Welcome to our dedicated page for Allakos news (Ticker: ALLK), a resource for investors and traders seeking the latest updates and insights on Allakos stock.
Allakos Inc. (Nasdaq: ALLK) is a clinical-stage biotechnology company headquartered in Fremont, California. The company is pioneering the development of therapeutic antibodies designed to target immunomodulatory receptors on immune effector cells, which are pivotal in allergic, inflammatory, and proliferative diseases.
The company’s lead candidate, AK006, is engineered to inhibit the Siglec-6 receptor on mast cells. This receptor plays a critical role in controlling mast cell activation, which is a key driver in many severe diseases affecting various organs, including the gastrointestinal tract, eyes, skin, and lungs. AK006 not only inhibits mast cell activation but also reduces their numbers, offering a potentially comprehensive treatment approach.
Recently, Allakos has made significant strides with AK006, completing dosing in its Phase 1 trials for both intravenous (IV) and subcutaneous (SC) administrations in healthy volunteers and patients with chronic spontaneous urticaria (CSU). The company is on track to report top-line data from these studies by the end of 2024.
Allakos previously developed lirentelimab (AK002) but has discontinued its development following unsatisfactory trial outcomes. The company has since restructured to focus all resources on AK006 and other preclinical programs, aiming to extend its cash runway into mid-2026.
Moreover, Allakos continues to engage in active scientific research, underscored by their recent publications in reputable journals and presentations at key medical conferences, such as the American Academy of Allergy, Asthma & Immunology (AAAAI) Annual Meeting. These efforts highlight AK006’s unique mechanism of action and its broad inhibitory effects on mast cells through multiple pathways, including IgE and MRGPRX2-mediated activation.
For more detailed information, visit Allakos' official website.
Allakos Inc. (Nasdaq: ALLK) provided a business update on March 6, 2023, reporting financial results for Q4 and full year 2022. Key developments include the initiation of a Phase 2b study of lirentelimab for chronic spontaneous urticaria and continued enrollment for atopic dermatitis. The company reported Q4 2022 research and development expenses of $35.4 million, down from $72.9 million in Q4 2021, attributed to cost-cutting measures. General and administrative expenses also decreased to $10.8 million from $23.2 million. The net loss shrank to $43.0 million from $94.4 million year-over-year, and cash reserves stood at $279.8 million.
Allakos Inc. (Nasdaq: ALLK) announced significant findings regarding its investigational antibody, AK006, which targets the Siglec-6 receptor on mast cells. In pre-clinical studies, AK006 demonstrated profound inhibition of mast cell activation and inflammation. The company plans to initiate first-in-human studies of AK006 in the first half of 2023. The findings were published in Communications Biology, showcasing AK006's potential to prevent systemic anaphylaxis and reduce mast cell numbers through antibody-dependent cellular phagocytosis.
Allakos Inc. (ALLK) recently presented promising pre-clinical data on its Siglec-10 antagonist AK007 at the SITC Annual Meeting. The research demonstrates that AK007 effectively blocks the "don’t eat me" signal CD24, enhancing anti-tumor immunity in solid tumors. Results showed that monotherapy with AK007 reduced tumor burden and activated immune cells in a syngeneic colon adenocarcinoma model. Siglec-10, associated with poorer patient survival, is upregulated in various solid tumors, indicating its potential as a therapeutic target.
Allakos Inc. (Nasdaq: ALLK) reported financial results and business updates for Q3 2022, indicating a net loss of $30.8 million, down from $62.7 million year-over-year. Research and development expenses decreased to $18.4 million, largely due to a $12.2 million benefit from raw material disposal. General and administrative costs also fell to $13.0 million. The company initiated a Phase 2b study of lirentelimab for chronic spontaneous urticaria and plans to report data from several studies in 2023. Allakos closed a $140.5 million stock offering, resulting in a cash balance of $325.3 million.
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