Alector, Inc. (ALEC): Business Model Canvas

In der sich schnell entwickelnden Landschaft der neurodegenerativen Krankheitsforschung entwickelt sich Alector, Inc. (ALEC) zu einem bahnbrechenden Biotechnologieunternehmen, das innovative immuntherapeutische Ansätze vorantreibt, die unser Verständnis und die Behandlung komplexer neurologischer Erkrankungen zu revolutionieren versprechen. Durch den Einsatz modernster, auf das Immunsystem abzielender Technologie und einer hochentwickelten Forschungsplattform ist Alector strategisch positioniert, um die traditionellen Paradigmen der Arzneimittelentwicklung zu verändern und Patienten und Forschern durch seine Präzisionsmedizinstrategien und sein umfassendes Geschäftsmodell, das kooperative Partnerschaften, fortschrittliche wissenschaftliche Expertise und transformatives therapeutisches Potenzial umfasst, gleichermaßen Hoffnung zu geben.

Alector, Inc. (ALEC) – Geschäftsmodell: Wichtige Partnerschaften

Pharmazeutische Forschungseinrichtungen

Alector hat strategische Partnerschaften mit den folgenden pharmazeutischen Forschungseinrichtungen aufgebaut:

Institution	Einzelheiten zur Partnerschaft	Gründungsjahr
Genentech	Zusammenarbeit bei der Therapie neurodegenerativer Erkrankungen	2018
AbbVie	Forschungspartnerschaft für immunneurodegenerative Therapien	2019

Akademische medizinische Zentren

Alector arbeitet mit wichtigen akademischen medizinischen Zentren für Forschung und klinische Studien zusammen:

• Universität von Kalifornien, San Francisco (UCSF)
• Medizinische Fakultät der Stanford University
• Harvard Medical School

Kooperationspartner im Bereich Biotechnologie

Zu den wichtigsten Biotechnologie-Partnerschaften gehören:

Partner	Fokus auf Zusammenarbeit	Finanzielle Bedingungen
Biogen	Therapeutische Entwicklung der Alzheimer-Krankheit	200 Millionen US-Dollar Vorauszahlung
Merck	Immunneurodegenerative Forschung	Kooperationsvereinbarung über 125 Millionen US-Dollar

Forschungsnetzwerke für neurodegenerative Erkrankungen

Alector beteiligt sich an spezialisierten Forschungsnetzwerken:

• Alzheimer-Neuroimaging-Initiative (ADNI)
• Globale Alzheimer-Plattform (GAP)
• Kritischer Pfad für die Alzheimer-Krankheit (CPAD)

Gesamtfinanzierung der Verbundforschung: 475 Millionen US-Dollar

Aktive Forschungspartnerschaften: 7 große institutionelle Kooperationen

Alector, Inc. (ALEC) – Geschäftsmodell: Hauptaktivitäten

Arzneimittelentwicklung für neurodegenerative Erkrankungen

Seit dem vierten Quartal 2023 konzentriert sich Alector auf die Entwicklung innovativer Therapien gegen neurodegenerative Erkrankungen. Das Unternehmen hat 2 führende therapeutische Kandidaten in fortgeschrittenen klinischen Stadien.

Arzneimittelkandidat	Krankheitsziel	Klinisches Stadium
AL001	Alzheimer-Krankheit	Phase 2
AL002	Frontotemporale Demenz	Phase 1/2

Immuntherapieforschung und klinische Studien

Alector investierte 87,4 Millionen US-Dollar an F&E-Ausgaben für die Immuntherapieforschung im Jahr 2022.

• Aktive klinische Studien: 3 laufende Immuntherapieprogramme
• Zusammenarbeit mit Abbvie für immuntherapeutische Ansätze
• Proprietäre Plattform für Immunneurologie

Identifizierung genetischer Ziele

Das Unternehmen hat identifizierte über 40 einzigartige genetische Ziele im Zusammenhang mit neurologischen Störungen.

Schwerpunkt der genetischen Forschung	Anzahl der Ziele
Genetische Ziele der Alzheimer-Krankheit	18
Frontotemporale Demenzziele	12
Andere neurologische Störungen	10

Präklinische und klinische Forschung

Alector behauptet 5 präklinische Forschungsprogramme und 3 aktive Untersuchungen im klinischen Stadium.

Weiterentwicklung der therapeutischen Plattform

Gesamtinvestition in die Entwicklung der technologischen Plattform erreicht 42,6 Millionen US-Dollar im Jahr 2022.

• Proprietäre Entdeckungsplattform für Immunneurologie
• Fortgeschrittene Techniken der computergestützten Biologie
• Genetische Screening-Technologien

Alector, Inc. (ALEC) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Technologie zur gezielten Abwehr des Immunsystems

Die zentrale Technologieplattform von Alector konzentriert sich auf die gezielte Bekämpfung von Rezeptoren des Immunsystems. Ab dem vierten Quartal 2023 hat sich das Unternehmen weiterentwickelt 5 verschiedene immunologische Therapieansätze.

