Alector, Inc.

What they do

Alector discovers and develops therapies for neurodegenerative diseases, including Alzheimer's disease (AD) and Parkinson's disease (PD). Its wholly owned pipeline is built on the Alector Brain Carrier (ABC) platform, a proprietary blood-brain barrier (BBB) technology designed to deliver antibodies, enzymes, proteins, and siRNA to genetically validated central nervous system targets. Lead programs are AL137 (anti-amyloid beta antibody for AD), AL064/AL164 (tau siRNA), AL050 (GCase enzyme replacement for PD), and earlier siRNA programs ADP062-ABC and ADP065-ABC.

Revenue drivers

• Collaboration and license revenue — Revenue has come from collaboration arrangements; annual revenue fell from $207.1M in 2021 to $100.6M in 2024 and $21.0M in 2025, with quarterly revenue of $1.0M-$6.2M in the four quarters through 2026-06-30. There are no approved products.
• AL137 anti-amyloid beta program — Lead ABC-enabled antibody candidate for AD, selected over backup AL037 after IND-enabling studies; the company targets an IND in Q1 2027 and first-in-human dosing in Australia no later than April 2027.
• AL064/AL164 tau siRNA program — Lead ABC-enabled siRNA program for AD and other tauopathies; AL064 was modified into AL164, which is advancing into IND-enabling studies.
• AL050 GCase enzyme replacement therapy — Preclinical ABC-enabled GCase program for PD and Lewy body dementia in patients with GBA1 mutations that reduce GCase activity.

Recent performance

Second quarter 2026 revenue was $3.3M, matching 2025-09-30 and up from $1.0M in 2026-03-31. Full-year 2025 revenue was $21.0M, down from $100.6M in 2024, and 2025 net loss was $143.0M versus $119.0M in 2024. Operating cash flow was negative $184.0M in 2025 after negative $229.9M in 2024. At 2026-06-30 the company reported total assets of $202.9M, total liabilities of $212.8M, shareholder equity of negative $10.0M, cash and equivalents of $59.9M, and no long-term debt. The August 6, 2026 earnings release cited $172.8M in cash, cash equivalents and investments.

Strategy

Alector's stated strategy centers on the ABC platform, which it describes as adaptable across antibodies, enzymes, and siRNA, using differentiated binding to a distinct transferrin receptor region to enhance brain delivery and enable peripheral dosing. The company selected AL137 as its lead anti-amyloid beta candidate with subcutaneous administration as the intended clinical route, and AL037 as backup. It is targeting an IND submission for AL137 in Q1 2027 and first-in-human dosing in Australia no later than April 2027. It is also advancing the ABC-enabled siRNA platform, led by AL064/AL164, plus AL050 and earlier programs ADP062-ABC and ADP065-ABC. Management described staying focused on disciplined execution as programs move toward clinical development.

Risks

• Going-concern and liquidity risk — Shareholder equity was negative $10.0M at 2026-06-30, with total liabilities of $212.8M exceeding total assets of $202.9M, and the company has no product revenue.
• Preclinical-only pipeline — All disclosed programs, including AL137, AL064/AL164, AL050, ADP062-ABC and ADP065-ABC, remain preclinical or research stage, so none has demonstrated clinical safety or efficacy.
• Clinical and regulatory timing risk — The AL137 IND is targeted for Q1 2027 and first-in-human dosing in Australia no later than April 2027, dates that depend on completing IND-enabling work and regulatory clearance.
• Reliance on third parties — The company relies on third parties to conduct clinical trials and manufacture product candidates for preclinical studies and clinical trials, based on its own risk disclosures.

Outlook

Management points to the AL137 IND submission targeted for Q1 2027 and first-in-human dosing in Australia no later than April 2027. Continued progress is expected across AL064/AL164 and AL050, and the company says it continues to evolve research and development plans and timing for each ABC-enabled siRNA program. The August 6, 2026 release states $172.8M in cash, cash equivalents and investments provide runway at least through 2027.