Alector, Inc. (ALEC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama en rápida evolución de la investigación de enfermedades neurodegenerativas, Alector, Inc. (ALEC) emerge como una compañía de biotecnología innovadora que es pionera en enfoques inmunoterapéuticos innovadores que prometen revolucionar nuestra comprensión y tratamiento de trastornos neurológicos complejos. Al aprovechar la tecnología del sistema inmunitario de vanguardia y una plataforma de investigación sofisticada, Alector está estratégicamente posicionado para transformar los paradigmas tradicionales del desarrollo de fármacos, ofreciendo esperanza a pacientes e investigadores por igual a través de sus estrategias de medicina de precisión y un modelo comercial integral que abarca asociaciones colaborativas, avanzada, avanzada. experiencia científica y potencial terapéutico transformador.

Alector, Inc. (ALEC) - Modelo de negocio: asociaciones clave

Instituciones de investigación farmacéutica

Alector ha establecido asociaciones estratégicas con las siguientes instituciones de investigación farmacéutica:

Institución	Detalles de la asociación	Año establecido
Genentech	Colaboración en terapéutica de enfermedad neurodegenerativa	2018
Abad	Asociación de investigación para terapias neurodegenerativas inmunes	2019

Centros médicos académicos

Alector colabora con centros médicos académicos clave para investigación y ensayos clínicos:

• Universidad de California, San Francisco (UCSF)
• Facultad de Medicina de la Universidad de Stanford
• Escuela de Medicina de Harvard

Socios de colaboración de biotecnología

Las asociaciones clave de biotecnología incluyen:

Pareja	Enfoque de colaboración	Términos financieros
Biógeno	Desarrollo terapéutico de la enfermedad de Alzheimer	Pago por adelantado de $ 200 millones
Merck	Investigación neurodegenerativa inmune	Acuerdo de colaboración de $ 125 millones

Redes de investigación de enfermedades neurodegenerativas

Alector participa en redes de investigación especializadas:

• Iniciativa de neuroimagen de la enfermedad de Alzheimer (ADNI)
• Plataforma global de Alzheimer (GAP)
• Camino crítico para la enfermedad de Alzheimer (CPAD)

Financiación total de la investigación colaborativa: $ 475 millones

Asociaciones de investigación activa: 7 principales colaboraciones institucionales

Alector, Inc. (ALEC) - Modelo de negocio: actividades clave

Desarrollo de fármacos de enfermedad neurodegenerativa

A partir del cuarto trimestre de 2023, Alector se ha centrado en desarrollar terapias innovadoras dirigidas a enfermedades neurodegenerativas. La empresa tiene 2 candidatos terapéuticos de plomo en etapas clínicas avanzadas.

Candidato a la droga	Objetivo de enfermedad	Estadio clínico
Al001	Enfermedad de Alzheimer	Fase 2
Al002	Demencia frontotemporal	Fase 1/2

Investigación de inmunoterapia y ensayos clínicos

Alector invirtió $ 87.4 millones en gastos de I + D para la investigación de inmunoterapia en 2022.

• Ensayos clínicos activos: 3 programas de inmunoterapia en curso
• Colaboración con AbbVie para enfoques inmunoterapéuticos
• Plataforma de inmuno-neurología patentada

Identificación del objetivo genético

La empresa tiene identificados más de 40 objetivos genéticos únicos relacionado con trastornos neurológicos.

Enfoque de investigación genética	Número de objetivos
Objetivos genéticos de Alzheimer	18
Objetivos de la demencia frontotemporal	12
Otros trastornos neurológicos	10

Investigación de etapa preclínica y clínica

Alector mantiene 5 programas de investigación preclínica y 3 investigaciones activas de etapa clínica.

Avance de la plataforma terapéutica

La inversión total en el desarrollo de la plataforma tecnológica alcanzada $ 42.6 millones en 2022.

• Plataforma de descubrimiento inmuno-neurología patentada
• Técnicas avanzadas de biología computacional
• Tecnologías de detección genética

Alector, Inc. (ALEC) - Modelo de negocio: recursos clave

Sistema inmunitario patentado dirigido a la tecnología

La plataforma tecnológica central de Alector se centra en dirigirse a los receptores del sistema inmunitario. A partir del cuarto trimestre de 2023, la compañía ha desarrollado 5 enfoques terapéuticos basados ​​en inmunología distintos.

