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Allakos Inc. (ALLK) has seen a tremendous decrease to 87.10% – What’s behind it?

Allakos Inc. (ALLK) has experienced a decrease of 87.10% in the premarket following the announcement of the results of ENIGMA 2. However, the last trading session concluded at $84.39 with an increase of 3.7%.

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Top-Line Phase 3 Results – What’s up?

ALLK announced the results of ENIGMA 2 on 21st December 2021. Despite the surprising and unsatisfactory EGID results, the company will continue to examine the data in order to better understand the findings and decide the best course of action for lirentelimab in EGIDs. Moreover, ALLK plans to keep working on subcutaneous lirentelimab for atopic dermatitis, chronic spontaneous urticaria, and asthma for the time being. The team is now doing an atopic dermatitis investigation and aims to begin chronic spontaneous urticaria and asthma studies in 2022. Lastly, the company will also continue to progress other programs in the preclinical pipeline.

Expansion of Lirentelimab Development – What’s going on?

On 30th November 2021, ALLK announced that the company has introduced Lirentelimab Development which is meant to cure eosinophil and mast cell-related diseases. The new mode of action of Lirentelimab, which targets Siglec-8, has the potential to benefit patients with eosinophil and mast cell-driven illnesses. Moreover, advancing these programs is a critical next step in addressing lirentelimab’s larger potential beyond eosinophilic gastrointestinal indications, and it might highlight lirentelimab’s capacity to treat a wide range of disorders.

Third Quarter 2021 Results – Latest Updates

ALLK reported third-quarter 2021 results on 8th November 2021. The company reported that research and development costs came out to be $43.6 million, $13.2 million more than that at the same time in 2020. Moreover, the general and administrative expenses totaled $19.1 million, $7.0 million more than that at the same time in 2020. Allakos also reported a net loss of $62.7 million, with cash, cash equivalents, and marketable securities being $505.6 million at the end of the third quarter of 2021.

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