• Moderna for brain diseases: Alector is a biotech company focused on developing innovative treatments for neurodegenerative conditions like Alzheimer's and Parkinson's, similar to Moderna's innovative approach to mRNA therapies.
• Biogen, but focused purely on immuno-neurology: While Biogen has a broad focus on neurological diseases, Alector is singularly dedicated to leveraging the immune system to repair and protect the brain.

• AL001 (Lirumolimab): An investigational antibody designed to inhibit SIGLEC-3 (CD33) on microglia to treat Alzheimer's disease.
• AL101: An investigational antibody targeting SIGLEC-F, currently being evaluated for the treatment of various neurodegenerative diseases.
• AL002: An investigational antibody designed to activate TREM2 on microglia, aiming to treat Alzheimer's disease.
• AL003: An investigational small molecule targeting CD33, currently in early-stage development for Alzheimer's disease.

Alector (ALEC) is a biotechnology company primarily engaged in the research and development of therapies for neurodegenerative diseases. Its revenue is largely derived from collaboration agreements with other pharmaceutical companies rather than direct sales of approved products to individuals, as many of its programs are still in clinical development.

Alector's major customer is:

• AbbVie Inc. (Symbol: ABBV) - AbbVie is Alector's key collaboration partner for the development and commercialization of multiple drug candidates, including AL002 and AL101, targeting neurodegenerative diseases. This collaboration is a significant source of Alector's revenue through upfront payments, milestone payments, and potential profit sharing.

Arnon Rosenthal, Ph.D. Co-Founder, Chief Executive Officer, and Director

Dr. Rosenthal co-founded Alector in 2013 and has served as its Chief Executive Officer and a member of the Board of Directors since its inception. He also co-founded Annexon Biosciences, Inc., serving as its acting Chief Executive Officer from August 2011 to December 2014 and as Chairman of the Board of Directors until February 2017. Additionally, Dr. Rosenthal co-founded Rinat Neuroscience Corporation in 2001, where he served as President, Chief Scientific Officer, and a board member. Rinat Neuroscience Corporation, which discovered and developed the migraine drug Ajovy, was acquired by Pfizer Inc. in August 2006. From 1985 to 2001, he held various roles at Genentech, Inc., ultimately as Staff Scientist, where his team discovered the target for the cancer drug Erivedge. Dr. Rosenthal holds a Ph.D. in biology from the Hebrew University of Jerusalem.

Neil Berkley, M.S., M.B.A. Chief Business Officer and Interim Chief Financial Officer

Neil Berkley joined Alector in March 2024 as Chief Business Officer and assumed the role of interim Chief Financial Officer in June 2025. He brings over two decades of experience in corporate development, business development, and strategic planning across large pharma, midsize biotech/pharma, and small biotech companies. Before Alector, Mr. Berkley served as Chief Corporate Development Officer at Juvena Therapeutics, Chief Business Officer at AbCellera, and Vice President and Head of Business Development at Halozyme Therapeutics. He previously held leadership roles at Cadence Pharmaceuticals, Acadia, and GSK.

Sara Kenkare-Mitra, Ph.D. President and Head of Research and Development

Dr. Sara Kenkare-Mitra has served as President and Head of Research and Development at Alector since 2021. She is an experienced biotech/pharma drug developer, scientist, and executive with over 25 years of industry experience dedicated to developing novel drugs.

Giacomo Salvadore, M.D. Chief Medical Officer

Dr. Giacomo Salvadore was appointed Chief Medical Officer of Alector in April 2025, having joined the company in 2023 as Senior Vice President of Clinical Development. He leads Alector's global clinical development strategy and brings over 15 years of industry experience leading neurology and psychiatry programs. Prior to Alector, Dr. Salvadore was the Vice President of Translational Medicine at Acadia Pharmaceuticals and spent more than a decade at Janssen Research & Development, holding various leadership roles in clinical development for central nervous system programs. He received his M.D. from the University of Rome, Tor Vergata, and completed a postdoctoral fellowship at the National Institutes of Health.

