Alector Inc at Barclays Global Healthcare Conference Transcript

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

Question: Carter Gould - Barclays Capital Inc - Analyst : Absolutely. So I was going back to the Alector story the past couple of weeks. And I went back to kind of when you guys came public with, and I thought it'd be a good opportunity to open up the conversation here with beyond sort of what's happened with your FTD data and some of the initial kind of reads with on the TREM2 side. Maybe just take a step back and you say like with your approach on targeting microglia, how that has evolved when you think about the surrounding academic literature and additional data has come out. I mean when you guys came public, you had some genetic data, you had some preclinical REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2024 / 6:05PM, ALEC.OQ - Alector Inc at Barclays Global Healthcare Conference data. But when you think about the rest of the field and how that's evolved since that time to support your approach, maybe you could speak to that, Arnon.

Question: Carter Gould - Barclays Capital Inc - Analyst : Okay. We'll come back to Alzheimer's. But let's focus on FTD for a minute. You had actually a very active '23, though it was less about data, and it was more about changes to the trial and some negotiations with the FDA. Let me walk through some of those nuances. And specifically, as we think about how that maybe either change -- I mean I think there's an appreciation that has changed the timelines. But when we think about also like maximizing the opportunity of the probability of success here?

Question: Carter Gould - Barclays Capital Inc - Analyst : When we think about those changes, what does that mean for a potential labels given the focus on the symptomatic patients, the FDA indicate anything on that front that we should be aware of?

Question: Carter Gould - Barclays Capital Inc - Analyst : Okay. And when we think about -- going back to the Phase 2, it is the data we have. We interrogated a lot. When you think back to that synthetic control arm and just maybe how the conversations around that being representative has evolved over the past year? And maybe, again, I think something gives you confidence that the Phase 3 is going to play out the way you expect given the strength of the signal coming out of the Phase

Question: Carter Gould - Barclays Capital Inc - Analyst : Okay. So with the pivotal set to read out later next year, when we think about sort of in the meanwhile, are there any additional data cuts from the Phase 2 we should keep in mind? Or any other data flow in this program in the near term that we should think on? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. MARCH 13, 2024 / 6:05PM, ALEC.OQ - Alector Inc at Barclays Global Healthcare Conference

Question: Carter Gould - Barclays Capital Inc - Analyst : Okay. Perfect. Why don't we transition to TREM2, expect data to see -- expect to see data on this program later this year. At this point, how are you framing expectations for folks? You guys have talked around the need to consider this differently than the amyloid betas on a number of different axes, but again, as you make that conversation with investors, at this point, how are you framing that conversation?

Question: Carter Gould - Barclays Capital Inc - Analyst : On some of those biomarkers, let's focus on amyloid beta because it's the one I think people have the most familiarity with. Again, you have a broad mechanism here. So on some level, you should be able to potentially show an impact across a number of these markers. At the same time, rightly or wrongly, people are going to benchmark you against what the amyloid-beta directed antibodies have shown at least on that specific biomarker. How do you -- I mean on some level, you're doing the experiment, but again, how are you sort of level setting expectations and specifically on this marker?

Question: Carter Gould - Barclays Capital Inc - Analyst : When that first came out, was that surprising, too? Was it more confirmatory and you sort of expected something along those lines, maybe a risk too, but risk -- yeah?

Question: Carter Gould - Barclays Capital Inc - Analyst : Right. You talked about in that patient population sort of potentially to work more broadly. Do you feel like the study is large enough and has enough representation across the different stages or in a severity disease to potentially inform the optimal population in advance in the Phase 3?

Question: Carter Gould - Barclays Capital Inc - Analyst : So I should probably know the comparable benchmark from our friends at BioGen and Lilly, but maybe just put that in the context of what we saw with the ---

Question: Carter Gould - Barclays Capital Inc - Analyst : So Marc, clearly, the program at this stage is partnered with AbbVie.

Question: Carter Gould - Barclays Capital Inc - Analyst : Do you -- at this point, how should investors expect those results to be communicated? It clearly -- AbbVie is a large company. It's clearly more material to you, but I mean it could be pretty transformative for AbbVie, too. So how should the Street expect the data to be communicated?

Question: Carter Gould - Barclays Capital Inc - Analyst : All right. Perfect. So we have 1.5 minutes. I wanted to ask Arnon one last question and that is, so you have more insight into your trials, platforms, and the underlying science than we, the Street or investors, do. So like what are we missing? What's going better than expected? Is it FTD post-trial changes, you have more confidence there? Is it the broader platform? What's the biggest disconnect to the Street in your mind?

Question: Carter Gould - Barclays Capital Inc - Analyst : All right. Perfect. We're going to have to leave it there, but data later this year is going to kick off a potentially transformative period for the company. Thank you again, Marc and Arnon.