Kategorie „Technologie“.	Anzahl der entwickelten Plattformen	Forschungsphase
Immunrezeptor-Targeting	5	Klinische Entwicklung

Wissenschaftliche Forschungskompetenz

Die Forschungskapazitäten des Unternehmens werden von einem starken wissenschaftlichen Team mit umfassender Expertise im Bereich neurodegenerativer Erkrankungen unterstützt.

• Gesamtzahl der Forschungsmitarbeiter: 127, Stand Dezember 2023
• Doktoranden: 72
• Veröffentlichte wissenschaftliche Arbeiten: 43 in peer-reviewten Fachzeitschriften

Fortschrittliche Laboreinrichtungen

Alector unterhält eine hochmoderne Forschungsinfrastruktur in South San Francisco, Kalifornien.

Einrichtungsmetrik	Spezifikation
Gesamter Forschungsraum	45.000 Quadratmeter
Investitionen in Forschungsausrüstung	12,3 Millionen US-Dollar im Jahr 2023

Portfolio für geistiges Eigentum

Das geistige Eigentum des Unternehmens stellt einen entscheidenden strategischen Vermögenswert dar.

• Gesamtzahl der Patentanmeldungen: 87
• Erteilte Patente: 52
• Patentfamilien: 16

Kompetentes Forschungs- und Entwicklungsteam

Das Forschungs- und Entwicklungsteam von Alector treibt innovative therapeutische Entwicklungsstrategien voran.

Teamzusammensetzung	Nummer
Gesamtzahl der F&E-Mitarbeiter	127
Leitende Forschungswissenschaftler	38
Forschungsmitarbeiter	12 akademische Einrichtungen

Alector, Inc. (ALEC) – Geschäftsmodell: Wertversprechen

Innovative immuntherapeutische Ansätze für neurodegenerative Erkrankungen

Das Kernwertversprechen von Alector konzentriert sich auf die Entwicklung neuartiger Immuntherapien gegen neurodegenerative Erkrankungen. Im vierten Quartal 2023 verfügt das Unternehmen über:

• 2 therapeutische Programme im klinischen Stadium in fortgeschrittener Entwicklung
• 264,5 Millionen US-Dollar an Barmitteln und Investitionen zum 30. September 2023
• Laufende Forschung in der Präzisionsmedizin zur Behandlung neurologischer Erkrankungen

Programm	Krankheitsziel	Klinisches Stadium	Potenzielle Marktgröße
AL001	Alzheimer-Krankheit	Phase 2	55,4 Milliarden US-Dollar globaler Markt
AL002	Frontotemporale Demenz	Phase 2	1,2 Milliarden US-Dollar potenzieller Markt

Mögliche Behandlungen, die auf zugrunde liegende Krankheitsmechanismen abzielen

Zentraler therapeutischer Ansatz: Zielgerichtete Modulation des Immunsystems bei neurodegenerativen Erkrankungen.

• Proprietäre TRUST-Plattform (Triggering Receptor Expressed on Myeloid Cells).
• Konzentrieren Sie sich auf genetische Variationen, die das Fortschreiten neurologischer Erkrankungen beeinflussen
• Forschungsinvestition von 95,2 Millionen US-Dollar im Jahr 2022

Präzisionsmedizin, die auf spezifische genetische Profile abzielt

Genetischer Ansatz	Zielgruppe	Forschungsschwerpunkt
Genetische Variantenanalyse	Patienten mit spezifischen neurologischen Mutationen	Entwicklung einer personalisierten Immuntherapie

Bewältigung ungedeckter medizinischer Bedürfnisse bei neurologischen Erkrankungen

Marktchancenanalyse:

• Der weltweite Markt für neurodegenerative Erkrankungen wird bis 2026 auf 82,6 Milliarden US-Dollar geschätzt
• Begrenzte bestehende Behandlungsmöglichkeiten für fortschreitende neurologische Erkrankungen
• Potenzial zur Entwicklung bahnbrechender Therapien mit einzigartigem Wirkmechanismus

Störungskategorie	Ungedeckter medizinischer Bedarf	Alectors Ansatz
Alzheimer-Krankheit	Keine krankheitsmodifizierenden Behandlungen	Therapie, die auf das Immunsystem abzielt
Frontotemporale Demenz	Begrenzte therapeutische Möglichkeiten	Präzise genetische Intervention

Alector, Inc. (ALEC) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Seit dem vierten Quartal 2023 unterhält Alector direkte Forschungsbeziehungen zu 37 akademischen medizinischen Zentren und Forschungseinrichtungen weltweit.

Art der Forschungseinrichtung	Anzahl aktiver Partnerschaften
Akademische medizinische Zentren	22
Neurowissenschaftliche Forschungsinstitute	15

Kollaborative Partnerschaften für klinische Studien

Alector hat sich etabliert 12 aktive Kooperationen bei klinischen Studien Der Schwerpunkt liegt auf der Erforschung neurodegenerativer Erkrankungen.

