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1. Like Gilead (Kite Pharma) or Novartis, but for 'off-the-shelf' CAR T cancer therapies.

2. The 'universal donor' version of CAR T cancer treatment, which companies like Gilead (Kite Pharma) and Novartis offer as patient-specific therapies.

3. The 'ready-to-wear' version of CAR T cancer therapy, a field currently dominated by bespoke treatments from companies like Gilead (Kite Pharma) and Novartis.

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• ALLO-501A: An investigational allogeneic CAR T-cell therapy targeting CD19 for the treatment of various lymphomas.
• ALLO-715: An investigational allogeneic CAR T-cell therapy targeting BCMA for the treatment of relapsed/refractory multiple myeloma.
• ALLO-605: An investigational allogeneic CAR T-cell therapy targeting CD70 for the treatment of renal cell carcinoma and other solid tumors.
• ALLO-316: An investigational allogeneic CAR T-cell therapy targeting CLDN18.2 for the treatment of solid tumors.

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Allogene Therapeutics (ALLO) is a clinical-stage biotechnology company focused on developing allogeneic CAR T (Chimeric Antigen Receptor T-cell) therapies for cancer.

As a clinical-stage company, Allogene Therapeutics does not currently have commercial products approved for sale on the market. Therefore, it does not have "major customers" in the traditional sense of companies or individuals purchasing its products.

If and when Allogene's therapeutic candidates receive regulatory approval, their primary customers would typically be:

• Hospitals and Cancer Centers: These are the healthcare institutions that would purchase and administer the specialized cell therapies to patients.
• Specialty Pharmacies and Distributors: These entities might be involved in the distribution, storage, and inventory management of highly complex and specialized cell therapies.

While not direct purchasers of the drug from Allogene, Government Healthcare Programs and Commercial Payers would also be critical stakeholders, as they are the primary payers for such therapies, influencing market access and demand.

Allogene does not sell its therapeutic products directly to individuals.

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David Chang, M.D., Ph.D. President, Chief Executive Officer and Co-Founder
Dr. Chang is a co-founder of Allogene Therapeutics and serves as its President and CEO. He previously held the position of Executive Vice President, Research & Development, and Chief Medical Officer at Kite Pharma, Inc., which was acquired by Gilead Sciences in 2017. During his tenure at Kite, he was instrumental in the development of Yescarta® (axicabtagene ciloleucel), the first CAR T therapy approved for non-Hodgkin lymphoma. From 2002 to 2014, he held senior leadership roles at Amgen, including Vice President of Global Development and Head of Hematology-Oncology, where he led pivotal programs for drugs like Blincyto® and IMLYGIC™. Dr. Chang is also a co-founder and Chairman of the Board of Directors of IconOVir Bio, and a Venture Partner at Two River and Vida Ventures, LLC, both life science investment firms. He obtained his M.D. and Ph.D. degrees from Stanford University.

Geoffrey Parker Executive Vice President, Chief Financial Officer
Mr. Parker serves as the Executive Vice President and Chief Financial Officer of Allogene Therapeutics. He is described as a seasoned biotech and banking executive with nearly 40 years of leadership experience managing finance and business development organizations.

Zachary J. Roberts, M.D., Ph.D. Executive Vice President, Research & Development, Chief Medical Officer
Dr. Roberts is the Executive Vice President, Research & Development, and Chief Medical Officer at Allogene. He is a trained immunologist and board-certified oncologist with extensive experience in clinical oncology and cell therapy development. Before joining Allogene, Dr. Roberts was the Chief Medical Officer of Instil Bio. Prior to that, he held various roles of increasing responsibility at Kite Pharma (acquired by Gilead in 2017), where he played a key role in the development and execution of the ZUMA trials for YESCARTA®. He also led several solid tumor studies at Amgen.

Arie Belldegrun, M.D. Executive Chairman and Co-Founder
Dr. Belldegrun is the Executive Chairman and Co-Founder of Allogene Therapeutics. He is also recognized for co-founding Kite Pharma, which was acquired by Gilead Sciences in 2017, pioneering the development of CAR T therapy.

Benjamin M. Beneski Senior Vice President, Chief Technical Officer
Mr. Beneski is the Senior Vice President and Chief Technical Officer of Allogene. Before joining Allogene, he held senior manufacturing roles at various biotechnology companies, including Vir Biotechnology and Amgen.

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The key risks to Allogene Therapeutics' business include the inherent challenges and uncertainties associated with clinical development and regulatory approvals, significant ongoing operating losses requiring continuous financing, and the complexities of manufacturing and chemistry, manufacturing, and controls (CMC) for its novel cell therapies.