Categoría de tecnología	Número de plataformas desarrolladas	Etapa de investigación
Orientación del receptor inmune	5	Desarrollo clínico

Experiencia de investigación científica

Las capacidades de investigación de la compañía están respaldadas por un equipo científico robusto con una amplia experiencia en enfermedades neurodegenerativas.

• Personal de investigación total: 127 a diciembre de 2023
• Investigadores a nivel de doctorado: 72
• Documentos científicos publicados: 43 en revistas revisadas por pares

Instalaciones de laboratorio avanzadas

Alector mantiene la infraestructura de investigación de vanguardia en el sur de San Francisco, California.

Métrica de la instalación	Especificación
Espacio total de investigación	45,000 pies cuadrados
Inversión en equipos de investigación	$ 12.3 millones en 2023

Cartera de propiedades intelectuales

La propiedad intelectual de la Compañía representa un activo estratégico crítico.

• Solicitudes de patentes totales: 87
• Patentes concedidas: 52
• Familias de patentes: 16

Equipo calificado de investigación y desarrollo

El equipo de I + D de Alector impulsa estrategias innovadoras de desarrollo terapéutico.

Composición del equipo	Número
Empleados totales de I + D	127
Científicos de investigación senior	38
Colaboradores de investigación	12 instituciones académicas

Alector, Inc. (ALEC) - Modelo de negocio: propuestas de valor

Enfoques inmunoterapéuticos innovadores para enfermedades neurodegenerativas

La propuesta de valor central de Alector se centra en el desarrollo de nuevas inmunoterapias dirigidas a trastornos neurodegenerativos. A partir del cuarto trimestre de 2023, la compañía tiene:

• 2 programas terapéuticos en etapa clínica en desarrollo avanzado
• $ 264.5 millones en efectivo e inversiones al 30 de septiembre de 2023
• Investigación continua en medicina de precisión dirigida a afecciones neurológicas

Programa	Objetivo de enfermedad	Estadio clínico	Tamaño potencial del mercado
Al001	Enfermedad de Alzheimer	Fase 2	Mercado global de $ 55.4 mil millones
Al002	Demencia frontotemporal	Fase 2	Mercado potencial de $ 1.2 mil millones

Tratamientos potenciales dirigidos a los mecanismos de enfermedades subyacentes

Enfoque terapéutico clave: Dirigir la modulación del sistema inmune en enfermedades neurodegenerativas.

• Plataforma de confianza (receptor desencadenante expresado en células mieloides)
• Centrarse en las variaciones genéticas que afectan la progresión de la enfermedad neurológica
• Investigación de inversión de $ 95.2 millones en 2022

Medicina de precisión dirigida a perfiles genéticos específicos

Enfoque genético	Población objetivo	Enfoque de investigación
Análisis de variante genética	Pacientes con mutaciones neurológicas específicas	Desarrollo de inmunoterapia personalizado

Abordar las necesidades médicas no satisfechas en los trastornos neurológicos

Análisis de oportunidades de mercado:

• El mercado global de enfermedades neurodegenerativas estimadas en $ 82.6 mil millones para 2026
• Opciones de tratamiento existentes limitadas para afecciones neurológicas progresivas
• Potencial para desarrollar terapias innovador con un mecanismo de acción único

Categoría de desorden	Necesidad médica insatisfecha	El enfoque de Alector
Enfermedad de Alzheimer	Sin tratamientos modificadores de la enfermedad	Terapia de orientación del sistema inmunitario
Demencia frontotemporal	Opciones terapéuticas limitadas	Intervención genética de precisión

Alector, Inc. (ALEC) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, Alector mantiene relaciones directas de investigación con 37 centros médicos académicos e instituciones de investigación a nivel mundial.

Tipo de institución de investigación	Número de asociaciones activas
Centros médicos académicos	22
Institutos de investigación de neurociencia	15

Asociaciones de ensayos clínicos colaborativos

Alector ha establecido 12 colaboraciones de ensayos clínicos activos centrándose en la investigación de la enfermedad neurodegenerativa.

