On May 11, 2020 Allakos Inc. (the "Company") (Nasdaq: ALLK), a biotechnology company developing antolimab (AK002) for the treatment of eosinophil and mast cell-related diseases, reported financial results for the first quarter ended March 31, 2020 (Press release, Allakos, MAY 11, 2020, View Source [SID1234557457]).

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First Quarter 2020 Financial Results

Research and development expenses were $18.3 million in the first quarter of 2020 as compared to $15.1 million in the same period in 2019, an increase of $3.2 million.

General and administrative expenses were $11.6 million in the first quarter of 2020 as compared to $5.8 million in the same period in 2019, an increase of $5.8 million.

Allakos reported a net loss of $27.8 million in the first quarter of 2020 as compared to $20.0 million in the same period in 2019, an increase of $7.8 million. Net loss per basic and diluted share was $0.57 for the first quarter of 2020 compared to $0.47 in the same period in 2019.

Allakos ended the first quarter of 2020 with $479.8 million in cash, cash equivalents and marketable securities.