Allogene Therapeutics (ALLO) Q4 2025 earnings summary

Executive summary

• Focus for 2026 is on delivering key clinical milestones for cema-cel in ALPHA3 (large B-cell lymphoma) and ALLO-329 in RESOLUTION (autoimmune diseases), aiming to validate allogeneic CAR T as a scalable, accessible therapy.

• ALPHA3 is the first randomized lymphoma study testing early MRD-guided consolidation with allogeneic CAR T to prevent relapse, with interim futility analysis results expected in April 2026.

• ALLO-329, a dual CD19/CD70 CAR T with Dagger technology, targets autoimmune diseases with proof-of-concept data anticipated in June 2026.

• ALLO-316 in RCC completed Phase 1b enrollment; partnering opportunities are being explored.

• Financial runway extended into Q1 2028, supporting completion of ALPHA3 enrollment and advancement of prioritized programs.

Financial highlights

• Cash, cash equivalents, and investments totaled $258.3 million as of December 31, 2025.

• Additional $23.7 million received in February 2026 from escrow related to Servier arbitration; $20.7 million raised via ATM equity facility year-to-date.

• R&D expenses for Q4 2025 were $28.6 million; full-year 2025 R&D expenses were $150.2 million.

• G&A expenses for Q4 2025 were $13.8 million; full-year 2025 G&A expenses were $56.8 million.

• Net loss for Q4 2025 was $38.8 million ($0.17/share); full-year 2025 net loss was $190.9 million ($0.87/share).

Outlook and guidance

• Cash runway projected into Q1 2028, covering estimated completion of ALPHA3 enrollment.

• 2026 operating cash expense guidance is ~$150 million; GAAP operating expenses expected at ~$210 million, including ~$35 million in non-cash stock-based compensation.

• Pivotal ALPHA3 data expected in April 2026; ALLO-329 proof-of-concept data in June 2026.