Analyst Conference Summary

biotechnology

conference date: August 12, 2026 @ 2:00 PM PT
for quarter ending: June 30, 2026 (second quarter, Q2 2026)

Forward-looking statements

Overview: Continues to make progress with Cema-Cel.

Basic data (GAAP):

Revenue was $4.6 million, up sequentially from $0 and up from $0 year-earlier.

GAAP Net Income was negative $42.7 million, up slightly sequentially from negative $43 million, and up from negative $50.9 million year-earlier.

GAAP EPS was negative $0.13, up sequentially from negative $0.18, and up from negative $0.23 year-earlier.

Guidance:

Cash should last into Q1 2029. 2026 non-GAAP op ex about $165 million, or $225 million GAAP.

Conference Highlights:

Zachary Roberts, CEO said "When we reset our strategy in 2024, we started with the patient and focused on where the distinct attributes of allogeneic CAR T could create a clinical advantage. ALPHA3 is the clearest expression of that strategy: identifying patients at high risk of relapse, treating before disease returns clinically, and enabling CAR T delivery where patients already receive care. We took the same patient-first approach with ALLO-329, recognizing early that chemotherapy-based lymphodepletion and treatment interruptions associated with leukapheresis in autologous therapy could create meaningful burdens for patients with autoimmune disease. Together, these programs demonstrate that the value of allogeneic CAR T extends well beyond off-the-shelf availability, offering the flexibility to address clinical and practical barriers other approaches cannot. We believe the scale of that opportunity will become increasingly apparent as our programs continue to advance."

Cema-Cel (ALLO-501 or cemacabtagene ansegedleucel) for large B cell lymphona (LBCL) pivotal Phase 2 study (Alpha3) enrollment completion expected year-end 2027, data updates in 2027, final 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. EFS primary endpoint. Believes the market opportunity has expanded to more than $9.5 billion. Could make a BLA submission in 2027 if interim data positive. 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 Q3 2026 the FDA granted RMAT (Regenerative Medicine Advanced Therapy) and fast track designations.

ALLO-329 for autoimmune disease started Phase 1 trial for rheumatology indications began in Q2 2025. Brisk enrollment across cohorts and dose levels. Initial data expected in Q4 2026. Beginning to see signs of clinical activity. 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. Managing toxicity.

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

Total operating expenses (GAAP) were $51.6 million, consisting of: R&D $30.7 million; G&A $20.8 million; impairment $0 million. Loss from operations was $47 million. Other income net $4 million. Income tax $0 million.

Cash and equivalents ended at $424 million, up sequentially from $267 million. In April 2026 raised $200 million with a public offering.

Q&A selective summary:

Alpha3 observational cohort added? To help provide overall context. The MRD negative cohort provides a comparison to the MRD positive cohorts.

Interim EFS analysis timeline? Guidance for EFS data remains stable.

Academic v. community settings for Cema-Cel? Interest is high in both. Surge in interest after interim data, with both types asking to join. CAR T has mainly, in the past, been limited to academic centers. Community enthusiastic about gaining access.

Resolution data expected? Pleased with enrollment. Should be a good number of patients in the data.

329 data, doses? 20, 40, 80 million will be shared in 2026 data. But plan higher doses.

RMAT designation data? We provided the data from the April interim analysis, but more extensive that was shared with the public. But EFS is still blinded.

The main purpose of the 329 Phase 1 trial is safety. Physicians are seeing encouraging signs of activity.

Evolving competitive landscape? We monitor competitors. We believe we are well protected within the first line consolidation setting. Frontline studies are not likely to have much impact on the MRD segment, given outcomes following RCHOP, and toxicity profiles.

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