Q3 FY2026
Filed Nov 5, 2026Allogene reports Q3 2026 net loss of $50.4 million, with ALPHA3 enrollment progressing and ALLO-329 autoimmune data due at ACR
The filing reports no collaboration revenue and a net loss of $(50,369) thousand, wider than $(41,400) thousand in the prior-year quarter, driven by higher R&D. Cash, cash equivalents and investments rose to $388,873 thousand from $258,253 thousand at December 31, 2025, and the company projects runway into 2029. Clinical and commercial-readiness milestones are on schedule, but the filing contains no revenue and no prior-quarter comparison.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Collaboration revenue - related party, Q3 2026GAAP | $— (nil, printed as a dash) thousand | – | – |
| Research and development expenses, Q3 2026GAAP | $41.93M | – | – |
| General and administrative expenses, Q3 2026GAAP | $12.86M | – | – |
| Total operating expenses, Q3 2026GAAP | $54.79M | – | – |
| Loss from operations, Q3 2026GAAP | −$54.79M | – | – |
| Interest and other income, net, Q3 2026GAAP | $4.88M | – | – |
| Interest expense, Q3 2026GAAP | −$379K | – | – |
| Other income (expenses), net, Q3 2026GAAP | −$76K | – | – |
| Total other income (expenses), net, Q3 2026GAAP | $4.42M | – | – |
| Net loss, Q3 2026GAAP | −$50.37M | – | – |
| Net loss per share, basic and diluted, Q3 2026GAAP | $(0.15) | – | – |
| Cash, cash equivalents and investments, as of September 30, 2026GAAP | $388.9M | – | – |
2026 (full year) outlook
- Operating expensesGuidance for operating expense in 2026 is expected to be approximately $165 million. GAAP Operating Expenses are expected to be approximately $225 million, including estimated non-cash stock-based compensation expense of approximately $35 million. The filing does not label the $165 million figure GAAP or non-GAAP.
- NoteEstimates exclude any impact from potential business development activities.
- NoteCompany continues to project its cash runway into 2029, based on cash, cash equivalents and investments as of September 30, 2026.
Capital returns
- No share repurchases or dividends are reported in the document.
What drove it
- The company states R&D expenses of $41.9 million for Q3 2026 include $2.9 million of non-cash stock-based compensation expense.
- The company states G&A expenses of $12.9 million for Q3 2026 include $4.2 million of non-cash stock-based compensation expense.
- The company states total net loss of $50.4 million for Q3 2026 includes non-cash stock-based compensation expense of $7.0 million.
- ALPHA3 (cema-cel, 1L LBCL consolidation): the company cites enrollment momentum from expanded site participation, increasing MRD screening activity, investor engagement and brisk enrollment in Asia-Pacific following the positive interim futility analysis reported earlier this year.
- The company states the ALPHA3 network includes community oncology practices and that early experience shows feasibility of outpatient cema-cel administration.
- Commercial readiness: Rocio Manghani, MPH, appointed Vice President, Market Access, Evidence & Strategy, focused on payer coverage, reimbursement and treatment-site readiness.
- ALLO-329 (RESOLUTION, Phase 1, autoimmune): updated data to be presented at ACR Convergence on November 9, 2026, covering nine-patient abstract expansion, three dose levels and three lymphodepletion approaches.
- Next-generation pipeline: preclinical DLL3/CD70 dual CAR T poster for small cell lung cancer and neuroendocrine tumors, and two invited SITC 2026 presentations.
Concerns
- No collaboration revenue was reported in either period presented.
- Net loss of $(50,369) thousand widened from $(41,400) thousand in the prior-year quarter, and R&D expenses rose from $31,164 thousand to $41,934 thousand.
- Full-year 2026 GAAP operating expenses are guided to approximately $225 million, with approximately $35 million of non-cash stock-based compensation.
- The next ALPHA3 clinical update is anticipated in mid-2027 and enrollment completion is expected by year-end 2027, so the pivotal readout is not in the near term.
- The filing notes that interim or early data may not be predictive of later results, and that MRD testing uncertainties may affect whether MRD-guided treatment yields clinical benefit.
- Forward-looking statements cite the need for additional capital as a financial risk.
What to watch
- ALLO-329 RESOLUTION data at ACR Convergence on November 9, 2026, including scleroderma responses and the effect of lymphodepletion approach.
- Selection of a potential Phase 2 dose and conditioning regimen for ALLO-329.