Danielle Pasqualone, Ph.D., J.D. General Counsel

Dr. Danielle Pasqualone serves as the General Counsel for Alector.

The clear emerging threat to Alector stems from the recent success and regulatory approvals of amyloid-beta targeting therapies for Alzheimer's disease.

• Establishment of a New Standard of Care: With the full FDA approval of lecanemab (Leqembi) by Eisai/Biogen and the anticipated approval of donanemab by Eli Lilly, the landscape for Alzheimer's treatment has fundamentally shifted. These drugs represent the first disease-modifying therapies to demonstrate statistically significant slowing of cognitive decline.

• Competitive Pressure on Market Share and Differentiation: While Alector's lead Alzheimer's programs (AL002 targeting TREM2 and AL003 targeting CD33) utilize distinct mechanisms of action (focusing on immune modulation and lysosomal function rather than amyloid clearance), the success of amyloid-beta therapies sets a high bar. Alector's candidates will need to demonstrate superior efficacy, safety, or applicability to specific patient populations (e.g., earlier disease stages, different genetic profiles) to compete effectively for market share and secure favorable reimbursement. The perception of a "first-in-class" treatment can make it challenging for subsequent therapies, even with different mechanisms, to gain traction unless their benefits are clearly superior or complementary.

Alector (ALEC) is a biotechnology company focused on developing therapies for neurodegenerative diseases. The addressable markets for their main product candidates are as follows:

• AL001 (Latozinemab) for Frontotemporal Dementia (FTD) caused by a progranulin (GRN) gene mutation: The market size for Frontotemporal Dementia across the seven major markets (7MM: United States, France, Germany, Italy, Spain, United Kingdom, and Japan) was valued at approximately USD 142.8 million in 2024. It is projected to reach USD 688.2 million by 2035, demonstrating a Compound Annual Growth Rate (CAGR) of 15.37% from 2025 to 2035. The global frontotemporal dementia management market is estimated to be valued at USD 396.1 million in 2025 and is forecast to grow to USD 626.4 million by 2035. In 2022, the United States market for FTD reached USD 67 million, representing approximately 61% of the total market size in the 7MM.

• AL101 (Nivisnebart) and AL137 (ABC-enabled anti-amyloid beta antibody) for Alzheimer's Disease: The global Alzheimer's disease market, encompassing the eight major markets (8MM: United States, France, Germany, Italy, Spain, United Kingdom, Japan, and China), is expected to grow from $2.4 billion in 2023 to $19.3 billion by 2033, at a CAGR of 23.4%. More specifically for therapeutics, the global Alzheimer's therapeutics market size was estimated at USD 4.05 billion in 2022 and is anticipated to reach USD 15.19 billion by 2030, growing at a CAGR of 19.99% from 2023 to 2030. The Alzheimer's disease market across the top 7 regions (US, EU4, UK, and Japan) is projected to reach USD 6.3 billion by 2034, at a CAGR of 6.8% during 2024-2034. North America held the largest share of the Alzheimer's disease diagnostics and therapeutics market in 2025.

• AL050 (ABC-enabled GCase enzyme replacement therapy) for Parkinson's Disease: The global Parkinson's disease therapeutics market was valued at USD 6.59 billion in 2024 and is predicted to increase to approximately USD 13.34 billion by 2034, expanding at a CAGR of 7.39% from 2025 to 2034. North America dominated the Parkinson's disease therapeutics market with the largest revenue share of 34.60% in 2024. Another estimate for the global Parkinson's disease drugs market size reports it was valued at USD 7.17 billion in 2024 and is projected to grow to USD 13.46 billion by 2032, exhibiting a CAGR of 8.2% from 2024 to 2032.

• ADP064-ABC (ABC-enabled Tau siRNA) for Alzheimer's Disease and Frontotemporal Dementia (Tauopathies): The addressable market sizes are the same as those mentioned for Alzheimer's Disease and Frontotemporal Dementia.

