketable securities were $362.7 million as of March 31, 2021.
About Alector
Alector is a clinical stage biotechnology company pioneering immuno-neurology, a novel therapeutic approach for the treatment of neurodegenerative diseases. The Company is developing a broad portfolio of innate immune system programs, designed to functionally repair genetic mutations that cause dysfunction of the brain's immune system and enable the rejuvenated immune cells to counteract emerging brain pathologies. Immuno-neurology targets immune dysfunction as a root cause of multiple pathologies that are drivers of degenerative brain disorders. The Company's immuno-neurology product candidates are supported by biomarkers and target genetically defined patient populations in frontotemporal dementia and Alzheimer's disease. This scientific approach is also the basis for the Company's immuno-oncology programs. Alector is headquartered in South San Francisco, California. For additional information, please visit www.alector.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to risks and uncertainties related to market conditions, Alector and its business as set forth in Alector's Annual Report on Form 10-K filed with the Securities and Exchange Commission (the 'SEC') on February 25, 2021, as well as the other documents Alector files from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for Alector to differ materially from those contained in Alector's forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Alector specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Selected Consolidated Balance Sheet Data
(in thousands)
March 31, | December 31, | ||||
2021 | 2020 | ||||
Cash, cash equivalents, and marketable securities | $ | 362,744 | $ | 413,308 | |
Total assets | 440,364 | 488,251 | |||
Total current liabilities (excluding deferred revenue) | 41,362 | 44,088 | |||
Deferred revenue (including current portion) | 128,193 | 131,476 | |||
Total liabilities | 212,535 | 219,801 | |||
Total stockholders' equity | 227,829 | 268,450 |
Consolidated Statement of Operations Data
(in thousands, except share and per share data)
Three Months Ended March 31, |
|||||||
2021 | 2020 | ||||||
Collaboration revenue | $ | 4,110 | $ | 7,171 | |||
Operating expenses: | |||||||
Research and development | 45,733 | 34,605 | |||||
General and administrative | 11,012 | 14,644 | |||||
Total operating expenses | 56,745 | 49,249 | |||||
Loss from operations | (52,635 | ) | (42,078 | ) | |||
Other income, net | 464 | 2,059 | |||||
Net loss | $ | (52,171 | ) | $ | (40,019 | ) | |
Net loss per share, basic and diluted | $ | (0.66 | ) | $ | (0.53 | ) | |
Shares used in computing net loss per share, basic and diluted | 79,386,836 | 74,820,950 |
Contacts
Media
1AB
Dan Budwick
973-271-6085
[email protected]
or
Investors:
Alector, Inc.
[email protected]
Source: Alector, Inc.