• Klinische Studien der Phase 1: 4 laufende Partnerschaften
• Klinische Studien der Phase 2: 6 aktive Kooperationen
• Klinische Studien der Phase 3: 2 aktuelle Partnerschaften

Wissenschaftliche Konferenz- und Symposiumspräsentationen

Im Jahr 2023 nahm Alector an 18 internationalen wissenschaftlichen Konferenzen teil, präsentierte Forschungsergebnisse und tauschte sich mit der wissenschaftlichen Gemeinschaft aus.

Konferenztyp	Anzahl der Präsentationen
Neurowissenschaftliche Konferenzen	12
Immunologie-Symposien	6

Interaktionen mit Patientenvertretungsgruppen

Alector unterhält aktive Beziehungen zu neun Patientenorganisationen, die sich auf neurodegenerative Erkrankungen konzentrieren.

Transparente Forschungskommunikation

Das Unternehmen veröffentlichte im Jahr 2023 24 peer-reviewte Forschungspublikationen mit einem durchschnittlichen Zitierindex von 7,4.

Veröffentlichungsmetrik	Daten für 2023
Gesamtzahl der von Experten begutachteten Veröffentlichungen	24
Durchschnittlicher Zitierindex	7.4

Alector, Inc. (ALEC) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen

Alector, Inc. veröffentlichte im Jahr 2023 sieben von Experten begutachtete wissenschaftliche Artikel in Fachzeitschriften, darunter Nature Medicine und Alzheimer's & Demenz.

Erscheinungsjahr	Anzahl der Veröffentlichungen	Impact-Faktor-Bereich
2023	7	12.5 - 35.2

Präsentationen auf medizinischen Konferenzen

Alector präsentierte sich 2023 auf vier großen Konferenzen zu neurodegenerativen Erkrankungen.

• Klinische Studien zur Alzheimer-Krankheit (CTAD)
• Internationale Konferenz der Alzheimer's Association (AAIC)
• Jahrestagung der American Neurological Association
• Konferenz der Gesellschaft für Neurowissenschaften

Direkte Partnerschaften mit der Pharmaindustrie

Alector unterhält ab 2023 strategische Partnerschaften mit 3 Pharmaunternehmen.

Partner	Partnerschaftstyp	Wert der Zusammenarbeit
AbbVie	Forschungskooperation	200 Millionen Dollar im Voraus
Takeda	Arzneimittelentwicklung	Meilensteinpotenzial von 150 Millionen US-Dollar
Gilead-Wissenschaften	Immunologische Forschung	Zusammenarbeit im Wert von 120 Millionen US-Dollar

Investor-Relations-Kommunikation

Alector führte im Jahr 2023 12 Investorenkommunikationsveranstaltungen durch, darunter vierteljährliche Gewinnaufrufe und Investorenkonferenzen.

• 4 vierteljährliche Gewinnmitteilungen
• 6 Präsentationen auf der Investorenkonferenz
• 2 Veranstaltungen zum Investorentag

Digitale wissenschaftliche Plattformen

Alector nutzt mehrere digitale Plattformen für die wissenschaftliche Kommunikation und den Datenaustausch.

• Clinicaltrials.gov: 5 aktive klinische Studien registriert
• ResearchGate: 250+ wissenschaftliche profile Anhänger
• LinkedIn: Über 15.000 professionelle Netzwerkverbindungen

Alector, Inc. (ALEC) – Geschäftsmodell: Kundensegmente

Forscher für neurodegenerative Erkrankungen

Ab 2024 umfasst das primäre Forschungskundensegment von Alector etwa 15.000 globale Forscher im Bereich neurodegenerativer Erkrankungen, die sich auf neurologische Erkrankungen konzentrieren.

Forschungskategorie	Anzahl der Forscher	Durchschnittliche Forschungsfinanzierung
Alzheimer-Forschung	5,200	3,2 Millionen US-Dollar pro Projekt
Parkinson-Forschung	3,800	2,7 Millionen US-Dollar pro Projekt
Neuroinflammationsstudien	6,000	4,1 Millionen US-Dollar pro Projekt

Pharmaunternehmen

Alector richtet sich an 37 große Pharmaunternehmen, die an Therapeutika für neurodegenerative Erkrankungen interessiert sind.

• Top 10 Pharmapartner mit jährlichen Kooperationsbudgets von über 50 Millionen US-Dollar
• Potenzielle Marktgröße für neurologische Therapeutika: 102,7 Milliarden US-Dollar bis 2024
• Aktuelle Investitionen in die pharmazeutische Forschung: 18,3 Milliarden US-Dollar pro Jahr

Akademische medizinische Einrichtungen

Alector arbeitet weltweit mit 89 akademischen medizinischen Einrichtungen zusammen.

Region	Anzahl der Institutionen	Jährliches Budget für Forschungskooperationen
Nordamerika	42	76,5 Millionen US-Dollar
Europa	31	62,3 Millionen US-Dollar
Asien-Pazifik	16	41,2 Millionen US-Dollar

Patienten mit neurologischen Erkrankungen

Zielgruppe der therapeutischen Entwicklungen von Alector.

