Alector Reports Second Quarter 2025 Financial Results and Provides Business Update
Alector (NASDAQ:ALEC), a late-stage clinical biotech company, reported Q2 2025 financial results and business updates. The company maintains a strong financial position with $307.3 million in cash, providing runway into H2 2027. Key highlights include the upcoming topline data from the INFRONT-3 Phase 3 trial of latozinemab for FTD-GRN expected by mid-Q4 2025, with potential BLA submissions in 2026.
Q2 2025 financial results showed collaboration revenue of $7.9 million (down from $15.1M in Q2 2024), R&D expenses of $27.6 million (down from $46.3M), and a net loss of $30.5 million. The company updated its 2025 guidance, projecting collaboration revenue between $13-18 million, R&D expenses of $130-140 million, and G&A expenses of $55-65 million.
The company continues advancing its pipeline, including the Phase 2 PROGRESS-AD trial of AL101 in early Alzheimer's disease and development of brain-penetrant candidates through its proprietary Alector Brain Carrier platform.
Alector (NASDAQ:ALEC), un'azienda biotecnologica in fase clinica avanzata, ha comunicato i risultati finanziari del secondo trimestre 2025 e aggiornamenti aziendali. La società mantiene una solida posizione finanziaria con 307,3 milioni di dollari in liquidità, garantendo risorse fino alla seconda metà del 2027. Tra i punti salienti, i dati principali imminenti dello studio di fase 3 INFRONT-3 su latozinemab per FTD-GRN, attesi entro metà quarto trimestre 2025, con potenziali sottomissioni BLA nel 2026.
I risultati finanziari del Q2 2025 hanno evidenziato ricavi da collaborazioni pari a 7,9 milioni di dollari (in calo rispetto ai 15,1 milioni del Q2 2024), spese in R&S di 27,6 milioni di dollari (in diminuzione rispetto a 46,3 milioni) e una perdita netta di 30,5 milioni di dollari. La società ha aggiornato le previsioni per il 2025, stimando ricavi da collaborazioni tra 13 e 18 milioni di dollari, spese in R&S tra 130 e 140 milioni e spese generali e amministrative tra 55 e 65 milioni.
L'azienda continua ad avanzare nel suo portafoglio di progetti, incluso lo studio di fase 2 PROGRESS-AD su AL101 per l'Alzheimer precoce e lo sviluppo di candidati in grado di penetrare nel cervello tramite la piattaforma proprietaria Alector Brain Carrier.
Alector (NASDAQ:ALEC), una empresa biotecnológica en etapa clínica avanzada, informó los resultados financieros del segundo trimestre de 2025 y actualizaciones comerciales. La compañía mantiene una sólida posición financiera con 307,3 millones de dólares en efectivo, lo que le proporciona recursos hasta la segunda mitad de 2027. Entre los aspectos destacados se incluyen los datos principales próximos del ensayo de fase 3 INFRONT-3 de latozinemab para FTD-GRN, esperados para mediados del cuarto trimestre de 2025, con posibles presentaciones BLA en 2026.
Los resultados financieros del segundo trimestre de 2025 mostraron ingresos por colaboración de 7,9 millones de dólares (una disminución desde 15,1 millones en el segundo trimestre de 2024), gastos en I+D de 27,6 millones (a la baja desde 46,3 millones) y una pérdida neta de 30,5 millones. La compañía actualizó sus previsiones para 2025, proyectando ingresos por colaboración entre 13 y 18 millones, gastos en I+D entre 130 y 140 millones, y gastos generales y administrativos entre 55 y 65 millones.
La empresa continúa avanzando en su cartera, incluyendo el ensayo de fase 2 PROGRESS-AD de AL101 en enfermedad de Alzheimer temprana y el desarrollo de candidatos que penetran en el cerebro mediante su plataforma propietaria Alector Brain Carrier.
