On February 25, 2026 Schrödinger, Inc. (Nasdaq: SDGR) reported financial results for the fourth quarter and full-year ended December 31, 2025, and provided its 2026 outlook and 2028 financial objectives.

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"Schrödinger’s performance in 2025, marked by 23% total revenue growth and 11% software revenue growth, is a testament to the resilience of our business and the unique value we provide," said Ramy Farid, Ph.D., chief executive officer of Schrödinger. "While the drug discovery AI landscape is expanding rapidly, we differentiate ourselves by consistently delivering outsized real-world impact, validated by continued robust customer engagement, high customer retention, and a strong track record of highly differentiated development candidates across our collaborative and internal therapeutics portfolio. Our success is enabled by our transformative platform that integrates ground-truth, physics-based simulation with leading-edge AI and machine learning. Looking ahead to 2026, we are poised to scale our impact through new platform enhancements and the commercial launch of our predictive toxicology solution."

Full Year 2025 Financial Highlights (comparisons are to full year 2024, unless otherwise noted)
•Total revenue was $255.9 million, a 23.3% increase.
•Software revenue was $199.5 million, a 10.6% increase.
•Drug discovery revenue was $56.4 million compared to $27.2 million.
•Software gross margin was 74%.
•Operating expenses were $309.5 million, a 9.3% decrease.
•Other income, which includes gains/losses on equity investments, changes in fair value of such investments and interest income/expense, was $64.6 million.
•Net loss for the full year was $103.3 million, compared to $187.1 million.
•At December 31, 2025, Schrödinger had cash, cash equivalents, restricted cash and marketable securities of approximately $402.3 million, compared to approximately $367.5 million at December 31, 2024.

Fourth Quarter 2025 Financial Highlights (comparisons are to fourth quarter 2024, unless otherwise noted)
•Total revenue was $87.2 million, a 1.2% decrease.
•Software revenue was $69.3 million, a 13% decrease, primarily due to the accelerated recognition of upfront revenue from multi-year agreements signed in 2024, partially offset by higher hosted revenue.
•Drug discovery revenue was $18.0 million compared to $8.7 million.
•Software gross margin was 81%.
•Operating expenses were $74.5 million, a 12.2% decrease.
•Other income, which includes gains/losses on equity investments, changes in fair value of such investments and interest income/expense, was $50.1 million.
•Net income for the fourth quarter was $32.5 million, compared to a net loss of $40.2 million in the fourth quarter of 2024.

For the three months and year ended December 31, 2025, Schrödinger reported adjusted EBITDA of $(5.2) million and $(114.9) million, respectively, compared to adjusted EBITDA of $(6.6) million and $(152.5) million for the three months and year ended December 31, 2024, respectively.

See "Non-GAAP Information" below and the table at the end of this press release for a reconciliation of adjusted EBITDA to GAAP net income (loss).

Full Year 2025 Key Performance Indicators (KPIs)
Schrödinger today reported 2025 key performance indicators for both the software and drug discovery components of its business.

Software KPI 2025 2024 % Growth
Total annual contract value (ACV) $198.5M $190.8M 4.0%
Top 20 Pharma ACV $80.8M $70.0M 15.3%
Commercial ACV $177.4M $165.8M 7.0%
ACV per Commercial Customer (>$1M ACV) $3.9M $3.3M 16.3%
Number of Commercial Customers (>$1M ACV) 27 29 —
Net Dollar Retention (Commercial Customers) 100% 113% —
Gross Dollar Retention (Commercial Customers) 96% 96% —

Drug Discovery KPI 2025 2024
Ongoing programs eligible for royalties 16 13
Number of collaborators since 2018 20 19

For additional information about the company’s KPIs, see "Operating Metrics" below.

