Aletor, Inc. (ALEC): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário em rápida evolução da pesquisa de doenças neurodegenerativas, a Aletor, Inc. (ALEC) surge como uma empresa inovadora de biotecnologia, pioneira em abordagens imunoterapêuticas inovadoras que prometem revolucionar nossa compreensão e tratamento de distúrbios neurológicos complexos. Ao alavancar a tecnologia de direcionamento do sistema imunológico de ponta e uma plataforma de pesquisa sofisticada, o Aletor está estrategicamente posicionado para transformar os paradigmas tradicionais do desenvolvimento de medicamentos, oferecendo esperança a pacientes e pesquisadores por meio de suas estratégias de medicina de precisão e modelo de negócios abrangente que abrange parcerias colaborativas, avançado experiência científica e potencial terapêutico transformador.

Aletor, Inc. (ALEC) - Modelo de Negócios: Principais Parcerias

Instituições de pesquisa farmacêutica

O Alector estabeleceu parcerias estratégicas com as seguintes instituições de pesquisa farmacêutica:

Instituição	Detalhes da parceria	Ano estabelecido
Genentech	Colaboração na terapêutica de doenças neurodegenerativas	2018
Abbvie	Parceria de pesquisa para terapias neurodegenerativas imunes	2019

Centros Médicos Acadêmicos

Aletor colabora com os principais centros médicos acadêmicos de pesquisa e ensaios clínicos:

• Universidade da Califórnia, São Francisco (UCSF)
• Escola de Medicina da Universidade de Stanford
• Escola de Medicina de Harvard

Biotechnology Collaboration Partners

As principais parcerias de biotecnologia incluem:

Parceiro	Foco de colaboração	Termos financeiros
Biogênio	Desenvolvimento terapêutico da doença de Alzheimer	Pagamento inicial de US $ 200 milhões
Merck	Pesquisa neurodegenerativa imune	Contrato de colaboração de US $ 125 milhões

Redes de pesquisa de doenças neurodegenerativas

Aletor participa de redes de pesquisa especializadas:

• Iniciativa de neuroimagem da doença de Alzheimer (ADNI)
• Plataforma Global Alzheimer (GAP)
• Caminho crítico para a doença de Alzheimer (CPAD)

Financiamento total de pesquisa colaborativa: US $ 475 milhões

Parcerias de pesquisa ativa: 7 principais colaborações institucionais

Aletor, Inc. (ALEC) - Modelo de Negócios: Atividades -chave

Desenvolvimento de medicamentos para doenças neurodegenerativas

A partir do quarto trimestre 2023, o Aletor se concentrou no desenvolvimento de terapias inovadoras direcionadas a doenças neurodegenerativas. A empresa possui 2 candidatos terapêuticos principais em estágios clínicos avançados.

Candidato a drogas	Alvo de doença	Estágio clínico
AL001	Doença de Alzheimer	Fase 2
AL002	Demência frontotemporal	Fase 1/2

Pesquisa de imunoterapia e ensaios clínicos

Aletor investiu US $ 87,4 milhões em despesas de P&D para pesquisa de imunoterapia em 2022.

• Ensaios clínicos ativos: 3 programas de imunoterapia em andamento
• Colaboração com AbbVie para abordagens imunoterapêuticas
• Plataforma de imuno-neurologia proprietária

Identificação do alvo genético

A empresa possui identificado mais de 40 alvos genéticos únicos relacionado a distúrbios neurológicos.

Foco na pesquisa genética	Número de alvos
Alvos genéticos de Alzheimer	18
Alvos de demência frontotemporal	12
Outros distúrbios neurológicos	10

Pesquisa pré -clínica e clínica

Aletor mantém 5 programas de pesquisa pré -clínica e 3 investigações ativas em estágio clínico.

Avanço da plataforma terapêutica

Investimento total em desenvolvimento de plataforma tecnológica alcançada US $ 42,6 milhões em 2022.

• Plataforma de descoberta de imuno-neurologia proprietária
• Técnicas avançadas de biologia computacional
• Tecnologias de triagem genética

Alector, Inc. (ALEC) - Modelo de negócios: Recursos -chave

Tecnologia de direcionamento do sistema imunológico proprietário

A plataforma tecnológica principal do Aletor se concentra no direcionamento dos receptores do sistema imunológico. A partir do quarto trimestre 2023, a empresa desenvolveu 5 abordagens terapêuticas baseadas em imunologia distintas.

