Alector Financials
This page shows Alector (ALEC) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 9 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Alector’s current model is balance-sheet-funded drug development, with research spending far above revenue and equity steadily thinning.
FY2025 operating cash burn of-$184.0M against just$21.0M of revenue shows the business is still financed primarily by capital already on the balance sheet, not by its current income stream. With year-end cash at$65.8M , that burn was bridged mainly by liquidating investments, visible in a$196.6M investing inflow rather than in self-funding operations.
Revenue compression mattered more than cost cuts: revenue fell to
The current ratio of 3.8x looks comfortable, but year-end cash was only
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Alector's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Alector scores -5.10, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($181.5M) relative to total liabilities ($262.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Alector passes 1 of 8 computable financial strength tests (1 of the nine could not be computed from available data). No profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, Alector generates $1.29 in operating cash flow (-$184.0M OCF vs -$143.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Alector generated $21.0M in revenue in fiscal year 2025. This represents a decrease of 79.1% from the prior year.
Alector's EBITDA was -$150.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 7.7% from the prior year.
Alector reported -$143.0M in net income in fiscal year 2025. This represents a decrease of 20.2% from the prior year.
Alector earned $-1.39 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 13.0% from the prior year.
Cash & Balance Sheet
Alector generated -$184.1M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 20.4% from the prior year.
Alector held $65.8M in cash against $9.3M in long-term debt as of fiscal year 2025.
Alector had 110M shares outstanding in fiscal year 2025. This represents an increase of 11.4% from the prior year.
Margins & Returns
Alector's operating margin was -741.3% in fiscal year 2025, reflecting core business profitability. This is down 597.1 percentage points from the prior year.
Alector's net profit margin was -679.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 561.2 percentage points from the prior year.
Alector's ROE was -466.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 372.7 percentage points from the prior year.
Capital Allocation
Alector invested $123.1M in research and development in fiscal year 2025. This represents a decrease of 33.8% from the prior year.
Alector invested $41K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 96.7% from the prior year.
ALEC Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.0M-83.2% | $6.2M+90.5% | $3.3M-58.6% | $7.9M+112.8% | $3.7M-93.2% | $54.2M+253.5% | $15.3M+1.7% | $15.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $17.9M-45.0% | $32.5M+10.6% | $29.4M+6.3% | $27.6M-17.9% | $33.6M-27.6% | $46.5M-3.2% | $48.0M+3.6% | $46.3M |
| SG&A Expenses | $8.1M-39.2% | $13.3M+15.8% | $11.5M-20.0% | $14.4M-2.2% | $14.7M-2.0% | $15.0M-4.8% | $15.8M+9.8% | $14.4M |
| Operating Income | -$24.9M+37.0% | -$39.6M-5.2% | -$37.6M-10.2% | -$34.1M+23.6% | -$44.7M-516.6% | -$7.2M+85.0% | -$48.4M-6.2% | -$45.6M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $0-100.0% | $168K | $0 | $0 | $0-100.0% | $48K | $0-100.0% | $73K |
| Net Income | -$22.9M+38.6% | -$37.3M-7.7% | -$34.7M-13.6% | -$30.5M+24.6% | -$40.5M-1898.6% | -$2.0M+95.2% | -$42.2M-9.2% | -$38.7M |
| EPS (Diluted) | $-0.21 | N/A | $-0.34-13.3% | $-0.30+26.8% | $-0.41 | N/A | $-0.43-7.5% | $-0.40 |
ALEC Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $239.9M-18.2% | $293.2M-12.5% | $335.3M-5.9% | $356.4M-12.7% | $408.3M-12.8% | $468.3M-9.2% | $516.0M-9.6% | $570.7M |
| Current Assets | $215.1M-19.3% | $266.5M-11.3% | $300.4M-5.9% | $319.2M-12.9% | $366.6M-13.7% | $424.8M-9.5% | $469.4M-9.7% | $519.7M |
| Cash & Equivalents | $77.0M+17.0% | $65.8M-14.0% | $76.5M+70.9% | $44.8M+17.9% | $38.0M+15.0% | $33.0M-11.1% | $37.2M-21.8% | $47.5M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $229.5M-12.6% | $262.6M-5.4% | $277.6M-2.7% | $285.2M-9.1% | $313.7M-8.1% | $341.5M-14.0% | $397.1M-5.5% | $420.2M |
| Current Liabilities | $41.0M-41.1% | $69.5M-13.1% | $80.0M-5.2% | $84.4M-23.2% | $109.8M-12.2% | $125.1M-12.3% | $142.5M-3.5% | $147.7M |
| Long-Term Debt | $8.3M-11.1% | $9.3M-3.0% | $9.6M+0.8% | $9.5M+0.8% | $9.5M+0.8% | $9.4M | N/A | N/A |
| Total Equity | $10.4M-66.1% | $30.6M-46.9% | $57.7M-18.9% | $71.2M-24.8% | $94.6M-25.4% | $126.8M+6.6% | $118.9M-21.0% | $150.6M |
