Alector, Inc.
ALECHealthcare|Biotechnology|US
$2.29
+0.20 (+9.57%)
Tangible Book / Share
$1.05
Graham Number
$2.96
Cash / Share
$1.25
Financials
Financial Snapshot
Market Cap
$339.5M
Enterprise Value
$285.0M
Revenue (TTM)
$173.5M
Net Income (TTM)
$41.4M
Cash & Investments
$138.7M
Net Cash
$117.7M
Free Cash Flow (TTM)
-$150.0M
Operating CF (TTM)
-$149.9M
Debt/Equity
0.18
Cash Runway & Burn Rate
Cash on Hand
$138.7M
Quarterly Burn
$37.5M
Monthly Burn
$12.5M
Est. Runway
~3.7 quarters
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Investments | $50.8M | $32.5M | $290.4M | $353.1M | $413.3M | $735.3M | $712.9M | $548.9M | $413.4M | $256.0M | $138.7M | |
| Operating Cash Flow | -$13.0M | -$17.8M | $127.5M | -$99.3M | -$166.7M | $298.6M | -$20.3M | -$184.2M | -$229.9M | -$184.0M | -$149.9M | |
| Free Cash Flow | -$15.2M | -$18.6M | $125.6M | -$114.6M | -$171.8M | $295.3M | -$24.4M | -$186.5M | -$231.2M | -$184.1M | -$150.0M | |
| Capital Expenditure | -$2.3M | -$801.0K | -$1.9M | -$15.3M | -$5.0M | -$3.2M | -$4.1M | -$2.4M | -$1.3M | -$41.0K | -$149.0K | |
| Financing Cash Flow | -$77.0K | -$15.0K | $131.1M | $172.4M | $232.1M | $30.3M | $4.5M | $2.5M | $81.5M | $20.2M | -$4.9M |
R&D Spending
R&D (TTM)
$99.8M
R&D Intensity
57.5%
R&D Growth vs Prior
-18.9%
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.0K | $3.7M | $27.7M | $21.2M | $21.1M | $207.1M | $133.6M | $97.1M | $100.6M | $21.0M | $173.5M | |
| R&D Expense | $13.7M | $29.9M | $73.0M | $100.5M | $156.9M | $189.4M | $210.4M | $192.1M | $209.2M | $123.1M | $99.8M | |
| R&D % of Revenue | 3287.0% | 800.8% | 263.9% | 473.8% | 743.5% | 91.5% | 157.5% | 197.9% | 208.1% | 584.8% | 57.5% | |
| SG&A | $1.9M | $6.5M | $11.9M | $33.9M | $59.4M | $55.0M | $61.0M | $56.7M | $57.4M | $54.0M | $38.7M |
Income Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $416.0K | $3.7M | $27.7M | $21.2M | $21.1M | $207.1M | $133.6M | $97.1M | $100.6M | $21.0M | $173.5M | |
| Cost of Revenue | $13.7M | $29.9M | $73.0M | $100.5M | $156.9M | $189.4M | $0.00 | $8.8M | $185.9M | $9.7M | $0.00 | |
| Gross Profit | -$13.3M | -$26.2M | -$45.4M | -$79.3M | -$135.8M | $17.7M | $133.6M | $88.2M | -$85.4M | $11.4M | $10.6M | |
| R&D | $13.7M | $29.9M | $73.0M | $100.5M | $156.9M | $189.4M | $210.4M | $192.1M | $209.2M | $123.1M | $99.8M | |
| SG&A | $1.9M | $6.5M | $11.9M | $33.9M | $59.4M | $55.0M | $61.0M | $56.7M | $57.4M | $54.0M | $38.7M | |
| Operating Income | -$15.1M | -$32.7M | -$57.3M | -$114.4M | -$195.2M | -$37.4M | -$137.8M | -$151.7M | -$145.0M | -$145.8M | $35.0M | |