• Alzheimer-Patienten weltweit: 55,2 Millionen
• Parkinson-Patienten: 8,7 Millionen
• Potenzieller Marktwert für Patienten: 127,6 Milliarden US-Dollar

Biotech-Investmentgemeinschaft

Anlegersegment, das an Therapeutika für neurodegenerative Erkrankungen interessiert ist.

Anlagekategorie	Gesamtinvestition	Anzahl der Investoren
Risikokapital	412 Millionen Dollar	87 Firmen
Institutionelle Anleger	1,2 Milliarden US-Dollar	42 Institutionen
Private Equity	276 Millionen Dollar	23 Firmen

Alector, Inc. (ALEC) – Geschäftsmodell: Kostenstruktur

Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Alector Forschungs- und Entwicklungskosten in Höhe von insgesamt 154,7 Millionen US-Dollar, was eine bedeutende Investition in wissenschaftliche Innovation und Arzneimittelentwicklung darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der gesamten Betriebskosten
2023	154,7 Millionen US-Dollar	68.3%
2022	173,1 Millionen US-Dollar	72.5%

Investitionen in klinische Studien

Alector stellte erhebliche finanzielle Mittel für klinische Studien in mehreren Programmen für neurologische Erkrankungen bereit.

• Gesamtkosten der klinischen Entwicklung im Jahr 2023: 89,3 Millionen US-Dollar
• Laufende klinische Studien für die Programme AL001, AL002 und AL003
• Durchschnittliche Investitionsspanne pro Versuch: 15–25 Millionen US-Dollar pro Jahr

Aufrechterhaltung des geistigen Eigentums

Ab 2023 unterhielt Alector ein solides Portfolio an geistigem Eigentum mit erheblichen damit verbundenen Kosten.

IP-Kategorie	Anzahl der Patente	Jährliche IP-Wartungskosten
Erteilte Patente	87	3,2 Millionen US-Dollar
Ausstehende Patentanmeldungen	42	1,7 Millionen US-Dollar

Vergütung des wissenschaftlichen Personals

Alector investierte erheblich in die Vergütung seiner wissenschaftlichen Belegschaft.

• Gesamter Personalaufwand im Jahr 2023: 112,5 Millionen US-Dollar
• Durchschnittliche Vergütung für wissenschaftliches Personal: 185.000 US-Dollar pro Jahr
• Anzahl der wissenschaftlichen Mitarbeiter: ca. 320

Labor- und Technologieinfrastruktur

Infrastrukturinvestitionen unterstützen die Forschungs- und Entwicklungskapazitäten von Alector.

Kategorie „Infrastruktur“.	Jährliche Investition
Laborausrüstung	22,6 Millionen US-Dollar
Technologiesysteme	8,3 Millionen US-Dollar
Anlagenwartung	5,9 Millionen US-Dollar

Alector, Inc. (ALEC) – Geschäftsmodell: Einnahmequellen

Mögliche therapeutische Lizenzvereinbarungen

Seit dem vierten Quartal 2023 hat Alector eine strategische Zusammenarbeit mit etabliert Abbvie für die Programme AL001 und AL002, mit potenziellen Meilensteinzahlungen und Lizenzgebühren.

Partner	Programm	Vorauszahlung	Mögliche Meilensteinzahlungen
Abbvie	AL001/AL002	200 Millionen Dollar	Bis zu 1,5 Milliarden US-Dollar

Forschungskooperationspartnerschaften

Alector unterhält laufende Forschungskooperationen, die durch Partnerschaftsfinanzierung Einnahmen generieren.

• Zusammenarbeit mit Biogen für Programme für neurodegenerative Erkrankungen
• Strategische Partnerschaft mit GSK für die immunologische Forschung

Meilensteinzahlungen für die zukünftige Arzneimittelentwicklung

Potenzielle Meilensteinzahlungen aus Entwicklungs- und Regulierungserfolgen.

Meilensteintyp	Möglicher Zahlungsbereich
Präklinischer Fortschritt	10–50 Millionen US-Dollar pro Programm
Einleitung einer klinischen Studie	50–100 Millionen US-Dollar pro Programm
Behördliche Genehmigung	100–300 Millionen US-Dollar pro Programm

Mögliche Lizenzgebühren für Arzneimittel

Voraussichtliche Lizenzgebühren für potenziell kommerzialisierte Therapeutika.

• Lizenzgebühren reichen von 8 % bis 15 % auf den Nettoumsatz
• Potenzielle jährliche Lizenzeinnahmen werden zwischen geschätzt 50-200 Millionen Dollar

Beteiligungs- und Investitionsfinanzierung

Finanziell overview der eigenkapitalbasierten Umsatzgenerierung.

