Analyst Conference Summary

biotechnology

conference date: May 13, 2026 @ 2:00 PM PT
for quarter ending: March 31, 2026 (first quarter, Q1 2026)

Forward-looking statements

Overview: Continuing trials, raised substantial cash.

Basic data (GAAP):

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

GAAP Net Income was negative $43 million, up sequentially from negative $38.8 million, and up from negative $60 million year-earlier.

GAAP EPS was negative $0.18, down sequentially from negative $0.17, and up from negative $0.28 year-earlier.

Guidance:

Cash should last into Q1 2029

Conference Highlights:

David Chang, CEO said "We are encouraged by the interim results from our ALPHA3 trial, which highlight cema-cel's potential to deliver meaningful MRD clearance with a favorable safety profile in the outpatient setting. These findings support our belief that an allogeneic approach can expand access to CAR T earlier in treatment and into community-based practices, where most patients are treated. We are also encouraged by investigator enthusiasm and rapid enrollment and dose escalation in the ALLO-329 RESOLUTION trial as we evaluate the optimal cell dose and lymphodepletion regimen. With the capital raised in April, we believe we are well positioned to execute across our clinical programs and key milestones." Plans to deliver meaningful data in 2026.

Cema-Cel (ALLO-501 or cemacabtagene ansegedleucel) for large B cell lymphona (LBCL) pivotal Phase 2 study enrollment completion expected 2H 2027, data in 2028. Futility analysis was presented in April 2026: MRD negativity at 45 days was 58.3% with cema-cel, v. 16.7% in control arm. Well tolerated. 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.

ALLO-329 for autoimmune disease started Phase 1 trial for rheumatology indications began in Q2 2025. Currently in dose level 2. Initial data expected in Q4 2026. Beginning to see signs of clinical activity. Next update in Q4 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 $46 million, consisting of: R&D $32 million; G&A $14 million; impairment $0 million. Loss from operations was $46 million. Other income net $3.5 million. Income tax $0 million.

Cash and equivalents ended at $267 million, up sequentially from $258 million. In February 2026 received $23.7 million from the Servier arbitration. In Q1 2026 raised $21 million with the ATM facility. In April 2026 raised $200 million with a public offering.

Q&A selective summary:

What are the initial signs of activity for ALO-329? We will release details with the Q4 update. initial signs include patients with and without cyclophosphamide. Patient enrollment is brisk.

The data released for cema-cel has resulted in increased interest by new clinical sites.

329 safety profile goals? In autoimmune indications, we want as clean as possible, really well-tolerated, given as outpatient therapy.

9 patients have been enrolled in the 329 trial so far. Highly encouraging early signs reported.

Cohorts to be reported for 329 in Q4? We completed 20 and 40 million. By Q4 will include some at next dose level, 80 million, maybe even one beyond that. Seeing patients from all indications in list. Mix will be presented in Q4.

Dosing level to be therapeutic for 329? Dose escalation is gated by safety. We will keep going up until we start to see toxicity. We have room to go. We currently plan no changes in the schedule.

We are looking at the B and T cell resets. For CD70 that is just a subset. Also a subset through the Dagger effect. That is one goal, wiping out that CD70 cells.

The results of the next interim analysis do give us the opportunity to get a positive study result.

We feel very good about where cema-cel fits in the current therapy landscape.

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