Companies /Healthcare

Alector Inc

NASDAQ: ALEC Biotechnology
$2.17
▲ $0.03 (+1.36%) today
Markets open · 9:48am ET

Q4 2025 Earnings

Reported Feb 25, 2026, 4:10pm ET · SEC source
$-0.34
Beat +6.41%
EPS · est. $-0.36
$6.2M
Beat +218.63%
Revenue · est. $2.0M
−12.8%
Trailing market
ALEC vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−6%0+6%Feb 25Feb 26report 4:10pm ETearnings−0.9%+4.6%
−6%0+6%Feb 25Feb 26earnings−0.9%+4.6%
ALEC +4.6%S&P 500 −0.9%
−6%0+6%Feb 25Feb 26report 4:10pm ETearnings−1.4%+4.6%
−6%0+6%Feb 25Feb 26earnings−1.4%+4.6%
ALEC +4.6%NASDAQ −1.4%
−16%−8%0+8%Feb 24Mar 5report 4:10pm ETearnings−2.1%−17.2%
−16%−8%0+8%Feb 24Mar 5earnings−2.1%−17.2%
ALEC −17.2%S&P 500 −2.1%
−16%−8%0+8%Feb 24Mar 5report 4:10pm ETearnings−1.7%−17.2%
−16%−8%0+8%Feb 24Mar 5earnings−1.7%−17.2%
ALEC −17.2%NASDAQ −1.7%
+7.11%
Day of report
−5.08%
Next session
−22.66%
One week
−21.09%
30 days

S&P 500 over the same 30 days: −8.32%.

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 $-0.3633 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

“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.”

Alector CEO, on the earnings call

Forward Guidance & Outlook

Alector expects its $256.0 million in cash, cash equivalents, and investments to fund operations at least through 2027. An independent interim futility analysis for the PROGRESS-AD Phase 2 trial is planned for the first half of 2026. The company targets IND filing for AL137 in Q4 2026/Q1 2027 and IND submission for AL050 in 2027. Results from the INFRONT-3 Phase 3 trial of latozinemab are planned for presentation at a scientific meeting in 1H 2026.

ALEC YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$20.0M$40.0M$54.2M$6.2MRevenue
$0$20.0M$40.0MRevenue

ALEC Revenue by Segment

Collaboration Revenue

Figures from SEC filings and company reports. Not investment advice.