Alector, Inc.

Alector did not disclose quarterly revenue or EPS on the call, but it said second-quarter 2025 financial results were released after market close. The company ended the quarter with $307.3 million in cash and said this provides runway into the second half of 2027. For 2025, management guided to collaboration revenue of $13 million to $18 million, R&D expense of $130 million to $140 million, and G&A expense of $55 million to $65 million. On the clinical side, management reiterated that INFRONT-3 is a 96-week randomized, double-blind, placebo-controlled global trial in 103 symptomatic and 16 at-risk participants, with top-line data expected by mid-Q4 2025.

Arnon Rosenthal framed the quarter as an inflection point, emphasizing that latozinemab is Alector’s most advanced program and that FTD-GRN has no approved therapy. He highlighted the biological rationale for progranulin elevation, the company’s partnership with GSK, and launch-readiness work for a possible commercialization path. He also positioned AL101 and the preclinical ABC platform as part of a broader pipeline intended to create both near-term catalysts and longer-term value.

Neil Berkley said Alector finished Q2 with $307.3 million in cash and expects runway into the second half of 2027. He also updated 2025 guidance: collaboration revenue of $13 million to $18 million, R&D of $130 million to $140 million, and G&A of $55 million to $65 million. His comments were focused on funding position and execution across late-stage, preclinical, and research programs, with no additional margin or capital allocation details provided.

Analysts pressed management on why plasma progranulin was added as a co-primary endpoint and whether it is truly predictive of CNS benefit. Management said the FDA requested the SAP change, that it was the only change, and that Phase II data showed consistent progranulin elevation in plasma and CSF, which they believe is biologically meaningful. Questions also focused on whether a 25% slowing of decline would be sufficient; Dr. Ryan Darby said it would be meaningful in a disease with no treatment options, especially given the current unmet need and generally favorable tolerability seen so far. Other questions covered powering, label implications, placebo effects, ARIA risk, presymptomatic patients, and the open-label extension; management said CDR-SB powering is unchanged, no label discussions have occurred yet, placebo risk is limited over a 96-week study, ARIA has not been observed, and the OLE is rolling in an encouraging number of participants.