Advancing a pipeline built entirely on the Alector Brain Carrier (ABC) blood-brain barrier platform, spanning antibody, enzyme, and siRNA programs, with AL137, Alector's lead ABC-enabled anti-amyloid beta (Aβ) antibody program for Alzheimer's disease (AD), targeting first-in-human dosing in Australia no later than April 2027.
Continued progress across AL164 (ABC-enabled Tau siRNA for AD and other tauopathies) and AL062 (ABC-enabled alpha-synuclein siRNA for Parkinson's disease (PD) and Lewy body dementia (LBD)), each targeting first-in-human studies in Q2 2028.
Entered exclusive global license agreement with Genentech for AL050, Alector's brain-penetrant GCase enzyme replacement therapy (ERT), including a $100 million upfront payment and eligibility for up to $1.17 billion in milestone payments plus tiered royalties on net sales.
Completed underwritten offering for gross proceeds of approximately $75 million, priced at a premium to market, with participation from top-tier new and existing investors.
$138.7 million in cash, cash equivalents and investments as of September 30, 2026;
Together with proceeds from the Genentech license agreement and approximately $75.0 million in gross proceeds from the underwritten offering, expected to fund operations into the second half of 2029.
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SOUTH SAN FRANCISCO, Calif., Nov. 05, 2026 (GLOBE NEWSWIRE) -- Alector, Inc. (Nasdaq: ALEC), a biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, today reported third quarter 2026 financial results and recent portfolio and business updates. As of September 30, 2026, Alector's cash, cash equivalents, and investments totaled $138.7 million.
“Since our last quarterly update, we exclusively licensed AL050 to Genentech, strengthened our balance sheet, and moved our wholly owned programs closer to the clinic,” said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. “The Alector Brain Carrier is designed to address one of the central challenges in treating neurodegenerative disease: delivering enough drug to the brain. With AL137 targeting first-in-human dosing no later than April 2027, and AL164 and AL062 targeting first-in-human studies in Q2 2028, we are advancing toward multiple clinical readouts as we work to bring new options to patients with neurodegenerative diseases.”
Recent Program and Business Updates
Alector Brain Carrier (ABC) Platform
Alector's proprietary ABC blood-brain barrier platform is designed to enhance brain exposure while optimizing both safety and efficacy. Built on the principles of versatility, translatability, and differentiated binding to a distinct region of the transferrin receptor (TfR), the platform offers a broad range of TfR binding affinities, binding kinetics, and engineered formats that can be tailored to the requirements of different therapeutic modalities, including antibodies, enzymes, proteins, and siRNA, while preserving the ability to recruit the brain's immune system when desired. Distinct from our prior clinical programs, every program in Alector's current pipeline is built on ABC.
AL137: ABC-Enabled Anti-Aβ Antibody for AD
ABC-Enabled siRNA Platform
AL164: ABC-Enabled Tau siRNA for AD and Other Tauopathies
AL062: ABC-Enabled alpha-synuclein siRNA for PD and LBD
Earlier-Stage siRNA Programs
AL050 and Genentech License Agreement
Corporate Updates
Third Quarter Financial Results
Revenue. Collaboration revenue for the quarter ended September 30, 2026, was $162.9 million, compared to $3.3 million for the same period in 2025. The increase was primarily attributable to the recognition of the remaining deferred revenue under the Collaboration and License Agreement with Glaxo Wellcome UK Limited, a subsidiary of GlaxoSmithKline plc (GSK), following receipt of the July 6, 2026 termination notice from GSK and the extinguishment of the Company’s remaining performance obligations.
R&D Expenses. Total research and development expenses for the quarter ended September 30, 2026, were $30.0 million, compared to $29.4 million for the quarter ended September 30, 2025. The increase was primarily due to the option and license fees paid under the Spur Agreement, partially offset by decreases in latozinemab and nivisnebart program costs due to the wind-down of both programs and lower personnel-related costs resulting from the reductions in force.