| Interest Expense | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |
| Pretax Income | -$15.1M | -$32.5M | -$52.2M | -$105.4M | -$190.2M | -$36.3M | -$130.1M | -$125.2M | -$118.9M | -$142.8M | $41.8M | |
| Net Income | -$15.1M | -$32.5M | -$52.2M | -$105.4M | -$190.2M | -$36.3M | -$133.3M | -$130.4M | -$119.0M | -$142.9M | $41.4M | |
| EPS (Diluted) | -1.78 | -0.63 | -0.76 | -1.62 | -2.45 | -0.45 | -1.62 | -1.56 | -1.23 | -1.39 | 0.36 | |
| EBITDA | -$14.9M | -$32.0M | -$56.3M | -$107.7M | -$187.9M | -$28.0M | -$121.6M | -$116.3M | -$110.1M | -$133.1M | $45.3M | |
| Shares Out. (M) | 8.50 | 51.22 | 68.37 | 61.73 | 77.76 | 80.42 | 82.47 | 83.73 | 96.59 | 103.00 | 111.22 |
Balance Sheet
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $50.8M | $32.5M | $65.5M | $89.6M | $50.0M | $329.2M | $154.3M | $74.6M | $33.0M | $65.8M | $75.5M | |
| Short-Term Investments | $0.00 | $0.00 | $224.9M | $263.4M | $363.3M | $406.1M | $558.5M | $474.3M | $380.4M | $190.2M | $63.2M | |
| Total Current Assets | $51.2M | $233.0M | $293.2M | $357.4M | $421.5M | $749.7M | $726.4M | $565.8M | $424.8M | $266.5M | $145.3M | |
| Total Assets | $54.1M | $236.1M | $308.4M | $421.9M | $488.3M | $814.7M | $787.6M | $621.8M | $468.3M | $293.2M | $165.8M | |
| Total Current Liabilities | $1.5M | $27.4M | $13.0M | $62.0M | $68.1M | $139.6M | $93.8M | $177.9M | $125.1M | $69.5M | $35.4M | |
| Long-Term Debt | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $9.4M | $9.3M | $11.7M | |
| Total Liabilities | $79.0M | $288.1M | $405.8M | $227.2M | $220.7M | $513.9M | $573.2M | $487.7M | $341.5M | $262.6M | $49.2M | |
| Stockholders' Equity | -$24.9M | -$52.0M | -$97.4M | $194.7M | $267.5M | $300.7M | $214.4M | $134.2M | $126.8M | $30.6M | $116.6M | |
| Retained Earnings | -$29.7M | -$62.2M | -$114.4M | -$219.8M | -$410.0M | -$446.4M | -$579.7M | -$710.1M | -$829.1M | -$972.1M | -$893.4M |
Cash Flow Statement
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$13.0M | -$17.8M | $127.5M | -$99.3M | -$166.7M | $298.6M | -$20.3M | -$184.2M | -$229.9M | -$184.0M | -$149.9M | |
| Capital Expenditure | -$2.3M | -$801.0K | -$1.9M | -$15.3M | -$5.0M | -$3.2M | -$4.1M | -$2.4M | -$1.3M | -$41.0K | -$149.0K | |
| Free Cash Flow | -$15.2M | -$18.6M | $125.6M | -$114.6M | -$171.8M | $295.3M | -$24.4M | -$186.5M | -$231.2M | -$184.1M | -$150.0M | |
| Investing Cash Flow | -$2.3M | -$801.0K | -$224.1M | -$48.9M | -$105.1M | -$49.7M | -$159.0M | $101.9M | $107.1M | $196.6M | $153.8M | |
| Financing Cash Flow | -$77.0K | -$15.0K | $131.1M | $172.4M | $232.1M | $30.3M | $4.5M | $2.5M | $81.5M | $20.2M | -$4.9M | |
