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Allakos Inc. (ALLK) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Allakos Inc.

CIK: 1564824 Ticker: ALLK

Exhibit 99.1

 

Allakos Reports First Quarter 2019 Financial Results

REDWOOD CITY, Calif., May 8, 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 first quarter ended March 31, 2019.

First Quarter 2019 Financial Results

Research and development expenses were $15.1 million in the first quarter of 2019 as compared to $6.4 million in the same period in 2018. The increase in research and development expenses was primarily related to an increase in contract research and development activities in support of the advancement of AK002, the Company’s lead antibody, as well as an increase in consulting and personnel-related costs.

General and administrative expenses were $5.8 million in the first quarter of 2019 as compared to $2.3 million in the same period in 2018. 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 activities associated with becoming a publicly traded company in July 2018.

Allakos reported a net loss of $20.0 million in the first quarter of 2019 as compared to $8.5 million in the same period in 2018, an increase of $11.5 million. Net loss per basic and diluted share was $0.47 for the first quarter of 2019 compared to $4.19 in the same period in 2018.

Allakos ended the first quarter of 2019 with $167.2 million in cash, cash equivalents and marketable securities.

About Allakos

Allakos is a clinical stage biotechnology 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 selectively expressed on human mast cells and eosinophils. AK002 has been shown to inhibit mast cells and deplete 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 been tested in four clinical studies. In these studies, AK002 eliminated blood eosinophils and improved disease symptoms in patients with chronic urticaria, severe allergic conjunctivitis, and indolent systemic mastocytosis. AK002 is currently being tested in a double-blind, placebo-controlled Phase 2 trial for the treatment of eosinophilic gastritis and eosinophilic gastroenteritis. For more information, please visit the Company's website at www.allakos.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of The Private Securities Litigation Reform Act of 1995. Such forward-looking statements include, but are not limited to, the timing of top-line results from Allakos’ ongoing clinical trials. Such statements are subject to numerous important factors, risks and uncertainties that may cause actual events or results to differ materially from current expectations and beliefs, including but not limited to: Allakos’ early stages of clinical drug development;


The following information was filed by Allakos Inc. (ALLK) on Wednesday, May 8, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Balance Sheets (Unaudited)
Balance Sheets (Unaudited) (Parenthetical)
Statements Of Cash Flows (Unaudited)
Statements Of Convertible Preferred Stock And Stockholders' Equity (Deficit) (Unaudited)
Statements Of Operations And Comprehensive Loss (Unaudited)
Balance Sheet Components And Supplemental Disclosures
Balance Sheet Components And Supplemental Disclosures (Tables)
Balance Sheet Components And Supplemental Disclosures - Additional Information (Details)
Balance Sheet Components And Supplemental Disclosures - Schedule Of Accrued Expenses And Other Current Liabilities (Details)
Balance Sheet Components And Supplemental Disclosures - Schedule Of Property And Equipment, Net (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Summary Of Balance Sheet Classifications Of Company's Lease Liabilities (Details)
Commitments And Contingencies - Summary Of Components Of Lease Costs (Details)
Commitments And Contingencies - Summary Of Maturities Of Operating Lease Liabilities (Details)
Defined Contribution Plans
Defined Contribution Plans - Additional Information (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Summary Of Financial Assets Measured At Fair Value On Recurring Basis (Details)
Marketable Securities
Marketable Securities (Tables)
Marketable Securities - Additional Information (Details)
Marketable Securities - Marketable Securities - Summary Of Amortized Cost, Gross Unrealized Holding Gains Or Losses, And Fair Value Of Marketable Securities (Details)
Organization And Business
Organization And Business - Additional Information (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Summary Of Stock Option Activity (Details)
Stock-Based Compensation - Summary Of Total Stock-Based Compensation Expense Recognized (Details)
Stock-Based Compensation - Summary Of Weighted-Average Assumptions Used To Calculate Fair Value Of Stock-Based Awards Granted (Details)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (Policies)
Summary Of Significant Accounting Policies (Tables)
Summary Of Significant Accounting Policies - Additional Information (Details)
Summary Of Significant Accounting Policies - Calculation Of Basic And Diluted Net Loss Per Share (Details)
Summary Of Significant Accounting Policies - Reconciliation Of Cash, Cash Equivalents And Restricted Cash (Details)
Summary Of Significant Accounting Policies - Summary Of Potentially Dilutive Securities Excluded From Calculation Of Diluted Net Loss Per Share (Details)

Material Contracts, Statements, Certifications & more

Allakos Inc. provided additional information to their SEC Filing as exhibits

Ticker: ALLK
CIK: 1564824
Form Type: 10-Q Quarterly Report
Accession Number: 0001564590-19-016843
Submitted to the SEC: Wed May 08 2019 8:07:21 AM EST
Accepted by the SEC: Wed May 08 2019
Period: Sunday, March 31, 2019
Industry: Pharmaceutical Preparations

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