Allogene Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Research and development expenses were $41.9 million for the quarter ended September 30, 2026, compared to $31.2 million in the same period in 2025.
• General and administrative expenses were $12.9 million for the quarter ended September 30, 2026, compared to $13.7 million in the same period in 2025.
• Net loss was $50.4 million ($0.15 per share) for the quarter ended September 30, 2026, compared to a net loss of $41.4 million ($0.19 per share) in the same period in 2025.
• Total operating expenses were $54.8 million for the quarter ended September 30, 2026, compared to $44.9 million in the same period in 2025.
• Interest and other income, net, was $4.9 million for the quarter ended September 30, 2026, compared to $3.9 million in the same period in 2025.
• The company reported $388.9 million in cash, cash equivalents, and investments as of September 30, 2026, compared to $258.3 million as of December 31, 2025.
• Total assets were $511.3 million as of September 30, 2026, compared to $415.9 million as of December 31, 2025.
• Total liabilities were $118.8 million as of September 30, 2026, compared to $123.4 million as of December 31, 2025.
• Total stockholders' equity was $392.6 million as of September 30, 2026, compared to $292.5 million as of December 31, 2025.

Guidance and Future Outlook:

• The company projects its cash runway extends into 2029 based on cash, cash equivalents, and investments as of September 30, 2026.
• 2026 operating expense guidance is approximately $165 million.
• GAAP operating expenses for 2026 are expected to be approximately $225 million, including estimated non-cash stock-based compensation of approximately $35 million.
• These financial estimates exclude any impact from potential business development activities.
• The next clinical update for the ALPHA3 trial is anticipated in mid-2027, with trial enrollment completion expected by year-end 2027.

Business Segments and Product Lines:

• Cema-cel (ALPHA3): Enrollment momentum continues in the pivotal Phase 2 trial for 1L Large B-cell Lymphoma (LBCL), supported by an expanding trial network, increased MRD screening, and brisk enrollment in the Asia-Pacific region.
• Cema-cel Commercialization: Rocio Manghani, MPH, was appointed Vice President, Market Access, Evidence & Strategy to lead payer coverage, reimbursement, and treatment-site readiness efforts.
• ALLO-329 (RESOLUTION): Updated results from the Phase 1 trial in autoimmune disease will be presented at ACR Convergence on November 9, 2026, expanding on a nine-patient abstract with additional patients, longer follow-up, and data across three dose levels and three lymphodepletion approaches.
• ALLO-316 (TRAVERSE): Phase 1 clinical findings in renal cell carcinoma were presented at SITC 2026, showing evidence of durable responses, CAR T expansion, and tumor infiltration.
• Next-Generation Pipeline: Preclinical data presented at SITC 2026 showcased a DLL3/CD70 dual CAR T product candidate for small cell lung cancer and other neuroendocrine tumors, demonstrating that Dagger® technology can be coupled with other CARs to enhance resistance to immune-mediated rejection.
• SITC Presentations: Two invited presentations at SITC 2026 highlighted clinical progress in solid tumors and Allogene's broader vision in oncology and autoimmune disease.

Market and Competitive Landscape:

• The ALPHA3 trial network includes community oncology practices, where the majority of LBCL patients receive treatment, reinforcing the potential to expand CAR T access beyond traditional centers.
• Early clinical experience has demonstrated the feasibility of outpatient cema-cel administration, including at community practices with limited or no prior CAR T experience.
• An abstract accepted for publication in connection with the 2026 ASH Annual Meeting will highlight findings from a survey of 152 U.S. hematologists and oncologists examining barriers to CAR T adoption.
• Allogene plans to host an in-person event at ASH to explore how cema-cel could help overcome longstanding barriers to CAR T adoption, specifically through earlier intervention guided by MRD testing and treatment in community practices.

Risks and Challenges:

• Forward-looking statements involve risks including uncertainties inherent in clinical development, patient enrollment and trial execution risks, and delays in data collection or presentation timelines.
• Risks include uncertainties related to MRD testing and its clinical significance, the occurrence of adverse safety events, and the potential that preclinical findings will not translate to clinical results.
• Additional risks include regulatory risks, manufacturing and CMC risks, reliance on third parties and licensors, commercialization and reimbursement uncertainties, competitive developments, intellectual property risks, and financial risks including the need for additional capital.

Management Commentary and Tone:

• CEO Zachary Roberts, M.D., Ph.D., stated that 2027 will be an important year for cema-cel, with upcoming ALPHA3 data expected to provide insights into integrating CAR T earlier in the disease course and closer to where patients receive care.
• Management expressed conviction that the future of CAR T will be shaped by making therapies more accessible and practical, noting that ALLO-329 data will address whether meaningful clinical benefit can be delivered with less reliance on chemotherapy-based conditioning.
• The tone emphasizes addressing access barriers early and preparing to bring CAR T to patients where they receive care.

Other Key Points:

• An investor event at ASH will focus on cema-cel's potential to overcome barriers to autologous CAR T adoption.
• Allogene holds exclusive rights to cema-cel in the U.S., all EU Member States, and the United Kingdom, developed based on an exclusive license from Cellectis to Servier.
• The anti-CD70 AlloCAR T program is licensed exclusively from Cellectis to Allogene, with Allogene holding global development and commercial rights.
• ALLO-329 uses CRISPR gene-editing technology.
• Allogene will host a webinar on November 9, 2026, at 6:00 a.m. PT/9:00 a.m. ET to review updated clinical and translational findings for ALLO-329 prior to the ACR poster presentation.