Allakos Stock Price, News & Analysis

Allakos Inc. (ALLK) recently presented promising pre-clinical data on its Siglec-10 antagonist AK007 at the SITC Annual Meeting. The research demonstrates that AK007 effectively blocks the "don’t eat me" signal CD24, enhancing anti-tumor immunity in solid tumors. Results showed that monotherapy with AK007 reduced tumor burden and activated immune cells in a syngeneic colon adenocarcinoma model. Siglec-10, associated with poorer patient survival, is upregulated in various solid tumors, indicating its potential as a therapeutic target.

Allakos Inc. (Nasdaq: ALLK) reported financial results and business updates for Q3 2022, indicating a net loss of $30.8 million, down from $62.7 million year-over-year. Research and development expenses decreased to $18.4 million, largely due to a $12.2 million benefit from raw material disposal. General and administrative costs also fell to $13.0 million. The company initiated a Phase 2b study of lirentelimab for chronic spontaneous urticaria and plans to report data from several studies in 2023. Allakos closed a $140.5 million stock offering, resulting in a cash balance of $325.3 million.

Allakos Inc. (NASDAQ: ALLK) has priced an underwritten offering of 29,882,000 shares at $5.02 each, totaling approximately $150 million in gross proceeds. The offering, set to close around September 21, 2022, is supported by notable investors including Logos Capital and NEA, with Jefferies as the lead manager. This shares sale is conducted under a Registration Statement on Form S-3 declared effective by the SEC, ensuring compliance. The funds raised are aimed at advancing the company’s initiatives in developing lirentelimab and AK006 for treating allergic and inflammatory diseases.

Allakos Inc. (Nasdaq: ALLK) has initiated a Phase 2b clinical trial named MAVERICK to assess the efficacy, safety, and tolerability of subcutaneous lirentelimab in patients with chronic spontaneous urticaria (CSU). Following positive Phase 2a results, where 75% of patients showed significant improvement, the trial will enroll approximately 110 patients. Results are expected in the second half of 2023. The study aims to address the unmet need for effective treatments for CSU, which affects about 3.5 million in the U.S., half of whom are refractory to standard treatments.

Allakos Inc. (Nasdaq: ALLK) reported mixed results from its Phase 3 trial of lirentelimab, targeting eosinophilic duodenitis. While the trial met its histologic co-primary endpoint, it missed the symptomatic co-primary endpoint in both the intent-to-treat population and a prespecified subpopulation. Safety profile was consistent with earlier studies, showing mild to moderate reactions in 19.6% of lirentelimab patients. Allakos will not pursue more studies in eosinophilic gastrointestinal diseases but is advancing lirentelimab in atopic dermatitis and chronic spontaneous urticaria.

Allakos Inc. (Nasdaq: ALLK) reported its financial results for Q2 2022, highlighting a net loss of $49.1 million, down from $57.2 million in Q2 2021. Research and development expenses decreased to $34.4 million, and general and administrative expenses fell to $14.7 million. The company ended the quarter with $212.4 million in cash. Key upcoming events include a meeting with the FDA in Q3 to discuss Phase 2 KRYPTOS data and topline data from the Phase 3 EoDyssey study. Allakos is also set to initiate a Phase 2b study of lirentelimab in chronic spontaneous urticaria.

Allakos Inc. (Nasdaq: ALLK) appointed Dr. Amy L. Ladd to its board of directors. Dr. Ladd, an experienced orthopaedic surgeon at Stanford University, brings extensive medical expertise that could enhance Allakos' clinical development efforts for its therapies, especially lirentelimab (AK002) and AK006, targeting allergic and inflammatory diseases. CEO Robert Alexander emphasized the value of Dr. Ladd's insights as the company progresses through clinical trials. Lirentelimab has received orphan disease status from the FDA for certain conditions, showcasing its potential impact in the market.

Allakos Inc. (Nasdaq: ALLK) reported a first-quarter net loss of $197 million, escalating from $55.6 million year-over-year. Research and development costs surged to $176.8 million, primarily due to $135.1 million in settlement charges linked to a restructuring plan. General and administrative expenses rose slightly to $18.8 million. Allakos anticipates approximately $5 million in remaining expenses related to the reorganization. As of the end of Q1 2022, the company held $246.7 million in cash and marketable securities, a crucial reserve for ongoing projects.

Allakos Inc. (Nasdaq: ALLK) reported Q4 and full-year 2021 financial results, highlighting a substantial increase in research and development expenses to $72.9 million, up from $28.5 million in Q4 2020. The annual R&D expenses rose to $196.3 million from $105.5 million. The net loss for Q4 2021 was $94.4 million, compared to $44.3 million in Q4 2020, while the annual net loss was $269.9 million, up from $153.5 million. Despite these losses, Allakos ended Q4 2021 with $424.2 million in cash and equivalents. Upcoming milestones include key FDA meetings and new clinical trials starting in 2022.