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Alector (ALEC) sees GSK end antibody collaboration while repaying $10.4M loan

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Alector, Inc. reported that Glaxo Wellcome UK Limited (GSK) has elected to terminate their July 2021 collaboration and license agreement covering the progranulin-elevating antibodies latozinemab and nivisnebart. Under the agreement, the termination becomes effective 180 days after GSK’s July 6, 2026 notice, on January 2, 2027.

The filing links this decision to prior announcements that the Phase 3 INFRONT-3 trial of latozinemab in frontotemporal dementia and the Phase 2 PROGRESS-AD trial of nivisnebart in early Alzheimer’s disease were discontinued after not meeting key clinical goals. Alector also fully repaid and terminated its Loan and Security Agreement with Hercules Capital, returning $10,428,827.77 of outstanding principal plus accrued interest and related charges on July 8, 2026.

Positive

  • None.

Negative

  • Loss of a key collaboration and late-stage programs: GSK terminated its collaboration and license agreement covering latozinemab and nivisnebart effective January 2, 2027, after Alector had already halted the Phase 3 INFRONT-3 and Phase 2 PROGRESS-AD trials, removing a major partner from these neurodegeneration programs.

Insights

Alector loses a major GSK collaboration while clearing a $10.4M loan.

The termination of the GSK collaboration and license agreement removes an important partner from Alector’s progranulin-elevating antibody programs latozinemab and nivisnebart. The filing ties this to earlier decisions to halt a Phase 3 trial in frontotemporal dementia and a Phase 2 trial in early Alzheimer’s disease after disappointing clinical outcomes.

This combination signals a setback for the company’s late-stage neurodegeneration pipeline. At the same time, Alector fully repaid $10,428,827.77 of outstanding principal, plus interest and charges, under its loan with Hercules Capital, simplifying its balance sheet by eliminating that debt obligation.

Overall, the loss of a material collaboration and the discontinuation of key trials are likely to weigh more heavily on long-term prospects than the relatively small debt repayment, making this update more negative than positive from a business perspective.

Item 1.02 Termination of a Material Definitive Agreement Business
A significant contract was terminated, which may affect business operations or revenue.
GSK termination effective date January 2, 2027 Effective 180 days after July 6, 2026 notice under GSK Agreement
Loan principal repaid $10,428,827.77 Aggregate principal repaid to Hercules Capital on July 8, 2026
GSK termination notice date July 6, 2026 Date GSK provided written termination notice to Alector
INFRONT-3 trial update date October 21, 2025 Date Alector announced Phase 3 INFRONT-3 did not meet co-primary endpoint
PROGRESS-AD discontinuation date April 29, 2026 Date Alector announced discontinuation after interim futility analysis
Loan Agreement date November 14, 2024 Original date of Loan and Security Agreement later repaid and terminated
material definitive agreement regulatory
"Item 1.02 Termination of a Material Definitive Agreement."
A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.
Collaboration and License Agreement financial
"under the Collaboration and License Agreement between the parties"
A collaboration and license agreement is a legal contract where two or more parties agree to work together on developing or selling a product or technology while granting one another specific rights to use patents, know‑how, or other intellectual property. For investors, it matters because such deals can bring upfront payments, milestone or royalty income, and shared development costs and risks—like two neighbors pooling tools to renovate a house, which can speed progress and change future revenue potential.
Phase 3 INFRONT-3 clinical trial medical
"the Phase 3 INFRONT-3 clinical trial evaluating latozinemab"
interim futility analysis medical
"following an interim futility analysis."
An interim futility analysis is a planned mid-study check of trial results to determine whether a medical study is unlikely to show the expected benefit if it continues. For investors, this matters because a futility finding can lead to stopping the trial early, saving the company money but also reducing the chance of a future product approval and revenue; think of it as a halftime assessment that decides whether continuing the game is worth the cost.
Loan and Security Agreement financial
"repayed in full and terminated the Loan and Security Agreement"
A loan and security agreement is a legal contract that sets out the amount, repayment schedule, interest and the rules a borrower must follow, and it names specific assets a lender can claim if the borrower fails to pay. Think of it like a mortgage or car loan where the lender holds a claim on collateral until the debt is repaid. Investors care because it determines a company’s repayment priorities, borrowing costs, operational limits and how easily creditors can seize assets in distress, all of which affect equity value and credit risk.
end of term and prepayment charges financial
"plus accrued interest and end of term and prepayment charges thereon."
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FAQ

What material agreement did Alector (ALEC) disclose as terminated?
Alector disclosed that Glaxo Wellcome UK Limited (GSK) provided notice on July 6, 2026 to terminate their July 1, 2021 Collaboration and License Agreement, as amended May 19, 2023. The termination becomes effective 180 days after notice, on January 2, 2027.

