Alector, Inc.

alector.com

What Do They Do?

Develops investigational antibodies, enzyme therapies and small-interfering-RNA treatments for patients with neurodegenerative diseases, including Alzheimer’s and Parkinson’s.

How Do They Make Money?

Revenue has mainly come from collaboration agreements: Alector received upfront payments for licenses and earns revenue for research and development work as programs proceed. The GSK agreement also provides for possible milestone payments and royalties on sales outside the United States.

FY2025 revenue

Who Are Their Customers?

Biopharmaceutical partners have licensed or co-developed pipeline programs; Alector and GSK are co-developing nivisnebart.

Do Revenues Turn Into Profits?

No. It lost $142.9M in FY2025.

Operating income, FY2025

−741% of revenue

▲ +8% (Loss) vs FY2024 (−$145M, −144%)

Net income, FY2025

−679% of revenue

▲ +20% (Loss) vs FY2024 (−$119M, −118%)

Free cash flow, FY2025

−875% of revenue

▼ −20% (Loss) vs FY2024 (−$231.2M, −230%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −58%; vs $7.9M in Q2 FY2025
Net income: ▼ −25% (Loss); vs −$30.5M in Q2 FY2025

Jul 8, 2026 GSK gave notice to end its collaboration agreement The termination is scheduled to take effect on January 2, 2027.

Shrinking. Revenue fell 90% in 4 years, from $207.1M in FY2021 to $21M in FY2025, about 44% a year.

Pipeline emphasis The older report described potential oncology programs alongside neurodegeneration; the latest report focuses on therapies for neurodegenerative diseases and the ABC brain-delivery platform across antibodies, enzymes, and siRNA.

Who Do They Compete With?

Competes with Biogen, Eli Lilly, Merck, Roche, and Eisai

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