• Ensayos clínicos de fase 1: 4 asociaciones en curso
• Ensayos clínicos de fase 2: 6 colaboraciones activas
• Ensayos clínicos de fase 3: 2 asociaciones actuales

Conferencia científica y presentaciones de simposio

En 2023, Alector participó en 18 conferencias científicas internacionales, presentando hallazgos de la investigación y participando con la comunidad científica.

Tipo de conferencia	Número de presentaciones
Conferencias de neurociencia	12
Simposios de inmunología	6

Interacciones del grupo de defensa del paciente

Alector mantiene relaciones activas con 9 organizaciones de defensa de los pacientes centradas en enfermedades neurodegenerativas.

Comunicación de investigación transparente

La compañía publicó 24 publicaciones de investigación revisadas por pares en 2023, con un índice de citas promedio de 7.4.

Métrico de publicación	2023 datos
Publicaciones totales revisadas por pares	24
Índice de citas promedio	7.4

Alector, Inc. (ALEC) - Modelo de negocio: canales

Publicaciones científicas

Alector, Inc. publicó 7 artículos científicos revisados ​​por pares en 2023 en revistas, incluyendo Nature Medicine y Alzheimer's & Demencia.

Año de publicación	Número de publicaciones	Rango de factores de impacto
2023	7	12.5 - 35.2

Presentaciones de conferencia médica

Alector presentó a 4 conferencias principales de enfermedad neurodegenerativa en 2023.

• Ensayos clínicos sobre la enfermedad de Alzheimer (CTAD)
• Conferencia Internacional de la Asociación de Alzheimer (AAIC)
• Reunión anual de la Asociación Neurológica Americana
• Conferencia de la Sociedad de Neurociencia

Asociaciones directas de la industria farmacéutica

Alector mantiene asociaciones estratégicas con 3 compañías farmacéuticas a partir de 2023.

Pareja	Tipo de asociación	Valor de colaboración
Abad	Colaboración de investigación	$ 200 millones por adelantado
Takonda	Desarrollo de drogas	$ 150 millones potencial hito
Gilead Sciences	Investigación de inmunología	Colaboración de $ 120 millones

Comunicaciones de relaciones con los inversores

Alector realizó 12 eventos de comunicación de inversores en 2023, incluidas llamadas trimestrales de ganancias y conferencias de inversores.

• 4 llamadas de ganancias trimestrales
• 6 presentaciones de la conferencia de inversores
• 2 eventos del día de los inversores

Plataformas científicas digitales

Alector utiliza múltiples plataformas digitales para comunicación científica y intercambio de datos.

• Clinicaltrials.gov: 5 ensayos clínicos activos registrados
• Researchgate: 250+ científico profile seguidores
• LinkedIn: más de 15,000 conexiones de red profesionales

Alector, Inc. (ALEC) - Modelo de negocio: segmentos de clientes

Investigadores de enfermedades neurodegenerativas

A partir de 2024, el segmento de clientes de investigación de la investigación principal de Alector incluye aproximadamente 15,000 investigadores globales de enfermedades neurodegenerativas centradas en los trastornos neurológicos.

Categoría de investigación	Número de investigadores	Financiación promedio de investigación
Investigación de Alzheimer	5,200	$ 3.2 millones por proyecto
Investigación de Parkinson	3,800	$ 2.7 millones por proyecto
Estudios de neuroinflamación	6,000	$ 4.1 millones por proyecto

Compañías farmacéuticas

Alector se dirige a 37 compañías farmacéuticas principales interesadas en la terapéutica de la enfermedad neurodegenerativa.

• Los 10 principales socios farmacéuticos con presupuestos anuales de colaboración que exceden los $ 50 millones
• Tamaño del mercado potencial para la terapéutica neurológica: $ 102.7 mil millones para 2024
• Inversión actual de investigación farmacéutica: $ 18.3 mil millones anuales

Instituciones médicas académicas

Alector colabora con 89 instituciones médicas académicas a nivel mundial.