Alector (NASDAQ:ALEC)는 후기 임상 단계의 바이오테크 기업으로, 2025년 2분기 재무 실적 및 사업 업데이트를 발표했습니다. 회사는 3억 7,300만 달러의 현금을 보유하여 2027년 하반기까지의 운영 자금을 확보한 탄탄한 재무 상태를 유지하고 있습니다. 주요 내용으로는 2025년 4분기 중순까지 FTD-GRN 치료제 latozinemab의 INFRONT-3 3상 임상시험 탑라인 데이터가 공개될 예정이며, 2026년에 BLA 제출 가능성이 있습니다.
2025년 2분기 재무 결과는 협력 수익 790만 달러(2024년 2분기 1,510만 달러 대비 감소), 연구개발비 2,760만 달러(4,630만 달러에서 감소), 그리고 순손실 3,050만 달러를 기록했습니다. 회사는 2025년 가이던스를 업데이트하여 협력 수익을 1,300만~1,800만 달러, 연구개발비를 1억 3,000만~1억 4,000만 달러, 일반관리비를 5,500만~6,500만 달러로 예상하고 있습니다.
회사는 AL101의 초기 알츠하이머병 대상 2상 PROGRESS-AD 임상시험과 독자적인 Alector Brain Carrier 플랫폼을 통한 뇌 침투 후보물질 개발 등 파이프라인을 계속 진전시키고 있습니다.
Alector (NASDAQ:ALEC), une société biotechnologique en phase clinique avancée, a publié ses résultats financiers du deuxième trimestre 2025 ainsi que des mises à jour commerciales. L'entreprise conserve une solide position financière avec 307,3 millions de dollars en liquidités, assurant une autonomie jusqu'à la seconde moitié de 2027. Parmi les points clés, les données principales à venir de l'essai de phase 3 INFRONT-3 sur le latozinemab pour la FTD-GRN, attendues pour la mi-quatrième trimestre 2025, avec des soumissions potentielles de BLA en 2026.
Les résultats financiers du T2 2025 ont montré un chiffre d'affaires de collaboration de 7,9 millions de dollars (en baisse par rapport à 15,1 millions au T2 2024), des dépenses en R&D de 27,6 millions (en baisse par rapport à 46,3 millions), et une perte nette de 30,5 millions. L'entreprise a mis à jour ses prévisions pour 2025, projetant un chiffre d'affaires de collaboration entre 13 et 18 millions, des dépenses en R&D entre 130 et 140 millions, et des frais généraux et administratifs entre 55 et 65 millions.
L'entreprise poursuit le développement de son portefeuille, incluant l'essai de phase 2 PROGRESS-AD d'AL101 dans la maladie d'Alzheimer précoce et le développement de candidats capables de pénétrer le cerveau grâce à sa plateforme propriétaire Alector Brain Carrier.
Alector (NASDAQ:ALEC), ein Biotechnologieunternehmen in der späten klinischen Phase, berichtete über die Finanzergebnisse und Geschäftsentwicklungen für das zweite Quartal 2025. Das Unternehmen verfügt über eine starke finanzielle Position mit 307,3 Millionen US-Dollar an liquiden Mitteln, die den Betrieb bis zur zweiten Hälfte 2027 absichern. Zu den wichtigsten Highlights zählt die bevorstehende Veröffentlichung der Topline-Daten der INFRONT-3 Phase-3-Studie von Latozinemab für FTD-GRN, erwartet Mitte des vierten Quartals 2025, mit potenziellen BLA-Einreichungen im Jahr 2026.
Die Finanzergebnisse für Q2 2025 zeigten Kooperationseinnahmen von 7,9 Millionen US-Dollar (Rückgang von 15,1 Mio. im Q2 2024), F&E-Ausgaben von 27,6 Millionen US-Dollar (Rückgang von 46,3 Mio.) und einen Nettoverlust von 30,5 Millionen US-Dollar. Das Unternehmen aktualisierte seine Prognose für 2025 und erwartet Kooperationseinnahmen zwischen 13 und 18 Millionen US-Dollar, F&E-Ausgaben von 130 bis 140 Millionen und Verwaltungsaufwendungen von 55 bis 65 Millionen US-Dollar.
