$ALEC

Alector, Inc.

CIK:0001653087|SEC Filings

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Collaboration revenue	$ 3,320	$ 7,874	$ 4,366	$ 11,548
Operating expenses:
Research and development	19,460	27,611	37,317	61,252
General and administrative	8,253	14,401	16,361	29,129
Total operating expenses	27,713	42,012	53,678	90,381
Loss from operations	(24,393)	(34,138)	(49,312)	(78,833)
Other income, net	1,533	3,614	3,522	7,838
Loss before income taxes	(22,860)	(30,524)	(45,790)	(70,995)
Income tax expense	130	0	130	0
Net loss	(22,990)	(30,524)	(45,920)	(70,995)
Unrealized loss on marketable securities	(22)	(95)	(292)	(165)
Comprehensive loss	$ (23,012)	$ (30,619)	$ (46,212)	$ (71,160)
Net loss per share, basic	$ (0.21)	$ (0.3)	$ (0.41)	$ (0.71)
Net loss per share, diluted	$ (0.21)	$ (0.3)	$ (0.41)	$ (0.71)
Shares used in computing net loss per share, basic	111,224,116	100,371,632	110,908,937	99,887,605
Shares used in computing net loss per share, diluted	111,224,116	100,371,632	110,908,937	99,887,605

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (45,920)	$ (70,995)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,130	3,313
Stock-based compensation	5,518	15,413
Amortization of premiums and accretion of discounts on marketable securities	(1,170)	(3,785)
Amortization of right-of-use assets	2,003	1,757
Amortization of debt discount and debt issuance costs	159	140
Impairment of right-of-use assets and leasehold improvements	0	1,151
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	3,139	(478)
Other assets	33	50
Accounts payable	592	2
Accrued liabilities and accrued clinical supply costs	(13,791)	(16,507)
Payable to collaboration partner	(13,572)	693
Deferred revenue	(4,366)	(11,548)
Refund liability to collaboration partner	(15,438)	(26,063)
Lease liabilities	(3,634)	(3,182)
Other long-term liabilities	287	210
Net cash used in operating activities	(84,030)	(109,829)
Cash flows from investing activities:
Purchase of property and equipment	(149)	(30)
Purchase of marketable securities	(79,656)	(131,879)
Maturities of marketable securities	157,873	250,385
Sale of marketable securities	0	2,981
Net cash provided by investing activities	78,068	121,457
Cash flows from financing activities:
Proceeds from the exercise of options to purchase common stock	27	0
Purchase of common stock under employee stock purchase plan	48	122
Net cash provided by financing activities	75	122
Net increase (decrease) in cash, cash equivalents, and restricted cash	(5,887)	11,750
Cash, cash equivalents, and restricted cash at beginning of period	67,648	34,867
Cash, cash equivalents, and restricted cash at end of period	61,761	46,617
Supplemental Disclosures:
Cash paid for interest	$ 404	$ 216

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 59,915		$ 65,802
Marketable securities	112,883		190,222
Prepaid expenses and other current assets	7,289		10,428
Total current assets	180,087		266,452
Property and equipment, net	8,912		10,841
Operating lease right-of-use assets	11,657		13,712
Restricted cash	1,846		1,846
Other assets	353		386
Total assets	202,855		293,237
Current liabilities:
Accounts payable	2,283		1,691
Accrued clinical supply costs	2,141		3,669
Accrued liabilities	7,036		19,299
Deferred revenue, current portion	0		6,684
Payable to collaboration partner	3,717		17,289
Refund liability to collaboration partner, current portion	0		11,449
Operating lease liabilities, current portion	9,211		9,056
Debt, current portion	9,848		366
Total current liabilities	34,236		69,503
Deferred revenue, long-term portion	162,866		164,537
Debt, long-term portion	0		9,323
Operating lease liabilities, long-term portion	13,699		17,488
Other long-term liabilities	2,024		1,737
Total liabilities	212,825		262,588
Commitments and contingencies (Note 4)
Stockholders' equity (deficit):
Common stock, $0.0001 par value; 200,000,000 shares authorized; 111,656,805 and 110,362,581 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	11		11
Additional paid-in capital	1,008,121		1,002,528
Accumulated other comprehensive income (loss)	(126)		166
Accumulated deficit	(1,017,976)		(972,056)
Total stockholders' equity (deficit)	(9,970)	$ 10,382	30,649
Total liabilities and stockholders' equity (deficit)	$ 202,855		$ 293,237