Today Schrödinger announced that it is accelerating its transition to hosted software and license server solutions from traditional on-premise deployments. While this transition was already underway, the company believes that accelerating it will result in more predictable revenue and normalize the impact of contract renewal timing and duration. This industry-standard shift provides customers with faster onboarding, enhanced renewals, and improved support. This transition shifts upfront revenue recognition associated with on-premise licenses to ratable revenue recognition for hosted contracts. While this shift is expected to introduce short-to-medium term declines in software revenue, there will be no change to ACV or cash flow from this transition. Schrödinger believes this model better aligns with the evolving infrastructure needs of its customers and regulatory trends. Schrödinger expects that the majority of its software contracts will be transitioned to hosted agreements by 2028. Hosted revenue was 23% of software revenue for the year ended December 31, 2025 compared to 20% for the year ended December 31, 2024.

2026 Financial Outlook
As of February 25, 2026, Schrödinger provided the following expectations for the fiscal year ending December 31, 2026:
•Software ACV is expected to range from $218 million to $228 million, representing 10-15% growth over 2025.
•Drug discovery revenue is expected to range from $55 million to $65 million.
•Operating expenses are expected to be less than 2025.

For the first quarter of 2026, software ACV is expected to range from $24 million to $28 million, representing $197 million to $201 million on a trailing four quarter basis.

2028 Financial Objectives
In addition to its 2026 financial outlook, Schrödinger is establishing the following financial objectives reflecting its goal of achieving positive adjusted EBITDA by the end of 2028:
•Software ACV Growth: Deliver durable software ACV growth of 10% – 15% annually.
•Hosted Software Transition: Substantially complete transition to hosted software as revenue converges with ACV.
•Gross Margin: Return software gross margin percentage to high 70s.
•Drug Discovery Revenue: Target drug discovery revenue of $50 million annually, with potential variability each year due to milestone-driven timing of collaboration revenue.
•Operating Expense Discipline and Cash Flow Generation: Achieve positive adjusted EBITDA by the end of 2028.
"Our 2026 outlook and 2028 financial objectives reflect a strategic evolution in our business model," said Richie Jain, chief financial officer of Schrödinger. "We are accelerating our transition to a hosted licensing model. This shift from upfront to ratable recognition is expected to establish a more predictable, higher-visibility revenue stream that better aligns with standard software business practices without impacting cash flow. During this transition, we believe ACV provides useful insight into the underlying trends and performance of our software business given the transition’s impact on the timing of recognition of GAAP revenue, which we expect to decrease in the short-to-medium term. Accordingly, we have introduced a new set of key performance indicators to provide supplemental insight into our business performance. With our opportunities for continued growth and disciplined expense management, we aim to achieve positive adjusted EBITDA by the end of 2028."
Recent Highlights
Platform
Schrödinger’s platform addresses the challenge of data scarcity in molecular discovery by combining ground-truth, physics-based simulation with AI to enable teams to efficiently design high-quality, novel drug candidates and materials. Recent platform highlights include the following:
•In January, Schrödinger introduced RetroSynth, an AI-driven solution that enables chemists to rapidly identify the most efficient routes for the synthesis of novel molecules. RetroSynth reduces the time spent on manual route design and helps scientists prioritize the synthesis of molecules that not only have the most desirable attributes but are also synthetically tractable, while reducing costly lab failures.

•In January, the company announced a collaboration with Lilly TuneLab, whereby LiveDesign, Schrödinger’s widely used informatics platform, will be a priority interface for participating biotech companies to access TuneLab workflows. This allows users to combine Lilly’s federated learning models with Schrödinger’s physics-based simulations, addressing the data scarcity problem that often hinders AI-driven discovery.

•Also in January, Schrödinger announced a strategic agreement with Manas AI. Under the terms of the agreement, Manas AI will gain significant access to the company’s computational platform and is able to integrate Schrödinger’s physics-based modeling solutions with Manas AI’s algorithms to improve predictive accuracy and speed.