1. Clinical Development and Regulatory Risks

As a clinical-stage biotechnology company, Allogene Therapeutics faces substantial risks related to the development and regulatory approval of its novel allogeneic CAR T-cell therapies. The company's success is highly dependent on the outcomes of its clinical trials, including its pivotal Phase 2 ALPHA3 trial for cemacabtagene ansegedleucel (cema-cel) in large B-cell lymphoma. Risks include trial delays, challenges in patient enrollment, and the possibility that early or Phase 1 data may not predict later outcomes. Furthermore, Allogene's product candidates, based on novel technologies, may cause undesirable side effects or adverse events, which could lead to clinical holds, halt further development, or limit commercial potential. For instance, a "chromosomal abnormality" led to a clinical hold in 2021, and patient deaths have occurred in trials, some attributed to lymphodepletion regimens. Allogeneic therapies also carry the inherent risks of host-mediated graft rejection and graft-versus-host disease (GvHD), despite genetic engineering efforts to mitigate them. Regulatory risks also persist, including the potential for the FDA or other authorities to disagree with the company's plans or interpretations, or to request additional data or trials.

2. Financial Risks: Operating Losses and Need for Additional Financing

Allogene Therapeutics is currently a pre-revenue company and has consistently reported significant operating losses. For example, the net loss for the third quarter of 2025 was $41.4 million. While the company maintains a cash runway projected into the second half of 2027, it will require substantial additional financing to fund its extensive research and development activities and support its operating plans. Delays in clinical milestones or regulatory approvals further push back potential revenue generation, exacerbating the need for continuous financing.

3. Manufacturing and CMC Risks

The development and commercialization of allogeneic CAR T-cell therapies are subject to complex manufacturing and CMC (Chemistry, Manufacturing, and Controls) risks. Ensuring consistent, scalable manufacturing and successfully implementing new technologies are significant challenges. The intricate nature of cell therapy manufacturing, even at a small scale, makes it prone to errors, contamination, or delays, which can lead to costly batch failures. These complexities can impact timelines, clinical outcomes, and the ultimate availability of the therapies.

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Clear emerging threats for Allogene Therapeutics (ALLO) include:

• Advancement of alternative allogeneic CAR T-cell platforms: Companies like CRISPR Therapeutics are developing allogeneic CAR T therapies using different gene-editing technologies (CRISPR vs. ALLO's TALENs). Should these alternative platforms demonstrate superior efficacy, safety, persistence, or manufacturability in clinical trials, they could significantly threaten Allogene's market position and differentiation. CRISPR Therapeutics, for example, has reported encouraging early clinical data for its allogeneic CAR T programs.

• Emergence of superior allogeneic NK-cell or other iPSC-derived cell therapies: Companies such as Fate Therapeutics are advancing off-the-shelf, induced pluripotent stem cell (iPSC)-derived natural killer (NK) cell therapies and T-cell therapies. These alternative cellular modalities offer potentially different safety profiles (e.g., lower risk of cytokine release syndrome or neurotoxicity) and manufacturing advantages. If these platforms achieve compelling clinical efficacy with improved safety or broader applicability compared to allogeneic T-cell therapies, they could capture significant market share in the off-the-shelf cellular immunotherapy space, directly competing with Allogene's offerings.

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Allogene Therapeutics (NASDAQ: ALLO) is a clinical-stage biotechnology company focused on developing allogeneic CAR T (AlloCAR T™) products for cancer and autoimmune diseases. Their main product candidates target various indications, each with an identifiable addressable market.

The global allogeneic T cell therapies market, which encompasses Allogene's core focus, was valued at approximately $1.16 billion in 2024 and is projected to reach $1.81 billion by 2029, growing at a compound annual growth rate (CAGR) of 9.4%. Another estimate places the global allogeneic T cell therapies market at $1.4 billion in 2025, anticipated to grow to $3.5 billion in 2035 with a CAGR of 9.4%. North America held the largest share of this market in 2023.

Market Sizes for Allogene Therapeutics' Main Product Candidates:

