Exhibit 99.1

 

Allakos Announces Second Quarter 2018 Financial Results

 

SAN CARLOS, Calif., August 29, 2018 – Allakos Inc. (NASDAQ:ALLK), a clinical stage biotechnology company focused on the development of antibodies for the treatment of eosinophil and mast cell related diseases, today announced financial results for the second quarter ended June 30, 2018.

 

Second Quarter 2018 Financial Results

Research and development expenses were $7.1 million in the second quarter of 2018 as compared to $3.8 million in the same period in 2017. The increase in research and development expenses was primarily related to an increase in consulting and personnel-related costs, as well as contract research and development activities related to the continued advancement of AK002, the Company’s lead antibody.

 

General and administrative expenses were $2.4 million in the second quarter of 2018 as compared to $0.8 million in the same period in 2017. The increase in general and administrative expenses was primarily attributable to an increase in personnel-related costs as a result of the Company’s increase in employee headcount, as well as incremental expense incurred from outside professional service providers for legal, information technology, and investor relations support in preparation for the Company’s initial public offering.

 

Allakos reported a net loss of $9.4 million in the second quarter of 2018 as compared to $4.7 million in the same period in 2017, an increase of $4.7 million. Net loss per basic and diluted share was $4.17 for the second quarter of 2018 compared to $3.18 in the same period in 2017. Net loss per basic and diluted share is based on a weighted-average number of shares outstanding in the period, and therefore, does not include shares sold in the Company’s initial public offering and concurrent private placement on July 23, 2018.

 

Allakos ended the second quarter of 2018 with $64.1 million in cash, cash equivalents and marketable securities, which does not include $141.8 million of proceeds, net of underwriting discounts and commissions, received from the Company’s initial public offering and concurrent private placement on July 23, 2018.

 

About Allakos

Allakos is a clinical stage company developing antibodies that target immunomodulatory receptors present on immune effector cells involved in allergic, inflammatory, and proliferative diseases. The Company’s lead antibody, AK002, targets Siglec-8, an inhibitory receptor expressed on human mast cells and eosinophils. Inappropriately activated eosinophils and mast cells have been identified as key drivers in a number of severe diseases affecting the gastrointestinal tract, eyes, skin, lungs and other organs. AK002 has completed two Phase 1 trials, one in healthy volunteers and a single ascending dose trial in patients with indolent systemic mastocytosis. AK002 demonstrated pharmacodynamic activity in both trials and in the trial involving patients with indolent systemic mastocytosis, patients reported improvements in their symptoms. AK002 is being tested in a phase 2 trial for the treatment of eosinophilic gastritis with or without eosinophilic gastroenteritis. In addition, Allakos is conducting multiple dose trials with AK002 in chronic urticaria, indolent systemic mastocytosis, and severe allergic conjunctivitis. For more information, please visit the Company's website at www.allakos.com.

 

###


 

Source: Allakos Inc.

 

Investor Contact:

 

Media Contact:

Adam Tomasi, COO, CFO

 

Denise Powell

ir@allakos.com

 

denise@redhousecomms.com


 

Allakos Inc.

CONDENSED Statements of Operations and Comprehensive Loss

(in thousands, except per share data)

(unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2018

 

 

2017

 

 

2018

 

 

2017

 

Operating expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

7,149

 

 

$

3,758

 

 

$

13,550

 

 

$

8,122

 

General and administrative

 

 

2,375

 

 

 

840

 

 

 

4,683

 

 

 

1,453

 

Total operating expenses

 

 

9,524

 

 

 

4,598

 

 

 

18,233

 

 

 

9,575

 

Loss from operations

 

 

(9,524

)

 

 

(4,598

)

 

 

(18,233

)

 

 

(9,575

)

Interest income (expense), net

 

 

292

 

 

 

(73

)

 

 

516

 

 

 

(137

)

Other expense, net

 

 

(145

)

 

 

(21

)

 

 

(145

)

 

 

(36

)

Net loss

 

 

(9,377

)

 

 

(4,692

)

 

 

(17,862

)

 

 

(9,748

)

Unrealized gain on marketable securities, net of

   tax

 

 

3

 

 

 

 

 

 

3

 

 

 

 

Comprehensive loss

 

$

(9,374

)

 

$

(4,692

)

 

$

(17,859

)

 

$

(9,748

)

Net loss per common share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

$

(4.17

)

 

$

(3.18

)

 

$

(8.36

)

 

$

(6.73

)

Weighted-average number of common shares

   outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic and diluted

 

 

2,248

 

 

 

1,477

 

 

 

2,137

 

 

 

1,449

 

 


 

allakos inc.

CONDENSED balance sheets

(in thousands, except per share data)

 

 

 

June 30,

 

 

December 31,

 

 

 

2018

 

 

2017

 

 

 

(unaudited)

 

 

 

 

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

19,295

 

 

$

85,207

 

Investments in marketable securities

 

 

44,851

 

 

 

 

Prepaid expenses and other current assets

 

 

2,987

 

 

 

1,037

 

Total current assets

 

 

67,133

 

 

 

86,244

 

Property and equipment, net

 

 

3,376

 

 

 

445

 

Other long-term assets

 

 

3,716

 

 

 

340

 

Total assets

 

$

74,225

 

 

$

87,029

 

Liabilities, Convertible Preferred Stock and Stockholders' Deficit

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,928

 

 

$

1,703

 

Accrued expenses and other current liabilities

 

 

3,082

 

 

 

1,089

 

Total current liabilities

 

 

5,010

 

 

 

2,792

 

Other long-term liabilities

 

 

1,468

 

 

 

36

 

Total liabilities

 

 

6,478

 

 

 

2,828

 

Convertible preferred stock

 

 

143,019

 

 

 

142,969

 

Stockholders' deficit:

 

 

 

 

 

 

 

 

Common stock

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

3,158

 

 

 

1,803

 

Accumulated other comprehensive income

 

 

3

 

 

 

 

Accumulated deficit

 

 

(78,436

)

 

 

(60,574

)

Total stockholders’ deficit

 

 

(75,272

)

 

 

(58,768

)

Total liabilities, convertible preferred stock, and stockholders’ deficit

 

$

74,225

 

 

$

87,029

 

 

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