Therapeutics Portfolio
Schrödinger is advancing a portfolio of proprietary and collaborative programs that demonstrate the impact of its predict-first approach to drug design. The portfolio includes over twenty-five first-in-class, best-in-class, and first-in-modality programs across all stages of development, including more than ten clinical-stage programs. Sixteen programs are eligible for royalties on sales. The company has generated over $650 million in cash from its drug discovery initiatives since 2020 and is eligible for up to nearly $5 billion in potential future milestones. Recent highlights include the following:
•Schrödinger is working to complete the Phase 1 clinical packages for SGR-1505, Schrödinger’s investigational MALT-1 inhibitor for the treatment of relapsed or refractory B-cell malignancies, and of SGR-3515, its investigational Wee1/Myt1 inhibitor for the treatment of solid tumors. The company expects to present initial SGR-3515 data in the second quarter of 2026 and is exploring strategic partnerships to advance the development of these programs.

•In December, Structure Therapeutics, a company co-founded by Schrödinger and in which it has an equity stake, announced positive topline Phase 2B data of aleniglipron, its once-daily oral small molecule GLP-1 receptor agonist, in development for the treatment of obesity. Structure expects to initiate the aleniglipron Phase 3 program in mid-2026. Also in December, Structure announced the initiation of a first-in-human Phase 1 clinical study of ACCG-2671, an oral small molecule amylin receptor agonist for the treatment of obesity.
•In December, Ajax Therapeutics, a company co-founded by Schrödinger, presented preclinical data of AJ1-11095, the company’s first-in-class type II JAK2 inhibitor that is currently in a Phase 1 trial in patients with relapse/refractory myelofibrosis at the American Society of Hematology (ASH) (Free ASH Whitepaper) Annual Meeting. Later in December, AJ1-11095 received orphan drug designation from the U.S. Food and Drug Administration for the treatment of myelofibrosis.

•In December, Takeda announced positive topline Phase 3 results of zasocitinib, its investigational TYK2 inhibitor, in moderate-to-severe plaque psoriasis. Takeda intends to file a New Drug Application with the FDA in 2026. Takeda acquired zasocitinib from Nimbus, a company co-founded by Schrödinger, in 2023. Schrödinger is eligible to receive future cash distributions from potential milestone payments made to Nimbus upon achievement of specified sales milestones.

Webcast and Conference Call Information
Schrödinger will host a conference call to discuss its fourth quarter and full year 2025 financial results on Wednesday, February 25, 2026, at 4:30 p.m. ET. The live webcast can be accessed under "Events & Presentations" in the investors section of Schrödinger’s website, View Source To participate in the live call, please register for the call here. It is recommended that participants register at least 15 minutes in advance of the call. Once registered, participants will receive the dial-in information. The archived webcast will be available on Schrödinger’s website for approximately 90 days following the event.

(Press release, Schrodinger, FEB 25, 2026, View Source [SID1234662996])

On February 25, 2026 Sutro Biopharma, Inc. (Sutro or the Company) (NASDAQ: STRO), a clinical-stage oncology company pioneering site-specific and novel-format antibody drug conjugates (ADCs), reported that management will participate in several upcoming investor conferences.

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Conference Details:

TD Cowen 46th Annual Health Care Conference
Date: March 2-4, 2026
Location: Boston, MA

Leerink Partners Global Healthcare Conference
Date: March 8-11, 2026
Location: Miami, FL

The Citizens Life Sciences Conference
Date: March 10-11, 2026
Location: Miami, FL

Barclays 28th Annual Global Healthcare Conference
Date: March 10-12, 2026
Location: Miami, FL

Webcasts of the fireside chats at the TD Cowen and Citizens conferences will be accessible through the Events & Presentations page of the Investor Relations section of the Company’s website at www.sutrobio.com. Archived replays will be available for at least 30 days after the event.

(Press release, Sutro Biopharma, FEB 25, 2026, View Source [SID1234663019])

On February 25, 2026 Tempest Therapeutics, Inc. (Nasdaq: TPST) ("Tempest"), a clinical-stage biotechnology company developing a pipeline of advanced cell therapy and small molecule product candidates to treat cancer, reported clinical data from the ongoing REDEEM-1 Phase 1/2a trial evaluating TPST-2003, a CD19/BCMA dual-targeting CAR-T therapy.