Das Unternehmen treibt weiterhin seine Pipeline voran, darunter die Phase-2-Studie PROGRESS-AD mit AL101 bei frühem Alzheimer sowie die Entwicklung von gehirngängigen Kandidaten über die firmeneigene Alector Brain Carrier Plattform.
- Strong cash position of $307.3M providing runway into H2 2027
- Reduced net loss to $30.5M from $38.7M year-over-year
- R&D expenses decreased by $18.7M compared to Q2 2024
- FDA granted Breakthrough Therapy designation to latozinemab
- New patent issued for latozinemab treatment methods in FTD-GRN
- Collaboration revenue decreased by 47.7% to $7.9M from $15.1M year-over-year
- Reduction in workforce implemented as indicated by decreased personnel costs
- Multiple clinical programs still in development with no approved products
Insights
Alector reports stable financials with upcoming pivotal trial readout for latozinemab potentially creating significant value in FTD treatment.
Alector's Q2 2025 financial report reveals a company approaching a critical inflection point with $307.3 million in cash providing runway into 2H 2027. The most significant near-term catalyst is the upcoming mid-Q4 2025 topline readout from the pivotal INFRONT-3 Phase 3 trial of latozinemab in FTD-GRN, a rare form of dementia with no approved treatments. This represents a binary event that could dramatically alter Alector's trajectory, as positive results would position the company for potential BLA/MAA submissions in 2026.
The company has strategically amended the statistical analysis plan after FDA engagement to include plasma progranulin as a co-primary endpoint alongside the clinical outcome measure (CDR plus NACC FTLD-SB). This dual-endpoint approach potentially de-risks the trial by incorporating a biomarker that directly reflects the drug's mechanism of action.
Financially, Alector reported $7.9 million in collaboration revenue (down from $15.1 million year-over-year) and reduced R&D expenses to $27.6 million (from $46.3 million). The $30.5 million quarterly net loss ($0.30 per share) represents an improvement from the $38.7 million loss ($0.40 per share) in Q2 2024. The company's lowered expense profile reflects strategic prioritization of late-stage assets while maintaining select early-stage programs.
Beyond latozinemab, Alector continues advancing AL101 in early Alzheimer's disease with the Phase 2 PROGRESS-AD trial expected to complete in 2026. The company's proprietary Alector Brain Carrier platform enables delivery of various therapeutic modalities across the blood-brain barrier, supporting a diverse preclinical pipeline targeting neurodegenerative diseases. However, the company has prudently delayed potential clinical entry for these earlier programs to 2026, allowing resource concentration on the pivotal latozinemab program.
Alector's latozinemab targets progranulin deficiency in FTD-GRN with pivotal data imminent; pipeline includes novel brain delivery technologies.
The approaching latozinemab Phase 3 readout represents a significant milestone in frontotemporal dementia research. FTD-GRN is caused by haploinsufficiency – heterozygous mutations in the GRN gene reduce progranulin levels by approximately 50%, triggering neurodegeneration. Latozinemab's mechanism directly addresses this pathophysiology by blocking sortilin receptors, which normally facilitate progranulin degradation, thereby elevating progranulin levels in the brain.
The FDA's agreement to include plasma progranulin as a co-primary endpoint alongside clinical measures in INFRONT-3 is mechanistically sound and potentially reduces regulatory risk. Since progranulin deficiency directly causes the disease, demonstrating restoration of this protein provides a clear biological rationale. The dual endpoint approach balances biomarker evidence with functional outcomes critical for demonstrating clinical benefit.
AL101's development in early Alzheimer's follows similar biological principles but targets a more prevalent condition. The recent publication in Alzheimer's Research & Therapy demonstrates AL101's consistent elevation of progranulin across preclinical and Phase 1 studies, providing scientific validation for this approach beyond FTD.
