Q2 25 EPS
$-0.30
BEAT +36.17%
Est. $-0.47
Q2 25 Revenue
$7.9M
BEAT +180.73%
Est. $2.8M
vs S&P Since Q2 25
+1.2%
BEATING MARKET
ALEC +16.2% vs S&P +15.1%
Market Reaction
Did ALEC Beat Earnings? Q2 2025 Results
Alector delivered a notably cleaner quarter than Wall Street had anticipated, with the neuroscience biotech posting a Q2 2025 loss of $0.30 per share against a consensus estimate of $0.47, a beat of 36.17%, while collaboration revenue of $7.87 millio… Read more Alector delivered a notably cleaner quarter than Wall Street had anticipated, with the neuroscience biotech posting a Q2 2025 loss of $0.30 per share against a consensus estimate of $0.47, a beat of 36.17%, while collaboration revenue of $7.87 million cleared the $2.80 million estimate by 180.73%. The headline driver behind the improved bottom line was a sharp pullback in R&D spending, which fell to $27.61 million from $46.31 million a year ago, reflecting reduced activity on the AL002 and latozinemab programs following the satisfaction of key performance obligations and workforce reductions. Revenue, however, did retreat 47.8% year-over-year from $15.08 million, underscoring the lumpy nature of collaboration income. The company updated full-year guidance for collaboration revenue of $13 million to $18 million, with $307.28 million in cash providing a runway into the second half of 2027. Analysts have recently upgraded their 2025 estimates following the results, with attention centering squarely on topline data from the pivotal INFRONT-3 Phase 3 latozinemab trial in FTD-GRN, expected by mid-Q4 2025, and potential BLA and MAA submissions in 2026.
Key Takeaways
- • Lower R&D expenses due to reduced spending on AL002 and latozinemab programs and headcount reductions
- • Revenue decline driven by satisfaction of performance obligations for AL002 and latozinemab FTD-C9orf72 Phase 2 trial in Q4 2024
ALEC YoY Financials
Q2 2025 vs Q2 2024, source: SEC Filings
“The topline results from the pivotal INFRONT-3 Phase 3 trial of latozinemab, expected by mid- fourth quarter, represent a key inflection point for Alector and for the FTD community. FTD is a devastating form of dementia that affects people in the prime of life, with no approved treatments, and is often fatal within a decade of diagnosis. Heterozygous loss-of-function mutations in the GRN gene reduce progranulin levels by about 50%, impairing neuronal function and driving neurodegeneration. Latozinemab, our investigational therapy for FTD-GRN being developed in collaboration with GSK, is designed to restore progranulin levels in the brain. Supported by data from an open-label Phase 2 study, the FDA granted Breakthrough Therapy designation to latozinemab. The INFRONT-3 results will inform our next steps toward potential registration and may bring us one step closer to delivering a treatment for this relentless disease.”
— Arnon Rosenthal, Q2 2025 Earnings Press Release
ALEC Earnings Trends
ALEC vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ALEC EPS Trend
Earnings per share: estimate vs actual
ALEC Revenue Trend
Quarterly revenue: estimate vs actual
ALEC Quarterly Results
7 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $-0.28 | $-0.21 | +24.22% | $1.0M | -90.52% |
| Q1 26 BEAT | $-0.28 | $-0.21 | +24.22% | $1.0M | -90.52% |
| Q4 25 BEAT FY | $-0.36 | $-0.34 | +6.41% | $6.2M | +218.63% |
| FY Full Year | $-1.38 | $-1.39 | -1.09% | $21.0M | +24.39% |
| Q3 25 BEAT | $-0.41 | $-0.34 | +17.66% | $3.3M | -6.52% |
| Q2 25 BEAT | $-0.47 | $-0.30 | +36.17% | $7.9M | +180.73% |
| Q1 25 BEAT | $-0.46 | $-0.41 | +10.87% | $3.7M | -13.55% |
| Q4 24 BEAT FY | $-0.54 | $-0.02 | +96.33% | $54.2M | +165.82% |
| FY Full Year | — | $-1.23 | — | $100.6M | — |