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TPST-2003 is an autologous CD19/BCMA dual-targeting CAR-T therapy designed to improve response depth and durability in patients with relapsed/refractory multiple myeloma ("rrMM") through a parallel dual-targeting CAR structure designed to address tumor heterogeneity and antigen escape. TPST-2003 is being developed in China by Tempest’s partner, Novatim Immune Therapeutics ("Novatim"). Under its agreement with Novatim, Tempest has the exclusive right to develop TPST-2003 outside of China, India, Turkey, and Russia.

As of the January 31, 2026 data cutoff, a total of 36 patients with rrMM had received one infusion of TPST-2003, including 24 patients in a prior Phase 1/2 IIT and 12 patients in the ongoing REDEEM-1 trial, representing one of the largest datasets evaluating a CD19/BCMA dual-targeting CAR-T therapy. As of the data cutoff, patients enrolled in the REDEEM-1 trial have received a median of four prior lines of therapy.

All six patients currently evaluable for efficacy in the REDEEM-1 trial – three treated at dose level 1 (1 x 106 cells/kg) and three at dose level 2 (2 x 106 cells/kg) – achieved a CR according to the International Myeloma Working Group (IMWG) uniform response criteria. Among 25 evaluable patients with measurable disease at baseline across both studies, the overall response rate ("ORR") was 100% (25/25).

Clinical responses were observed consistently across dose levels and study settings, which Tempest believes supports the reproducibility of TPST-2003’s parallel dual-targeting CAR architecture. Tempest plans to present the results of the REDEEM-1 trial and updated results from the IIT at a scientific meeting later this year.

"These results have the potential to raise the bar for clinical effect in relapsed/refractory multiple myeloma (rrMM)," said Dr. Matt Angel, President and Chief Executive Officer of Tempest. "The data from the ongoing REDEEM-1 trial suggest a favorable safety and efficacy profile that could set TPST-2003 apart from currently approved CAR-T therapies and offer a safe, effective option for patients with rrMM. We believe that replicating these results in the remainder of the REDEEM-1 trial and also in a registrational trial would position TPST-2003 as a class-leading therapy for rrMM, and we have therefore made the decision to accelerate our development of TPST-2003. Given the favorable safety profile and demonstrated clinical effect, Tempest is also exploring potential development of TPST-2003 to include patients with large B-cell lymphoma (LBCL) and other related indications."

Favorable Safety Profile Observed Across All Dose Levels in REDEEM-1

As of the January 15, 2026 data cutoff, TPST-2003 demonstrated a favorable safety profile across all dose levels evaluated in REDEEM-1. As of the data cutoff, patients in the REDEEM-1 trial experienced:

No Grade three or higher cytokine release syndrome (CRS)
One patient treated at the highest dose level (3 x 106 cells/kg) experienced low-grade immune effector cell-associated neurotoxicity syndrome ("ICANS")
No Grade three or higher ICANS
The observed safety profile together with the consistency of responses observed in the REDEEM-1 trial support Tempest’s plan to accelerate its development timeline and meet with the FDA to discuss initiating a U.S. registrational study later this year.

Deep Responses and Durable Disease Control

Tempest believes the results of the ongoing REDEEM-1 study are consistent with prior clinical results, including a 24-patient Phase 1/2 IIT. In the IIT, among 19 evaluable patients with measurable disease at baseline:

ORR was 100% (19/19)
CR rate was 89.5% (17/19)
At the highest dose level, CR was observed in 100% of patients (5/5)
The IIT also demonstrated durable disease control, with:

Median progression-free survival (PFS) of 23.1 months across all patients
Median PFS of 23.1 months in patients with extramedullary disease (EMD)
All evaluable patients remained MRD-negative at month 12 (5/5)
Patients with EMD are often associated with worse outcomes and shorter disease control in rrMM. Tempest believes these findings support continued evaluation of TPST-2003 for its potential to deliver both deep and durable responses in advanced disease.