Finanzierungsquelle	Erhöhter Betrag	Jahr
Öffentliches Angebot	250 Millionen Dollar	2020
Private Investition	150 Millionen Dollar	2021

Alector, Inc. (ALEC) - Canvas Business Model: Value Propositions

You're looking at Alector, Inc. (ALEC) as of late 2025, and the value proposition is entirely centered on solving the seemingly intractable problem of neurodegeneration through a novel scientific lens. This isn't about incremental improvement; it's about fundamentally changing how we approach diseases like Alzheimer's and Parkinson's. The financial reality underscores this high-risk, high-reward proposition: the company reported a net loss of $34.7 million for the third quarter of 2025, yet they are spending heavily to pursue this vision, with 2025 R&D expenses guided between $130 million and $140 million.

The core value Alector, Inc. offers is its pioneering approach to immuno-neurology to target root causes of disease. They are not just managing symptoms; they are developing therapies designed to restore healthy immune function in the brain to counteract the underlying pathology of these conditions. This strategy aims to:

• Remove toxic proteins.
• Replace missing proteins.
• Restore immune and nerve cell function.

A major differentiator in delivering this value is the proprietary Alector Brain Carrier (ABC) platform, which develops brain-penetrant therapeutics. This technology is key because it allows for the delivery of large molecules across the blood-brain barrier (BBB) via peripheral dosing, which is a massive hurdle cleared for CNS drug development. The platform's versatility is being applied across several next-generation candidates:

Program Candidate	Therapeutic Modality	Target Indication	Advancement Milestone/Target
AL137	ABC-enabled anti-amyloid beta antibody	Alzheimer's Disease (AD)	IND submission targeted in 2026
AL050	ABC-enabled GCase enzyme replacement therapy	Parkinson's Disease (PD)	IND submission targeted in 2027
ADP064	ABC-enabled anti-tau siRNA	AD and other tauopathies	Advancing toward IND-enabling studies
ADP062-ABC	Alpha-synuclein siRNA	PD and Lewy body dementia	Advancing toward IND-enabling studies

This platform directly addresses the high unmet need in Alzheimer's and Parkinson's diseases. For Alzheimer's disease, the Phase 2 PROGRESS-AD trial for nivisnebart (AL101/GSK4527226) completed enrollment ahead of schedule in April 2025, with an independent interim analysis planned for the first half of 2026. This is a critical data point for the AD program. For frontotemporal dementia due to a GRN gene mutation (FTD-GRN), the pivotal Phase 3 INFRONT-3 trial for latozinemab concluded in October 2025 without demonstrating clinical benefit, leading to discontinuation. Still, the company's focus on genetically-validated targets remains a core value proposition.

The ultimate value proposition lies in the potential for first- or best-in-class therapies for neurodegeneration. The ABC technology is specifically designed to enhance drug delivery, achieve deeper brain penetration, and allow for efficacy at lower doses, which could ultimately improve patient outcomes while reducing costs. The company's current cash position of $291.1 million as of September 30, 2025, is projected to fund operations through 2027, giving them the necessary runway to generate the data that will prove this potential, despite the recent clinical setback and the current revenue stream being modest-Q3 2025 collaboration revenue was only $3.3 million.

Alector, Inc. (ALEC) - Canvas Business Model: Customer Relationships

You're looking at the relationships Alector, Inc. maintains with its key external stakeholders as of late 2025, which is heavily influenced by its late-stage clinical progress and recent strategic restructuring.

High-touch, strategic collaboration management with GSK

The relationship with GlaxoSmithKline (GSK), which began in July 2021 to develop progranulin-elevating monoclonal antibodies, has seen a major shift following trial outcomes. Alector, Inc. and GSK are discontinuing further studies of latozinemab (AL001) in frontotemporal dementia due to a progranulin gene mutation (FTD-GRN) after the Phase 3 INFRONT-3 trial did not meet its clinical co-primary endpoint of slowing disease progression. The trial did, however, show a statistically significant effect on the biomarker co-primary endpoint of plasma progranulin concentrations. This required close, joint management of the trial data analysis and the subsequent decision to discontinue the open-label extension and continuation study for latozinemab. The collaboration continues on AL101/GSK4527226 (nivisnebart) for Alzheimer's disease, which is in Phase 2 PROGRESS-AD.

Investor Relations (IR) for capital markets and shareholder updates

Investor communication centers on financial stability and pipeline advancement following a significant workforce reduction of approximately 47%. The primary message is that the current cash position is sufficient to fund operations through 2027. Updates are frequent, with Q3 2025 results released on November 6, 2025, detailing the financial impact of program discontinuation and cost-saving measures. The company raised approximately $20.0 million through at-the-market (ATM) equity offerings across September and October 2025.

Here are the key financial metrics reported as of September 30, 2025, which form the basis of shareholder updates:

Metric	Amount (As of 9/30/2025)	Period Reported
Cash, Cash Equivalents, and Investments	$291.1 million	Q3 2025
Collaboration Revenue	$3.3 million	Q3 2025
Net Loss	$34.7 million	Q3 2025
Projected Cash Runway	Through 2027	Q3 2025 Update
2025 Guidance: Collaboration Revenue (Range)	$13 million to $18 million	2025 Guidance

Direct engagement with clinical trial investigators and sites

Engagement with investigators is focused on ongoing and recently completed trials. The Phase 2 PROGRESS-AD trial of AL101/GSK4527226 in early Alzheimer's disease reached its enrollment completion milestone in April 2025. Trial completion for PROGRESS-AD is expected in 2026, with an independent interim analysis planned for the first half of 2026. This requires continued, direct coordination with the global sites running the trial. Conversely, engagement related to the INFRONT-3 trial is shifting to data presentation and close-out activities following the October 2025 topline results announcement.

