Alector Inc · Q3 2021 earnings

Briefing

Alector reported third quarter 2021 financial results.

Alector reported collaboration revenue of $182.4 million, primarily driven by the recognition of $179.8 million from the GSK collaboration. Net income for the quarter was $126.6 million, or $1.56 per share, and cash, cash equivalents, and marketable securities totaled $777.9 million as of September 30, 2021.

• Alector initiated a Phase 2 clinical trial of AL001 in amyotrophic lateral sclerosis (ALS) patients with a C9orf72 genetic mutation.
• AL001 received orphan drug designation from the European Commission for the treatment of frontotemporal dementia.
• Twelve-month data from the open-label INFRONT-2 Phase 2 clinical trial of AL001 in patients with frontotemporal dementia with a progranulin mutation (FTD-GRN) were presented at the Alzheimer’s Association International Conference (AAIC) held in July 2021, showing a favorable safety profile and encouraging evidence that treatment may slow disease progression.
• Alector and GlaxoSmithKline (GSK) entered into a global collaboration to co-develop and co-commercialize AL001 and AL101 for the treatment of neurodegenerative diseases, including FTD-GRN, as well as other forms of FTD, ALS, Alzheimer’s disease and Parkinson’s disease.

Headline financials

Revenue & EPS history

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 our Quarterly Report on Form 10-Q, as filed on November 4, 2021 with the Securities and Exchange Commission (“SEC”), as well as the other documents Alector files from time to time with the SEC.