Parallel Dual-Targeting CAR Structure Designed to Address Resistance Mechanisms

TPST-2003 incorporates a proprietary parallel dual-targeting CAR architecture designed by Tempest’s partner, Novatim Immune Therapeutics.

"The differentiated parallel structure of TPST-2003’s dual-targeting CAR is designed to address the challenges of relapse and suboptimal efficacy of other approaches," said Guoxiang Wu, M.D., Chairman and General Manager of Novatim. "TPST-2003 has shown compelling efficacy results in rrMM and POEMS syndrome. In particular, we believe the favorable safety profile of TPST-2003 supports its potential in additional indications including autoimmune diseases and may provide broader clinical benefits for patients worldwide."

Positioning within the Treatment Landscape

Approved CAR-T therapies have demonstrated meaningful clinical benefit in patients with rrMM and represent an important treatment option in later lines of therapy. However, relapse remains common, and treatment can be associated with toxicity management challenges and manufacturing constraints.

TPST-2003 was designed with a parallel dual-targeting CAR structure intended to address tumor heterogeneity and antigen escape, mechanisms believed to contribute to disease progression following currently available therapies.

In addition, Tempest’s parallel CAR architecture is being applied across multiple programs, including:

TPST-3003, an allogeneic CD19/BCMA dual-targeting CAR-T therapy under development for rrMM
TPST-4003, an in vivo CD19/BCMA dual-targeting CAR-T therapy under development for systemic lupus erythematosus (SLE) and other immunology disorders
Tempest expects initial clinical data from both programs later this year and believes this platform approach may allow these therapies to ultimately benefit a larger number of patients.

Next Steps

Tempest plans to present the complete results from the ongoing Phase 1/2a REDEEM-1 study, as well as updated data from the Phase 1/2 IIT, in 2026. Based on data generated to date, Tempest intends to submit a U.S. IND application and, subject to clearance, initiate a U.S. registrational study of TPST-2003 in 2026.

About REDEEM-1

REDEEM-1 (Study nos. CTR20233309/NCT06223646) is a Phase 1/2a clinical trial evaluating TPST-2003 in patients with relapsed/refractory multiple myeloma, including patients with high-risk cytogenetics and patients with extramedullary disease. The REDEEM-1 trial has a targeted full enrollment of 29 patients. The REDEEM-1 trial is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of eight clinical sites registered in China: Peking Union Medical College Hospital (Dr. Jian Li; lead site), The First Affiliated Hospital of Nanchang University (Dr. Fei Li), Peking University First Hospital (Dr. Yujin Dong), Henan Cancer Hospital (Dr. Baijun Fang), Shanxi Provincial Cancer Hospital (Dr. Liping Su), The Second Xiangya Hospital of Central South University (Dr. Hongling Peng), The First Affiliated Hospital of China Medical University (Dr. Xiaojing Yan), and The Institute of Hematology and Blood Diseases Hospital, Chinese Academy of Medical Sciences, Peking Union Medical College (Dr. Dehui Zou).

Additional clinical trials evaluating TPST-2003

A Phase 1/2 IIT (Study no. NCT04714827) is evaluating TPST-2003 in patients with relapsed/refractory multiple myeloma, including patients with high-risk cytogenetics and patients with extramedullary disease. The IIT is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of two clinical sites registered in China: Shanghai Fourth People’s Hospital (Dr. Weijun Fu; lead site) and Shanxi Provincial Cancer Hospital (Dr. Liping Su).

A Phase 1 trial (Study nos. CTR20242409/NCT06518876) is evaluating TPST-2003 in patients with POEMS, a rare blood disorder caused by abnormal plasma cells. The Phase 1 trial is sponsored and being conducted by Tempest’s partner, Novatim Immune Therapeutics, with a total of three clinical sites registered in China: Peking Union Medical College Hospital (Dr. Jian Li; lead site), Xuanwu Hospital Capital Medical University (Dr. Wanling Sun), and West China Hospital, Sichuan University (Dr. Yu Wu).

