olivLaw · US equity research
Alector, Inc. ALEC
Biological Products, (No Diagnostic Substances) · SIC 2836 · Vertical: Biological Products, (No Diagnostic Substances) (SIC 2836)
Alector is a biotechnology company developing therapies for neurodegenerative diseases such as Alzheimer's and Parkinson's, using its proprietary blood-brain barrier delivery platform ABC. The company is in a restructuring phase after clinical setbacks, and its license deal with Genentech, with a 100 million USD upfront payment, may extend its funding runway, while the net loss reached 142.9 million USD in 2025.
At the close of 04 Nov 2026, Alector, Inc. (ALEC) stock was 2.28 USD (+11.22% on the day), with market capitalisation 254.6 m USD, beta 1.58, 52-week range 1.14–2.72 USD. Latest reported quarter (Q2 2026): revenue of 3.3 m USD (−57.8% YoY), net income of -23.0 m USD, diluted EPS -0.21 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 60.7
- strong (55–70)
- Bollinger (20, 2)
- 1.71 – 2.32
- in the upper half of the band · %B 0.94 · band width 30.1%
- SMA 50 / 200
- 2.07 / 2.03
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.05 / 0.02
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +14.6% | −2.0% | +16.6 pp | — |
| 3 months | +53.0% | −2.2% | +55.2 pp | — |
| 6 months | −11.3% | +4.3% | −15.6 pp | — |
| Year to date | +46.2% | +10.6% | +35.6 pp | — |
| 1 year | +72.7% | +10.5% | +62.3 pp | −3.8% |
| 3 years | −61.2% | +73.7% | −134.9 pp | +18.6% |
| 5 years | −90.9% | +61.7% | −152.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.3 m | 54.2 m | 3.7 m | 7.9 m | 3.3 m | 6.2 m | 1.0 m | 3.3 m |
| Research & development | 48.0 m | 46.5 m | 33.6 m | 27.6 m | 29.4 m | 32.5 m | 17.9 m | 19.5 m |
| Operating income | -48.4 m | -7.2 m | -44.7 m | -34.1 m | -37.6 m | -39.6 m | -24.9 m | -24.4 m |
| Depreciation & amortisation | 1.3 m ≈ | 1.2 m | 984.0 k | 2.3 m ≈ | 1.2 m ≈ | 1.2 m | 1.1 m | 1.0 m ≈ |
| Pre-tax income | -42.2 m | -2.0 m | -40.5 m | -30.5 m | -34.7 m | -37.1 m | -22.9 m | -22.9 m |
| Income tax | 0 | 48.0 k | 0 | 0 | 0 | 168.0 k | 0 | 130.0 k |
| Net income | -42.2 m | -2.1 m | -40.5 m | -30.5 m | -34.7 m | -37.3 m | -22.9 m | -23.0 m |
| Diluted EPS | -0.43 | -0.02 ≈ | -0.41 | -0.30 | -0.34 | -0.34 ≈ | -0.21 | -0.21 |
| Operating cash flow | -50.7 m ≈ | -55.0 m | -60.8 m | -49.0 m ≈ | -32.5 m ≈ | -41.7 m | -49.8 m | -34.2 m ≈ |
| Capex | 212.0 k ≈ | 173.0 k | 20.0 k | 10.0 k ≈ | 11.0 k ≈ | 0 | 118.0 k | 31.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | ⚠ 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.7 m | 21.2 m | 21.1 m | 207.1 m | 133.6 m | 97.1 m | 100.6 m | 21.0 m |
| Revenue YoY | +641.0% | −23.3% | −0.6% | +881.5% | — | −27.3% | +3.6% | −79.1% |
| Net income | -52.2 m | -105.4 m | -190.2 m | -36.3 m | -133.3 m | -130.4 m | -119.0 m | -142.9 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -2.45 | -0.45 | -1.62 | -1.56 | -1.23 | -1.39 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | — | unavailable | unavailable | unavailable |
| net % | -188.8% | -496.7% | -901.6% | -17.5% | -99.8% | -134.3% | -118.4% | -679.2% |
| Free cash flow | 125.6 m | -114.6 m | -171.8 m | 295.3 m | -24.4 m | -186.5 m | -231.2 m | -184.1 m |
The series breaks before 2022: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 65.8 m USD
- Financial debt
- 9.7 m USD
- Net debt
- -56.1 m USD
- Equity
- 30.6 m USD
- Total assets
- 293.2 m USD
- Debt / equity
