Alector, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 09:18 pm
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Alector, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported net income was USD 1.38 million compared to USD 9.88 million a year ago. Basic earnings per share from continuing operations was USD 0.02 compared to USD 0.12 a year ago. Diluted earnings per share from continuing operations was USD 0.02 compared to USD 0.12 a year ago.
For the six months, net loss was USD 44.48 million compared to USD 34.73 million a year ago. Basic loss per share from continuing operations was USD 0.53 compared to USD 0.42 a year ago. Diluted loss per share from continuing operations was USD 0.53 compared to USD 0.42 a year ago.
Alector, Inc. is a clinical-stage biotechnology company. The Company is focused on immuno-neurology, a novel therapeutic approach for the treatment of neurodegeneration diseases. The Company is engaged in developing therapies designed to counteract these pathologies simultaneously by restoring healthy immune function to the brain. Its research and drug discovery platform leverages human genetic datasets, advanced tools in bioinformatics and imaging, and insights in neurodegeneration and immunology to identify immune system. Its product candidates: latozinemab (AL001), AL002, and AL101, are in clinical development. Its immune-neurology product candidates are supported by biomarkers and seek to treat indications, including Alzheimerâs disease and genetically defined frontotemporal dementia patient populations. Its first product candidate, latozinemab, is a human recombinant monoclonal antibody that increases the levels of progranulin (PGRN) in the brains of FTD-GRN patients.