Q4 25 EPS
$-0.34
BEAT +6.41%
Est. $-0.36
Q4 25 Revenue
$6.2M
BEAT +218.63%
Est. $2.0M
vs S&P Since Q4 25
-27.9%
TRAILING MARKET
ALEC -21.5% vs S&P +6.4%
Full Year 2025 Results
FY 25 EPS
$-1.39
MISS 1.09%
Est. $-1.38
FY 25 Revenue
$21.0M
BEAT +24.39%
Est. $16.9M
Market Reaction
Did ALEC Beat Earnings? Q4 2025 Results
Alector delivered a cleaner-than-expected fourth quarter despite a dramatic revenue contraction, as the clinical-stage neurodegeneration company posted Q4 2025 EPS of $-0.34, beating the $-0.36 consensus by 6.41%, while revenue of $6.24 million clear… Read more Alector delivered a cleaner-than-expected fourth quarter despite a dramatic revenue contraction, as the clinical-stage neurodegeneration company posted Q4 2025 EPS of $-0.34, beating the $-0.36 consensus by 6.41%, while revenue of $6.24 million cleared the $1.96 million estimate by 218.63%. The headline revenue figure, however, masked a sharp year-over-year decline of 88.5%, falling from $54.24 million a year ago as key performance obligations tied to the AL002 program and a latozinemab trial were fulfilled in Q4 2024, eliminating the high-margin collaboration revenue that had cushioned prior results. Cost discipline softened the blow, with R&D expenses falling to $32.46 million from $46.46 million and G&A declining to $13.34 million from $15.03 million, though the net loss still widened to $37.27 million. Looking ahead, Alector's $256.0 million cash position is expected to fund operations through at least 2027, with an interim futility analysis for its PROGRESS-AD Alzheimer's trial due in the first half of 2026, and an IND filing for lead pipeline candidate AL137 targeted for late 2026 or early 2027.
Key Takeaways
- • Satisfaction of performance obligations for AL002 and latozinemab FTD-C9orf72 Phase 2 in Q4 2024 resulted in sharply lower collaboration revenue in 2025
- • Reductions in force lowered R&D and G&A expenses year-over-year
- • Decrease in AL002 program spending contributed to lower R&D expenses
ALEC YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“Alector's strength lies in the combination of a highly differentiated blood-brain barrier platform and a team with deep experience executing complex neurodegenerative programs. Following more than six years of focused investment in our ABC technology, we believe the breadth, flexibility, and tunability of our ABC platform position us to translate scientific innovation into exciting clinical-stage assets. At the same time, we continue to advance the PROGRESS-AD Phase 2 trial of nivisnebart (AL101) in early Alzheimer's disease, together with GSK, toward an independent interim futility analysis in the first half of 2026.”
— Arnon Rosenthal, Q4 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 | — |