Particularly promising is Alector's proprietary blood-brain barrier technology platform enabling delivery of various therapeutic modalities to the CNS. The company's brain-penetrant candidates – an anti-amyloid beta antibody, GCase enzyme replacement therapy for Parkinson's, and anti-tau siRNA – represent diverse approaches to overcome the fundamental challenge of drug delivery in neurological diseases. These programs leverage different modalities (antibodies, enzymes, siRNA) to target distinct pathological mechanisms, demonstrating Alector's comprehensive approach to addressing complex neurodegeneration pathways through improved CNS delivery.
On track to report topline data by mid-Q4 2025 from the pivotal INFRONT-3 Phase 3 clinical trial of latozinemab in FTD-GRN, a severe, rare form of dementia with no approved treatments
Ongoing Phase 2 PROGRESS-AD trial of AL101 in early Alzheimer’s disease expected to complete in 2026
Continuing to progress Alector Brain Carrier programs, including the company’s anti-amyloid beta antibody, engineered GCase enzyme replacement therapy, and anti-tau siRNA
into the second half of 2027
Management to host conference call and webcast today at 4:30 p.m. ET/1:30 p.m. PT
SOUTH SAN FRANCISCO, Calif., Aug. 07, 2025 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a late-stage clinical biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, today reported second quarter 2025 financial results and recent portfolio and business updates. As of June 30, 2025, Alector’s cash, cash equivalents, and investments totaled
“The topline results from the pivotal INFRONT-3 Phase 3 trial of latozinemab, expected by mid-fourth quarter, represent a key inflection point for Alector and for the FTD community,” said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. “FTD is a devastating form of dementia that affects people in the prime of life, has no approved treatments, and is often fatal within a decade of diagnosis. Heterozygous loss-of-function mutations in the GRN gene reduce progranulin levels by about
Dr. Rosenthal continued, “In parallel, we are advancing AL101 in early Alzheimer’s disease, with a placebo-controlled, double-blind, 76-week Phase 2 trial that is expected to complete in 2026. At the same time, we continue to build our preclinical and research pipeline, including brain-penetrant candidates enabled by our proprietary Alector Brain Carrier platform. Progressing late-stage clinical programs while investing in innovative early assets positions Alector to create near- and long-term value for both patients and shareholders. With a cash runway into the second half of 2027, we are well resourced to advance our scientific and strategic goals.”
Sara Kenkare-Mitra, Ph.D., President and Head of Research and Development at Alector, added, “Over the past quarter, we’ve made steady progress across our wholly owned preclinical and research pipeline, including programs powered by our proprietary Alector Brain Carrier platform. This technology is designed to deliver therapeutic cargos, including antibodies, proteins, enzymes, and siRNA, across the blood-brain barrier, a critical challenge in treating neurodegeneration. Using this approach, we’re progressing brain-penetrant candidates, including our anti-amyloid beta antibody and anti-tau siRNA for Alzheimer’s disease, as well as our engineered GCase enzyme replacement therapy for Parkinson’s disease. This work underscores our commitment to developing first- and best-in-class therapies for patients with serious neurodegenerative diseases.”
Recent Clinical Updates
Progranulin Programs (latozinemab (AL001) and AL101/GSK4527226) Being Developed in Collaboration with GSK
Latozinemab
- Alector and GSK remain on track to report topline data by the middle of the fourth quarter of 2025 from the pivotal, 96-week, randomized, double-blind, placebo-controlled INFRONT-3 Phase 3 trial evaluating latozinemab in frontotemporal dementia due to a GRN gene mutation (FTD-GRN). Pending the trial’s outcome, the companies are preparing for potential Biologics License Application (BLA) and Marketing Authorization Application (MAA) submissions in 2026.
- The statistical analysis plan (SAP) for INFRONT-3 has been amended after engagement with the U.S. Food and Drug Administration (FDA). The SAP will include plasma progranulin (PGRN) as a co-primary endpoint along with the Clinical Dementia Rating® plus National Alzheimer’s Coordinating Center Frontotemporal Lobar Degeneration Sum of Boxes (CDR® plus NACC FTLD-SB).
