Alector, Inc. (ALEC): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage rapide de la recherche sur les maladies neurodégénératives, Alector, Inc. (ALEC) émerge comme une entreprise de biotechnologie révolutionnaire pionnière des approches immunothérapeutiques innovantes qui promettent de révolutionner notre compréhension et le traitement des troubles neurologiques complexes. En tirant parti de la technologie de ciblage du système immunitaire de pointe et d'une plate-forme de recherche sophistiquée, Alector est stratégiquement positionné pour transformer les paradigmes traditionnels du développement de médicaments, offrant de l'espoir aux patients et aux chercheurs à travers ses stratégies de médecine de précision et son modèle commercial complet qui couvre des partenariats collaboratifs, avancé, avancé Expertise scientifique et potentiel thérapeutique transformateur.

Alector, Inc. (ALEC) - Modèle d'entreprise: partenariats clés

Institutions de recherche pharmaceutique

Alector a établi des partenariats stratégiques avec les institutions de recherche pharmaceutique suivantes:

Institution	Détails du partenariat	Année établie
Genentech	Collaboration sur la thérapeutique des maladies neurodégénératives	2018
Abbvie	Partenariat de recherche pour les thérapies neurodégénératives immunitaires	2019

Centres médicaux académiques

Alector collabore avec les principaux centres médicaux académiques pour la recherche et les essais cliniques:

• Université de Californie, San Francisco (UCSF)
• École de médecine de l'Université de Stanford
• École de médecine de Harvard

Biotechnology Collaboration Partners

Les principaux partenariats de biotechnologie comprennent:

Partenaire	Focus de la collaboration	Conditions financières
Biogène	Développement thérapeutique de la maladie d'Alzheimer	Paiement initial de 200 millions de dollars
Miserrer	Recherche neurodégénérative immunitaire	Contrat de collaboration de 125 millions de dollars

Réseaux de recherche sur les maladies neurodégénératives

Alector participe à des réseaux de recherche spécialisés:

• Initiative de neuroimagerie de la maladie d'Alzheimer (ADNI)
• Plateforme mondiale d'Alzheimer (GAP)
• Chemin critique pour la maladie d'Alzheimer (CPAD)

Financement total de recherche collaborative: 475 millions de dollars

Partenariats de recherche actifs: 7 collaborations institutionnelles majeures

Alector, Inc. (ALEC) - Modèle d'entreprise: activités clés

Développement de médicaments à la maladie neurodégénérative

Depuis le quatrième trimestre 2023, Alector s'est concentré sur le développement de thérapies innovantes ciblant les maladies neurodégénératives. La société a 2 candidats thérapeutiques principaux par étapes cliniques avancées.

Drogue	Cible de la maladie	Étape clinique
AL001	Maladie d'Alzheimer	Phase 2
AL002	Démence frontotemporale	Phase 1/2

Recherche d'immunothérapie et essais cliniques

L'allecteur a investi 87,4 millions de dollars en dépenses de R&D pour la recherche sur l'immunothérapie en 2022.

• Essais cliniques actifs: 3 programmes d'immunothérapie en cours
• Collaboration avec AbbVie pour les approches immunothérapeutiques
• Plateforme de neurologie immuno-neurologie propriétaire

Identification de la cible génétique

La société a identifié plus de 40 cibles génétiques uniques liés aux troubles neurologiques.

Focus de recherche génétique	Nombre de cibles
Cibles génétiques d'Alzheimer	18
Cibles de démence frontotemporal	12
Autres troubles neurologiques	10

Recherche de scène préclinique et clinique

L'allector maintient 5 programmes de recherche préclinique et 3 Investigations actives à stade clinique actif.

Avancement de la plate-forme thérapeutique

L'investissement total dans le développement de la plate-forme technologique a atteint 42,6 millions de dollars en 2022.

• Plateforme de découverte immuno-neurologie propriétaire
• Techniques avancées de biologie informatique
• Technologies de dépistage génétique

Alector, Inc. (ALEC) - Modèle d'entreprise: Ressources clés

Technologie de ciblage du système immunitaire propriétaire

La plate-forme technologique principale d'Alector se concentre sur le ciblage des récepteurs du système immunitaire. Au quatrième trimestre 2023, la société a développé 5 approches thérapeutiques basées sur l'immunologie distincte.