Why is GSK ending its collaboration with Alector (ALEC)?
The filing links GSK’s termination notice to earlier trial setbacks. Alector had announced that the Phase 3 INFRONT-3 trial of latozinemab failed to meet its clinical co-primary endpoint and that the Phase 2 PROGRESS-AD nivisnebart trial was discontinued after an interim futility analysis.

Which clinical trials did Alector (ALEC) discontinue before this termination?
Alector announced that the Phase 3 INFRONT-3 trial of latozinemab in frontotemporal dementia due to a progranulin gene mutation did not meet its clinical co-primary endpoint, and it discontinued the Phase 2 PROGRESS-AD trial of nivisnebart in early Alzheimer’s disease following an interim futility analysis.

When does the GSK–Alector collaboration termination become effective?
Under the collaboration agreement’s terms, GSK’s July 6, 2026 termination notice becomes effective 180 days later, on January 2, 2027. Until that effective date, provisions of the existing Collaboration and License Agreement between Alector and GSK remain in place as specified.

How much debt did Alector (ALEC) repay to Hercules Capital?
On July 8, 2026, Alector fully repaid its Loan and Security Agreement with Hercules Capital, returning a total of $10,428,827.77 in aggregate outstanding principal, plus accrued interest and end of term and prepayment charges, and concurrently terminated the loan facility.

What was the structure of Alector’s repaid loan agreement?
The repaid Loan and Security Agreement, dated November 14, 2024 and later amended, involved Alector, Alector LLC as co-borrower, various lender institutions, and Hercules Capital as administrative and collateral agent. The agreement was fully repaid and terminated on July 8, 2026.
false000165308700016530872026-07-062026-07-06

 

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 06, 2026

 

 

Alector, Inc.

(Exact name of Registrant as Specified in Its Charter)

 

 

Delaware

001-38792

82-2933343

(State or Other Jurisdiction
of Incorporation)

(Commission File Number)

(IRS Employer
Identification No.)

 

 

 

 

 

131 Oyster Point Blvd.

Suite 600

 

South San Francisco, California

 

94080

(Address of Principal Executive Offices)

 

(Zip Code)

 

Registrant’s Telephone Number, Including Area Code: (415) 231-5660

 

 

(Former Name or Former Address, if Changed Since Last Report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class

 

Trading
Symbol(s)

 


Name of each exchange on which registered

Common Stock

 

ALEC

 

The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

Item 1.02 Termination of a Material Definitive Agreement.

Alector, Inc. (the “Company”) was developing the investigational progranulin-elevating monoclonal antibodies, latozinemab and nivisnebart, in collaboration with Glaxo Wellcome UK Limited (“GSK”), under the Collaboration and License Agreement between the parties, dated as of July 1, 2021, and as amended on May 19, 2023 (the “GSK Agreement”). On October 21, 2025, the Company announced that the Phase 3 INFRONT-3 clinical trial evaluating latozinemab in individuals with frontotemporal dementia due to a progranulin gene mutation did not meet its clinical co-primary endpoint. On April 29, 2026, the Company announced the discontinuation of the Phase 2 PROGRESS-AD trial of nivisnebart in individuals with early Alzheimer’s disease following an interim futility analysis. On July 6, 2026, GSK provided written notice to the Company terminating the GSK Agreement (“Notice”). Under the terms of the GSK Agreement, the termination will be effective 180 days from the Notice, or January 2, 2027.

 

On July 8, 2026, the Company repaid in full and terminated the Loan and Security Agreement, dated as of November 14, 2024, as amended (the “Loan Agreement”), by and among the Company, Alector LLC, a Delaware limited liability company, as co-borrower (together with the Company, the “Borrowers”), the several banks and other financial institutions or entities from time to time parties thereto, as lenders (collectively, referred to as the “Lenders”), and Hercules Capital, Inc., in its capacity as administrative agent and collateral agent for itself and the Lenders (“Hercules”). The Company repaid a total of $10,428,827.77 aggregate principal amount of outstanding loans, plus accrued interest and end of term and prepayment charges thereon.

The foregoing descriptions of the GSK Agreement and the Loan Agreement do not purport to be complete and are qualified in their entirety by reference to the full text of the GSK Agreement, a copy of which is filed as Exhibits 10.12 and 10.13 to the Company's Annual Report on Form 10-K for the year ended December 31, 2025, and the Loan Agreement, a copy of which is filed as Exhibits 10.16 and 10.17, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in each case incorporated by reference herein.
 

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

 

ALECTOR, INC.

 

 

 

 

Date:

July 8, 2026

By:

/s/ Arnon Rosenthal

 

 

 

Arnon Rosenthal, Ph.D.
Co-founder and Chief Executive Officer

 

Source: View Original Filing on SEC EDGAR

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