Alector, Inc.
ALEC · Biological Products, (No Diagnostic Substances) · 111.0M shares · +7%/yr ↑ dilution · EDGAR filings ↗
Reference price $1.88 · est. market cap ~$209M — last insider sale, 2026-06-03 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D43Clinical-stage neurodegeneration biotech hit by a pivotal Phase 3 failure and weak returns, with adequate but finite cash.
Strengths
- Cash/investments of $256M (73rd pct) and current ratio 3.8 give near-term liquidity
- GSK-partnered nivisnebart Phase 2 in early AD shares cost risk and provides optionality
Risks
- Lead latozinemab FAILED the INFRONT-3 Phase 3 in FTD-GRN and partner asset AL002 missed INVOKE-2 (p=0.63) — severe clinical de-risking failures
- ROE in 6th pct, revenue down 79% (11th pct), runway only 5.6 quarters with continued net losses
- Now reliant on a single Phase 2 asset with a 2026 futility analysis — binary risk
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Cash burnNegative free cash flow (-184.1M)
- Net lossNet loss (net margin -679.2%)
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, FMR LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Revenue declineRevenue -83.2% YoY
- Insider sellingInsider selling — 11 open-market sale(s) by 3 insider(s) (cluster of 3 insiders, ~$506,821, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-741.3%
Net margin
-679.2%
Return on equity
-466.3%
Return on assets
-48.7%
ROIC
-308.3%
Revenue growth (QoQ)
-83.2%
Debt / equity
0.3×
Current ratio
3.8×
Free cash flow
-$184M
EBITDA
-$150M
Tangible book value
$31M
Cash & investments
$256M
Cash runway
6q
Stock comp / revenue
126.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-17 | Yaffe Kristine | Grant | 29K | — |
| 2026-06-17 | GAROFALO ELIZABETH A. | Grant | 29K | — |
| 2026-06-17 | Hammond Paula | Grant | 29K | — |
| 2026-06-17 | SCHELLER RICHARD H | Grant | 29K | — |
| 2026-06-17 | Altmeyer Mark | Grant | 29K | — |
| 2026-06-17 | DESOUZA ERROL B | Grant | 29K | — |
| 2026-06-17 | LAVIGNE LOUIS J JR | Grant | 29K | — |
| 2026-06-03 | Wong-Sarad Grace | Sell | 3.5K | $1.88 |
| 2026-06-02 | Rosenthal Arnon | Sell | 87K | $1.97 |
| 2026-06-02 | Wong-Sarad Grace | Sell | 5.7K | $1.97 |
| 2026-06-02 | Berkley Neil Lindsay | Sell | 19K | $1.97 |
| 2026-06-01 | SCHELLER RICHARD H | Grant | 11K | — |
| 2026-04-16 | Wong-Sarad Grace | Sell | 1.8K | $2.65 |
| 2026-03-15 | Berkley Neil Lindsay | Grant | 55K | — |
| 2026-03-13 | Rosenthal Arnon | Grant | 116K | — |
| 2026-03-10 | Wong-Sarad Grace | Sell | 1.0K | $2.65 |
| 2026-03-03 | Wong-Sarad Grace | Sell | 3.4K | $2.08 |
| 2026-03-02 | Berkley Neil Lindsay | Sell | 30K | $2.12 |
| 2026-03-02 | Wong-Sarad Grace | Sell | 8.1K | $2.12 |
| 2026-03-02 | Rosenthal Arnon | Sell | 82K | $2.12 |
| 2026-02-26 | Wong-Sarad Grace | Sell | 4.1K | $2.50 |
| 2025-12-05 | Wong-Sarad Grace | Sell | 4.8K | $1.21 |
| 2025-12-03 | Berkley Neil Lindsay | Sell | 37K | $1.12 |
| 2025-12-03 | Wong-Sarad Grace | Sell | 8.1K | $1.12 |
| 2025-12-03 | Kenkare-Mitra Sara | Sell | 42K | $1.12 |
| 2025-12-03 | Rosenthal Arnon | Sell | 104K | $1.12 |
| 2025-11-10 | Berkley Neil Lindsay | Grant | 65K | — |
| 2025-11-10 | Wong-Sarad Grace | Grant | 32K | — |
| 2025-11-10 | Rosenthal Arnon | Grant | 174K | — |
| 2025-09-02 | Wong-Sarad Grace | Sell | 5.9K | $2.50 |
| 2025-09-02 | Berkley Neil Lindsay | Sell | 16K | $2.50 |
| 2025-09-02 | Kenkare-Mitra Sara | Sell | 24K | $2.50 |
| 2025-09-02 | Rosenthal Arnon | Sell | 52K | $2.50 |
| 2025-08-26 | Hammond Paula | Sell | 14K | $2.36 |
| 2025-07-01 | Kenkare-Mitra Sara | Grant | 55K | — |
| 2025-07-01 | Rosenthal Arnon | Grant | 137K | — |