• AL002: null

• Amyotrophic Lateral Sclerosis (ALS): null

Alector (ALEC) is a clinical-stage biotechnology company focused on developing therapies for neurodegenerative diseases. Over the next two to three years, several key drivers are expected to influence its future revenue growth:

1. Potential Commercialization of Latozinemab (AL001) for Frontotemporal Dementia (FTD-GRN): Alector anticipates topline data from the pivotal Phase 3 INFRONT-3 trial of latozinemab for frontotemporal dementia with a progranulin gene mutation (FTD-GRN) by mid-fourth quarter of 2025. If successful, latozinemab, which has received FDA Breakthrough Therapy, Orphan Drug, and Fast Track designations, could become the first disease-modifying therapy for this fatal neurodegenerative condition. Alector holds commercial rights in the U.S. with a 50-50 profit share agreement with GSK, alongside tiered double-digit royalties ex-U.S., paving the way for potential significant commercial revenues.
2. Advancement of Nivisnebart (AL002/AL101) for Early Alzheimer's Disease: Data from the INVOKE-2 Phase 2 trial evaluating AL002 in patients with early Alzheimer's disease (AD) is on track for 2024. Additionally, enrollment in the global PROGRESS-AD Phase 2 clinical trial of AL101 in early AD is expected to complete by mid-2025. Positive results from these trials could trigger substantial development and commercial milestone payments from Alector's collaboration partner, GSK, and further advance AL101/AL002 toward later-stage development and eventual commercialization.
3. Progression of Alector Brain Carrier (ABC) Platform-Enabled Pipeline: Alector's proprietary Alector Brain Carrier (ABC) technology platform is designed to enhance the delivery of therapeutic molecules across the blood-brain barrier for various neurodegenerative diseases. The company is advancing several preclinical programs utilizing this platform, including candidates for Alzheimer's and Parkinson's diseases (e.g., ADP037-ABC, ADP050-ABC, ADP064-ABC). The potential initiation of first-in-human trials for these ABC-enabled programs in 2026 and 2027 could lead to new collaboration agreements and milestone payments, increasing the company's long-term revenue potential and overall valuation.
4. Strategic Milestone Payments from Collaborations: While collaboration revenue has seen fluctuations due to the completion of certain performance obligations from prior agreements, future milestone payments tied to the clinical and regulatory progress of Alector's partnered programs, particularly with GSK for latozinemab and nivisnebart, represent a significant potential revenue stream. These payments could be triggered by achievements such as regulatory approvals and initial commercial sales in various territories.

Share Issuance

• Alector completed a public offering in February 2020, generating approximately $240.0 million in gross proceeds from the sale of 9,602,500 shares of common stock at $25.00 per share.
• In late 2023 or early 2024, the company issued 10,869,566 shares of common stock at $6.57 per share, yielding aggregate net proceeds of $71.1 million after offering costs.
• Through at-the-market (ATM) equity offerings, Alector raised approximately $14.7 million in net proceeds in September 2025 and an additional $5.3 million in October 2025.

Inbound Investments

• Alector maintains a strategic collaboration with GlaxoSmithKline (GSK) for developing and commercializing progranulin-elevating monoclonal antibodies, which included $700 million in upfront payments and up to $1.5 billion in potential development and commercial milestones.
• Collaboration revenue for 2024 was $100.6 million.
• The company projects collaboration revenue for 2025 to be between $13 million and $18 million.

Capital Expenditures

• Alector's cash, cash equivalents, and investments totaled $291.1 million as of September 30, 2025, which is anticipated to fund operations through 2027.
• Total research and development expenses, a primary focus of capital allocation, were $29.4 million for the third quarter of 2025, a decrease from $48.0 million in the same period of 2024. This reduction reflects program completions and strategic workforce adjustments.
• For the full year 2025, Alector anticipates total research and development expenses to range from $130 million to $140 million.