- Frontotemporal dementia (FTD) is a rare neurodegenerative disease and the most common form of dementia for people under the age of 60.1 It affects an estimated 50,000 to 60,000 individuals in the United States and roughly 110,000 in the European Union.2,3 There are several heritable forms of FTD, including FTD-GRN, which is caused by mutations in the GRN gene and represents about
5% to10% of all cases.⁴ People with FTD often begin experiencing symptoms such as behavioral changes, lapses in judgment, and diminished language skills in their 40s and 50s.1 The disease typically progresses over 7 to 10 years and is ultimately fatal.5 Currently, there are no approved treatment options for any form of FTD.1 - Heterozygous loss-of-function mutations in the GRN gene lead to haploinsufficiency, reducing PGRN levels in the central nervous system by
50% . These mutations are a known genetic cause of FTD.6 PGRN is a secreted glycoprotein that regulates lysosomal function, neuronal survival, and inflammation in the brain.6 - Latozinemab is a novel, investigational human monoclonal antibody (mAb) designed to block and internalize the sortilin receptor to elevate PGRN levels in the brain. It is believed to be the most advanced therapeutic candidate in development for the treatment of FTD-GRN.
- Latozinemab has been granted Breakthrough Therapy and Fast Track designations by the FDA for the treatment of FTD-GRN, as well as Orphan Drug designation by both the FDA and the European Medicines Agency for the treatment of FTD.
AL101/GSK4527226
- The global, randomized, double-blind, placebo-controlled PROGRESS-AD Phase 2 clinical trial of AL101/GSK4527226 in early Alzheimer’s disease (AD) is ongoing, with enrollment completed in April 2025 and trial completion expected in 2026.
- AL101 is an investigational human mAb designed to block and internalize the sortilin receptor to elevate PGRN levels in the brain. It is similar to latozinemab but has distinct pharmacokinetic and pharmacodynamic properties that may make it suitable for the potential treatment of more prevalent neurodegenerative diseases.
- In July 2025, Alector published a manuscript titled “Development of AL101 (GSK4527226), a progranulin-elevating monoclonal antibody, as a potential treatment for Alzheimer’s disease” in Alzheimer’s Research & Therapy. The publication outlines preclinical and Phase 1 study results, demonstrating that AL101 bound to sortilin and decreased cell surface sortilin levels, leading to consistent elevations of PGRN across in vitro, preclinical, and Phase 1 studies. These results support continued development of AL101 and its investigation as a potential treatment for AD and other neurodegenerative conditions where PGRN could play a role.
Preclinical and Research Pipeline
Alector continues to advance its preclinical and early research pipeline, selectively supported by Alector Brain Carrier (ABC), the company’s proprietary blood-brain barrier technology platform.
- The company is progressing ADP037-ABC, its brain-penetrant anti-amyloid beta antibody in AD; ADP050-ABC, its brain-penetrant engineered GCase enzyme replacement therapy in Parkinson’s disease; and ADP064-ABC, its brain-penetrant anti-tau siRNA in AD, all of which are enabled by ABC. Alector is currently evaluating potential candidates and continues to target clinical entry for ADP037-ABC and ADP050-ABC in 2026, pending resource allocation, lead candidate selection, and the results of preclinical studies.
Corporate News
- Neil Berkley, M.B.A., assumed the role of Interim Chief Financial Officer in June 2025 while continuing as Chief Business Officer. With a proven track record in corporate development and business strategy, Mr. Berkley brings insightful leadership to Alector as the company advances through key clinical and research milestones in his expanded role.
- In the third quarter of 2025, the U.S. Patent and Trademark Office issued a patent covering methods of treatment using latozinemab in individuals with FTD-GRN.
