ALEC 8-K
Alector, Inc. (ALEC)
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
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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 2.02 Results of Operations and Financial Condition.
On November 6, 2025, Alector, Inc. (the “Company”) announced its financial results for the quarter ended September 30, 2025. A press release announcing these results, which is attached hereto as Exhibit 99.1, is incorporated herein by reference.
All of the information furnished in Item 2.02 and Item 9.01 (including Exhibit 99.1) shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
Description |
99.1 |
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104 |
Cover Page Interactive Data File (the cover page XBRL tags are embedded within the Inline XBRL document). |
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 thereunto duly authorized.
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ALECTOR, INC. |
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Date: |
November 6, 2025 |
By: |
/s/ Arnon Rosenthal |
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Arnon Rosenthal, Ph.D. |
NEWS RELEASE
Exhibit 99.1
Alector Reports Third Quarter 2025 Financial Results and Provides Business Update
Selected lead candidates AL137 for the company’s Alector Brain Carrier (ABC)-enabled anti-amyloid beta antibody in Alzheimer's disease, and AL050 for its ABC-enabled GCase enzyme replacement therapy in Parkinson’s disease; both advancing toward IND-enabling studies
Advancing ABC-enabled Tau, Alpha Synuclein and NLRP3 siRNA programs targeting peripheral delivery of novel therapies for neurodegenerative disorders
Independent interim analysis for the PROGRESS-AD Phase 2 clinical trial of nivisnebart (AL101) in early Alzheimer’s disease planned for 1H 2026
$291.1 million in cash, cash equivalents, and investments provides runway
through 2027
South San Francisco, Calif., November 6, 2025 -- Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, today reported third quarter 2025 financial results and recent portfolio and business updates. As of September 30, 2025, Alector’s cash, cash equivalents, and investments totaled $291.1 million.
“We are well-resourced to advance our portfolio of innovative drug candidates for the treatment of neurodegenerative diseases, with a sharpened focus on our differentiated Alector Brain Carrier (ABC) platform,” said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. “ABC represents an important driver of innovation, with the versatility to deliver antibodies, enzymes and nucleic acid to the brain. Our ABC-enabled programs have demonstrated robust brain penetration through peripheral dosing, favorable safety, and good pharmacokinetics. We are advancing AL137, our ABC-enabled anti-amyloid beta antibody, AL050, our ABC-enabled GCase enzyme replacement therapy, and ADP064, our ABC-enabled Tau siRNA, toward IND-enabling studies, with IND submissions targeted in 2026 and 2027.”
Dr. Rosenthal continued, “Additionally, together with GSK, we continue to advance the Phase 2 PROGRESS-AD trial for nivisnebart (AL101), an investigational monoclonal antibody being studied for the treatment of Alzheimer’s disease. We remain on track for an independent interim analysis planned for the first half of 2026.”
Recent Program Updates
Alector Brain Carrier: Preclinical and Research Pipeline
A key pillar of Alector’s focus is its proprietary blood-brain barrier (BBB) technology platform, Alector Brain Carrier (ABC). Built on the core design principles of versatility, tunability, and differentiated binding to a distinct region of the transferrin receptor (TfR), ABC is intended to support the targeted delivery of therapeutics to the brain and to optimize safety and efficacy. The platform’s tunable TfR binding affinities allow adjustment of binding strength and drug configuration to align with the needs of diverse therapeutic cargos, including antibodies, enzymes, and siRNA, aiming to achieve efficient transport across the BBB with the goal of balancing brain uptake and safety.
AL137
AL050
ABC siRNA Platform
Progranulin Programs (nivisnebart (AL101/GSK4527226) and latozinemab (AL001)) in Collaboration with GSK
Nivisnebart (AL101/GSK4527226)
Latozinemab
Corporate News
Third Quarter 2025 Financial Results
Revenue. Collaboration revenue for the quarter ended September 30, 2025, was $3.3 million, compared to $15.3 million for the same period in 2024. The decrease was mainly due to the satisfaction of the performance obligation associated with the AL002 program and the latozinemab FTD-C9orf72 Phase 2 trial in the fourth quarter of 2024.
R&D Expenses. Total research and development expenses for the quarter ended September 30, 2025, were $29.4 million, compared to $48.0 million for the quarter ended September 30, 2024. The decrease was mainly due to a decrease in research and development expenses for the AL002 program as well as a decrease in personnel related costs as a result of the reductions in force.
G&A Expenses. Total general and administrative expenses for the quarter ended September 30, 2025, were $11.5 million, compared to $15.8 million for the quarter ended September 30, 2024. The decrease was mainly driven by the absence of impairment charges related to the right-of-use asset and leasehold improvements recognized in the third quarter of 2024. No comparable impairment occurred in the current period. Additionally, personnel-related costs declined as a result of the reductions in force.
