In 2025, Alector’s revenue plummeted nearly 80% following disappointing Phase 3 trial results for its lead neurodegenerative candidate latozinemab (AL001), prompting discontinuation of certain studies and a significant workforce reduction. Despite sustained net losses and operational cash burn, the company maintains strong liquidity with over $256 million in cash and equivalents and a healthy current ratio. Leadership changes, including appointing a new CFO, underline efforts to recalibrate financial discipline. Forward growth is constrained by pipeline uncertainty, with progress hinging on remaining clinical assets and potential regulatory pathways.