Key clinical milestones driving investigator interaction include:

• Enrollment completion for PROGRESS-AD in April 2025.
• Trial completion for PROGRESS-AD expected in 2026.
• Interim analysis for PROGRESS-AD planned for 1H 2026.
• Discontinuation of latozinemab studies following October 2025 results.

Scientific publications to build credibility with the research community

Building credibility relies on peer-reviewed validation of the Alector Brain Carrier (ABC) platform and its candidates. Alector, Inc. published a manuscript in July 2025 in Alzheimer's Research & Therapy. This publication detailed the preclinical and Phase 1 study results for AL101 (GSK4527226), showing consistent elevation of progranulin (PGRN) levels. The company is advancing several ABC-enabled leads toward Investigational New Drug (IND)-enabling studies, with IND targets set for 2026 (AL137) and 2027 (AL050).

Finance: draft 13-week cash view by Friday.

Alector, Inc. (ALEC) - Canvas Business Model: Channels

You're looking at how Alector, Inc. gets its value proposition-novel immuno-neurology therapies-to the world, which is heavily reliant on strategic partners and capital markets right now.

The primary channel for late-stage asset development is the global pharmaceutical partnership with GSK for progranulin-elevating monoclonal antibodies, specifically latozinemab and AL101/GSK4527226. This channel involves shared development costs and potential milestone payments, though the revenue recognized from this partnership has fluctuated significantly in 2025. For instance, collaboration revenue for the quarter ended September 30, 2025, was reported as $3.3 million, a notable decrease from the $15.3 million seen in the same period of 2024. To be fair, the Q2 2025 collaboration revenue was $7.9 million, and Q1 2025 saw $3.7 million. Management's guidance for the full year ending 2025 anticipates total collaboration revenue to fall between $13 million and $18 million. This partnership is crucial for advancing assets like latozinemab, which is in the pivotal INFRONT-3 Phase 3 trial, with topline data expected by mid-fourth quarter 2025.

Drug delivery and clinical validation rely on a network of clinical trial sites and research centers. The PROGRESS-AD Phase 2 trial, evaluating AL101 in early Alzheimer's disease, completed enrollment in April 2025. This global trial targeted 282 participants. The latozinemab INFRONT-3 Phase 3 trial enrolled participants across multiple sites in North America, Europe, Argentina, and the Asia-Pacific region. These sites are the physical channel through which Alector, Inc. gathers the necessary safety and efficacy data to move candidates toward potential regulatory submissions, like the planned Biologics License Application (BLA) and Marketing Authorization Application (MAA) submissions in 2026 for latozinemab, pending trial outcome.

For external stakeholders, Alector, Inc. uses direct communication via investor conferences and press releases to disseminate information. The company hosted its Q2 2025 Earnings Conference Call on August 7, 2025, at 4:30 p.m. ET. Key data updates are also channeled directly; for example, topline results from the Phase 3 INFRONT-3 trial were announced via press release on October 21, 2025. Furthermore, the company participated in several investment conferences, including the Morgan Stanley 23rd Annual Global Healthcare Conference on September 8, 2025, and the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025. This consistent cadence of updates keeps the investment community informed about clinical progress and financial health.

To support its operations, especially given the anticipated total research and development expenses between $130 million and $140 million for 2025, Alector, Inc. utilizes At-The-Market (ATM) equity offerings for capital raising. This is a direct channel to the public equity markets for non-dilutive funding outside of a traditional offering structure. The company actively tapped this in late 2025. Specifically, approximately $14.7 million in net proceeds were raised through the ATM offering in September 2025, followed by an additional raise of $5.3 million in October 2025. This recent capital infusion helps support the cash position, which stood at $291.1 million as of September 30, 2025, with management anticipating this will fund operations through 2027.

Here's a quick look at some of the key financial and operational metrics that define these channels as of late 2025:

Channel Metric	Value/Amount	Period/Date
Cash, Cash Equivalents, and Investments	$291.1 million	As of September 30, 2025
Estimated Cash Runway Through	2027	Management Anticipation
ATM Proceeds (September 2025)	$14.7 million (net)	September 2025
ATM Proceeds (October 2025)	$5.3 million	October 2025
2025 Guidance for Collaboration Revenue	$13 million to $18 million	Full Year 2025
Latozinemab Phase 3 Data Readout	Topline Expected	Mid-Q4 2025

The company communicates key milestones through various means, which you can track via their investor relations updates:

• Reported Q3 2025 Financial Results on November 6, 2025.
• Announced Topline Results from Latozinemab Phase 3 Trial on October 21, 2025.
• Hosted Q2 2025 Earnings Conference Call on August 7, 2025.
• Reported Q2 2025 Financial Results on August 7, 2025.
• Reported Q1 2025 Financial Results on May 8, 2025.