(Press release, Tempest Therapeutics, FEB 25, 2026, View Source [SID1234662998])

On February 25, 2026 Elicio Therapeutics, Inc. (Nasdaq: ELTX, "Elicio" or the "Company"), a clinical-stage biotechnology company developing a pipeline of novel immunotherapies for the treatment of cancer, reported that Robert Connelly, Chief Executive Officer, and Pete DeMuth, PhD, Chief Scientific Officer, will participate in the upcoming TD Cowen 46th Annual Health Care Conference, taking place March 2-4, 2026, in Boston, MA.

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TD Cowen 46th Annual Health Care Conference
Format: Company presentation
Date: Wednesday, March 4, 2026
Time: 1:10 PM ET

The live webcast and replay of the presentation will be available HERE and on Elicio’s Events page for 90 days following the event.

If you are interested in arranging a 1×1 meeting with management at the conference, please contact your TD Cowen representative.

(Press release, Elicio Therapeutics, FEB 25, 2026, View Source [SID1234663020])

On February 25, 2026 Alector, Inc. (Nasdaq: ALEC), a clinical-stage biotechnology company focused on developing therapies to counteract the devastating progression of neurodegeneration, reported fourth quarter and full year 2025 financial results and recent portfolio and business updates. As of December 31, 2025, Alector’s cash, cash equivalents, and investments totaled $256.0 million.

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"Alector’s strength lies in the combination of a highly differentiated blood-brain barrier platform and a team with deep experience executing complex neurodegenerative programs," said Arnon Rosenthal, Ph.D., Chief Executive Officer of Alector. "Following more than six years of focused investment in our ABC technology, we believe the breadth, flexibility, and tunability of our ABC platform position us to translate scientific innovation into exciting clinical-stage assets. At the same time, we continue to advance the PROGRESS-AD Phase 2 trial of nivisnebart (AL101) in early Alzheimer’s disease, together with GSK, toward an independent interim futility analysis in the first half of 2026."

Recent Program Updates

Alector Brain Carrier (ABC): Preclinical and Research Pipeline

Alector’s pipeline leverages its proprietary blood-brain barrier platform, Alector Brain Carrier (ABC), which has been developed to enhance the delivery of therapeutics to the brain. ABC is designed to enable peripheral dosing and is adaptable across multiple drug modalities, including antibodies, enzymes, and siRNA.

Built on core design principles of versatility, optimized binding properties, and translatability, ABC is intended to enable targeted brain delivery with improved safety and efficacy. ABC-enabled candidates have demonstrated robust brain penetration in preclinical studies, providing the basis for advancing multiple programs targeting neurodegenerative diseases.

AL137

Alector continues to advance AL137, its lead ABC-enabled anti-amyloid beta (Aβ) antibody for the treatment of AD, through investigational new drug (IND)-enabling studies. The company expects to file an IND application in Q4 2026 / Q1 2027, based on the timing of GMP clinical supply production.

AL137 is engineered for optimal brain uptake, potency, safety, and convenience. The candidate comprises a high-affinity, fully human antibody that selectively binds PyroGlu3, a validated epitope on toxic amyloid beta found in plaques and retains an active effector function intended to facilitate myeloid-mediated plaque clearance. AL137 incorporates Alector’s proprietary ABC technology with tuned transferrin receptor binding, designed to facilitate brain penetration and plaque removal while minimizing hematologic effects. In preclinical studies to date, AL137 has demonstrated robust brain uptake at low doses, supporting further advancement and the potential for low-dose, subcutaneous administration.
AL050

Alector continues to progress AL050, its ABC-enabled engineered glucocerebrosidase (GCase) enzyme replacement therapy (ERT) for PD, through preclinical development. The company is targeting submission of an IND application in 2027.

