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) has priced an underwritten offering of 29,882,000 shares at $5.02 each, totaling approximately $150 million in gross proceeds. The offering, set to close around September 21, 2022, is supported by notable investors including Logos Capital and NEA, with Jefferies as the lead manager. This shares sale is conducted under a Registration Statement on Form S-3 declared effective by the SEC, ensuring compliance. The funds raised are aimed at advancing the company’s initiatives in developing lirentelimab and AK006 for treating allergic and inflammatory diseases.
Allakos Inc. (Nasdaq: ALLK) has initiated a Phase 2b clinical trial named MAVERICK to assess the efficacy, safety, and tolerability of subcutaneous lirentelimab in patients with chronic spontaneous urticaria (CSU). Following positive Phase 2a results, where 75% of patients showed significant improvement, the trial will enroll approximately 110 patients. Results are expected in the second half of 2023. The study aims to address the unmet need for effective treatments for CSU, which affects about 3.5 million in the U.S., half of whom are refractory to standard treatments.
Allakos Inc. (Nasdaq: ALLK) reported mixed results from its Phase 3 trial of lirentelimab, targeting eosinophilic duodenitis. While the trial met its histologic co-primary endpoint, it missed the symptomatic co-primary endpoint in both the intent-to-treat population and a prespecified subpopulation. Safety profile was consistent with earlier studies, showing mild to moderate reactions in 19.6% of lirentelimab patients. Allakos will not pursue more studies in eosinophilic gastrointestinal diseases but is advancing lirentelimab in atopic dermatitis and chronic spontaneous urticaria.
Allakos Inc. (Nasdaq: ALLK) reported its financial results for Q2 2022, highlighting a net loss of $49.1 million, down from $57.2 million in Q2 2021. Research and development expenses decreased to $34.4 million, and general and administrative expenses fell to $14.7 million. The company ended the quarter with $212.4 million in cash. Key upcoming events include a meeting with the FDA in Q3 to discuss Phase 2 KRYPTOS data and topline data from the Phase 3 EoDyssey study. Allakos is also set to initiate a Phase 2b study of lirentelimab in chronic spontaneous urticaria.
Allakos Inc. (Nasdaq: ALLK) appointed Dr. Amy L. Ladd to its board of directors. Dr. Ladd, an experienced orthopaedic surgeon at Stanford University, brings extensive medical expertise that could enhance Allakos' clinical development efforts for its therapies, especially lirentelimab (AK002) and AK006, targeting allergic and inflammatory diseases. CEO Robert Alexander emphasized the value of Dr. Ladd's insights as the company progresses through clinical trials. Lirentelimab has received orphan disease status from the FDA for certain conditions, showcasing its potential impact in the market.
Allakos Inc. (Nasdaq: ALLK) reported a first-quarter net loss of $197 million, escalating from $55.6 million year-over-year. Research and development costs surged to $176.8 million, primarily due to $135.1 million in settlement charges linked to a restructuring plan. General and administrative expenses rose slightly to $18.8 million. Allakos anticipates approximately $5 million in remaining expenses related to the reorganization. As of the end of Q1 2022, the company held $246.7 million in cash and marketable securities, a crucial reserve for ongoing projects.
Allakos Inc. (Nasdaq: ALLK) reported Q4 and full-year 2021 financial results, highlighting a substantial increase in research and development expenses to $72.9 million, up from $28.5 million in Q4 2020. The annual R&D expenses rose to $196.3 million from $105.5 million. The net loss for Q4 2021 was $94.4 million, compared to $44.3 million in Q4 2020, while the annual net loss was $269.9 million, up from $153.5 million. Despite these losses, Allakos ended Q4 2021 with $424.2 million in cash and equivalents. Upcoming milestones include key FDA meetings and new clinical trials starting in 2022.
Allakos, a biotechnology company focused on lirentelimab for eosinophil-related diseases, will host an Investor Day on February 15, 2022, at 8:00 am ET. Management will review data from the Phase 3 ENIGMA 2 and Phase 2/3 KRYPTOS studies, discussing next steps in the lirentelimab development program. Notable speakers include Dr. Evan Dellon and Dr. Marcus Maurer. A live webcast will be available on investor.allakos.com and archived for 30 days.
Allakos Inc. reported mixed results from its liretnelimab clinical trials:
The ENIGMA 2 Phase 3 and KRYPTOS Phase 2/3 studies met histologic co-primary endpoints for patients with eosinophilic gastritis, eosinophilic duodenitis, and eosinophilic esophagitis. However, both studies missed patient-reported symptomatic endpoints, raising concerns about the drug's effectiveness in improving quality of life. Despite this, Allakos plans to continue developing lirentelimab for other conditions, including atopic dermatitis and asthma.
Allakos Inc. (Nasdaq: ALLK) announced the initiation of a Phase 2 clinical trial for lirentelimab in moderate-to-severe atopic dermatitis. This study will enroll around 240 patients over 16 weeks. Plans were also revealed for Phase 2/3 trials for chronic spontaneous urticaria in mid-2022 and asthma by Q4 2022. Lirentelimab targets Siglec-8, aimed at treating eosinophil and mast cell-driven diseases, highlighting its potential in various inflammatory conditions.
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