- 0.32x
- Current ratio
- 3.83x
- ROE
- -181.6%
- ROA
- -37.5%
- FCF margin
- -874.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.1 m | 207.1 m | 133.6 m | 97.1 m | 100.6 m | 21.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Research & development | 156.9 m | 189.4 m | 210.4 m | 192.1 m | 185.9 m | 123.1 m | SEC (XBRL)· 25 Feb 2026verified |
| Operating income | -195.2 m | -37.4 m | -137.8 m | -151.7 m | -145.0 m | -156.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Depreciation & amortisation | 5.9 m | 6.3 m | 5.7 m | 5.7 m | 5.4 m | 5.7 m | SEC (XBRL)· 25 Feb 2026verified |
| EBITDA | -189.3 m ≈ | -31.0 m ≈ | -132.1 m ≈ | -146.0 m ≈ | -139.6 m ≈ | -150.3 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Pre-tax income | — | — | -130.1 m | -125.1 m | -118.9 m | -142.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Income tax | 0 | 0 | 3.3 m | 5.2 m | 128.0 k | 168.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Net income | -190.2 m | -36.3 m | -133.3 m | -130.4 m | -119.0 m | -142.9 m | SEC (XBRL)· 25 Feb 2026verified |
| Diluted EPS | -2.45 | -0.45 | -1.62 | -1.56 | -1.23 | -1.39 | SEC (XBRL)· 25 Feb 2026verified |
| Weighted average diluted shares | 77.8 m | 80.4 m | 82.5 m | 83.7 m | 96.6 m | 103.0 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 50.0 m | 329.2 m | 154.3 m | 74.6 m | 33.0 m | 65.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Current assets | 421.5 m | 749.7 m | 726.4 m | 565.8 m | 424.8 m | 266.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Property, plant & equipment, net | 30.2 m | 27.3 m | 25.5 m | 21.9 m | 17.1 m | 10.8 m | SEC (XBRL)· 25 Feb 2026verified |
| Total assets | 488.3 m | 814.7 m | 787.6 m | 621.8 m | 468.3 m | 293.2 m | SEC (XBRL)· 25 Feb 2026verified |
| Accounts payable | 3.0 m | 4.7 m | 4.2 m | 3.8 m | 2.2 m | 1.7 m | SEC (XBRL)· 25 Feb 2026verified |
| Short-term debt | — | — | — | — | 0 | 366.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Long-term debt | — | — | — | 0 | 9.4 m | 9.3 m | SEC (XBRL)· 25 Feb 2026verified |
| Current liabilities | 68.1 m | 139.6 m | 93.8 m | 177.9 m | 125.1 m | 69.5 m | SEC (XBRL)· 25 Feb 2026verified |
| Total liabilities | 220.7 m | 513.9 m | 573.2 m | 487.7 m | 341.5 m | 262.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Equity | 267.5 m † | 300.7 m † | 214.4 m † | 134.2 m † | 126.8 m † | 30.6 m † | SEC (XBRL)· 25 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -166.7 m | 298.6 m | -20.3 m | -184.2 m | -229.9 m | -184.0 m | SEC (XBRL)· 25 Feb 2026verified |
| Capex | 5.0 m | 3.2 m | 4.1 m | 2.4 m | 1.3 m | 41.0 k | SEC (XBRL)· 25 Feb 2026verified |
| Free cash flow | -171.8 m ≈ | 295.3 m ≈ | -24.4 m ≈ | -186.5 m ≈ | -231.2 m ≈ | -184.1 m ≈ | SEC (XBRL)· 25 Feb 2026derived |
| Investing cash flow | -105.1 m | -49.7 m | -159.0 m | 101.9 m | 107.1 m | 196.6 m | SEC (XBRL)· 25 Feb 2026verified |
| Financing cash flow | 232.1 m | 30.3 m | 4.5 m | 2.6 m | 81.5 m | 20.2 m | SEC (XBRL)· 25 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 4 of at least 6
- score weight coverage: 27.1% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 254.6 m USD
Key indicators
Coverage and freshness
Score by group
27% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -850.1% | 21 (vs peers) | 23% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -46.0% | 0 (on a fixed band) | 31% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 5.3x | 100 (on a fixed band) | 15% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -62.2% | 0 (on a fixed band) | 31% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality· partial21/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Alector, Inc. (ALEC). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 21.0 m USD in 2025; YoY growth -79.1%; net margin -850.1%; ROE -385.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 4 of at least 6; score weight coverage: 27.1% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 5.3x
What contradicts it
- Net margin: -850.1%
- Revenue CAGR 3Y: -46.0%
- FCF yield: -62.2%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Biological Products, (No Diagnostic Substances) (SIC 2836) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| AMGNAmgen Inc. | 249.4 bn | 28.7 | 91.5% | 23.0% | +10.0% | +34% / +71% |
| GILDGilead Sciences, Inc. | 207.7 bn | — | -22.3% | -12.5% | +2.4% | +33% / +119% |
| MRNAModerna, Inc. | 91.2 bn | — | -39.0% | -141.4% | −39.9% | +779% / +194% |
| RVMDRevolution Medicines, Inc. | 41.6 bn | — | -79.1% | — | unavailable | +150% / +733% |
| BIIBBiogen Inc. | 36.8 bn | 106.4 | 1.9% | 3.4% | +2.2% | +37% / +6% |
| MESOMesoblast Limited | 18.5 bn | — | -19.0% | -593.9% | +191.4% | −17% / +425% |
| EXELExelixis, Inc. | 17.6 bn | 21.6 | 44.3% | 35.5% | +7.0% | +64% / +232% |
| HALOHalozyme Therapeutics, Inc. | 14.8 bn | 38.4 | 173.7% | 24.9% | +37.6% | +83% / +238% |
| KYMRKymera Therapeutics, Inc. | 11.6 bn | — | -27.3% | -341.8% | −16.7% | +101% / +556% |
| TWSTTwist Bioscience Corporation | 8.9 bn | — | -29.6% | -31.7% | +20.3% | +345% / +493% |
| SCNIScinai Immunotherapeutics Ltd. | 6.2 bn | — | -91.9% | -633.6% | +99.2% | −96% / −99% |
| CGONCG Oncology, Inc. | 6.0 bn | — | -26.4% | -3,602.7% | +254.7% | +51% / unavailable |
| TARSTarsus Pharmaceuticals, Inc. | 3.4 bn | — | -319.8% | -102.9% | +146.7% | −14% / +318% |
| DNLIDenali Therapeutics Inc. | 3.4 bn | — | -33.9% | -1,470.5% | unavailable | +8% / +13% |
| ADMAAdma Biologics, Inc. | 2.3 bn | 14.9 | 41.9% | 33.0% | +19.6% | −45% / +183% |
| VCELVericel Corporation | 2.3 bn | 107.7 | 7.2% | 7.9% | +16.5% | +13% / +28% |
| BCRXBiocryst Pharmaceuticals, Inc. | 2.1 bn | — | — | -40.9% | +94.1% | +15% / +40% |
| VIRVir Biotechnology, Inc. | 2.0 bn | — | -26.1% | -83.0% | −7.6% | +83% / +24% |
| ALVOAlvotech | 1.5 bn | 46.7 | — | 4.8% | +19.7% | −8% / −51% |
| INBXInhibrx Biosciences, Inc. | 1.3 bn | — | -1,773.6% | — | +550.0% | +3% / unavailable |
| EVAXEvaxion A | 1.2 bn | — | -100.2% | -102.4% | +125.1% | −50% / −93% |
| CADLCandel Therapeutics, Inc. | 692.5 m | — | -81.8% | — | 0.0% | +90% / +907% |
| SRZNSurrozen, Inc. | 372.0 m | — | — | -2,885.3% | −67.4% | +91% / +340% |
| AUTLAutolus Therapeutics plc | 367.3 m | — | -133.0% | -238.7% | +644.9% | −2% / −68% |
| LXEOLexeo Therapeutics, Inc. | 265.0 m | — | -46.8% | — | unavailable | −67% / −75% |
1- and 3-year price returns: for ALEC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Alector is a biotechnology company developing therapies for neurodegenerative diseases such as Alzheimer's and Parkinson's, using its proprietary blood-brain barrier delivery platform ABC. The company is in a restructuring phase after clinical setbacks, and its license deal with Genentech, with a 100 million USD upfront payment 3, may extend its funding runway, while the net loss reached 142.9 million USD in 2025 1.
