Allakos Inc. - ALLK STOCK NEWS

Allakos Inc. (Nasdaq: ALLK) reported its Q3 2020 financial results, showing a net loss of $42.1 million, up from $21.7 million in Q3 2019. R&D expenses rose to $30.4 million, while G&A expenses increased to $12.1 million. A study found that 45% of patients with chronic GI symptoms met criteria for eosinophilic gastritis and/or eosinophilic duodenitis, highlighting a need for increased diagnosis. The company also announced positive results from a Phase 1 study of lirentelimab and closed a public offering, raising approximately $271.7 million. Cash reserves stand at $419.8 million, excluding the recent offering.

Allakos Inc. (NASDAQ: ALLK) recently presented findings at the American College of Gastroenterology 2020 Virtual Annual Scientific Meeting, highlighting a systematic endoscopic biopsy protocol that discovered many previously undiagnosed patients with eosinophilic gastritis and duodenitis. The presentation was made by Kathryn A. Peterson, MD. Allakos is developing lirentelimab (AK002) for these conditions and has received orphan drug designation for it. Eosinophilic diseases are often under-diagnosed, affecting up to 200,000 individuals in the U.S. without approved treatments specifically targeting these diseases.

Allakos Inc. (Nasdaq: ALLK) has announced a public offering of its common stock, raising $250 million by offering 3,048,781 shares at $82.00 each. The offering is expected to close on November 2, 2020, contingent on customary closing conditions. The underwriters have a 30-day option to purchase an additional 457,317 shares. Proceeds are designated for general corporate purposes. Notably, Jefferies, BofA Securities, and SVB Leerink are leading the offering, with registration details available via the SEC.

Allakos Inc. (Nasdaq: ALLK) reported preliminary financial results for Q3 2020, indicating a projected net loss between $40 million and $50 million, a significant increase from $21.7 million in Q3 2019. The company's cash and equivalents are estimated at $419.8 million as of September 30, 2020. Allakos anticipates releasing its complete financial results on November 9, 2020. The press release highlights that these figures are preliminary and subject to changes, emphasizing the company's ongoing clinical trials for its lead compound, lirentelimab (AK002).

Allakos Inc. (Nasdaq: ALLK) announced a proposed public offering of $250 million in common stock. The offering may include an additional $37.5 million if underwriters exercise their option. Proceeds will support general corporate purposes, though market conditions could affect the actual completion of the offering. Jefferies, BofA Securities, and SVB Leerink are managing the offering, with additional co-managers. This announcement follows SEC's effective registration statement filed in 2019.

Allakos Inc. announced promising results from a Phase 1 study of its subcutaneous formulation of lirentelimab (AK002), showing it was safe, well tolerated, and produced sustained eosinophil suppression. The study evaluated various dosages in healthy volunteers and achieved a bioavailability of 63% for the subcutaneous administration. Due to the positive results, Allakos plans to explore monthly dosing of lirentelimab in patients with eosinophil-related diseases. No serious adverse events were reported during the trial.

Allakos Inc. (Nasdaq: ALLK) reported significant findings from a study that indicates eosinophilic gastritis (EG) and eosinophilic duodenitis (EoD) are underdiagnosed in patients with chronic gastrointestinal symptoms. The study showed that 45% of symptomatic patients biopsied met the histologic criteria for these diseases. A total of 556 patients were screened, with 405 meeting symptom criteria for biopsy. The results suggest a potential market opportunity for lirentelimab (AK002), currently in clinical trials. A conference call is scheduled for today at 8:00 am ET.

Allakos Inc. (Nasdaq: ALLK) published Phase 2 study results of lirentelimab (AK002) in eosinophilic gastritis and duodenitis, revealing statistically significant improvements over placebo on primary and secondary endpoints. Key findings included reduced gastrointestinal tissue eosinophil counts and enhanced patient-reported symptoms. Lirentelimab has orphan drug designation for these conditions, addressing severe inflammatory diseases lacking approved treatments. The positive peer-reviewed publication in the New England Journal of Medicine bolsters the potential market impact for lirentelimab.

Allakos Inc. (Nasdaq: ALLK) is advancing its clinical studies for antolimab (AK002) targeting eosinophilic diseases. A Phase 3 study for eosinophilic gastritis and/or duodenitis is enrolling 160 patients, while a Phase 2/3 study for eosinophilic esophagitis aims to recruit 300 patients. Top-line results from both studies are anticipated in the second half of 2021. The company has orphan drug designation for antolimab in these conditions, which are characterized by severe inflammation and have no approved treatments, underscoring a significant unmet medical need.