| Issuance of Stock | -$77.0K | -$15.0K | $0.00 | $172.4M | $224.6M | $0.00 | $4.5M | $2.5M | $71.1M | $20.2M | $5.4M | |
| Repurchase of Stock | -$77.0K | -$15.0K | -$1.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $48.0K | |
| Net Debt Issuance | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $9.4M | $0.00 | $0.00 | |
| Stock Based Comp. | $2.0M | $5.4M | $6.9M | $16.3M | $30.5M | $40.8M | $46.1M | $42.8M | $39.5M | $26.7M | $12.4M | |
| Net Change in Cash | -$15.3M | -$18.6M | $34.5M | $24.2M | -$39.7M | $279.2M | -$174.8M | -$79.7M | -$41.2M | $32.8M | -$1.0M |
Dilution Tracker
Shares outstanding grew 32.5% over 5 years — significant dilution
Shares Outstanding
148M
5-Year Share Growth
+32.5%
Stock Issuance (TTM)
$5.4M
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Shares Out. (M) | 8.50 | 51.22 | 68.37 | 61.73 | 77.76 | 80.42 | 82.47 | 83.73 | 96.59 | 103.00 | 111.22 | |
| Change vs Prior % | — | 502.8% | 33.5% | -9.7% | 26.0% | 3.4% | 2.6% | 1.5% | 15.4% | 6.6% | 8.0% | |
| Stock Issuance | -$77.0K | -$15.0K | $0.00 | $172.4M | $224.6M | $0.00 | $4.5M | $2.5M | $71.1M | $20.2M | $5.4M | |
| Stock Repurchase | -$77.0K | -$15.0K | -$1.9M | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $48.0K | |
| Stock Based Comp. | $2.0M | $5.4M | $6.9M | $16.3M | $30.5M | $40.8M | $46.1M | $42.8M | $39.5M | $26.7M | $12.4M |
Margins & Profitability
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin % | -3187.0% | -700.8% | -163.9% | -373.8% | -643.5% | 8.5% | 100.0% | 90.9% | -84.9% | 54.1% | 6.1% | |
| Operating Margin % | -3637.5% | -874.9% | -207.0% | -539.2% | -925.1% | -18.0% | -103.2% | -156.3% | -144.2% | -692.8% | 20.2% | |
| Net Margin % | -3632.2% | -869.6% | -188.8% | -496.7% | -901.6% | -17.5% | -99.8% | -134.3% | -118.4% | -679.2% | 23.9% | |
| EBITDA Margin % | -3589.2% | -856.7% | -203.3% | -507.4% | -890.6% | -13.5% | -91.0% | -119.9% | -109.5% | -632.5% | 26.1% | |
| FCF Margin % | -3664.2% | -497.2% | 453.7% | -540.0% | -814.1% | 142.6% | -18.3% | -192.2% | -229.9% | -874.7% | -86.5% | |
| ROE % | 60.7% | 62.4% | 53.6% | -54.1% | -71.1% | -12.1% | -62.2% | -97.2% | -93.9% | -466.3% | 112.2% | |
| ROA % | -27.9% | -13.8% | -16.9% | -25.0% | -39.0% | -4.5% | -16.9% | -21.0% | -25.4% | -48.7% | 25.0% | |
| ROIC % | -28.8% | -15.7% | -19.4% | -31.2% | -45.6% | -5.5% | -19.6% | -33.5% | -41.2% | -62.5% | 24.8% | |
| R&D / Revenue % | 3287.0% | 800.8% | 263.9% | 473.8% | 743.5% | 91.5% | 157.5% | 197.9% | 208.1% | 584.8% | 57.5% |
Growth (Year over Year)
Fiscal years. Rising share count growth means dilution.