Second Quarter 2025 Financial Results
Revenue. Collaboration revenue for the quarter ended June 30, 2025, was
R&D Expenses. Total research and development expenses for the quarter ended June 30, 2025, were
G&A Expenses. Total general and administrative expenses were
Net Loss. For the quarter ended June 30, 2025, Alector reported a net loss of
Cash Position. Cash, cash equivalents, and investments were
2025 Guidance. Management is updating its guidance for the year ending 2025. The company anticipates collaboration revenue to be between
About Alector
Alector is a late-stage clinical biotechnology company focused on developing therapies to counteract the devastating progression of neurodegenerative diseases. Leveraging the principles of genetics, immunology, and neuroscience, the company is advancing a portfolio of genetically validated programs that aim to remove toxic proteins, replace missing proteins, and restore immune and nerve cell function. Supported by biomarkers, Alector’s product candidates seek to treat a range of indications, such as frontotemporal dementia, Alzheimer’s disease, and Parkinson's disease. The company is also developing Alector Brain Carrier (ABC), a proprietary blood-brain barrier platform, which is being selectively applied to its next-generation product candidates and research pipeline. ABC aims to enhance the delivery of therapeutics, achieve deeper brain penetration and efficacy at lower doses, and ultimately improve patient outcomes while reducing costs. Alector is headquartered in South San Francisco, California. For more 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. Forward-looking statements in this press release include, but are not limited to, statements regarding our business plans, business strategy, product candidates, blood-brain barrier technology platform, research and preclinical pipeline, planned and ongoing preclinical studies and clinical trials, anticipated timing of and detail regarding release of data for INFRONT-3 and PROGRESS-AD, expected milestones, expectations of our collaborations, expectations of our interactions with regulatory authorities, and financial and cash guidance. Such statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties as set forth in Alector’s Quarterly Report on Form 10-Q filed on August 7, 2025, with the Securities and Exchange Commission (“SEC”), 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) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Cash, cash equivalents, and marketable securities | $ | 307,280 | $ | 413,397 | ||||
| Total assets | 356,422 | 468,303 | ||||||
| Total current liabilities (excluding deferred revenue) | 70,952 | 101,396 | ||||||
| Deferred revenue (including current portion) | 182,272 | 195,832 | ||||||
| Total liabilities | 285,247 | 341,503 | ||||||
| Total stockholders’ equity | 71,175 | 126,800 | ||||||
| Consolidated Statement of Operations Data (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Collaboration revenue | $ | 7,874 | $ | 15,083 | $ | 11,548 | $ | 30,976 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 27,611 | 46,314 | 61,252 | 91,481 | ||||||||||||
| General and administrative | 14,401 | 14,375 | 29,129 | 28,809 | ||||||||||||
| Total operating expenses | 42,012 | 60,689 | 90,381 | 120,290 | ||||||||||||
| Loss from operations | (34,138 | ) | (45,606 | ) | (78,833 | ) | (89,314 | ) | ||||||||
| Other income, net | 3,614 | 7,003 | 7,838 | 14,639 | ||||||||||||
| Net loss before income tax | (30,524 | ) | (38,603 | ) | (70,995 | ) | (74,675 | ) | ||||||||
| Income tax expense | — | 73 | — | 80 | ||||||||||||
| Net loss | $ | (30,524 | ) | $ | (38,676 | ) | $ | (70,955 | ) | $ | (74,755 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.30 | ) | $ | (0.40 | ) | $ | (0.71 | ) | $ | (0.78 | ) | ||||
| Shares used in computing net loss per share basic and diluted | 100,371,632 | 96,674,921 | 99,887,605 | 95,242,548 | ||||||||||||
REFERENCES
- The Association for Frontotemporal Degeneration (AFTD).
- Patient estimates based on internal forecasting analysis using published literature sources.
- E.U. estimates include EU5 countries only (Spain, Italy, France, U.K. and Germany).
- FTD Disorders Registry.
- Taylor R, Finger E. Frontotemporal dementias. Pract Neurol. 2019 Jun.
- Rhinn H, et al. Progranulin as a therapeutic target in neurodegenerative diseases. Trends Pharmacol Sci. 2022 Aug;43(8):641-652.
Alector Contacts:
Alector
Katie Hogan
202-549-0557
katie.hogan@alector.com
Argot Partners (media)
David Rosen
646-461-6387
alector@argotpartners.com
Argot Partners (investors)
Laura Perry
212-600-1902
alector@argotpartners.com
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