Allogene Therapeutics, Inc.
Key statistics
from XBRL data in SEC filingsAI briefing
from the latest 10-K, 10-Q and 8-K eventsAllogene Therapeutics is a clinical-stage biotechnology company developing off-the-shelf allogeneic CAR T therapies for cancer and autoimmune diseases, with no approved products or product revenue.
What they do
Allogene engineers T cells from healthy donors to create off-the-shelf CAR T therapies targeting cancer and autoimmune diseases. The company's pipeline includes three core programs: cema-cel (ALLO-501A) for large B-cell lymphoma (LBCL), ALLO-329 for autoimmune disease, and ALLO-316 for renal cell carcinoma. Allogene uses TALEN and CRISPR gene-editing technologies to reduce graft-versus-host disease risk and Dagger technology to enhance expansion and persistence. Operations are focused on clinical development, manufacturing, and regulatory activities.
Revenue drivers
- Collaboration Revenue — The company recognized revenue of $4.6 million in Q2 2026, likely from its prior collaboration with Servier, though the 10-K notes annual revenue has declined to zero in 2025 as collaborations wind down.
- Grant or Other Non-Product Revenue — Historical revenue of $114.1M in 2021 declined to $22K in 2024, with no revenue in 2025, indicating no ongoing product or service sales.
Recent performance
For Q2 2026, Allogene reported revenue of $4.6 million, its first revenue since 2025, though full-year 2025 revenue was zero. Net loss for 2025 was $190.9 million, an improvement from $257.6 million in 2024. Diluted EPS for 2025 was -$0.87, compared to -$1.32 in 2024. Operating cash flow used in 2025 was $149.2 million, down from $200.3 million in 2024. As of June 30, 2026, the company had $423.6 million in cash, cash equivalents, and investments.
Strategy
Allogene is prioritizing three core programs: ALPHA3 (pivotal Phase 2 trial of cema-cel in first-line LBCL), RESOLUTION (ALLO-329 for autoimmune disease), and TRAVERSE (ALLO-316 for renal cell carcinoma). The company is focused on real-world feasibility, including outpatient administration and community cancer center adoption, to differentiate from autologous CAR T. Management emphasizes MRD-guided treatment to address high-risk LBCL patients and is expanding ALPHA3 internationally to approximately 100 sites. The Dagger technology is being developed to reduce or eliminate chemotherapy-based lymphodepletion, particularly for autoimmune indications.
Risks
- No approved products or revenue — The company has no commercial products and has not generated product sales to date, relying on external capital for operations.
- Clinical trial setbacks — The ALPHA3 trial closed the FCA arm after a Grade 5 adverse event attributed to ALLO-647, potentially affecting patient safety perceptions and trial design.
- Substantial net losses — Allogene has incurred net losses every period since inception, with an accumulated deficit of $2.0 billion as of December 31, 2025.
- Dependence on third-party technology — The company relies on Cellectis' TALEN and Arbor Biotechnologies' CRISPR gene-editing technologies, and a loss of these agreements could disrupt development.
Outlook
Management expects multiple clinical readouts in Q2 2026, including the ALPHA3 interim futility analysis, which supported further development. The company anticipates a next update on ALPHA3 in mid-2027, with enrollment completion expected by year-end 2027. A clinical data update for ALLO-329 in autoimmune disease is expected in Q4 2026. The company believes cash of $423.6 million at Q2 2026 provides runway to achieve near-term milestones.