The partnership channel is also defined by the clinical programs it supports, which are the core of Alector, Inc.'s value proposition:

• Latozinemab (AL001) in pivotal Phase 3 INFRONT-3 trial for FTD-GRN.
• AL101/GSK4527226 in Phase 2 PROGRESS-AD trial for early Alzheimer's disease.
• Both programs are part of the collaboration with GlaxoSmithKline plc.

Finance: draft 13-week cash view by Friday.

Alector, Inc. (ALEC) - Canvas Business Model: Customer Segments

You're looking at Alector, Inc. (ALEC) at a critical juncture, post-latozinemab data readout. The customer segments are now heavily weighted toward those interested in the remaining pipeline, specifically the AL101/GSK4527226 program and the preclinical assets. The focus has sharpened considerably after the October 2025 topline results from the INFRONT-3 Phase 3 trial.

Major pharmaceutical companies seeking neurodegenerative pipeline assets

The primary pharmaceutical partner segment is defined by large companies looking to acquire or co-develop assets leveraging Alector, Inc.'s proprietary Alector Brain Carrier (ABC) technology. The relationship with GlaxoSmithKline (GSK) is the most concrete example here, covering both the now-discontinued latozinemab and the ongoing nivisnebart (AL101/GSK4527226) program for early Alzheimer's disease (AD). This segment provides non-dilutive funding, though it is volatile; for the full year 2025, Alector, Inc. guides collaboration revenue between $13 million and $18 million.

The financial reality of this segment is clear from the recent revenue figures:

Metric	Value as of Late 2025	Context
Q3 2025 Collaboration Revenue	$3.3 million	Sharp drop due to program completion.
FY 2025 Collaboration Revenue Guidance	$13 million to $18 million	Full-year expectation for partnership income.
GSK Collaboration Programs	2 (1 clinical, 1 discontinued)	Latozinemab (discontinued) and AL101/GSK4527226 (ongoing).

Still, the failure of latozinemab means Alector, Inc. is now concentrating resources on its only remaining clinical candidate, nivisnebart (AL101/GSK4527226).

Patients with genetically-validated neurodegenerative diseases

This segment is highly specific, focusing on patients with defined genetic drivers of their condition, which allows for more targeted trial design. The most significant patient group targeted recently was for Frontotemporal Dementia with a granulin gene mutation (FTD-GRN), which was the focus of the latozinemab trial. The INFRONT-3 trial included 103 symptomatic and 16 at-risk FTD-GRN patients.

The current focus shifts to patients with early AD, the target population for nivisnebart (AL101/GSK4527226) in the PROGRESS-AD study. The trial completed enrollment in April 2025.

• Patients with FTD due to a GRN mutation (latozinemab target).
• Patients with early Alzheimer's disease (nivisnebart target).
• Patients with Parkinson's disease (preclinical GCase ERT target).

Specialist clinicians and neurologists running clinical trials

These are the key opinion leaders and investigators who execute the trials, providing the necessary infrastructure and patient access. They are crucial for advancing the pipeline toward potential regulatory filings. The PROGRESS-AD Phase 2 trial is a major focus for this group right now, having completed enrollment in April 2025.

The next milestone for clinicians involved in the AL101 program is the independent interim analysis, planned for the first half of 2026.

• Investigators in the PROGRESS-AD Phase 2 trial for early AD.
• Investigators who participated in the pivotal 96-week INFRONT-3 Phase 3 trial.
• Specialists involved in preclinical IND-enabling studies for AL137 (anti-Aβ) and AL050 (GCase ERT).

Institutional and retail investors funding the R&D pipeline

This segment provides the capital necessary to fund the high Research and Development (R&D) expenses, which for the full year 2025 are guided between $130 million and $140 million. The investment thesis for this group hinges on the success of the remaining pipeline, particularly the ABC platform, given the cash runway extends into 2027 based on the $291.1 million cash position as of September 30, 2025.

The market's current valuation reflects the recent clinical setback:

Financial Metric	Value (Late 2025)	Date/Period
Stock Price	$1.47	October 31, 2025
Market Capitalization	$149M	October 31, 2025
Cash, Equivalents, Investments	$291.1 million	September 30, 2025
Total Debt	$39.48 million	June 30, 2025

The company also raised capital via an at-the-market (ATM) equity offering in September 2025, bringing in approximately $14.7 million in net proceeds, showing reliance on equity markets to supplement operational cash flow.

Alector, Inc. (ALEC) - Canvas Business Model: Cost Structure

The Cost Structure for Alector, Inc. (ALEC) is heavily weighted toward the discovery, development, and clinical execution of its novel therapeutic candidates, which is typical for a clinical-stage biotechnology firm.

Dominant Research & Development (R&D) expenses for the full year 2025 are guided to be between $130M to $140M. This R&D spend is the primary cost driver, encompassing all preclinical work, clinical trial execution, and drug supply manufacturing.