Categoria de tecnologia	Número de plataformas desenvolvidas	Estágio de pesquisa
Direcionamento do receptor imune	5	Desenvolvimento Clínico

Experiência em pesquisa científica

Os recursos de pesquisa da empresa são apoiados por uma equipe científica robusta com ampla experiência em doenças neurodegenerativas.

• Pessoal de Pesquisa Total: 127 em dezembro de 2023
• Pesquisadores no nível de doutorado: 72
• Artigos científicos publicados: 43 em revistas revisadas por pares

Instalações de laboratório avançadas

O Alector mantém a infraestrutura de pesquisa de ponta no sul de São Francisco, Califórnia.

Métrica da instalação	Especificação
Espaço total de pesquisa	45.000 pés quadrados
Investimento em equipamentos de pesquisa	US $ 12,3 milhões em 2023

Portfólio de propriedade intelectual

A propriedade intelectual da empresa representa um ativo estratégico crítico.

• Total de pedidos de patente: 87
• Patentes concedidas: 52
• Famílias de patentes: 16

Equipe de pesquisa e desenvolvimento qualificada

A equipe de P&D do Aletor dirige estratégias inovadoras de desenvolvimento terapêutico.

Composição da equipe	Número
Funcionários totais de P&D	127
Cientistas de pesquisa seniores	38
Colaboradores de pesquisa	12 instituições acadêmicas

Aletor, Inc. (ALEC) - Modelo de Negócios: Proposições de Valor

Abordagens imunoterapêuticas inovadoras para doenças neurodegenerativas

A proposição de valor central do Aletor se concentra no desenvolvimento de novas imunoterapias direcionadas a distúrbios neurodegenerativos. A partir do quarto trimestre 2023, a empresa possui:

• 2 programas terapêuticos em estágio clínico em desenvolvimento avançado
• US $ 264,5 milhões em dinheiro e investimentos em 30 de setembro de 2023
• Pesquisa em andamento em medicina de precisão direcionada às condições neurológicas

Programa	Alvo de doença	Estágio clínico	Tamanho potencial de mercado
AL001	Doença de Alzheimer	Fase 2	US $ 55,4 bilhões no mercado global
AL002	Demência frontotemporal	Fase 2	Mercado potencial de US $ 1,2 bilhão

Tratamentos potenciais direcionados aos mecanismos de doenças subjacentes

Abordagem terapêutica -chave: Direcionando a modulação do sistema imunológico em doenças neurodegenerativas.

• Confiança proprietária (receptor de acionamento expresso nas células mielóides)
• Concentre -se nas variações genéticas que afetam a progressão da doença neurológica
• Investimento de pesquisa de US $ 95,2 milhões em 2022

Medicina de precisão direcionando perfis genéticos específicos

Abordagem genética	População -alvo	Foco na pesquisa
Análise da variante genética	Pacientes com mutações neurológicas específicas	Desenvolvimento personalizado de imunoterapia

Atendendo às necessidades médicas não atendidas em distúrbios neurológicos

Análise de Oportunidades de Mercado:

• Mercado global de doenças neurodegenerativas estimadas em US $ 82,6 bilhões até 2026
• Opções de tratamento existentes limitadas para condições neurológicas progressivas
• Potencial para desenvolver terapias inovadoras com mecanismo de ação exclusivo

Categoria de distúrbio	Necessidade médica não atendida	Abordagem de Aletor
Doença de Alzheimer	Não há tratamentos de modificação de doenças	Terapia de direcionamento do sistema imunológico
Demência frontotemporal	Opções terapêuticas limitadas	Intervenção genética de precisão

Aletor, Inc. (ALEC) - Modelo de Negócios: Relacionamentos do Cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre 2023, o Alector mantém relações diretas de pesquisa com 37 centros médicos acadêmicos e instituições de pesquisa em todo o mundo.

Tipo de instituição de pesquisa	Número de parcerias ativas
Centros Médicos Acadêmicos	22
Institutos de pesquisa em neurociência	15

Parcerias de ensaios clínicos colaborativos

Aletor estabeleceu 12 colaborações de ensaios clínicos ativos focando na pesquisa de doenças neurodegenerativas.

