Allogene Therapeutics Inc (ALLO) Reports Q3 2023 Financial Results
Allogene Therapeutics Inc (NASDAQ:ALLO) ended Q3 2023 with $497.7 million in cash, cash equivalents, and investments.
Research and development expenses were $46.0 million for the third quarter of 2023.
Net loss for the third quarter of 2023 was $61.3 million, or $0.37 per share.
Company continues to expect its cash runway to fund operations into 2H 2025.
On November 2, 2023, Allogene Therapeutics Inc (NASDAQ:ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T) products for cancer, reported its financial results for the quarter ended September 30, 2023.
Financial Highlights
Allogene Therapeutics Inc (NASDAQ:ALLO) ended the third quarter of 2023 with $497.7 million in cash, cash equivalents, and investments. Research and development expenses for the quarter were $46.0 million, which includes $6.7 million of non-cash stock-based compensation expense. General and administrative expenses were $17.0 million, which includes $8.6 million of non-cash stock-based compensation expense. The net loss for the third quarter of 2023 was $61.3 million, or $0.37 per share, including non-cash stock-based compensation expense of $15.4 million.
2023 Financial Guidance
As previously provided, the company expects a decrease in cash, cash equivalents, and investments of approximately $230 million in 2023. Based on current assumptions, the company continues to expect its cash runway to fund operations into the second half of 2025. GAAP Operating Expenses are expected to be approximately $340 million, including estimated non-cash stock-based compensation expense of approximately $80 million. These estimates exclude any impact from potential business development activities.
Business Update
Allogene Therapeutics Inc (NASDAQ:ALLO) continues to execute across its platform, creating a code for allogeneic cell therapy that can be applied not just in the industrys first potentially pivotal trial of an allogeneic CAR T product candidate, but in other harder modes such as earlier line trials, solid tumors, and next-generation products and indications. The company is looking forward to the months ahead and sharing these insights, potentially unlocking new opportunities and broadening patient access to CAR T therapy.
Key Developments
The company continues to enroll patients in the Global ALPHA2 Phase 2 Trial with ALLO-501A in LBCL with clinical sites open in the United States, Canada, Europe, and Australia. The company also announced it will have two poster presentations from the ALPHA/ALPHA2 trials focused on lymphodepletion in allogeneic cell therapy at the 65th Annual Meeting of the American Society of Hematology (ASH) December 2023.
Allogene Therapeutics Inc (NASDAQ:ALLO) recently announced three poster presentations from its next generation AlloCAR T Platform at the Society for Immunotherapy of Cancer (SITC) Annual Meeting. The meeting will spotlight its novel, targeted Cloak and Dagger platform technologies designed to enhance engraftment, expansion, and persistence of AlloCAR T cells.
The company also announced two new appointments to the leadership team. In August, the company announced Earl Douglas as General Counsel, overseeing all aspects of the company's legal function. Following the close of the third quarter, the company announced Geoffrey Parker as Executive Vice President, Chief Financial Officer, overseeing the companys financial operations and business development activities.
Explore the complete 8-K earnings release (here) from Allogene Therapeutics Inc for further details.
This article first appeared on GuruFocus.
