Allogene Therapeutics Reports $257.59 Million Net Loss for 2024, Revenue Drops 77%

Allogene Therapeutics, Inc. reported a net loss of $257.59 million for the year ended December 31, 2024, compared to a net loss of $327.26 million in 2023. Revenue for 2024 was $22,000, a significant decrease of 77% from the $95,000 reported in 2023. This decrease in revenue is primarily attributed to changes in the License Agreement with Overland Therapeutics. Total operating expenses decreased by 17% to $273.22 million in 2024, primarily due to reductions in research and development and general and administrative expenses.

Significant changes in operating expenses included a 21% decrease in research and development expenses to $192.3 million, and a 9% decrease in general and administrative expenses to $65.2 million. The decrease in research and development expenses was primarily due to lower personnel costs, reduced external costs related to product candidate advancement, and lower facilities and depreciation expenses. The decrease in general and administrative expenses resulted from lower personnel costs and reduced legal and professional services. An impairment of long-lived assets of $15.7 million was recorded in 2024, compared to $13.2 million in 2023.

During 2024, Allogene initiated a pivotal Phase 2 clinical trial (ALPHA3) for cema-cel in large B-cell lymphoma (LBCL) as a first-line consolidation therapy. The company also completed enrollment in a Phase 1b clinical trial (TRAVERSE) of ALLO-316 for renal cell carcinoma (RCC) and received Regenerative Medicine Advanced Therapy (RMAT) designation for this product. Furthermore, Allogene received FDA clearance for a Phase 1 clinical trial (RESOLUTION) of ALLO-329 for autoimmune diseases and amended its strategic collaboration agreement with Foresight Diagnostics to expand the development of the CLARITY™ MRD assay as a companion diagnostic. The company also amended its agreement with Servier, expanding its licensed territory for CD19 products to include the European Union and the United Kingdom.

As of March 1, 2025, Allogene employed 229 people, with 186 working in research, development, and technical operations. The company's cash and cash equivalents and investments totaled $373.1 million as of December 31, 2024, providing a cash runway extending into the second half of 2026. The company anticipates continued net losses for the foreseeable future, with increasing research and development and general and administrative expenses. Allogene's financial performance is subject to various risks, including those related to clinical trial outcomes, regulatory approvals, manufacturing capabilities, competition, and market acceptance of its product candidates.

Allogene's outlook includes the expectation of continued net losses and increasing expenses as its clinical programs progress. The company plans to seek FDA approval of cema-cel and possibly ALLO-647 based on the ALPHA3 trial, and anticipates using the data to support EU regulatory approval. Further data from the ALLO-316 TRAVERSE trial is expected in mid-2025, and the initiation of the ALLO-329 RESOLUTION trial is targeted for mid-2025, with initial data anticipated by year-end 2025. The company will continue to explore partnering opportunities for additional product candidates in its pipeline.