• Ensaios clínicos de fase 1: 4 parcerias em andamento
• Ensaios clínicos de fase 2: 6 colaborações ativas
• Ensaios clínicos da fase 3: 2 parcerias atuais

Apresentações de conferência científica e simpósio

Em 2023, o Aletor participou de 18 conferências científicas internacionais, apresentando resultados de pesquisa e se envolvendo com a comunidade científica.

Tipo de conferência	Número de apresentações
Conferências de neurociência	12
Simpósios de imunologia	6

Interações do grupo de defesa de pacientes

O Aletor mantém as relações ativas com 9 organizações de defesa de pacientes focadas em doenças neurodegenerativas.

Comunicação de pesquisa transparente

A Companhia publicou 24 publicações de pesquisa revisadas por pares em 2023, com um índice médio de citação de 7,4.

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	24
Índice de citação média	7.4

Aletor, Inc. (ALEC) - Modelo de Negócios: Canais

Publicações científicas

Alector, Inc. publicou 7 artigos científicos revisados ​​por pares em 2023 em periódicos, incluindo Nature Medicine e Alzheimer's & Demência.

Ano de publicação	Número de publicações	Faixa de fatores de impacto
2023	7	12.5 - 35.2

Apresentações da conferência médica

O Aletor apresentou em 4 principais conferências de doenças neurodegenerativas em 2023.

• Ensaios clínicos na doença de Alzheimer (CTAD)
• Conferência Internacional da Associação de Alzheimer (AAIC)
• Reunião Anual da Associação Neurológica Americana
• Conferência da Sociedade para Neurociência

Parcerias da indústria farmacêutica direta

O Alector mantém parcerias estratégicas com 3 empresas farmacêuticas a partir de 2023.

Parceiro	Tipo de parceria	Valor de colaboração
Abbvie	Colaboração de pesquisa	US $ 200 milhões antecipadamente
Takeda	Desenvolvimento de medicamentos	Potencial de US $ 150 milhões
Gilead Sciences	Pesquisa de imunologia	Colaboração de US $ 120 milhões

Comunicações de Relações com Investidores

O Alector conduziu 12 eventos de comunicação de investidores em 2023, incluindo chamadas trimestrais e conferências de investidores.

• 4 chamadas trimestrais
• 6 Apresentações da Conferência de Investidores
• 2 eventos do dia do investidor

Plataformas científicas digitais

O Aletor utiliza várias plataformas digitais para comunicação científica e compartilhamento de dados.

• ClinicalTrials.gov: 5 ensaios clínicos ativos registrados
• ResearchGate: 250+ científica profile seguidores
• LinkedIn: mais de 15.000 conexões de rede profissional

Aletor, Inc. (ALEC) - Modelo de Negócios: Segmentos de Clientes

Pesquisadores de doenças neurodegenerativas

A partir de 2024, o segmento de clientes de pesquisa primária do Aletor inclui aproximadamente 15.000 pesquisadores globais de doenças neurodegenerativas focadas em distúrbios neurológicos.

Categoria de pesquisa	Número de pesquisadores	Financiamento médio de pesquisa
Pesquisa de Alzheimer	5,200	US $ 3,2 milhões por projeto
Pesquisa de Parkinson	3,800	US $ 2,7 milhões por projeto
Estudos de neuroinflamação	6,000	US $ 4,1 milhões por projeto

Empresas farmacêuticas

O ALECTER tem como alvo 37 principais empresas farmacêuticas interessadas em terapêutica neurodegenerativa de doenças.

• Os 10 principais parceiros farmacêuticos com orçamentos anuais de colaboração superior a US $ 50 milhões
• Tamanho potencial do mercado para terapêutica neurológica: US $ 102,7 bilhões até 2024
• Investimento atual de pesquisa farmacêutica: US $ 18,3 bilhões anualmente

Instituições médicas acadêmicas

Aletor colabora com 89 instituições médicas acadêmicas globalmente.

