Q3 25 EPS
$-0.34
BEAT +17.66%
Est. $-0.41
Q3 25 Revenue
$3.3M
MISS 6.52%
Est. $3.5M
vs S&P Since Q3 25
+32.7%
BEATING MARKET
ALEC +42.0% vs S&P +9.3%
Market Reaction
Did ALEC Beat Earnings? Q3 2025 Results
Alector posted a mixed third quarter for fiscal 2025, delivering a narrower-than-expected loss while falling short on revenue against a backdrop of significant pipeline turbulence. The neuroscience-focused biotech reported a net loss of $0.34 per sha… Read more Alector posted a mixed third quarter for fiscal 2025, delivering a narrower-than-expected loss while falling short on revenue against a backdrop of significant pipeline turbulence. The neuroscience-focused biotech reported a net loss of $0.34 per share, beating the consensus estimate of $0.41 by 17.66%, as aggressive cost-cutting drove R&D expenses down to $29.35 million from $48.00 million a year ago. Revenue, however, came in at $3.26 million, missing the $3.49 million estimate by 6.52% and collapsing 78.8% year-over-year, largely because collaboration milestones tied to the AL002 program and the latozinemab FTD-C9orf72 trial were fulfilled in late 2024. The Phase 3 INFRONT-3 failure for latozinemab, which triggered a roughly 47% workforce reduction in October and prompted at least one analyst downgrade, now defines the company's reset moment. Management reiterated full-year guidance of $13 million to $18 million in collaboration revenue and expects its $291.11 million cash position to fund operations through 2027, while pivoting toward its ABC brain-delivery platform and targeting IND filings for AL137 in 2026 and AL050 in 2027.
Key Takeaways
- • Revenue decline driven by completion of AL002 and latozinemab FTD-C9orf72 performance obligations in Q4 2024
- • R&D expense reduction from wind-down of AL002 program and headcount reductions
- • G&A expense decrease from absence of prior-year right-of-use asset and leasehold improvement impairment charges and personnel cost reductions
ALEC YoY Financials
Q3 2025 vs Q3 2024, source: SEC Filings
“We are well-resourced to advance our portfolio of innovative drug candidates for the treatment of neurodegenerative diseases, with a sharpened focus on our differentiated Alector Brain Carrier (ABC) platform. ABC represents an important driver of innovation, with the versatility to deliver antibodies, enzymes and nucleic acid to the brain. Our ABC-enabled programs have demonstrated robust brain penetration through peripheral dosing, favorable safety, and good pharmacokinetics. We are advancing AL137, our ABC-enabled anti-amyloid beta antibody, AL050, our ABC-enabled GCase enzyme replacement therapy, and ADP064, our ABC-enabled Tau siRNA, toward IND-enabling studies, with IND submissions targeted in 2026 and 2027.”
— Arnon Rosenthal, Q3 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 | — |