• Cemacabtagene ansegedleucel (cema-cel / ALLO-501A) for Large B-cell Lymphoma (LBCL):
  • The diffuse large B-cell lymphoma (DLBCL) market size in the leading markets (U.S., EU4, UK, and Japan) was USD 4.7 billion in 2024.
  • The U.S. DLBCL market alone is expected to exceed USD 11.5 billion by 2034.
  • Approximately 60,000 patients are treated for LBCL annually across the U.S., EU, and UK.
• ALLO-715 for Multiple Myeloma:
  • The global multiple myeloma therapeutics market was valued at USD 9.1 billion in 2024, with projections to reach USD 13.88 billion by 2033, growing at a CAGR of 4.8%.
  • Another assessment of the global multiple myeloma therapeutics market estimated it at USD 20.87 billion in 2023, expected to grow to USD 30.30 billion by 2030 at a CAGR of 5.5%.
  • North America dominated the multiple myeloma therapeutics market in 2023 with a 46% revenue share, and the U.S. market is expected to hold an 83.3% share within North America.
  • Another report indicates the global multiple myeloma market was USD 25.4 billion in 2023 and is expected to grow at a 6.4% CAGR from 2024 to 2032, with the North American market anticipated to reach USD 20.4 billion by the end of 2032.
• ALLO-329 for Autoimmune Diseases:
  • William Blair analysts estimate the revenue opportunity for CAR-T therapy in autoimmune disease in the U.S. alone to be between $150 billion and $263 billion, depending on the specific autoimmune indication.
  • Allogene estimates the addressable patient population for B-cell-targeting CAR-T therapies in the U.S. to be over 2 million patients.
  • The total addressable market for autoimmune diseases was estimated at $72.34 billion by 2023 and is projected to grow at a 5.5% CAGR until 2032.
• Cemacabtagene ansegedleucel (cema-cel / ALLO-501A) for Chronic Lymphocytic Leukemia (CLL):
  • The global chronic lymphocytic leukemia therapeutics market reached USD 5.42 billion in 2025 and is forecast to achieve USD 7.46 billion by 2030, reflecting a 6.58% CAGR.
  • Another report states the global chronic lymphocytic leukemia therapeutics market grew from USD 10.81 billion in 2024 to USD 11.70 billion in 2025 and is expected to reach USD 20.05 billion by 2032, growing at a CAGR of 8.02%.
  • North America holds the largest revenue share in the CLL therapeutics market.
• ALLO-316 for Renal Cell Carcinoma (RCC):
  • While specific market size data for ALLO-316 in RCC was not available, Allogene is exploring its potential in solid tumors. The broader global CAR-T market projections include potential expansions into solid tumors.

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Allogene Therapeutics (ALLO) is a clinical-stage biotechnology company focused on developing allogeneic CAR T (AlloCAR T™) products for cancer and autoimmune diseases. Over the next 2-3 years, several key drivers are expected to contribute to the company's future revenue growth:

1. Advancement and Potential Approval of Cema-cel (ALLO-501A) in Large B-Cell Lymphoma (LBCL): The pivotal Phase 2 ALPHA3 trial for cemacabtagene ansegedleucel (cema-cel) in first-line (1L) consolidation for LBCL is a critical program. Allogene anticipates primary Event-Free Survival (EFS) data around year-end 2026, with a futility analysis expected in the first half of 2026. Successful progression and potential FDA approval of cema-cel could significantly expand the company's revenue streams by positioning it as an earlier, more precise treatment option in LBCL.
2. Expansion into Autoimmune Diseases with ALLO-329: Allogene is actively expanding its pipeline into autoimmune diseases with ALLO-329, a dual CD19/CD70 CAR T product. The RESOLUTION basket trial in rheumatology is enrolling patients, and proof-of-concept data is anticipated in the first half of 2026. This represents a significant new market opportunity, with analysts estimating a large addressable market for CAR T therapy in autoimmune diseases.
3. Development of ALLO-316 in Renal Cell Carcinoma (RCC): ALLO-316 is being evaluated in solid tumors, specifically renal cell carcinoma, and has received RMAT designation from the FDA. The TRAVERSE trial in RCC has completed enrollment in its Phase 1b cohort and has shown promising early signs of efficacy and tolerability, as well as meaningful durability of response in heavily pretreated patients. Allogene has aligned with the FDA on a pivotal trial design for ALLO-316, which could support potential partnership discussions to advance the program.
4. Strategic Partnerships: Allogene actively seeks strategic partnerships to expand its market potential and accelerate development. Collaborations, such as existing agreements with Servier, could lead to revenue generation through licensing fees, milestone payments, and co-commercialization efforts, particularly as pipeline candidates progress through later-stage trials and toward potential market entry.
5. Leveraging "Off-the-Shelf" Allogeneic CAR T Platform Advantages: Allogene's core strategy revolves around its "off-the-shelf" allogeneic CAR T platform. This approach aims to reduce manufacturing time, lower costs, and provide readily available treatments compared to patient-specific autologous therapies. The inherent benefits of this scalable platform could drive broader adoption and increased market share for all of Allogene's product candidates if they achieve regulatory approval, thereby contributing to significant revenue growth.

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Share Repurchases

Share Issuance

• In May 2024, the company priced an underwritten offering of 37,931,035 shares of common stock at $2.90 per share, expecting gross proceeds of approximately $110 million.
• In June 2020, Allogene announced the pricing of a public offering of 11,702,128 shares of common stock at $47.00 per share, with expected gross proceeds of approximately $550.0 million.
• The net total equity issued by Allogene was $12 million in 2021, $3 million in 2022, $96 million in 2023, and $114 million in 2024.

Inbound Investments

• In April 2024, Allogene received a $15 million grant from the California Institute for Regenerative Medicine (CIRM) to support its TRAVERSE trial.

Outbound Investments

• The company has an investment in Notch Therapeutics.

Capital Expenditures

• Capital expenditures in the last 12 months (as of November 2025) were -$643,000.
• In April 2022, Allogene unveiled its 136,000-square-foot manufacturing facility, Cell Forge 1, in Newark, California. This facility is designed to support clinical trial and potential commercial production and worldwide distribution of allogeneic CAR T cell products.