Alector | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 1.046 M

Revenue: As of FY2026 Q1, the actual value is USD 1.046 M, missing the estimate of USD 11.03 M.

EPS: As of FY2026 Q1, the actual value is USD -0.21, beating the estimate of USD -0.2657.

Collaboration Revenue

Collaboration revenue for the quarter ended March 31, 2026, was $1.0 million, a decrease from $3.7 million for the same period in 2025. This year-over-year decrease was primarily due to lower manufacturing-related activity supporting the Nivisnebart Phase 2 study in early Alzheimer’s disease.

Operating Expenses

Total research and development expenses for the quarter ended March 31, 2026, were $17.9 million, down from $33.6 million for the same period in 2025. This reduction was mainly attributed to decreased personnel-related costs due to force reductions and lower expenses for the AL002 program. Total general and administrative expenses for the quarter ended March 31, 2026, were $8.1 million, compared to $14.7 million for the quarter ended March 31, 2025, primarily driven by a decrease in personnel-related costs. Total operating expenses for the quarter ended March 31, 2026, were $26.0 million, compared to $48.4 million for the same period in 2025.

Net Loss

Alector, Inc. reported a net loss of - $22.9 million for the quarter ended March 31, 2026. This compares to a net loss of - $40.5 million for the same period in 2025. Loss from operations for the quarter ended March 31, 2026, was - $24.9 million, compared to - $44.7 million for the same period in 2025.

Cash Position and Balance Sheet Data

As of March 31, 2026, cash, cash equivalents, and investments totaled $206.5 million. Other key balance sheet figures as of March 31, 2026, include total assets of $239.9 million, total current liabilities (excluding deferred revenue) of $34.2 million, deferred revenue (including current portion) of $169.6 million, total liabilities of $229.5 million, and total stockholders’ equity of $10.4 million.

Operational Metrics and Program Updates

Alector, Inc. is advancing its Alector Brain Carrier (ABC) platform across multiple therapeutic modalities, including antibodies, enzymes, and siRNA. Key programs include AL037/AL137 (ABC-enabled antibody for Alzheimer’s disease) targeting an Investigational New Drug (IND) submission in Q1 2027, AL050 (ABC-enabled GCase Enzyme Replacement Therapy for Parkinson’s disease), and AL064/AL164 (ABC-enabled Tau siRNA for Alzheimer’s disease and other tauopathies). Preclinical studies for ABC-enabled programs have demonstrated robust brain penetration. The global Phase 2 clinical trial of nivisnebart (AL101/GSK4527226) in early Alzheimer’s disease was discontinued following an interim futility analysis.

Outlook

Management anticipates that the current cash, cash equivalents, and investments of $206.5 million will be sufficient to fund Alector, Inc.’s operations at least through 2027. The company is targeting an IND submission for AL037/AL137 in the first quarter of 2027.