Alector Inc at Bank of America CNS Therapeutics Conference (Virtual) Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Great. Well, let's jump right in. I mean, there's a lot to unpack from the pipeline, but Arnon, maybe, if you want to give a quick overview of the company, clinical programs, and, upcoming catalysts.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, great. I think that's a great introduction and, maybe we can sort of piggyback off the R&D day that you guys hosted back in September, and starting on the ABC platform since that was a major focus of that update. And, I think most investors are familiar with sort of the limitations of prior approaches to delivering drugs to the brain. How is the ABC platform maybe helping to solve for this or help, broaden the therapeutic window, and how are you thinking about building up, out the pipeline in terms of target selection, optimization, etc.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yes, and maybe we can go a little deeper there on sort of around the technological progress that you guys have made, just around the technology and how you're sort of achieving the blood-brain barrier penetrance that you're seeing in your preclinical models.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah, no, that's helpful. And I do want to sort of ground, the discussion in the different, assets you've nominated so far, but maybe just to sort of frame, sort of the breadth of the approaches that you're pursuing. And I think one interesting thing that came out of the R&D day was just around the adaptability of the ABC platform. You've got the brain carrier, right, that allows for crossing the blood-brain barrier, but you're able to adapt the antibodies with, multiple therapeutic arms or an enzyme cargo or a nucleic acid cargo. I guess maybe just quickly touch around the sort of medicinal chemistry piece that got solved for the platform. LSEG STREETEVENTS | www.lseg.com | Contact Us consent of LSEG. 'LSEG' and the LSEG logo are registered trademarks of LSEG and its affiliated companies. DECEMBER 08, 2025 / 7:25PM, ALEC.OQ - Alector Inc at Bank of America CNS Therapeutics Conference (Virtual)

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : You know, sort of the history around a beta targeting sort of feed into your design for your molecule.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, that's super helpful. Thanks for the really detailed, overview of the program. You also have AL137. Maybe we just speak to the optimizations that have gone into, to this antibody and where you'd sort of direct, investor attention as you, you're targeting for some in the studies next year.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah, I guess on that, do you think the study, and maybe Giacomo can weigh in, do you think the study, will be designed in a way where you could see dosimetry maybe an aria, just to get a sense of sort of the, because it is a non-target, right? If you can get a sense of sort of the biologic effect of [ale], 137 I guess just what is the information that you think we'll be gaining, from the study, presumably, efficacy is maybe a secondary there.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, that's helpful. Maybe for the sake of time, we can move on to AL50. This is another ABC and GCase ERT ABC for Parkinson's. Maybe to start, do you think the longer plasma residence and activity is a differentiating characteristic of this asset, and maybe you should put that into context of computing therapies.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. Yeah, and I think you've said that you're targeting first in human studies in 2027 for this asset. Obviously, you mentioned opportunity and Parkinson's, but also Gaucher disease and Lewy body dementia. I guess how do you sort of prioritize the indications here and I guess what are sort of the data points you'll be looking for to make those determinations?

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, very helpful.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. And then last question I have on the ABC platform, and then we can turn to 101. You, you've got a few siRNA ABCs as well against, fairly well known targets like tau and alpha synuclein for Alzheimer's and Parkinson's respectively. I guess, why siRNA versus an antibody and is this hedging for the other two programs that we talked about, or could they actually be used synergistically as an end goal?

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. Okay, that makes sense. Maybe we can shift gears and talk about AL101, enrollment completed, in this study in April of this year. I think you guys have guided to a first half read out next year. Maybe taking a step back, you have experienced developing and running a large, pivotal study for Alzheimer's. You have experience developing a drug for a different indication, but same target, the PGRN. Target, I guess what are sort of the learnings that are being applied to the 101 program, and then we can get sort of into the design.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Yeah, so are we, and I guess maybe you can walk through. Sort of the primaries and the secondaries, I think CDRs some of boxes is being used again. This is what you've used in prior studies too. It's, I guess fairly well regarded endpoint in AB. Is there a particular time point that you think is maybe the most impactful for understanding the potential for the program on CDRs in the boxes specifically? And then I guess which of the secondary endpoints are you most focused on, sort of, for the potential in the Phase 3 study?

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay. That's super helpful. I know we've got a couple of minutes left here and I didn't want to finish, without giving Neil a chance to talk about capital allocation. You guys have the 3Q with about $300 million in cash, I guess. How do you sort of see, your current clinical programs and also the ABC studies, being supported by this, and where does this sort of get you in terms of, latest trials?

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : I think you might be on mute or double muted.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Okay, very good. Well, I think with that we're at time, so we'll probably have to leave it there, but really appreciate the great overview of every, all the exciting things going on, Alector, and thanks, for the team participating in our conference this year. Really appreciate it.

Question: Alec Stranahan - Bofa Merrill Lynch Asset Holdings Inc - Analyst : Thank you.