AL050 is designed to address key challenges associated with enzyme delivery to the brain, featuring an engineered GCase with improved activity and stability and a silenced effector function to maximize safety, paired with Alector’s tunable ABC technology. Preclinical studies to date have demonstrated increased GCase activity and reduced toxic substrate accumulation, supporting its continued preclinical development as a potential therapy for PD and Lewy body dementia associated with GBA loss-of-function mutations.
ABC siRNA Platform

Alector continues to advance its ABC-enabled siRNA platform, which is designed to enable peripheral dosing, offering the potential for more convenient administration compared with traditional intrathecal delivery.

Alector has selected lead candidate, AL064 for its ABC-enabled tau siRNA program for the treatment of AD and other tauopathies and is advancing it to IND-enabling studies.

In addition to AL064, the company is advancing early-stage siRNA programs toward lead candidate selection, including ADP062-ABC (PD), an alpha-synuclein siRNA, and ADP065-ABC (multiple neurodegenerative conditions), an NLRP3 siRNA, reflecting the broad applicability of the ABC platform across disease mechanisms.
Progranulin Programs (nivisnebart (AL101/GSK4527226) and latozinemab (AL001)) in Collaboration with GSK

Nivisnebart (AL101/GSK4527226)

The global, randomized, double blind, placebo-controlled PROGRESS-AD Phase 2 clinical trial of nivisnebart (AL101/GSK4527226) in early AD remains ongoing.

An independent interim futility analysis for the PROGRESS-AD trial is planned for the first half of 2026.

Nivisnebart is an investigational human monoclonal antibody designed to block and internalize the sortilin receptor, leading to increased levels of progranulin (PGRN) in the brain. It has pharmacokinetic and pharmacodynamic properties that may make it suitable for the potential treatment of more prevalent neurodegenerative diseases.
Latozinemab (AL001)

Alector plans to present the results from the INFRONT-3 Phase 3 clinical trial at an upcoming scientific meeting in 1H 2026.
Fourth Quarter 2025 Financial Results

Revenue. Collaboration revenue for the quarter ended December 31, 2025, was $6.2 million, compared to $54.2 million for the same period in 2024. Collaboration revenue for the year ended December 31, 2025, was $21.0 million, compared to $100.6 million for the same period in 2024. The decrease in year-over-year collaborative revenue was primarily due to the satisfaction of the performance obligations associated with the AL002 program and the latozinemab FTD-C9orf72 Phase 2 trial in the fourth quarter of 2024, resulting in lower revenue recognized in 2025.

R&D Expenses. Total research and development expenses for the quarter ended December 31, 2025, were $32.5 million, compared to $46.5 million for the same period in 2024. Total research and development expenses for the year ended December 31, 2025, were $123.1 million compared to $185.9 million for the same period in 2024. The decrease in year-over-year R&D expenses was mainly due to a decrease in research and development expenses for the AL002 program as well as a decrease in personnel related costs as a result of the reductions in force.

G&A Expenses. Total general and administrative expenses for the quarter ended December 31, 2025, were $13.3 million compared to $15.0 million for the same period in 2024. Total general and administrative expenses for the year ended December 31, 2025, were $54.0 million compared to $59.6 million for the same period in 2024. The decrease in year-over-year G&A expenses was primarily due to a decrease in personnel related costs as a result of the reductions in force.

Net Loss. For the quarter ended December 31, 2025, Alector reported a net loss of $37.3 million, or $0.34 net loss per share, compared to a net loss of $2.1 million, or $0.02 net loss per share, for the same period in 2024. For the year ended December 31, 2025, Alector reported a net loss of $142.9 million or $1.39 net loss per share, compared to a net loss of $119.0 million or $1.23 net loss per share, for the same period in 2024.

Cash Position. Cash, cash equivalents, and investments were $256.0 million as of December 31, 2025. Management expects that this will be sufficient to fund current operations at least through 2027.

(Press release, Alector, FEB 25, 2026, View Source [SID1234662982])