10-K · February 25, 2026
Alector positions itself as a clinical‑stage neuroscience company centered on its proprietary Alector Brain Carrier (ABC) BBB platform and a genetically‑validated pipeline (notably nivisnebart). The company completed…
Earnings analysis · 10-Q
ALEC earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Alector's Q1 2026 10-Q report indicates a significant decline in collaboration revenue, dropping to $1.0 million compared to $3.6 million in Q1 2025, with net losses narrowing from $40.5 million to $22.9 million. The…
Read full summary
Alector's Q1 2026 10-Q report indicates a significant decline in collaboration revenue, dropping to $1.0 million compared to $3.6 million in Q1 2025, with net losses narrowing from $40.5 million to $22.9 million. The company has successfully reduced operating expenses but continues to face extensive liquidity risks and challenges in its clinical trials, particularly after GSK's discontinuation of pivotal trials. Management expects their cash reserves of $206.5 million will sustain operations through at least 2027.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.21
What stood out
-
Revenue Declines
Collaboration revenue was just $1.0 million in Q1 2026, down from $3.6 million in Q1 2025.
-
Improved EPS
Loss per share improved to $0.21 in Q1 2026 from $0.41 a year earlier.
-
Reduced Operating Expenses
Total operating expenses decreased by approximately $22.4 million from Q1 2025 to Q1 2026.
-
Significant Cash Reserves
Alector reported cash reserves of $206.5 million, projected to last at least until 2027.
-
Focus on Cost Management
Management's commitments to workforce reductions aim to align with strategic priorities and maintain liquidity.
What to watch
-
Dependency on Collaborative Revenue
Revenue relies heavily on collaborations like GSK; discontinuations of projects could jeopardize financial stability.
-
High Cash Burn Rate
The company reported cash used in operating activities of $49.8 million in Q1 2026, raising liquidity concerns.
-
Clinical Trial Risks
Significant adverse events have led to discontinuations of trials for key programs, such as nivisnebart and latozinemab.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · August 7, 2025
Alector reported collaboration revenue of $7,874,000 for Q2 2025, down versus $15,083,000 in Q2 2024, while net loss narrowed to $(30,524,000) (net loss per share $0.30) from $(38,676,000) (net loss per share $0.40) a…
10-Q · May 8, 2025
Alector reported collaboration revenue of $3.674M for Q1 2025 (down from $15.893M in Q1 2024) and a net loss of $40.471M (EPS -$0.41). Operating expenses declined to $48.369M vs $59.601M a year ago, but the company…
10-K · February 26, 2025
Alector positions itself as a late-stage neuroscience company focused on genetically validated targets and its proprietary Alector Brain Carrier (ABC) blood-brain barrier technology. The company completed enrollment in…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.