Catégorie de technologie	Nombre de plateformes développées	Étape de recherche
Ciblage des récepteurs immunitaires	5	Développement clinique

Expertise en recherche scientifique

Les capacités de recherche de l'entreprise sont soutenues par une équipe scientifique robuste ayant une vaste expertise en matière de maladies neurodégénératives.

• Personnel de recherche total: 127 en décembre 2023
• Chercheurs au niveau du doctorat: 72
• Articles scientifiques publiés: 43 dans des revues à comité de lecture

Installations de laboratoire avancées

Alector maintient une infrastructure de recherche de pointe à South San Francisco, en Californie.

Métrique de l'installation	Spécification
Espace de recherche total	45 000 pieds carrés
Investissement de l'équipement de recherche	12,3 millions de dollars en 2023

Portefeuille de propriété intellectuelle

La propriété intellectuelle de l'entreprise représente un atout stratégique critique.

• Demandes totales de brevets: 87
• Brevets accordés: 52
• Familles de brevets: 16

Équipe de recherche et développement qualifiée

L'équipe R&D d'Alector dirige des stratégies de développement thérapeutique innovantes.

Composition de l'équipe	Nombre
Total des employés de R&D	127
Chercheur principal	38
Collaborateurs de recherche	12 institutions universitaires

Alector, Inc. (ALEC) - Modèle d'entreprise: propositions de valeur

Approches immunothérapeutiques innovantes pour les maladies neurodégénératives

La proposition de valeur fondamentale d'Alector se concentre sur le développement de nouvelles immunothérapies ciblant les troubles neurodégénératifs. Au quatrième trimestre 2023, la société a:

• 2 programmes thérapeutiques à stade clinique en développement avancé
• 264,5 millions de dollars en espèces et en investissements au 30 septembre 2023
• Recherche en cours en médecine de précision ciblant les conditions neurologiques

Programme	Cible de la maladie	Étape clinique	Taille du marché potentiel
AL001	Maladie d'Alzheimer	Phase 2	55,4 milliards de dollars sur le marché mondial
AL002	Démence frontotemporale	Phase 2	Marché potentiel de 1,2 milliard de dollars

Traitements potentiels ciblant les mécanismes de la maladie sous-jacents

Approche thérapeutique clé: Cibler la modulation du système immunitaire dans les maladies neurodégénératives.

• Plateforme de confiance propriétaire (déclenchement des récepteurs exprimés sur les cellules myéloïdes)
• Concentrez-vous sur les variations génétiques affectant la progression de la maladie neurologique
• Investissement en recherche de 95,2 millions de dollars en 2022

Médecine de précision ciblant les profils génétiques spécifiques

Approche génétique	Population cible	Focus de recherche
Analyse de variantes génétiques	Patients avec des mutations neurologiques spécifiques	Développement d'immunothérapie personnalisée

Répondre aux besoins médicaux non satisfaits dans les troubles neurologiques

Analyse des opportunités du marché:

• Marché mondial des maladies neurodégénératives estimées à 82,6 milliards de dollars d'ici 2026
• Options de traitement existantes limitées pour les conditions neurologiques progressives
• Potentiel pour développer des thérapies révolutionnaires avec un mécanisme d'action unique

Catégorie de troubles	Besoin médical non satisfait	Approche de l'allector
Maladie d'Alzheimer	Aucun traitement modifiant la maladie	Thérapie de ciblage du système immunitaire
Démence frontotemporale	Options thérapeutiques limitées	Intervention génétique de précision

Alector, Inc. (ALEC) - Modèle d'entreprise: relations avec les clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Alector entretient des relations de recherche directes avec 37 centres médicaux académiques et institutions de recherche dans le monde.

Type d'institution de recherche	Nombre de partenariats actifs
Centres médicaux académiques	22
Instituts de recherche en neurosciences	15

Partenariats collaboratifs d'essais cliniques

L'alecteur a établi 12 collaborations d'essais cliniques actifs se concentrer sur la recherche sur les maladies neurodégénératives.

