The following is a summary of the Allogene Therapeutics, Inc. (ALLO) Q1 2024 Earnings Call Transcript:
Financial Performance:
Allogene Therapeutics reported a Q1 2024 cash balance of $397.3 million.
The company's Q1 2024 research and development expenses were $52.3 million, contributing to a net loss of $65 million or $0.38 per share.
An additional $110 million equity financing will enhance their cash balance to about $500 million.
For 2024, the company projects a cash burn of approximately $200 million with an estimated full-year GAAP operating expense of about $300 million.
Business Progress:
Allogene Therapeutics is advancing major programs, including the ALPHA3 trial for B cell lymphoma with potential revenue growth from $500 million to over $6 billion.
The company has increased its territory rights to include the European Union and the U.K., raising the potential future revenue for its product, cema-cel, by over 50%.
Allogene is exploring the autoimmune space with ALLO-329 and was awarded a $15 million grant for the advancement of their ALLO-316 program for solid tumors.
The company is in the process of expanding the Phase 1 and Phase 2 cohorts of its ALPHA3 program while making strategic preparations for its cema-cel clinical trials in Europe.
An anticipated boost in investment will be committed to cloud infrastructure for the expansion of cema-cel.
Expected proof of concept for ALLO-329 is anticipated by the end of 2025 with IND planned for Q1 2025.
More details: Allogene Therapeutics IR
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