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Allakos Inc. - ALLK STOCK NEWS

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.

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Allakos Inc. (Nasdaq: ALLK) provided a business update and reported its Q3 2021 financial results on November 8, 2021. The company presented data indicating a high prevalence of eosinophilic gastritis and/or eosinophilic duodenitis (EG/EoD), with 45% of patients meeting diagnostic criteria. Upcoming milestones include topline data for lirentelimab studies in EG/EoD and EoE expected in late 2021 or early 2022. Financially, R&D expenses rose to $43.6 million, while general and administrative expenses increased to $19.1 million. The net loss was $62.7 million, amounting to $1.16 per share, with $505.6 million in cash at quarter-end.

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Allakos Inc. (Nasdaq: ALLK) announced that its study on eosinophilic gastritis and/or eosinophilic duodenitis (EG/EoD) received the ACG Presidential Poster Award at the 2021 Annual Scientific Meeting. The study found that 45% of patients with moderate-to-severe unexplained gastrointestinal symptoms met histologic criteria for EG/EoD. This highlights the potential underdiagnosis of EG/EoD, suggesting the need for systematic evaluation. The investigational drug lirentelimab showed promise in clinical trials, offering hope for better diagnostic guidelines and treatment for affected patients.

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Allakos Inc. (Nasdaq: ALLK) announced six poster presentations for lirentelimab (AK002) at the ACG Annual Scientific Meeting, occurring from Oct 22-27, 2021, in Las Vegas and virtually. The posters cover studies on eosinophilic gastritis and eosinophilic duodenitis, focusing on diagnosis, safety, efficacy, and related diseases. Notably, lirentelimab targets Siglec-8 and is being evaluated in multiple clinical trials. Following the presentations, materials will be accessible on the Allakos website.

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Allakos Inc. (Nasdaq: ALLK) reported its second-quarter 2021 financial results and business updates. The company highlighted a significant underdiagnosis of eosinophilic gastritis and/or eosinophilic duodenitis, where 45% of patients with chronic gastrointestinal symptoms met diagnostic criteria. Allakos completed patient enrollment in Phase 3 and Phase 2/3 clinical trials for lirentelimab (AK002). Financially, research and development expenses rose to $41 million, with a net loss of $57.2 million. The company maintains a solid financial position with $559.7 million in cash and marketable securities.

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Allakos Inc. (Nasdaq: ALLK) announced the completion of enrollment in two pivotal clinical trials for lirentelimab (AK002), aimed at treating eosinophilic gastritis and eosinophilic esophagitis. Results from these studies are expected in Q4 2021. The company also revealed that CMO Henrik Rasmussen will retire, with Craig Paterson being promoted to this role. Paterson brings extensive experience in gastroenterology and immunology, crucial for advancing the lirentelimab program, which targets severe diseases driven by eosinophils and mast cells.

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Allakos Inc. (Nasdaq: ALLK) reported significant findings at Digestive Disease Week 2021 about eosinophilic gastritis (EG) and eosinophilic duodenitis (EoD) in patients with chronic gastrointestinal symptoms. The study revealed that 45% of patients undergoing upper endoscopy with biopsy met the criteria for EG/EoD. 73% of screened patients (405 of 556) met symptom severity criteria. The underdiagnosis of EG/EoD suggests the need for improved biopsy techniques. Allakos is developing lirentelimab (AK002), targeting these conditions, with ongoing Phase 3 and future study results anticipated.

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Allakos Inc. (ALLK) reported its financial results for Q1 2021 on May 10, showing a net loss of $55.6 million, up from $27.8 million in Q1 2020. R&D expenses surged to $38.9 million, while general and administrative costs rose to $16.7 million. The company is advancing its Phase 3 study of lirentelimab for eosinophilic duodenitis and has presented multiple studies at the Digestive Disease Week. Allakos maintains a robust cash position, ending Q1 with $615.9 million in liquid assets. Upcoming data releases are anticipated in Q4 2021.

