10-Q · May 13, 2026
Allogene Therapeutics reported a disappointing Q1 2026 reflecting no revenue and a significant net loss of $42.6 million or $0.18 per share, meeting consensus estimates for EPS but falling short on revenue expectations…
Earnings analysis · 10-Q
ALLO earnings analysis
Filed August 12, 2026 · Our reading of the company's report
The latest report
Allogene reported $4.64 million of second-quarter revenue and diluted EPS of negative $0.13, with revenue driven by collaboration income rather than product sales. Liquidity remains meaningful at $423.6 million of cash,…
Read full summary
Allogene reported $4.64 million of second-quarter revenue and diluted EPS of negative $0.13, with revenue driven by collaboration income rather than product sales. Liquidity remains meaningful at $423.6 million of cash, cash equivalents and investments, but the company continues to incur substantial losses and requires additional financing. Clinical momentum is offset by the Grade 5 SAE that terminated the FCA arm of ALPHA3, uncertainty over FC lymphodepletion, manufacturing constraints and expanding TALEN-related intellectual-property risks. The 2026 operating-expense outlook was maintained at approximately $225 million on a GAAP basis.
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
- $-0.13
What stood out
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Collaboration Income Supports Revenue
Second-quarter revenue was $4.64 million, consisting of collaboration income rather than product sales; the company stated it has generated no revenue from product sales to date.
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Year-to-Date Losses Remain Material
The company reported a net loss of $85.3 million for the six months ended June 30, 2026, compared with a net loss of $190.9 million for the year ended December 31, 2025.
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$423.6M Cash and Investments
Cash and cash equivalents and investments totaled $423.6 million at June 30, 2026, providing funding for near-term clinical and operating requirements.
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Near-Term Clinical Supply Available
Management stated that existing cema-cel and ALLO-329 inventory is sufficient to meet near-term clinical needs, including completion of the current ALPHA3 and RESOLUTION trials.
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Controls Remained Effective
Management concluded that disclosure controls were effective as of June 30, 2026, and reported no change in internal control over financial reporting during the three months ended June 30, 2026 that materially affected, or was reasonably likely to materially affect, those controls.
What to watch
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ALPHA3 Grade 5 SAE and Regimen Change
The ALPHA3 FCA arm was terminated after a Grade 5 serious adverse event involving fulminant hepatic failure caused by disseminated adenovirus infection on Day 54 post-infusion. The trial is proceeding with FC lymphodepletion versus observation, creating efficacy and safety uncertainty around the revised design.
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TALEN Licensing and Patent Disputes
The filing identifies new or expanded intellectual-property exposure involving LTC’s April 2026 assertion concerning patents licensed to Cellectis and Factor’s litigation involving three U.S. patents related to TALEN technology. A loss of rights could delay or prevent development of cema-cel and ALLO-316.
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Supplier Divestiture Raises Supply Risk
The company disclosed that its viral-vector supplier completed a divestiture of its viral-vector/CDMO business in the second quarter of 2026. Although Allogene currently has two donor-material sources and believes near-term inventory is sufficient, the affected source may not meet longer-term needs without additional supplier qualification.
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Additional Financing Required
Allogene reported an accumulated deficit of $2.1 billion as of June 30, 2026 and stated that substantial additional financing will be required to develop, manufacture and commercialize its product candidates. It has no committed source of additional capital.
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Reduced Manufacturing Capacity
The company implemented a 28% reduction in force in May 2025 after a 22% reduction in January 2024; it stated that the prior manufacturing scale-down may limit operational readiness, technical expertise and CMC execution despite increased hiring in the second quarter of 2026.
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Interim MRD Data May Not Predict EFS
ALPHA3 interim results were based on the first 24 randomized patients, and the filing states that MRD conversion is not an accepted surrogate endpoint for LBCL. FC lymphodepletion may not sufficiently support CAR T-cell expansion, persistence and efficacy across the broader trial population.
Management's outlook
The filing reiterates 2026 operating-expense expectations of approximately $165 million and GAAP operating expenses of approximately $225 million, including approximately $35 million of non-cash stock-based compensation. The GAAP outlook is consistent with the prior $225 million outlook; no numeric revenue or EPS guidance was provided.
Earlier filings 4
10-K · March 12, 2026
Allogene’s 2025 10-K emphasizes a focused, platform-driven strategy to advance three core allogeneic CAR T programs (cema-cel for 1L LBCL, ALLO-316 for RCC, ALLO-329 for autoimmune disease) and to leverage in‑house…
10-Q · May 13, 2025
Allogene Therapeutics, Inc. reported a quarterly net loss of $59.7 million for Q1 2025, with a diluted EPS of $(0.28), an improvement from $(0.38) in the prior year. The company had no collaboration revenue and saw a…
10-Q · August 7, 2024
Allogene reported no collaboration revenue in Q2 (collaboration revenue $0) and a GAAP net loss of $66,358 for the quarter (EPS $(0.35)). Management reduced operating spend year-over-year (total operating expenses…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.