| Retained Earnings | -$995.0M-2.4% | -$972.1M-4.0% | -$934.8M-3.9% | -$900.1M-3.5% | -$869.6M-4.9% | -$829.1M-0.3% | -$827.1M-5.4% | -$784.8M |
ALEC Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$49.8M-19.5% | -$41.7M-28.2% | -$32.5M+33.7% | -$49.0M+19.3% | -$60.8M-10.5% | -$55.0M-8.5% | -$50.7M+19.2% | -$62.8M |
| Capital Expenditures | $118K | $0-100.0% | $11K+10.0% | $10K-50.0% | $20K-88.4% | $173K-18.4% | $212K-37.1% | $337K |
| Free Cash Flow | -$49.9M-19.8% | -$41.7M-28.2% | -$32.5M+33.7% | -$49.1M+19.3% | -$60.8M-10.1% | -$55.2M-8.4% | -$50.9M+19.3% | -$63.1M |
| Investing Cash Flow | $60.9M+138.1% | $25.6M-48.3% | $49.5M-11.1% | $55.7M-15.2% | $65.7M+58.8% | $41.4M+2.6% | $40.3M+8.6% | $37.1M |
| Financing Cash Flow | $25K-99.5% | $5.4M-63.3% | $14.7M+11950.0% | $122K | $0-100.0% | $9.8M | $0-100.0% | $644K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ALEC Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -2382.3%-1745.3pp | -637.0%+516.6pp | -1153.6%-720.1pp | -433.5%+774.4pp | -1208.0%-1194.6pp | -13.4%+302.3pp | -315.7%-13.3pp | -302.4% |
| Net Margin | -2192.2%-1591.0pp | -601.2%+462.2pp | -1063.4%-675.7pp | -387.7%+706.2pp | -1093.8%-1090.1pp | -3.7%+271.5pp | -275.2%-18.8pp | -256.4% |
| Return on Equity | -220.9%-99.0pp | -121.8%-61.8pp | -60.1%-17.2pp | -42.9%-0.1pp | -42.8%-41.2pp | -1.6%+33.9pp | -35.5%-9.8pp | -25.7% |
| Return on Assets | -9.6%+3.2pp | -12.7%-2.4pp | -10.3%-1.8pp | -8.6%+1.3pp | -9.9%-9.5pp | -0.4%+7.8pp | -8.2%-1.4pp | -6.8% |
| Current Ratio | 5.25+1.4 | 3.83+0.1 | 3.76-0.0 | 3.78+0.4 | 3.34-0.1 | 3.40+0.1 | 3.29-0.2 | 3.52 |
| Debt-to-Equity | 0.80+0.5 | 0.30+0.1 | 0.17+0.0 | 0.13+0.0 | 0.10+0.0 | 0.07-3.3 | 3.34+0.5 | 2.79 |
| FCF Margin | -4773.5%-4102.3pp | -671.2%+326.4pp | -997.6%-374.6pp | -623.0%+1020.3pp | -1643.3%-1541.5pp | -101.8%+230.3pp | -332.1%+86.5pp | -418.6% |
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Frequently Asked Questions
What is Alector's annual revenue?
Alector (ALEC) reported $21.0M in total revenue for fiscal year 2025. This represents a -79.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Alector's revenue growing?
Alector (ALEC) revenue declined by 79.1% year-over-year, from $100.6M to $21.0M in fiscal year 2025.
Is Alector profitable?
No, Alector (ALEC) reported a net income of -$143.0M in fiscal year 2025, with a net profit margin of -679.5%.
What is Alector's EBITDA?
Alector (ALEC) had EBITDA of -$150.3M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Alector have?
As of fiscal year 2025, Alector (ALEC) had $65.8M in cash and equivalents against $9.3M in long-term debt.
What is Alector's operating margin?
Alector (ALEC) had an operating margin of -741.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Alector's net profit margin?
Alector (ALEC) had a net profit margin of -679.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Alector's return on equity (ROE)?
Alector (ALEC) has a return on equity of -466.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Alector's free cash flow?
Alector (ALEC) generated -$184.1M in free cash flow during fiscal year 2025. This represents a 20.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Alector's operating cash flow?
Alector (ALEC) generated -$184.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Alector's total assets?
Alector (ALEC) had $293.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Alector's capital expenditures?
Alector (ALEC) invested $41K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Alector spend on research and development?
Alector (ALEC) invested $123.1M in research and development during fiscal year 2025.
What is Alector's current ratio?
Alector (ALEC) had a current ratio of 3.83 as of fiscal year 2025, which is generally considered healthy.
What is Alector's debt-to-equity ratio?
Alector (ALEC) had a debt-to-equity ratio of 0.30 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Alector's return on assets (ROA)?
Alector (ALEC) had a return on assets of -48.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Alector's cash runway?
Based on fiscal year 2025 data, Alector (ALEC) had $65.8M in cash against an annual operating cash burn of $184.0M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Alector's Altman Z-Score?
Alector (ALEC) has an Altman Z-Score of -5.10, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Alector's Piotroski F-Score?
Alector (ALEC) has a Piotroski F-Score of 1 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Alector's earnings high quality?
Alector (ALEC) has an earnings quality ratio of 1.29x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Alector?
Alector (ALEC) scores 41 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.