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Allakos Inc. (Nasdaq: ALLK) has appointed Baird Radford as Chief Financial Officer. With over 25 years of finance experience in public companies, Radford previously held senior positions at Aimmune Therapeutics, HeartFlow, and Intuitive Surgical. He will lead Allakos’ finance organization while supporting its strategic initiatives, particularly focusing on the commercialization of lirentelimab (AK002), currently in Phase 3 trials for eosinophilic gastritis and eosinophilic esophagitis. This leadership change aims to strengthen the company's growth trajectory.

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Allakos Inc. (Nasdaq: ALLK) announced the acceptance of two oral and five poster presentations at the Digestive Disease Week (DDW) Annual Meeting, scheduled for May 21-23, 2021. The presentations will focus on the treatment of eosinophil and mast cell-related diseases, specifically the company's lead antibody, lirentelimab (AK002). Key topics include the discovery of eosinophilic gastritis and the long-term treatment outcomes with lirentelimab. Following the event, materials will be available on Allakos' website, highlighting their ongoing clinical studies and advancements.

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Allakos Inc. (Nasdaq: ALLK) reported its fourth quarter and full year 2020 financial results on March 1, 2021. The company announced significant findings from a prevalence study, revealing that 45% of patients with chronic gastrointestinal symptoms met criteria for eosinophilic gastritis or eosinophilic duodenitis, indicating underdiagnosis. Notable pharmacokinetic results from a Phase 1 study of lirentelimab showed a 63% bioavailability and effective eosinophil suppression. However, the company reported a net loss of $153.5 million for 2020, up from $85.4 million in 2019, and closed a public offering that raised approximately $271.7 million.

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FAQ

What is the current stock price of Allakos (ALLK)?

The current stock price of Allakos (ALLK) is $1.2 as of December 20, 2024.

What is the market cap of Allakos (ALLK)?

The market cap of Allakos (ALLK) is approximately 119.7M.

What is Allakos Inc.?

Allakos Inc. is a clinical-stage biotechnology company focused on developing therapeutic antibodies targeting immunomodulatory receptors on immune cells involved in allergic, inflammatory, and proliferative diseases.

What is AK006?

AK006 is Allakos' lead candidate, an antibody designed to inhibit the Siglec-6 receptor on mast cells, reducing their activation and numbers to treat various severe diseases.

Why did Allakos discontinue lirentelimab (AK002)?

Allakos discontinued lirentelimab (AK002) due to unsuccessful trial outcomes and has since shifted focus to AK006 and other preclinical programs.

What are the current research focuses of Allakos?

Allakos is currently focusing on AK006, conducting Phase 1 trials for its efficacy in chronic spontaneous urticaria and other mast cell-driven diseases.

Where is Allakos Inc. located?

Allakos Inc. is headquartered at 7400 Paseo Padre Parkway, Fremont, California, United States.

When will the results of AK006 Phase 1 trials be available?

Top-line results from the Phase 1 trials of AK006 in patients with chronic spontaneous urticaria are expected by the end of 2024.

What financial condition is Allakos in currently?

As of the first quarter of 2024, Allakos reported a net decrease in cash, cash equivalents, and investments, ending with $139.3 million. The company plans to extend its cash runway into mid-2026 following a restructuring.

Who are the key contacts for investor and media relations at Allakos?

For investor relations, contact Adam Tomasi (President) and Alex Schwartz (VP Strategic Finance and Investor Relations) at ir@allakos.com. For media inquiries, contact Denise Powell at denise@redhousecomms.com.

What are the upcoming milestones for Allakos?

Upcoming milestones include reporting safety and efficacy results from ongoing Phase 1 trials of AK006 in 2024 and focusing on the development of other preclinical programs.

How does AK006 work?

AK006 works by targeting the inhibitory receptor Siglec-6 on mast cells, blocking their activation and reducing their numbers, which can alleviate symptoms in allergic, inflammatory, and proliferative diseases.

Allakos Inc.

Nasdaq:ALLK

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119.72M
87.46M
2.32%
81.62%
1.56%
Biotechnology
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