- ALPHA3 enrollment pace and the mid-2027 clinical update.
- Outcome of the ASH investor event on cema-cel and barriers to CAR T adoption, with details to be announced later.
- Whether 2026 operating expense guidance of approximately $165 million and GAAP guidance of approximately $225 million are maintained in later filings.
- Any business development activity, which the 2026 guidance excludes.
Balance sheet and cash flow
- Cash, cash equivalents and investments: $388,873 thousand as of September 30, 2026, versus $258,253 thousand as of December 31, 2025.
- Total assets: $511,320 thousand as of September 30, 2026, versus $415,905 thousand as of December 31, 2025.
- Total liabilities: $118,768 thousand as of September 30, 2026, versus $123,363 thousand as of December 31, 2025.
- Total stockholders' equity: $392,552 thousand as of September 30, 2026, versus $292,542 thousand as of December 31, 2025.
- Cash flow statement, operating cash flow and free cash flow are not included in the document.
Analysis
Allogene reported a Q3 2026 net loss of $(50,369) thousand, or $(0.15) per share, against a net loss of $(41,400) thousand, or $(0.19) per share, in the same quarter of 2025. The company reported no collaboration revenue in either period, so the result is driven entirely by operating expenses. Total operating expenses rose to $54,793 thousand from $44,901 thousand. Research and development rose to $41,934 thousand from $31,164 thousand, while general and administrative expenses fell to $12,859 thousand from $13,737 thousand. The filing states that R&D includes $2.9 million and G&A includes $4.2 million of non-cash stock-based compensation, totaling $7.0 million for the quarter. Other income was $4,424 thousand, which partly offset the operating loss, with interest and other income of $4,879 thousand against interest expense of $(379) thousand.
The balance sheet shows cash, cash equivalents and investments of $388,873 thousand at September 30, 2026, up from $258,253 thousand at December 31, 2025. Total assets rose to $511,320 thousand from $415,905 thousand, and stockholders' equity rose to $392,552 thousand from $292,542 thousand. The filing does not include a cash flow statement, so operating cash burn and the source of the cash increase cannot be read from this document. Management states that cash, cash equivalents and investments support a cash runway into 2029.
The guidance section sets 2026 operating expense guidance of approximately $165 million, and GAAP operating expenses of approximately $225 million including approximately $35 million of non-cash stock-based compensation. The filing does not label the $165 million figure as GAAP or non-GAAP. Both estimates exclude potential business development activities. No prior outlook was supplied, so no guidance comparison is made. The filing does not print prior-quarter figures, so sequential changes and year-over-year percentage changes are not reported for the period.
On the clinical side, the company points to ALPHA3 enrollment momentum in the pivotal 1L LBCL consolidation trial, with a next clinical update anticipated in mid-2027 and enrollment completion expected by year-end 2027. The company also states it has appointed Rocio Manghani as Vice President, Market Access, Evidence & Strategy, to lead early commercial-readiness work on payer coverage and treatment-site readiness. For ALLO-329 in autoimmune disease, updated RESOLUTION data are scheduled for presentation at ACR Convergence on November 9, 2026, with a webinar the same morning. These events are the main near-term catalysts named in the filing.
The reader should weigh the widening net loss and the absence of revenue against the balance sheet and the stated runway into 2029. The quarterly data are limited to the single quarter and its prior-year comparison, so trend analysis beyond that is not possible from this filing alone. The ACR data and the ASH event are the next points where the company's clinical and access arguments will be tested against data.
Management, verbatim
We believe 2027 will be an important year for cema-cel and the field, with upcoming ALPHA3 data expected to provide important insights into the potential for CAR T to be integrated into existing practice patterns, earlier in the course of a patient's disease and closer to where they receive care.
Zachary Roberts, M.D., Ph.D., President and Chief Executive Officer
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures for all metrics, so sequential changes are not reported.
- Year-over-year percentage changes for each line item, which are not printed.
- Cash flow statement, operating cash flow, investing cash flow, financing cash flow and free cash flow.
- Basis label (GAAP or non-GAAP) for the approximately $165 million 2026 operating expense guidance.
- Revenue guidance, gross margin and tax rate (not applicable or not provided).
- Prior-period cash, cash equivalents and investments for the Q3 2025 comparison (only December 31, 2025 is printed).
- Segment information (none reported).
- Any prior-period outlook for vs_prior_guidance comparison (no previous release supplied).
- Share price reaction, analyst consensus and analyst estimates (not in the document).
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.