ALEC · Alector, Inc.

Alector reported first quarter 2026 results reflecting significant cost reductions following workforce reductions, with collaboration revenue declining to $1.0 million from $3.7 million year-over-year primarily due to lower manufacturing activity supporting the now-discontinued nivisnebart Phase 2 trial in early Alzheimer's disease. R&D expenses dropped to $17.9 million from $33.6 million, driven by personnel cuts and reduced spending on the AL002 program, while G&A expenses fell to $8.1 million from $14.7 million for similar reasons. This led to a narrower net loss of $22.9 million or $0.21 per share, compared to $40.5 million or $0.41 per share in the prior year period. CEO Arnon Rosenthal highlighted the versatility of the Alector Brain Carrier (ABC) platform for delivering antibodies, enzymes, and siRNA across neurodegeneration targets. Key pipeline progress includes IND-enabling studies for AL037/AL137 (ABC-enabled anti-amyloid beta antibodies for AD, targeting Q1 2027 IND), preclinical advancement of AL050 (GCase ERT for PD), and AL164 (optimized tau siRNA for AD/tauopathies). Early siRNA programs like ADP062-ABC (alpha-synuclein for PD) and ADP065-ABC (NLRP3) are advancing toward lead selection. The discontinuation of the nivisnebart trial shifts focus to ABC-enabled programs. Balance sheet remains solid with $206.5 million in cash, cash equivalents, and investments as of March 31, 2026, providing runway at least through 2027 and supporting ongoing preclinical efforts.