Exhibit 99.1

 

Allakos Reports Fourth Quarter and Full Year 2018 Financial Results and 2018 Corporate Highlights

REDWOOD CITY, Calif., March 14, 2019 

– Allakos Inc. (Nasdaq: ALLK), a biotechnology company developing AK002 for the treatment of eosinophil and mast cell related diseases, today reported financial results for the fourth quarter and full year ended December 31, 2018, and provided an overview of its 2018 corporate and clinical accomplishments.

Key Accomplishments in 2018

 

Orphan drug designation granted in February 2018 by U.S. Food and Drug Administration (FDA) for the treatment of Eosinophilic Gastritis (EG) and Eosinophilic Gastroenteritis (EGE) with AK002.

 

Initiated a placebo-controlled double-blind Phase 2 study in patients with EG and/or EGE. Topline results from the study are expected mid-2019.

 

Initiated and completed an open-label Phase 2 study in patients with Chronic Urticaria (CU). Topline results from the study were reported in the first quarter of 2019.

 

Completed an open-label Phase 1 study in patients with Indolent Systemic Mastocytosis (ISM). Topline results from the study were reported in the first quarter of 2019.

 

Initiated an open-label Phase 1 study in patients with Severe Allergic Conjunctivitis (SAC). Topline results from the study are expected in the first or second quarter of 2019.

 

Closed an initial public offering (IPO) and concurrent private placement in July 2018, issuing 8,453,332 shares of common stock at an offering price of $18.00 per share. Aggregate cash proceeds received from the IPO and concurrent private placement were approximately $138.4 million, net of underwriting discounts, commissions and offering expenses.

Fourth Quarter and Full Year 2018 Financial Results

Research and development expenses were $11.0 million in the fourth quarter of 2018 as compared to $5.1 million in the same period in 2017, an increase of $5.9 million. Research and development expenses were $33.3 million for the full year 2018 as compared to $18.5 million in the same period in 2017, an increase of $14.8 million.

General and administrative expenses were $4.5 million in the fourth quarter of 2018 as compared to $1.4 million in the same period in 2017, an increase of $3.1 million. General and administrative expenses were $12.4 million for the full year 2018 as compared to $3.7 million in the same period in 2017, an increase of $8.7 million.

Allakos reported a net loss of $14.5 million in the fourth quarter of 2018 as compared to $7.9 million in the same period in 2017, an increase of $6.6 million. Net loss per basic and diluted share was $0.35 for the fourth quarter of 2018 compared to $4.08 in the same period in 2017. For the year ended December 31, 2018, net loss was $43.5 million and net loss per basic and diluted share was $2.20 compared to $23.6 million and $14.54, respectively, for the same period in 2017.

Allakos ended fiscal year 2018 with $178.9 million in cash, cash equivalents and marketable securities.


The following information was filed by Allakos Inc. (ALLK) on Thursday, March 14, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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