Região	Número de instituições	Orçamento anual de colaboração de pesquisa
América do Norte	42	US $ 76,5 milhões
Europa	31	US $ 62,3 milhões
Ásia-Pacífico	16	US $ 41,2 milhões

Pacientes em doenças neurológicas

População alvo de pacientes para desenvolvimentos terapêuticos do Aletor.

• Pacientes de Alzheimer em todo o mundo: 55,2 milhões
• Pacientes com doença de Parkinson: 8,7 milhões
• Valor potencial de mercado do paciente: US $ 127,6 bilhões

Comunidade de Investimento de Biotech

Segmento de investidores interessados ​​em terapêutica neurodegenerativa de doenças.

Categoria de investimento	Investimento total	Número de investidores
Capital de risco	US $ 412 milhões	87 empresas
Investidores institucionais	US $ 1,2 bilhão	42 instituições
Private equity	US $ 276 milhões	23 empresas

Aletor, Inc. (ALEC) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, o Aletor registrou despesas totais de pesquisa e desenvolvimento de US $ 154,7 milhões, representando um investimento significativo em inovação científica e desenvolvimento de medicamentos.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas operacionais
2023	US $ 154,7 milhões	68.3%
2022	US $ 173,1 milhões	72.5%

Investimentos de ensaios clínicos

O Aletor alocou recursos financeiros substanciais para ensaios clínicos em vários programas de doenças neurológicas.

• Custos de desenvolvimento clínico totais em 2023: US $ 89,3 milhões
• Ensaios clínicos em andamento para programas AL001, AL002 e AL003
• Faixa média de investimento por julgamento: US $ 15-25 milhões anualmente

Manutenção da propriedade intelectual

A partir de 2023, o Aletor manteve um portfólio de propriedade intelectual robusto com custos associados significativos.

Categoria IP	Número de patentes	Custos anuais de manutenção de IP
Patentes concedidas	87	US $ 3,2 milhões
Aplicações de patentes pendentes	42	US $ 1,7 milhão

Compensação de pessoal científico

A Alector investiu significativamente na compensação de sua força de trabalho científica.

• Total de despesas de pessoal em 2023: US $ 112,5 milhões
• Compensação média de pessoal científico: US $ 185.000 por ano
• Número de funcionários científicos: aproximadamente 320

Infraestrutura de laboratório e tecnologia

Os investimentos em infraestrutura apoiam as capacidades de pesquisa e desenvolvimento da Aletor.

Categoria de infraestrutura	Investimento anual
Equipamento de laboratório	US $ 22,6 milhões
Sistemas de tecnologia	US $ 8,3 milhões
Manutenção da instalação	US $ 5,9 milhões

Aletor, Inc. (ALEC) - Modelo de negócios: fluxos de receita

Potenciais acordos de licenciamento terapêutico

A partir do quarto trimestre 2023, o Aletor estabeleceu uma colaboração estratégica com Abbvie Para programas AL001 e AL002, com possíveis pagamentos e royalties de marcos.

Parceiro	Programa	Pagamento inicial	Potenciais pagamentos marcantes
Abbvie	AL001/AL002	US $ 200 milhões	Até US $ 1,5 bilhão

Parcerias de colaboração de pesquisa

O Aletor possui colaborações de pesquisa em andamento gerando receita por meio de financiamento da parceria.

• Colaboração com Biogênio Para programas de doenças neurodegenerativas
• Parceria estratégica com GSK para pesquisa de imunologia

Pagamentos de Milestone de Desenvolvimento de Medicamentos futuros

Potenciais pagamentos marcantes de desenvolvimento e realizações regulatórias.

Tipo de marco	Faixa de pagamento potencial
Avanço pré -clínico	US $ 10-50 milhões por programa
Iniciação do ensaio clínico	US $ 50-100 milhões por programa
Aprovação regulatória	US $ 100-300 milhões por programa

Possíveis royalties farmacêuticos

Taxas de royalties projetadas de potenciais terapêuticas comercializadas.

• Taxas de royalties que variam de 8% a 15% nas vendas líquidas
• Potencial receita anual de royalties estimada entre US $ 50-200 milhões

Financiamento de patrimônio e investimento

Financeiro overview de geração de receita baseada em patrimônio.

Fonte de financiamento	Valor aumentado	Ano
Oferta pública	US $ 250 milhões	2020
Investimento privado	US $ 150 milhões	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.