Alector (ALEC) Corporate presentation summary

Platform overview and strategic positioning

• ABC platform enables versatile, high-efficiency delivery of antibodies, enzymes, and siRNA to the brain, with reduced anemia risk and high manufacturability and stability.

• Platform evaluated across 13 cargos and 3 modalities in cell culture, rodents, and non-human primates, demonstrating tunable TfR binding for maximal brain penetration.

• Four ABC-enabled programs target large CNS markets, with multiple INDs planned for 2026–2028 and at least $256M in cash and investments, providing runway through 2027.

• Fully owned and unencumbered platform and pipeline, offering opportunities for pharma partnerships or standalone enterprise growth.

• Reproducing the ABC platform would require 5–7 years, creating a strategic moat and premium value compared to competitors.

Pipeline assets and clinical development

• Nivisnebart (AD): PGRN-elevating antibody in Phase 2, with futility analysis in 2026 and potential Phase 3 in 2027/8; favorable safety and potential for standalone or combination therapy.

• AL137/AL037 (AD): Next-gen anti-Aβ antibodies with high brain exposure, aiming for no ARIA, anemia, or IRR; IND-enabling studies in 2026, first-in-human in 2027.

• AL064/AL164 (AD): ABC Tau siRNA for durable knockdown, targeting subcutaneous delivery every 3 months; IND-enabling in 2026, first-in-human in 2027/8.

• ADP062 (PD): ABC α-Syn siRNA with planned NHP safety/efficacy in 2026 and first-in-human in 2028.

• AL050 (PD, LBD): ABC GCase enzyme replacement therapy, targeting all GCase LOF mutations; NHP studies in 2026, first-in-human in 2027.

ABC platform differentiation and safety

• ABC platform achieves 5–32x higher brain concentrations of cargo compared to naked molecules or competitors, with linear dose response and high brain penetration.

• Masked TfR binding epitope prevents FcyR co-binding, minimizing anemia risk while preserving efficacy; stable hematology observed in NHP dosing.

• AL137/AL037 designed for full potency without sacrificing safety, with optimized linker and epitope to prevent ARIA and anemia.

• AL037 well-tolerated in NHPs at doses up to 30 mg/kg, with no reduction in RBC or hemoglobin and no test-article related findings.

• AL050 increases brain GCase activity by over 2-fold, fully compensating for GCase deficiency in PD/LBD, and is well-tolerated in NHPs.