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0.0% | 797.8% | 641.0% | -23.3% | -0.6% | 881.5% | -35.5% | -27.4% | 3.6% | -79.1% | |
| Gross Profit | 0.0% | -97.4% | -73.3% | -74.9% | -71.2% | 113.0% | 655.8% | -34.0% | -196.8% | 113.3% | |
| Operating Income | 0.0% | -116.0% | -75.3% | -99.7% | -70.6% | 80.9% | -268.9% | -10.1% | 4.4% | -0.6% | |
| Net Income | 0.0% | -115.0% | -60.9% | -101.7% | -80.5% | 80.9% | -267.0% | 2.2% | 8.7% | -20.1% | |
| EPS (Diluted) | 0.0% | 64.6% | -20.6% | -113.2% | -51.2% | 81.6% | -260.0% | 3.7% | 21.2% | -13.0% | |
| Operating Cash Flow | 0.0% | -36.8% | 817.3% | -177.9% | -67.9% | 279.1% | -106.8% | -805.9% | -24.8% | 20.0% | |
| Free Cash Flow | 0.0% | -21.8% | 776.2% | -191.2% | -49.9% | 271.9% | -108.3% | -663.1% | -23.9% | 20.4% | |
| R&D Expense | 0.0% | 118.7% | 144.2% | 37.7% | 56.0% | 20.7% | 11.1% | -8.7% | 8.9% | -41.2% | |
| SG&A Expense | 0.0% | 247.0% | 83.5% | 184.4% | 75.0% | -7.3% | 10.9% | -7.1% | 1.3% | -6.0% | |
| Total Assets | 0.0% | 336.3% | 30.6% | 36.8% | 15.7% | 66.9% | -3.3% | -21.1% | -24.7% | -37.4% | |
| Book Value / Share | 0.0% | 65.3% | -40.3% | 321.4% | 9.1% | 8.7% | -30.5% | -38.4% | -18.1% | -77.3% | |
| Debt | 0.0% | 0.0% | 0.0% | 0.0% | 6.7% | -7.1% | -9.0% | -10.2% | 9.3% | -14.8% | |
| Diluted Shares | 0.0% | 502.8% | 33.5% | -9.7% | 26.0% | 3.4% | 2.6% | 1.5% | 15.4% | 6.6% |
Valuation
P/E (TTM)6.36
P/S1.96
10Y Low / Med / High1.82 / 44.46 / 367.68
P/B2.18
10Y Low / Med / High1.44 / 4.98 / 5.52
EV/EBITDA6.30
EV/Revenue1.64
10Y Low / Med / High1.91 / 42.10 / 245.47
P/FCFAt Loss
Intrinsic Value Models (per share)
Tangible Book / Share
$1.05
Net Current Assets / Share
$0.65
Graham Number
$2.96
Graham Net-Net
$0.80
Cash / Share
$1.25
| Metric | Trend | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| P/E Ratio | -10.11 | -28.57 | -23.68 | -10.64 | -6.18 | -45.89 | -5.70 | -5.12 | -1.54 | -1.12 | 6.36 | |
| P/S Ratio | 367.68 | 246.86 | 44.46 | 50.13 | 55.76 | 8.02 | 5.70 | 6.88 | 1.82 | 7.63 | 1.96 | |
| P/B Ratio | -6.14 | -17.72 | -12.63 | 5.46 | 4.40 | 5.52 | 3.55 | 4.98 | 1.44 | 5.24 | 2.18 | |
| EV/EBITDA | -6.84 | -27.80 | -20.71 | -9.49 | -6.27 | -49.23 | -5.35 | -5.44 | -1.74 | -0.99 | 6.30 | |
| EV/Revenue | 245.47 | 238.17 | 42.10 | 48.17 | 55.82 | 6.66 | 4.87 | 6.52 | 1.91 | 6.23 | 1.64 |
Analyst Estimates & Quality
Altman Z-Score
-0.75
Distress
Piotroski F-Score
4
Moderate
Forward Estimates (consensus)
| Metric | FY2026 | FY2027 | FY2028 |
|---|---|---|---|
| Revenue | $75.6M | $17.5M | $9.0M |
| Net Income | -$28.9M | -$90.5M | -$98.1M |
| EPS | $-0.31 | $-0.84 | $-0.74 |
| # Analysts (EPS) | 3 | 5 | 4 |
Revenue Segments
By Product
| Segment | 2021 |
|---|---|
| Phase Three License | $173.4M |