| 2025-06-20 | Yaffe Kristine | Sell | 1.0K | $1.44 |
| 2025-06-11 | Hammond Paula | Grant | 29K | — |
| 2025-06-11 | Yaffe Kristine | Grant | 29K | — |
| 2025-06-11 | GAROFALO ELIZABETH A. | Grant | 29K | — |
| 2025-06-11 | SCHELLER RICHARD H | Grant | 29K | — |
| 2025-06-11 | LAVIGNE LOUIS J JR | Grant | 29K | — |
| 2025-06-11 | DESOUZA ERROL B | Grant | 29K | — |
| 2025-06-11 | Altmeyer Mark | Grant | 29K | — |
| 2025-06-02 | GRASSO MARC | Sell | 16K | $1.34 |
| 2025-06-02 | Kenkare-Mitra Sara | Sell | 24K | $1.34 |
| 2025-06-02 | Rosenthal Arnon | Sell | 52K | $1.34 |
| 2025-05-02 | SCHELLER RICHARD H | Grant | 16K | — |
| 2025-03-03 | GRASSO MARC | Sell | 18K | $1.47 |
| 2025-03-03 | Kenkare-Mitra Sara | Sell | 29K | $1.47 |
| 2025-03-03 | Rosenthal Arnon | Sell | 40K | $1.47 |
| 2025-03-03 | Romano Gary | Sell | 16K | $1.47 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06111014 ↗ | Continuation Study for Latozinemab Neurodegenerative Diseases | PHASE3 | Terminated | 2025-09-01 |
| NCT04374136 ↗ | A Phase 3 Study to Evaluate Efficacy and Safety of AL001 in Frontotemporal Dementia (INFRONT-3) Frontotemporal Dementia | PHASE3 | Terminated | 2025-09-01 |
| NCT05744401 ↗ | A Long-term Extension Study to Evaluate Safety, Tolerability, and Efficacy of AL002 in Alzheimer's Disease Alzheimer's Disease | PHASE2 | Terminated | 2025-01-31 |
| NCT04592874 ↗ | A Phase 2 Study to Evaluate Efficacy and Safety of AL002 in Participants With Early Alzheimer's Disease Alzheimer Disease | PHASE2 | Completed | 2024-08-19 |
| NCT03987295 ↗ | A Phase 2 Study to Evaluate Safety of Long-term AL001 Dosing in Frontotemporal Dementia (FTD) Patients (INFRONT-2) Frontotemporal Dementia | PHASE2 | Completed | 2024-06-05 |
| NCT05053035 ↗ | A Phase 2 Study to Evaluate AL001 in C9orf72-Associated ALS Amyotrophic Lateral Sclerosis | PHASE2 | Terminated | 2022-10-28 |
| NCT04111666 ↗ | A Phase 1 First in Human Study to Assess Safety and Tolerability of AL101 Healthy | PHASE1 | Completed | 2022-06-09 |
| NCT03822208 ↗ | First in Human Study for Safety and Tolerability of AL003. Healthy, Alzheimer Disease | PHASE1 | Completed | 2021-05-06 |
| NCT03635047 ↗ | A Phase I Study for Safety and Tolerability of AL002. Healthy, Alzheimer Disease | PHASE1 | Completed | 2020-08-03 |
| NCT03636204 ↗ | A First in Human Study in Healthy Volunteers and in Participants With Frontotemporal Dementia With Granulin (GRN) Mutation Healthy, Frontotemporal Dementia | PHASE1 | Completed | 2019-12-31 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-17 | Shareholder vote | filing ↗ |
| 2026-05-07 | ResultsExhibits | filing ↗ |
| 2026-05-07 | Material agreementExhibits | filing ↗ |
| 2026-02-25 | ResultsExhibits | filing ↗ |
| 2025-12-12 | Exec/director changeExhibits | filing ↗ |
| 2025-11-06 | ResultsExhibits | filing ↗ |
| 2025-10-21 | Results2.05Exec/director changeReg FDExhibits | filing ↗ |
| 2025-08-07 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-17 | 2026-06-17 | 0001193125-26-274130 ↗ |
| 10-Q | 2026-05-07 | 2026-03-31 | 0001193125-26-211981 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-212426 ↗ |
| 8-K | 2026-05-07 | 2026-05-07 | 0001193125-26-211918 ↗ |
| 10-K | 2026-02-25 | 2025-12-31 | 0001193125-26-071593 ↗ |
| 8-K | 2026-02-25 | 2026-02-25 | 0001193125-26-071557 ↗ |
| 8-K | 2025-12-12 | 2025-12-10 | 0001193125-25-317554 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001193125-25-269592 ↗ |
| 8-K | 2025-11-06 | 2025-11-06 | 0001193125-25-269537 ↗ |
| 8-K | 2025-10-21 | 2025-10-20 | 0001193125-25-245102 ↗ |
| 8-K | 2025-08-07 | 2025-08-07 | 0000950170-25-105023 ↗ |
| 10-Q | 2025-08-07 | 2025-06-30 | 0000950170-25-105050 ↗ |