On October 27, 2020 Allakos Inc. (Nasdaq: ALLK) ("Allakos" or "the Company"), a biotechnology company developing AK002 for the treatment of eosinophil and mast cell related diseases, reported that results for the three months ended September 30, 2020 (Press release, Allakos, OCT 27, 2020, View Source [SID1234569132]). The preliminary financial results are subject to finalization of the Company’s customary quarterly financial close process.
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Allakos estimates that net loss will be between $40.0 million and $50.0 million for the three months ended September 30, 2020 as compared to $21.7 million for the three months ended September 30, 2019, an increase of between $18.3 million and $28.3 million.
Allakos estimates that cash, cash equivalents and investments in marketable securities will be $419.8 million as of September 30, 2020.
The Company expects to report its complete financial results for the third quarter ended September 30, 2020 before the market opens on November 9, 2020.
Information Regarding Preliminary Results
The preliminary estimated financial information contained in this press release reflects management’s estimates based solely upon information available to it as of the date of this press release and is not a comprehensive statement of our financial results for the three months ended September 30, 2020. In addition, the preliminary estimated financial information presented above has not been audited by our independent registered public accounting firm, Ernst & Young LLP. Accordingly, Ernst & Young LLP does not express an opinion on or any other form of assurance with respect thereto and assumes no responsibility for this information. The information presented above should not be considered a substitute for the financial information to be filed with the Securities and Exchange Commission (the "SEC") in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2020 once it becomes available and should not be regarded as a representation by us or our management as to our actual financial results for the three months ended September 30, 2020. The ranges for the preliminary estimated financial results described above constitute forward-looking statements. The preliminary estimated financial information presented above is subject to change, and our actual financial results may differ from such preliminary estimates and such differences could be material. Accordingly, you should not place undue reliance upon these preliminary estimates.