• Essais cliniques de phase 1: 4 partenariats en cours
• Phase 2 essais cliniques: 6 collaborations actives
• Phase 3 essais cliniques: 2 partenariats actuels

Présentations de conférence scientifique et de symposium

En 2023, Alector a participé à 18 conférences scientifiques internationales, présentant des résultats de recherche et s'engageant avec la communauté scientifique.

Type de conférence	Nombre de présentations
Conférences de neurosciences	12
Symposiums d'immunologie	6

Interactions du groupe de défense des patients

Alector entretient des relations actives avec 9 organisations de défense des patients axées sur les maladies neurodégénératives.

Communication de recherche transparente

La société a publié 24 publications de recherche évaluées par des pairs en 2023, avec un indice de citation moyen de 7,4.

Métrique de publication	2023 données
Publications totales évaluées par des pairs	24
Indice de citation moyen	7.4

Alector, Inc. (ALEC) - Modèle d'entreprise: canaux

Publications scientifiques

Alector, Inc. a publié 7 articles scientifiques évalués par des pairs en 2023 dans des revues telles que la médecine de la nature et la maladie d'Alzheimer & Démence.

Année de publication	Nombre de publications	Plage du facteur d'impact
2023	7	12.5 - 35.2

Présentations de la conférence médicale

Alécteur présenté à 4 conférences de maladies neurodégénératives majeures en 2023.

• Essais cliniques sur la maladie d'Alzheimer (CTAD)
• Conférence internationale de l'Association Alzheimer (AAIC)
• Réunion annuelle de l'American Neurological Association
• Conférence de la Société pour les neurosciences

Partenariats directs de l'industrie pharmaceutique

Alector entretient des partenariats stratégiques avec 3 sociétés pharmaceutiques à partir de 2023.

Partenaire	Type de partenariat	Valeur de collaboration
Abbvie	Collaboration de recherche	200 millions de dollars d'avance
Mouton	Développement de médicaments	Potentiel d'étape de 150 millions de dollars
Sciences de Gilead	Recherche d'immunologie	Collaboration de 120 millions de dollars

Communications des relations avec les investisseurs

Alector a organisé 12 événements de communication des investisseurs en 2023, notamment des appels de bénéfices trimestriels et des conférences d'investisseurs.

• 4 appels de résultats trimestriels
• 6 présentations de la conférence des investisseurs
• 2 événements de la journée des investisseurs

Plates-formes scientifiques numériques

Alector utilise plusieurs plateformes numériques pour la communication scientifique et le partage de données.

• ClinicalTrials.gov: 5 essais cliniques actifs enregistrés
• Researchgate: 250+ scientifique profile abonnés
• LinkedIn: 15 000+ connexions de réseau professionnel

Alector, Inc. (ALEC) - Modèle d'entreprise: segments de clientèle

Rechercheurs de maladies neurodégénératives

Depuis 2024, le segment des clients de recherche principale d'Alector comprend environ 15 000 chercheurs mondiaux de maladies neurodégénératifs axés sur les troubles neurologiques.

Catégorie de recherche	Nombre de chercheurs	Financement moyen de la recherche
Recherche d'Alzheimer	5,200	3,2 millions de dollars par projet
La recherche de Parkinson	3,800	2,7 millions de dollars par projet
Études de neuroinflammation	6,000	4,1 millions de dollars par projet

Sociétés pharmaceutiques

L'allector cible 37 grandes sociétés pharmaceutiques intéressées par la thérapeutique des maladies neurodégénératives.

• Top 10 des partenaires pharmaceutiques avec des budgets de collaboration annuels dépassant 50 millions de dollars
• Taille potentielle du marché pour la thérapeutique neurologique: 102,7 milliards de dollars d'ici 2024
• Investissement actuel de recherche pharmaceutique: 18,3 milliards de dollars par an

Établissements médicaux académiques

Alector collabore avec 89 établissements médicaux universitaires dans le monde.