Net Loss. For the quarter ended September 30, 2025, Alector reported a net loss of $34.7 million, or $0.34 per share, compared to a net loss of $42.2 million, or $0.43 net loss per share, for the same period in 2024.
Cash Position. Cash, cash equivalents, and investments were $291.1 million as of September 30, 2025. This includes approximately $14.7 million in net proceeds raised through the company’s at-the-market (ATM) equity offering in September. In October 2025, the company raised $5.3 million in ATM equity offerings. Management anticipates that its current cash position will be sufficient to fund Alector’s operations through 2027.
2025 Guidance. The company continues to anticipate collaboration revenue to be between $13 million and $18 million, total research and development expenses to be between $130 million and $140 million, and total general and administrative expenses to be between $55 million and $65 million.
About Alector
Alector is a clinical-stage biotechnology company focused on developing therapies to counteract the devastating progression of neurodegenerative diseases. Leveraging the principles of genetics, immunology, and neuroscience, the company is advancing a portfolio of programs that aim to remove toxic proteins, replace missing proteins, and restore immune and nerve cell function. Supported by biomarkers, Alector’s product candidates seek to treat a range of indications, such as Alzheimer’s disease, Parkinson's disease, and frontotemporal dementia. The company is also developing Alector Brain Carrier (ABC), a proprietary blood-brain barrier platform, which is being
selectively applied to its preclinical and research pipeline. ABC aims to enhance the delivery of therapeutics, achieve deeper brain penetration and efficacy at lower doses, and ultimately improve patient outcomes while reducing costs. Alector is headquartered in South San Francisco, California. For more information, please visit www.alector.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements in this press release include, but are not limited to, statements regarding our business plans, business strategy, workforce reduction, product candidates, research and preclinical pipeline, blood-brain barrier technology platform, planned and ongoing preclinical studies and clinical trials, anticipated timing of and detail regarding release of data for PROGRESS-AD, expected milestones, expectations of our collaborations and financial and cash guidance. Such statements are subject to numerous risks and uncertainties, including but not limited to risks and uncertainties as set forth in Alector’s Annual Reports on Form 10-K and Quarterly Reports on Form 10-Q, with the Securities and Exchange Commission (“SEC”), as well as the other documents Alector files from time to time with the SEC. These documents contain and identify important factors that could cause the actual results for Alector to differ materially from those contained in Alector’s forward-looking statements. Any forward-looking statements contained in this press release speak only as of the date hereof, and Alector specifically disclaims any obligation to update any forward-looking statement, except as required by law.
Selected Consolidated Balance Sheet Data
(in thousands)
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September 30, |
December 31, |
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2025 |
2024 |
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Cash, cash equivalents, and marketable securities |
$ |
291,108 |
$ |
413,397 |
Total assets |
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335,285 |
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468,303 |
Total current liabilities (excluding deferred revenue) |
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68,221 |
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101,396 |
Deferred revenue (including current portion) |
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179,012 |
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195,832 |
Total liabilities |
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277,573 |
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341,503 |
Total stockholders’ equity |
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57,712 |
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126,800 |
Consolidated Statement of Operations Data
(in thousands, except share and per share data)
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Three Months Ended |
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Nine Months Ended |
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2025 |
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2024 |
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2025 |
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2024 |
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Collaboration revenue |
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$ |
3,260 |
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$ |
15,342 |
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$ |
14,808 |
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$ |
46,318 |
Operating expenses: |
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Research and development |
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29,350 |
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47,998 |
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90,602 |
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139,479 |
General and administrative |
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11,518 |
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15,778 |
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40,647 |
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44,587 |
Total operating expenses |
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40,868 |
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63,776 |
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131,249 |
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184,066 |
Loss from operations |
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(37,608) |
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(48,434) |
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(116,441) |
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(137,748) |
Other income, net |
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2,941 |
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6,214 |
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10,779 |
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20,853 |
Net loss before income tax |
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(34,667) |
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(42,220) |
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(105,662) |
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(116,895) |
Income tax expense |
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— |
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— |
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— |
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80 |
Net loss |
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$ |
(34,667) |
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$ |
(42,220) |
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$ |
(105,662) |
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$ |
(116,975) |
Net loss per share, basic and diluted |
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$ |
(0.34) |
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$ |
(0.43) |
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$ |
(1.05) |
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$ |
(1.22) |
Shares used in computing net loss per share basic and diluted |
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102,597,601 |
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97,519,595 |
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100,800,863 |
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96,007,105 |
Alector Contacts:
Argot Partners (media)
David Rosen
646-461-6387
Argot Partners (investors)
Laura Perry
212-600-1902