SWOT
Strengths
- The ABC platform is proprietary and can be applied across several therapeutic modalities, giving flexibility to the portfolio 1. The company attracted a significant upfront payment from Genentech and keeps rights to the platform 3.
- The pipeline includes preclinical programs against genetically validated targets, and the company has expertise in protein engineering and antibody discovery 1.
- The Genentech agreement extends the cash runway into 2029, giving the company more time to advance its early programs 3.
Weaknesses
- The company has no approved products and no positive readout from a pivotal trial, which makes its long-term success hard to assess 1.
- Net losses have been recorded every year since inception and the accumulated deficit has grown to a large level, reducing financial headroom 12.
- The company cut its workforce significantly twice in 2025, which could affect continuity and the pace of program development 12.
Opportunities
- If AL137 or the siRNA programs advance as planned, the company could attract new partnerships to apply the ABC platform in other indications 23.
- Milestones and royalties under the Genentech agreement could generate future revenue if the AL050 program progresses clinically 3.
- Industry interest in blood-brain barrier delivery could support new agreements for other company programs 3.
Threats
- Repeated clinical setbacks in neurodegeneration could continue and weaken investor and partner confidence 12.
- Losing the GSK partner and the failure of nivisnebart may reduce predictable revenue and the capacity to fund programs 2.
- Competition from large companies and other developers targeting the same mechanisms could limit the commercial value of Alector's programs 1.
Risks
- Clinical failure riskhigh
The programs are at preclinical or early clinical stages, and recent failures suggest that proving efficacy in neurodegeneration remains uncertain 12.
- Dependence on additional fundinghigh
The company will need additional capital to fund development, and failure to obtain financing on acceptable terms could force program reductions 1.
- Termination of the GSK collaborationhigh
The July 2026 termination notice removes an important source of revenue and cost sharing, which may change the company's financial profile 2.
- Dependence on the Genentech agreementmedium
The value of AL050 depends on how Genentech develops the program, and additional payments are conditional on reaching milestones 3.
- Personnel and continuity riskmedium
Repeated workforce reductions could affect the ability to execute plans and retain essential specialists 12.
Investment thesis
What would need to be true (bull case)
- If the ABC platform proves in clinical studies that it delivers antibodies and enzymes effectively into the brain, its value could exceed that of individual programs and attract new partnerships.
- The Genentech agreement, with a significant upfront payment and possible additional payments, could provide the resources needed to advance AL137 and the siRNA programs toward IND.
- If AL137 proves effective and safe, the company could become an important source of innovation in Alzheimer's treatment, an area with high unmet medical need.
What would break the thesis
- Repeated clinical setbacks, including the discontinuation of PROGRESS-AD, suggest that positive evidence may remain hard to obtain in this field.
- The loss of the GSK agreement and successive workforce reductions could limit the company's capacity to support several early programs at once.
- If remaining programs do not reach the expected milestones, the value of the Genentech deal could be lower than anticipated and losses could continue.
What to watch
- IND submission for AL137 and start of first-in-human dosing in AustraliaQ1 2027
- Progress of AL050 under the Genentech agreement and any milestone payments2027
- Status of tau siRNA AL164 and ADP062-ABC toward IND2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Alector is a clinical-stage biotechnology company developing therapies for neurodegenerative diseases, focusing on genetically validated targets and mechanisms such as removing pathogenic proteins, replacing deficient proteins and restoring normal cellular function 1. Its activity is built around the proprietary Alector Brain Carrier (ABC) platform, a blood-brain barrier delivery technology for several modalities including antibodies, enzymes and siRNA 1. The company has no products approved for commercial sale and has not generated product sales revenue 1.
The portfolio was substantially reshaped in 2026. The Phase 2 PROGRESS-AD trial of nivisnebart was discontinued in April 2026 after an interim futility analysis 2, and GSK gave notice of termination of the collaboration in July 2026 2. Remaining active programs include AL137, an anti-amyloid beta antibody approaching IND, AL050, a GCase enzyme, and siRNA programs for tau and alpha-synuclein 23.