G&A Expenses. Total general and administrative expenses for the quarter ended September 30, 2026, were $9.0 million, compared to $11.5 million for the quarter ended September 30, 2025. The decrease was mainly driven by a decrease in personnel-related costs as a result of the reductions in force.
Net Income (Loss). For the quarter ended September 30, 2026, Alector reported a net income of $124.6 million, or $1.11 net income per share, compared to a net loss of $ 34.7 million, or $0.34 net loss per share, for the same period in 2025.
Cash Position. Cash, cash equivalents, and investments were $138.7 million as of September 30, 2026. This amount does not include the $100.0 million upfront payment from Genentech received subsequent to September 30, 2026, the $15.0 million option exercise payment made to Spur Therapeutics Limited on November 2, 2026, or the net proceeds from the October 2026 underwritten offering. Management anticipates that its cash, cash equivalents, and investments, together with the Genentech upfront payment and the net proceeds of the offering, will be sufficient to fund Alector's operations into the second half of 2029.
About Alector
Alector is a 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 and Parkinson's disease. The company is also developing Alector Brain Carrier (ABC), a proprietary blood-brain barrier platform, which is being 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, product candidates, research and preclinical pipeline, blood-brain barrier technology platform, planned and ongoing preclinical studies, planned clinical trials, expected milestones, expectations under collaborations and licensing agreements, 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) | ||||
| September 30, | December 31, | |||
| 2026 | 2025 | |||
| Cash, cash equivalents, and marketable securities | $ | 138,697 | $ | 256,024 |
| Total assets | 165,777 | 293,237 | ||
| Total current liabilities (excluding deferred revenue) | 35,415 | 62,819 | ||
| Deferred revenue (including current portion) | — | 171,221 | ||
| Total liabilities | 49,208 | 262,588 | ||
| Total stockholders’ equity | 116,569 | 30,649 | ||
| Condensed Consolidated Statement of Operations Data (in thousands, except share and per share data) | |||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Collaboration revenue | $ | 162,866 | $ | 3,260 | $ | 167,232 | $ | 14,808 | |||||||
| Operating expense: | |||||||||||||||
| Research and development | 30,034 | 29,350 | 67,351 | 90,602 | |||||||||||
| General and administrative | 8,991 | 11,518 | 25,352 | 40,647 | |||||||||||
| Total operating expenses | 39,025 | 40,868 | 92,703 | 131,249 | |||||||||||
| Income (loss) from operations | 123,841 | (37,608 | ) | 74,529 | (116,441 | ) | |||||||||
| Other income, net | 819 | 2,941 | 4,341 | 10,779 | |||||||||||
| Income (loss) before income taxes | 124,660 | (34,667 | ) | 78,870 | (105,662 | ) | |||||||||
| Income tax expense | 60 | — | 190 | — | |||||||||||
| Net income (loss) | $ | 124,600 | $ | (34,667 | ) | $ | 78,680 | $ | (105,662 | ) | |||||
| Net income(loss) per share: | |||||||||||||||
| Basic net income (loss) per share | $ | 1.11 | $ | (0.34 | ) | $ | 0.71 | $ | (1.05 | ) | |||||
| Diluted net income (loss) per share | $ | 1.11 | $ | (0.34 | ) | $ | 0.70 | $ | (1.05 | ) | |||||
| Weighted-average shares used in calculating: | |||||||||||||||
| Basic net income(loss) per share | 111,861,933 | 102,597,601 | 111,230,090 | 100,800,863 | |||||||||||
| Diluted net income(loss) per share | 112,477,348 | 102,597,601 | 111,968,475 | 100,800,863 | |||||||||||
Alector Contacts:
Argot Partners (investors)
Laura Perry
alector@argotpartners.com
Argot Partners (media)
David Rosen
646-461-6387
alector@argotpartners.com

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