Analyst Conference Summary

biotechnology

conference date: March 12, 2026 @ 2:00 PM PT
for quarter ending: December 31, 2025 (fourth quarter, Q4)

Forward-looking statements

Overview: Pipeline progress, more data in 2026

Basic data (GAAP):

Revenue was $0, flat sequentially and flat from year-earlier.

GAAP Net Income was negative $38.8 million, up sequentially from negative $41.4 million, and up from negative $59.9 million year-earlier.

GAAP EPS was negative $0.17, up sequentially from negative $0.19, and up from negative $0.28 year-earlier.

Guidance:

Cash runway to Q1 2028. GAAP Op Ex 2026 $210 million.

Conference Highlights:

David Chang, CEO said "Allogene is approaching a pivotal inflection point, with the first interim data of cema-cel's ALPHA3 trial just weeks away. We designed ALPHA3 to answer a bold question: can early, MRD-guided allogeneic CAR T prevent relapse in LBCL? We believe that this trial will answer that question and has the potential to mark one of the most significant advances in the field in decades. Importantly, through ALPHA3 we are working to demonstrate that allogeneic CAR T can move beyond academic settings and be delivered at biologic-like scale. Beyond oncology, ALLO-329 demonstrates how our Dagger technology may redefine the delivery of CAR T in autoimmune disease. Supported by a cash runway into 2028, we are focused on disciplined execution and delivering transformative data across our portfolio." Plans to deliver meaningful data in 2026.

Cema-Cel (ALLO-501 or cemacabtagene ansegedleucel) for large B cell lymphona (LBCL) began a pivotal Phase 2 study, Alpha3, in June 2024, for first line treatment for patients likely to relaspse following immunotherapy because they are MRD positive. Enrollment completion expected 2H 2027. Futility analysis expected in April 2026, then an update by year end. Cema-Cel is an allogeneic cell therapy. PFS primary endpoint. Believes the market opportunity has expanded to more than $9.5 billion. Could make a BLA submission in 2027. Developed a test for MRD (minimal residual disease), which would predict patients likely to relapse after RCHOP treatment. Over 250 patients had been tested for MRD by May 2025. In Q2 2025 began expansion of trial sites to outside the U.S.

ALLO-329 for autoimmune disease started Phase 1 trial for rheumatology indications began in Q2 2025. Initial data expected in June 2026. Resolution is a basket trial across several autoimmune conditions including lupus, systemic sclerosis, and idiopathic inflammatory myopathies. Targets both CD19 and CD70. Has Dagger technology to eliminate lymphodepletion. Believes differentiated from competitors.

ALLO-316 is a Phase 1b trial (Traverse) for advanced Renal Cell Carcinoma and completed enrolling the cohort in Q4 2025. Latest data released mid-2025 at ASCO is promising. Then met with FDA on pivotal trial design. Looking for a strategic partnership for this potential therapy.

Allogene also has ALLO-213 and ALLO-182 for solid tumors in preclinical development.

Total operating expenses (GAAP) were $42.4 million, consisting of: R&D $28.6 million; G&A $13.8 million; impairment $0 million. Loss from operations was $42.4 million. Other income net $3.6 million. Income tax $0 million.

Cash and equivalents ended at $258 million, down sequentially from $277 million. In February 2026 received $23.7 million from the Servier arbitration. In Q1 2026 raised $21 million with the ATM facility.

Full year 2025 revenue $0, net loss $191 million, EPS negative $0.87.

Q&A selective summary:

Safety in Alpha3 trial? Plan to provide high level safety information (in April), including serious adverse events in both arms. Must be safe enough to deliver as an outpatient therapy.

MRD analysis released last month for zooma 7 data? It was from a patient subgroup. Consistent with our view of efficacy, validates our guidance of 25% to 30% MRD difference. That would be very meaningful clinically.

Autoimmune program, lymphodepletion? Highly differentiated program, ALO-329 Dagger technology should allow it to work with low lymphodepletion. The target is meaningful B cell depletion with minimal lymphodepletion.

Evolving LBCL landscape, MRD? It has been an interesting few years as bispecific use increases. Higher cure rates. So there could be fewer MRD positive patients, but that has not been established yet. These are complex regimens that may require hospitalization for step-up dosing. We believe MRD will be around for many years.

Even patients with low risk disease sometimes end up with MRD, and are therefor candidates for Cema-Cel.

Spontaneous MRD conversion in observation arm? We expect about 20%, or 2 to 3 patients out of 12 in the arm. Partly because of possible false positive and false negative rates. So our efficacy will be measured compared to the spontaneous clearance rate.

Label expansion for other MRD assays? Adaptive also has a test that is being rapidly adopted. There are others. We hope we will not be restricted in our label, usually specific regulatory approval for tests is not necessary.

Enrollment pace, Cema-Cel? Expects to complete enrollment by end of 2027.

Relapse with LBCL is fast, usually within 6 months. Occasionally there will be a patient with low MRD who goes for a long time before relapse.

Futility? We should be past the futility threshold. But the data will be an early sign of the MRD clearance rate. Statistical power assumptions will not be released until final data is released.

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