AN2 slashes staff by 50% after lead antibiotic flunks in Phase II/III trial [Yahoo! Finance]
Allakos Inc. (ALLK)
Last allakos inc. earnings: 11/12 04:01 pm
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Source: Yahoo! Finance
The antibiotic's development suffered a major setback a few months back, after AN2 voluntarily stopped enrolment in the Phase III portion of the trial. The decision followed a blinded aggregate data analysis indicating “potentially lower than expected efficacy”. Following the news, AN2's stock was down by over 22.7% in premarket trading today (9 August), compared to the market close on 8 August. The company's stock has been floundering since it took a nosedive in February after AN2 announced plans to pause enrolment in the Phase III portion of the trial. AN2 plans to cut 50% of its workforce by the end of the year. The restructuring is expected to cost approximately $2 – 3m. Furthermore, AN2's chief medical officer, Dr. Paul Eckburg, will leave the company by 30 August as part of the restructuring. The cost savings measures are expected to provide AN2 a cash runway through 2027. With the announcement of job cuts, AN2 joins the likes of FibroGen Aerovate Therapeutics and Allakos
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News
- Allakos Provides Business Update and Reports Second Quarter 2024 Financial Results [Yahoo! Finance]Yahoo! Finance
- Allakos Provides Business Update and Reports Second Quarter 2024 Financial ResultsGlobeNewswire
- Can Allakos (NASDAQ:ALLK) Afford To Invest In Growth? [Yahoo! Finance]Yahoo! Finance
- Allakos Inc. (NASDAQ: ALLK) had its price target lowered by analysts at Jefferies Financial Group Inc. from $1.50 to $1.00. They now have a "hold" rating on the stock.MarketBeat
- The Schall Law Firm Begins Probe Into Claims Against Allakos Inc And Urges Affected Investors To ParticipateAccesswire
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Earnings
- 5/9/24 - Miss
ALLK
Sec Filings
- 9/12/24 - Form 4
- 9/11/24 - Form 4
- 9/11/24 - Form 144
- ALLK's page on the SEC website