Companies /Healthcare

Alector Inc

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

Q1 2026 Earnings

Reported May 7, 2026, 4:12pm ET · SEC source
$-0.21
Beat +24.22%
EPS · est. $-0.28
$1.0M
Miss −90.52%
Revenue · est. $11.0M
−26.0%
Trailing market
ALEC vs S&P since report
7 quarters
Consecutive EPS beats

Market Reaction

% change · around the report
−15%−10%−5%0May 7May 8report 4:12pm ETearnings+0.7%−13.5%
−15%−10%−5%0May 7May 8earnings+0.7%−13.5%
ALEC −13.5%S&P 500 +0.7%
−15%−10%−5%0May 7May 8report 4:12pm ETearnings+2.1%−13.5%
−15%−10%−5%0May 7May 8earnings+2.1%−13.5%
ALEC −13.5%NASDAQ +2.1%
−14%−7%0+7%May 6May 15report 4:12pm ETearnings+1.0%−11.5%
−14%−7%0+7%May 6May 15earnings+1.0%−11.5%
ALEC −11.5%S&P 500 +1.0%
−14%−7%0+7%May 6May 15report 4:12pm ETearnings+2.0%−11.5%
−14%−7%0+7%May 6May 15earnings+2.0%−11.5%
ALEC −11.5%NASDAQ +2.0%
−13.93%
Day of report
−2.38%
Next session
+2.86%
One week
−27.62%
30 days

S&P 500 over the same 30 days: −1.65%.

Did ALEC Beat Earnings? Q1 2026 Results

Alector delivered a mixed first quarter for fiscal 2026, narrowing its loss more sharply than Wall Street expected even as collaboration revenue collapsed well below estimates. The neuroscience biotech posted an adjusted loss of $0.21 per share, beating the $0.28 consensus by 24.22%, extending its run of topping EPS expectations to four consecutive quarters. Revenue, however, came in at just $1.05 million against an $11.03 million estimate, a 90.52% miss and a 71.5% decline from the $3.67 million recorded a year ago, as manufacturing activity supporting the nivisnebart progranulin program dried up following the discontinuation of the PROGRESS-AD Phase 2 trial after an interim futility analysis. The bottom-line improvement was driven by steep cost cuts, with R&D expenses falling to $17.86 million from $33.64 million and G&A dropping to $8.11 million from $14.73 million, narrowing the net loss to $22.93 million. With $206.51 million in cash expected to fund operations through at least 2027, Alector is now pivoting fully toward its Alector Brain Carrier platform, targeting an IND submission for AL037/AL137 in Q1 2027.

Key Takeaways
  • Significant reduction in operating expenses driven by reductions in force and decreased AL002 program spending
  • Lower collaboration revenue due to decreased manufacturing-related activity supporting the nivisnebart Phase 2 study

“Over the past seven years, we have built a highly differentiated blood-brain barrier platform with the versatility to deliver antibodies, enzymes, proteins, and siRNA to the brain. We have a rich and growing pipeline of ABC-enabled programs, and we remain deeply committed to developing therapies that can make a meaningful difference for patients living with neurodegenerative diseases.”

Alector CEO, on the earnings call

Forward Guidance & Outlook

Management anticipates that cash, cash equivalents, and investments of $206.5 million as of March 31, 2026, will be sufficient to fund operations at least through 2027. The company is targeting an IND submission for AL037/AL137 in Q1 2027 and is advancing AL050 and AL164 through preclinical development. The strategic focus remains on the ABC platform across multiple therapeutic modalities.

ALEC YoY Financials

Q1 2026 vs Q1 2025 · SEC filings Q1 2025 Q1 2026
$-27,000,000$-18,000,000$-9,000,000$0$3.7M$1.0MRevenue$-17,274,870$-24,919,000Operating Income$-15,996,930$-22,930,000Net Income
$-27,000,000$-18,000,000$-9,000,000$0RevenueOperating IncomeNet Income

ALEC Revenue by Segment

Collaboration Revenue

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