Alpine Immune Sciences, Inc.

For the year ended December 31, 2023, collaboration revenue was $58.9 million versus $30.1 million in 2022. R&D expense was $80.9 million versus $70.2 million, and G&A expense was $22.2 million versus $18 million. Net loss was $32.2 million, improved from $57.8 million in 2022. As of December 31, 2023, cash and investments totaled $368.2 million, which management said should fund operations into 2026. Forward-looking updates included additional povetacicept IgAN data in April at the World Congress of Nephrology, followed by planned initiation of RAINIER in the second half of 2024 and DENALI later this year.

Mitchell Gold framed 2023 as a transformational year, pointing to initial IgAN data that suggested a best-in-class profile for povetacicept and the oversubscribed $150 million equity raise that followed. He emphasized that the company is still early in exploring the drug’s full potential, but believes the program is positioned for meaningful catalysts in 2024 and beyond. His tone was confident and forward-looking, especially around IgAN, lupus, and additional autoimmune and inflammatory indications.

Paul Rickey said collaboration revenue increased to $58.9 million, mainly from a $24.9 million increase in AbbVie revenue, including a $20.4 million cumulative catch-up adjustment, and a $4.5 million increase in Amgen revenue, partly offset by a $0.6 million decline in Adaptimmune revenue. R&D expenses rose $10.7 million to $80.9 million, driven by $8.2 million higher povetacicept costs, $1.3 million higher acazicolcept costs, and $7.7 million higher personnel costs. G&A increased $4.3 million to $22.2 million, and the company ended with $368.2 million in cash and investments, expected to support operations into 2026.

Analysts pressed management on the 240 mg IgAN cohort, the go-forward dose decision, and whether 240 mg needs to look materially better than 80 mg. Management said 80 mg already appears best-in-class, that 9-month data will be important for the accelerated-approval benchmark, and that 240 mg data are still early and based on a relatively small number of patients. Questions also focused on ITP/RUBY-4 timing and efficacy, immunogenicity, and manufacturing capacity; management said no clinically significant ADA has been seen, expects a meaningful platelet response around a 20% response rate to matter in highly refractory ITP, and said manufacturing should support clinical trials.