Región	Número de instituciones	Presupuesto de colaboración de investigación anual
América del norte	42	$ 76.5 millones
Europa	31	$ 62.3 millones
Asia-Pacífico	16	$ 41.2 millones

Pacientes con enfermedad neurológica

La población de pacientes objetivo para los desarrollos terapéuticos de Alector.

• Pacientes de Alzheimer en todo el mundo: 55.2 millones
• Pacientes de la enfermedad de Parkinson: 8,7 millones
• Valor de mercado potencial del paciente: $ 127.6 mil millones

Comunidad de inversión en biotecnología

Segmento de inversores interesado en la terapéutica de enfermedad neurodegenerativa.

Categoría de inversión	Inversión total	Número de inversores
Capital de riesgo	$ 412 millones	87 empresas
Inversores institucionales	$ 1.2 mil millones	42 instituciones
Capital privado	$ 276 millones	23 empresas

Alector, Inc. (ALEC) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Alector reportó gastos totales de investigación y desarrollo de $ 154.7 millones, lo que representa una inversión significativa en innovación científica y desarrollo de fármacos.

Año fiscal	Gastos de I + D	Porcentaje de gastos operativos totales
2023	$ 154.7 millones	68.3%
2022	$ 173.1 millones	72.5%

Inversiones de ensayos clínicos

Alector asignó recursos financieros sustanciales a los ensayos clínicos en múltiples programas de enfermedades neurológicas.

• Costos de desarrollo clínico total en 2023: $ 89.3 millones
• Ensayos clínicos en curso para programas AL001, AL002 y AL003
• Rango promedio de inversión por juicio: $ 15-25 millones anuales

Mantenimiento de la propiedad intelectual

A partir de 2023, Alector mantuvo una sólida cartera de propiedades intelectuales con costos asociados significativos.

Categoría de IP	Número de patentes	Costos anuales de mantenimiento de IP
Patentes concedidas	87	$ 3.2 millones
Aplicaciones de patentes pendientes	42	$ 1.7 millones

Compensación de personal científico

Alector invirtió significativamente en la compensación de su fuerza laboral científica.

• Gastos totales de personal en 2023: $ 112.5 millones
• Compensación promedio de personal científico: $ 185,000 por año
• Número de empleados científicos: aproximadamente 320

Infraestructura de laboratorio y tecnología

Las inversiones de infraestructura apoyan las capacidades de investigación y desarrollo de Alector.

Categoría de infraestructura	Inversión anual
Equipo de laboratorio	$ 22.6 millones
Sistemas tecnológicos	$ 8.3 millones
Mantenimiento de la instalación	$ 5.9 millones

Alector, Inc. (ALEC) - Modelo de negocio: flujos de ingresos

Acuerdos potenciales de licencia terapéutica

A partir del cuarto trimestre de 2023, Alector ha establecido una colaboración estratégica con Abad para programas AL001 y AL002, con posibles pagos y regalías.

Pareja	Programa	Pago por adelantado	Pagos potenciales de hitos
Abad	AL001/AL002	$ 200 millones	Hasta $ 1.5 mil millones

Asociaciones de colaboración de investigación

Alector tiene colaboraciones de investigación continuas que generan ingresos a través de la financiación de la asociación.

• Colaboración con Biógeno para programas de enfermedad neurodegenerativa
• Asociación estratégica con Gsk para la investigación de inmunología

Pagos de hitos de desarrollo de medicamentos futuros

Pagos potenciales de hitos por desarrollo y logros regulatorios.

Tipo de hito	Rango de pago potencial
Avance preclínico	$ 10-50 millones por programa
Iniciación de ensayos clínicos	$ 50-100 millones por programa
Aprobación regulatoria	$ 100-300 millones por programa

Posibles regalías farmacéuticas

Tasas de regalías proyectadas de posibles terapias comercializadas.

• Tasas de regalías que van desde 8% a 15% en ventas netas
• Potencial ingresos anuales de regalías estimados entre $ 50-200 millones

Financiación de capital e inversión

Financiero overview de generación de ingresos basados ​​en acciones.

Fuente de financiación	Cantidad recaudada	Año
Ofrenda pública	$ 250 millones	2020
Inversión privada	$ 150 millones	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.