In October 2026 Alector announced a global license agreement with Genentech for AL050, under which Genentech takes over development and commercialization across all indications, while Alector keeps ownership of ABC and full rights to apply the platform to its wholly owned pipeline 3. The company said the deal extends its cash runway into 2029 3.
Segments
Wholly owned AL137 and AL164 pipeline
AL137 combines an anti-amyloid beta antibody with the ABC platform and is the lead candidate, with AL037 as backup; the target is an IND submission in the first quarter of 2027 2. The tau siRNA program AL064/AL164 is advancing into IND-enabling studies 2.
AL050 (GCase) and early siRNA programs
AL050 is a GCase enzyme delivered via ABC, targeting Parkinson's disease and Lewy body dementia linked to GBA1 mutations; after the Genentech agreement its development passes to that partner 3. The ADP062-ABC (alpha-synuclein) and ADP065-ABC (NLRP3) programs remain at early stages 1.
Nivisnebart and the GSK collaboration
Nivisnebart, a progranulin-elevating antibody, was the leading clinical program, but its Phase 2 study was discontinued in April 2026 2. The GSK relationship ended with a termination notice in July 2026, so expected future revenue from that agreement is no longer assured 2.
Market context
Alector operates in the market for therapies for neurodegenerative diseases, an area with high unmet medical need where few approved therapies modify disease progression 1. The company describes the field as one with limited success in drug development and evolving standards for regulatory approval 1. The potential market depends on clinical success, regulatory approvals and the ability of partners to commercialize products 1.
Developing therapies for diseases such as Alzheimer's and Parkinson's is costly, and Alector's revenue has so far been variable and limited, tied almost entirely to collaboration agreements 1. The Genentech deal shows that large partners are pursuing ABC-enabled and GCase assets, which may influence the value of other company programs 3.
Trends
- Repeated clinical setbacks in neurodegenerationheadwind
The company recorded significant failures, including the INVOKE-2 and INFRONT-3 trials, and PROGRESS-AD was stopped after a futility analysis 12. These results show how difficult it is to obtain convincing clinical evidence in this field.
- Restructuring and cost reductionmixed
The company reduced its workforce in 2025, by approximately 13% in March and approximately 47% in October 12, to align resources with strategic priorities. The reductions may extend the funding runway but limit the ability to develop several programs in parallel.
- Dependence on partnership fundingmixed
Revenue and funding have largely depended on collaborations with GSK and AbbVie, and the termination of the GSK agreement limits a predictable source of income 12. If new partnerships materialize, dependence on a single partner could decline.
Competitive position
Alector competes with other companies developing therapies for the same targets or biological mechanisms in neurodegeneration, including therapies that act on the same pathways as its programs 1. The company explicitly cites the risk of failing to develop products that compete effectively with competing therapies 1.
In blood-brain barrier delivery, Alector's competitive edge depends on how the ABC platform performs against other brain delivery approaches, such as intrathecal administration, which the company names as the traditional alternative 12.
- Genentech (Roche Group)
Partner that obtained global rights to AL050 in October 2026, making it both a partner and an indirect competitor in neurodegenerative diseases.
- GlaxoSmithKline (GSK)
Former partner for nivisnebart and latozinemab, whose agreement was terminated in 2026; remains a major actor in neurology therapy development.
- AbbVie
Former collaboration partner since 2017, whose agreement ended in February 2025; an example of a large company that explored Alector programs.
- Other neurodegenerative therapy developers
Companies working on the same targets or mechanisms, such as amyloid, tau or alpha-synuclein, are direct competitors to Alector's programs, though they are not named individually in the reviewed sources.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report16 Oct 2026Material agreement · Other events · Financial statements and exhibits
- Current report14 Oct 2026Departure or appointment of officers
- Current report05 Oct 2026Material agreement · Results of operations · Regulation FD disclosure · Other events · Financial statements and exhibits
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report08 Jul 2026Termination of a material agreement
- Current report17 Jun 2026Shareholder vote
- Current report07 May 2026Material agreement · Financial statements and exhibits
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Alector, Inc. · 25 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Alector, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Alector, Inc. · 05 Oct 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.