Alector (ALEC) Q4 2025 earnings summary

Executive summary

• Advanced the ABC platform for brain-targeted delivery across antibodies, enzymes, and siRNA, with progress in AL137, AL050, and AL064 programs targeting Alzheimer's and Parkinson's diseases.

• Ongoing PROGRESS-AD Phase 2 trial of nivisnebart (AL101) in early Alzheimer's, with interim futility analysis expected in 1H 2026.

• Cash, cash equivalents, and investments of $256.0 million as of December 31, 2025, expected to fund operations through at least 2027.

Financial highlights

• Collaboration revenue for Q4 2025 was $6.2 million, down from $54.2 million in Q4 2024; full-year 2025 revenue was $21.0 million, down from $100.6 million in 2024, due to completion of prior performance obligations.

• R&D expenses for Q4 2025 were $32.5 million (down from $46.5 million in Q4 2024); full-year R&D expenses were $123.1 million (down from $185.9 million in 2024), reflecting reduced program and personnel costs.

• G&A expenses for Q4 2025 were $13.3 million (down from $15.0 million in Q4 2024); full-year G&A expenses were $54.0 million (down from $59.6 million in 2024), mainly due to workforce reductions.

• Net loss for Q4 2025 was $37.3 million ($0.34 per share), compared to $2.1 million ($0.02 per share) in Q4 2024; full-year net loss was $142.9 million ($1.39 per share), compared to $119.0 million ($1.23 per share) in 2024.

• Cash, cash equivalents, and marketable securities were $256.0 million at year-end 2025, down from $413.4 million at year-end 2024.

Outlook and guidance

• Cash runway expected to last at least through 2027.

• IND application for AL137 expected in Q4 2026/Q1 2027; AL050 IND submission targeted for 2027.

• Interim futility analysis for PROGRESS-AD Phase 2 trial of nivisnebart anticipated in 1H 2026; INFRONT-3 Phase 3 results for latozinemab to be presented in 1H 2026.