Allogene Therapeutics ( (ALLO) ) has released its Q3 earnings. Here is a breakdown of the information Allogene Therapeutics presented to its investors.
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Allogene Therapeutics is a clinical-stage biotechnology company based in South San Francisco, specializing in the development of allogeneic CAR T cell therapies for cancer and autoimmune diseases.
In the third quarter of 2024, Allogene Therapeutics reported significant progress in advancing its investigational allogeneic cell products. The company is actively pursuing the development of its first-line consolidation trial in large B-cell lymphoma with cemacabtagene ansegedleucel (Cema-Cel), alongside promising results from its ALLO-316 product candidate for renal cell carcinoma and the innovative dual CAR T candidate ALLO-329 for autoimmune diseases.
The pivotal Phase 2 ALPHA3 trial for Cema-Cel is underway, with nearly 30 sites activated for enrollment. The company projects enrollment completion by the first half of 2026, aiming for a potential biologics license application submission in 2027. Their ALLO-329 product, targeting autoimmune diseases, is set for an investigational new drug application in early 2025, with proof-of-concept data expected by the end of that year. Additionally, promising data from the ALLO-316 Phase 1 trial in renal cell carcinoma has led to a Regenerative Medicine Advanced Therapy (RMAT) designation from the FDA.
Financially, Allogene ended the third quarter with $403.4 million in cash and investments, projecting a cash runway into the second half of 2026. The company reported a net loss of $66.3 million for the quarter but remains optimistic about its strategic developments and future prospects.
Looking ahead, Allogene Therapeutics is focused on its clinical trials’ progression and advancing its pipeline of ‘off-the-shelf’ CAR T products, which aim to transform treatment paradigms for cancer and autoimmune disorders, while maintaining financial stability into the coming years.