Région	Nombre d'institutions	Budget de collaboration de recherche annuelle
Amérique du Nord	42	76,5 millions de dollars
Europe	31	62,3 millions de dollars
Asie-Pacifique	16	41,2 millions de dollars

Patiens de maladies neurologiques

Cible la population de patients pour les développements thérapeutiques d'Alector.

• Patients d'Alzheimer dans le monde: 55,2 millions
• Patients de la maladie de Parkinson: 8,7 millions
• Valeur marchande potentielle du patient: 127,6 milliards de dollars

Communauté d'investissement en biotechnologie

Segment des investisseurs intéressé par la thérapeutique des maladies neurodégénératives.

Catégorie d'investissement	Investissement total	Nombre d'investisseurs
Capital-risque	412 millions de dollars	87 entreprises
Investisseurs institutionnels	1,2 milliard de dollars	42 institutions
Capital-investissement	276 millions de dollars	23 entreprises

Alector, Inc. (ALEC) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Alector a déclaré des frais de recherche et de développement totaux de 154,7 millions de dollars, ce qui représente un investissement important dans l'innovation scientifique et le développement de médicaments.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses d'exploitation totales
2023	154,7 millions de dollars	68.3%
2022	173,1 millions de dollars	72.5%

Investissements d'essais cliniques

Aléctor a alloué des ressources financières substantielles aux essais cliniques dans plusieurs programmes de maladies neurologiques.

• Coût total de développement clinique en 2023: 89,3 millions de dollars
• Essais cliniques en cours pour les programmes AL001, AL002 et AL003
• Plage d'investissement moyen par essai: 15 à 25 millions de dollars par an

Maintenance de la propriété intellectuelle

En 2023, Alector a maintenu un portefeuille de propriété intellectuelle robuste avec des coûts associés importants.

Catégorie IP	Nombre de brevets	Coûts de maintenance annuelle IP
Brevets accordés	87	3,2 millions de dollars
Demandes de brevet en instance	42	1,7 million de dollars

Compensation du personnel scientifique

Alector a investi de manière significative dans la rémunération de sa main-d'œuvre scientifique.

• Total des dépenses du personnel en 2023: 112,5 millions de dollars
• Compensation moyenne du personnel scientifique: 185 000 $ par an
• Nombre d'employés scientifiques: environ 320

Infrastructure de laboratoire et technologique

Les investissements d'infrastructure soutiennent les capacités de recherche et de développement d'Alector.

Catégorie d'infrastructure	Investissement annuel
Équipement de laboratoire	22,6 millions de dollars
Systèmes technologiques	8,3 millions de dollars
Entretien d'installation	5,9 millions de dollars

Alector, Inc. (ALEC) - Modèle d'entreprise: Strots de revenus

Accords de licence thérapeutique potentiels

Depuis le quatrième trimestre 2023, Alector a établi une collaboration stratégique avec Abbvie Pour les programmes AL001 et AL002, avec des paiements et des redevances de jalon potentiels.

Partenaire	Programme	Paiement initial	Paiements de jalons potentiels
Abbvie	AL001 / AL002	200 millions de dollars	Jusqu'à 1,5 milliard de dollars

Partenariats de collaboration de recherche

Alector a des collaborations de recherche en cours générant des revenus grâce à un financement de partenariat.

• Collaboration avec Biogène Pour les programmes de maladies neurodégénératives
• Partenariat stratégique avec GSK pour la recherche en immunologie

Paiements d'étape de développement des médicaments futurs

Payments de jalons potentiels provenant du développement et des réalisations réglementaires.

Type d'étape	Fourchette de paiement potentielle
Avancement préclinique	10-50 millions de dollars par programme
Initiation des essais cliniques	50 à 100 millions de dollars par programme
Approbation réglementaire	100-300 millions de dollars par programme

Redevances pharmaceutiques potentielles

Taux de redevance projetés à partir de thérapies commerciales potentielles.

• Des taux de redevance allant de 8% à 15% sur les ventes nettes
• Revenus de redevances annuelles potentielles estimées entre 50 à 200 millions de dollars

Financement des actions et des investissements

Financier overview de la génération de revenus basée sur les actions.

Source de financement	Montant recueilli	Année
Offre publique	250 millions de dollars	2020
Investissement privé	150 millions de dollars	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.