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ALEC

Alector, Inc.

ALEC

Alector, Inc. • NASDAQ
$1.33 ▼ -1.11% (-0.01)
Market Cap $133.79 M
52w High $3.40
52w Low $0.87
Dividend Yield 0%
P/E -1.26
Volume 566.88K
Outstanding Shares 100.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $3.26M ▼ $40.868M ▼ $-34.667M ▼ -1.063K% ▼ $-0.34 ▼ $-33.43M ▼
Q2-2025 $7.874M ▲ $42.012M ▼ $-30.524M ▲ -387.656% ▲ $-0.3 ▲ $-30.916M ▲
Q1-2025 $3.674M ▼ $48.369M ▲ $-40.471M ▼ -1.102K% ▼ $-0.41 ▼ $-42.847M ▼
Q4-2024 $54.24M ▲ $15.028M ▼ $-2.074M ▲ -3.824% ▲ $-0.021 ▲ $-5.171M ▲
Q3-2024 $15.342M $63.776M $-42.22M -275.192% $-0.44 $-46.243M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $291.108M ▼ $335.285M ▼ $277.573M ▼ $57.712M ▼
Q2-2025 $307.28M ▼ $356.422M ▼ $285.247M ▼ $71.175M ▼
Q1-2025 $354.551M ▼ $408.303M ▼ $313.693M ▼ $94.61M ▼
Q4-2024 $413.397M ▼ $468.303M ▼ $341.503M ▼ $126.8M ▲
Q3-2024 $457.202M $516.023M $397.09M $118.933M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-34.667M ▼ $-32.511M ▲ $49.542M ▼ $14.701M ▲ $31.732M ▲ $-32.522M ▲
Q2-2025 $-30.524M ▲ $-49.046M ▲ $55.722M ▼ $122K ▲ $6.798M ▲ $-49.056M ▲
Q1-2025 $-40.471M ▼ $-60.783M ▼ $65.735M ▲ $0 ▼ $4.952M ▲ $-60.803M ▼
Q4-2024 $-2.074M ▲ $-55.028M ▼ $41.402M ▲ $9.788M ▲ $-4.138M ▲ $-55.201M ▼
Q3-2024 $-42.22M $-50.734M $40.348M $0 $-10.386M $-50.946M

Revenue by Products

Product Q3-2021
Phase Three License
Phase Three License
 $170.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Alector still looks like an early‑stage biotech on the income side: very little recurring revenue and ongoing, sizeable losses. Most of what comes in appears to relate to collaborations rather than product sales, and that has not been enough to cover the heavy spending on research and development and overhead. Losses have been fairly consistent year after year, with only modest improvement. Earnings per share remain clearly negative, which reflects the company’s choice to prioritize scientific progress over near‑term profitability. In practical terms, the income statement shows a business still firmly in the investment phase, without a commercial engine to support itself yet.

Balance Sheet

Balance Sheet The balance sheet shows a company that is asset‑light but cash‑dependent. Total assets and cash peaked a few years ago and have since drifted down, which is typical for a biotech funding research from its cash reserves. Cash still makes up a meaningful portion of total assets, but the cushion is thinner than it used to be. Debt levels are modest, which reduces financial strain from interest payments. However, shareholder equity has also come down from earlier levels, reflecting accumulated losses over time. Overall, the balance sheet is clean and not heavily leveraged, but it is gradually being drawn down to support operations, so the durability of the cash position is a key risk factor.

Cash Flow

Cash Flow Cash flow patterns reinforce the story of an R&D‑stage biotech. Most years show cash flowing out of the business from operations, as research and clinical work are expensive and there is no product revenue to offset them. One standout year with strong positive cash flow likely reflects upfront or milestone payments from partners rather than a structural change in the business. Free cash flow closely tracks operating cash flow, because capital spending on physical assets is minimal. This means the main driver of cash use is research and running the company day‑to‑day, not factories or equipment. In effect, Alector is burning cash to advance its pipeline, and its future flexibility will depend on how long existing cash lasts and whether it can secure further funding or partnership support.

Competitive Edge

Competitive Edge Alector occupies a focused niche in neurodegenerative disease with its immuno‑neurology approach, which gives it a differentiated scientific story. Its work on microglia and genetically defined pathways, combined with its brain‑delivery platform, sets it apart from more traditional approaches to Alzheimer’s and Parkinson’s. That said, its competitive position has been weakened by the high‑profile setback of its lead program, which not only hurt credibility but also reduced the near‑term visibility of its path to market. At the same time, partnerships with a major pharmaceutical company, especially around progranulin‑targeting drugs, provide external validation and shared resources. Alector also faces serious, well‑funded competitors pursuing similar biology and their own brain‑delivery technologies. Overall, it has real scientific differentiation but operates in a crowded and rapidly evolving arena, and recent clinical results have made its moat more uncertain.

Innovation and R&D

Innovation and R&D Innovation and R&D are clearly the center of Alector’s strategy. The company is trying to rewrite how neurodegenerative diseases are treated by reprogramming the brain’s immune system, backed by a genetics‑first target selection approach. Its proprietary brain carrier technology is a key asset, aiming to solve the long‑standing problem of getting large molecules across the blood–brain barrier. The pipeline, however, is at a reset point. The failure of the late‑stage latozinemab program forces a shift in emphasis toward earlier assets, such as AL101 in Alzheimer’s and the preclinical programs that use the ABC platform. This increases scientific and execution risk, because the portfolio is now more heavily weighted toward earlier‑stage, unproven candidates. R&D spending is substantial and will likely need to stay high if the company is to fully test its platform and broaden beyond the progranulin hypothesis. The upside is meaningful if the science translates in the clinic, but the path is long and uncertain.

Summary

Alector is a classic high‑risk, high‑uncertainty biotech story: strong scientific ambition, limited revenue, and ongoing losses funded by a shrinking but still meaningful cash position. Financially, the company remains pre‑commercial, with a clean but gradually eroding balance sheet and persistent negative cash flow driven by R&D. Strategically, its edge lies in a distinctive immuno‑neurology platform and a proprietary brain‑delivery technology, supported by meaningful partnerships. At the same time, the recent failure of a key late‑stage program has magnified clinical and competitive risks and shifted the spotlight to earlier‑stage assets and platform validation. Looking ahead, the company’s trajectory will be shaped by clinical readouts from its remaining programs, progress in moving its ABC‑based candidates into trials, and its ability to manage cash while maintaining scientific momentum. The combination of innovative science and financial strain makes this a story where outcomes could diverge widely depending on future trial results and partnership dynamics.

NEWS

November 26, 2025 · 11:00 AM UTC

ALEC Investors Have Opportunity to Join Alector, Inc. Fraud Investigation with the Schall Law Firm

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November 19, 2025 · 9:51 AM UTC

ALEC Investors Have Opportunity to Join Alector, Inc. Fraud Investigation with the Schall Law Firm

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November 11, 2025 · 10:43 PM UTC

ALEC Investors Have Opportunity to Join Alector, Inc. Fraud Investigation with the Schall Law Firm

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November 6, 2025 · 4:05 PM UTC

Alector Reports Third Quarter 2025 Financial Results and Provides Business Update

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October 28, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Alector, Inc. - ALEC

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