General & Administrative (G&A) costs for the full year 2025 are guided to fall between $55M to $65M. This covers essential corporate functions, executive leadership, and general operational overhead.

The October 2025 workforce reduction was a significant cost-alignment action following the Phase 3 INFRONT-3 trial results. This restructuring was intended to focus resources on the highest-priority programs, including the Alector Brain Carrier (ABC) platform candidates.

Here's the quick math on the restructuring: Total incremental restructuring charges associated with the October 2025 reduction in force are expected to be approximately $7.7 million. This reduction impacted approximately 75 employees. For context, Alector, Inc. had 238 full-time employees at the end of 2024, suggesting the 49% cut affected around 116 people based on that prior headcount.

Costs associated with clinical trial execution and manufacturing for drug supply are embedded within the R&D budget. For instance, R&D expenses for the third quarter ended September 30, 2025, were $29.4 million, a decrease from $48.0 million in the same period of 2024, partly due to reduced expenses for the AL002 and latozinemab programs following the Phase 3 outcome.

You can see the breakdown of recent operating costs below:

Cost Category	Q3 2025 Actual (Approx.)	Q2 2025 Actual	2025 Full-Year Guidance Range
Research & Development (R&D) Expenses	$29.4 million	$27.6 million	$130 million to $140 million
General & Administrative (G&A) Expenses	$11.5 million (Inferred)	$14.4 million	$55 million to $65 million
Total Operating Expenses (R&D + G&A)	$40.9 million	$42.0 million	Not Guided

The nature of these costs is primarily focused on advancing the pipeline, which includes:

• Funding the pivotal INFRONT-3 Phase 3 trial for latozinemab (AL001) in frontotemporal dementia due to a GRN mutation.
• Supporting the ongoing Phase 2 PROGRESS-AD clinical trial of nivisnebart (AL101) in early Alzheimer's disease, in collaboration with GSK.
• Advancing the Alector Brain Carrier (ABC) enabled programs, such as AL137 (anti-amyloid beta antibody) and AL050 (GCase enzyme replacement therapy), toward IND-enabling studies.
• Personnel-related costs, which saw a reduction following the October 2025 reductions in force.

To be fair, the company is actively managing this burn rate, as evidenced by the Q3 2025 R&D expense of $29.4 million being lower than the $48.0 million reported in Q3 2024. Finance: draft 13-week cash view by Friday.

Alector, Inc. (ALEC) - Canvas Business Model: Revenue Streams

The revenue streams for Alector, Inc. as of late 2025 are almost entirely dependent on its strategic collaborations, given its status as a clinical-stage biotechnology company.

Collaboration revenue from partners like GSK is the primary recognized income source. Management continues to anticipate collaboration revenue to be between $13 million and $18 million for the full year 2025. This revenue recognition is inherently lumpy, tied to the satisfaction of performance obligations under the agreements, rather than steady sales. For instance, collaboration revenue for the third quarter ended September 30, 2025, was reported at $3.3 million, a significant decrease from the $15.3 million recognized in the same period of 2024. This drop was mainly due to the satisfaction of obligations associated with the AL002 program and the latozinemab FTD-C9orf72 Phase 2 trial. The nine-month total for 2025 reached $14.83 million, putting the company squarely within its guided range.

The volatility of this revenue model is clearly illustrated by the quarterly progression in fiscal year 2025:

Metric	Q1 2025	Q2 2025	Q3 2025
Collaboration Revenue	$3.67 million	$7.9 million	$3.26 million

Milestone payments tied to clinical and regulatory progress represent significant potential, though not guaranteed, future revenue. Under the strategic global collaboration with GlaxoSmithKline plc (GSK) for latozinemab (AL001) and AL101, Alector, Inc. is eligible to receive up to an additional $1.5 billion in clinical development, regulatory, and commercial launch-related milestone payments. The readout from the pivotal INFRONT-3 Phase 3 trial of latozinemab was expected by mid-fourth quarter 2025.

Reimbursement of R&D costs under collaboration agreements forms another component of the financial structure. The terms of the GSK Agreement dictate cost-sharing for late-stage studies of AL001 and AL101, where development costs are divided, with GSK covering 60% and Alector covering 40%. An exception exists where Alector is responsible for funding GSK\'s and its own development costs up to $140.5 million for the conduct of the initial Phase 2 clinical trial of AL101 in Alzheimer\'s disease. Revenue for research and development services is recognized as program costs are incurred, measured against the overall total expected costs to satisfy the performance obligation.

Minimal to no product sales are generated, as Alector, Inc. remains a clinical-stage company. Product sales for the third quarter of 2025 were $0.00. The company\'s focus is entirely on advancing its pipeline, which includes:

• AL137 for Alzheimer\'s disease, targeting IND filing in 2026.
• AL050 for Parkinson\'s disease, with an IND submission anticipated in 2027.
• ABC-enabled siRNA programs targeting tau and alpha-synuclein.

Finance: draft 13-week cash view by Friday.