Alector Inc Q2 2024 Earnings Call Transcript

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

Question: Michael Reid - Morgan Stanley & Co. LLC - Analyst : Hi. This is Michael Reid on for Jeff Hong. Thank you for taking our question. Going back to the baseline INVOKE data. So two-thirds had mild cognitive impairment and a third had mild dementia. But you also saw mean amyloid like PET centroids of around 100 a baseline. Are you able to say whether that differed between the two populations in terms of cognitive impairment versus dementia? And also it's not a full capture of the total trial population. Is that something that will get resolved? Thanks. And I have a follow-up. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2024 / 8:30PM, ALEC.OQ - Q2 2024 Alector Inc Earnings Call

Question: Michael Reid - Morgan Stanley & Co. LLC - Analyst : Oh. Sorry about that. I just meant, like I thought it was like in the low 200s ¡ like mid-200s and the trial had enrolled more patients. Like is mean amyloid PET at baseline something that would be captured through the whole population or just like the 244?

Question: Michael Reid - Morgan Stanley & Co. LLC - Analyst : Yeah. No, that's very helpful. And then just as a quick follow-on. Like what sort of ¡ follow-up. What would you think is the expectations for centiloid reduction in INVOKE?

Question: Carter Gould - Barclays Bank PLC - Analyst : Good afternoon. Thanks for taking the question. I guess, first off, I want to be clear on exactly what sort of being message coming out of that Type B meeting. It's appreciating your affirmation of confidence in the primary endpoint, but it sounds like this is a contingency strategy in the context of a potentially equivocal data on the primary. Is that a fair characterization? And does this, in any way, represent an evolution of your regulatory strategy on that program? And then I guess just to follow up on coming out of INVOKE-2, it sounds like there'll be a separation of data and path forward. So I guess, again, is that sort of a fair characterization that we shouldn't expect any sort of commitment on moving the products forward necessarily when we get the REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2024 / 8:30PM, ALEC.OQ - Q2 2024 Alector Inc Earnings Call data. And I guess alongside that, as we think about AbbVie and their decision process, they did recently deprioritize or discontinue their A-beta program. How do you view that? And if there's any read-through to 002? Thank you.

Question: Carter Gould - Barclays Bank PLC - Analyst : Again, any read-through from AbbVie's decision to deprioritize or discontinue their A-beta program sort of. On some level, you could say that's narrowing their Alzheimer's portfolio? And do you see any read-through then to around their interest in 002? Thank you.

Question: Carter Gould - Barclays Bank PLC - Analyst : Thank you.

Question: Ananda Ghosh - HC Wainwright & Co LLC. - Analyst : Hi, thanks for taking question. I have a couple of questions. The first one is, of course, on the Type B meeting. So just curious, given FDA's encouraging stand in the Hunter syndrome, where they might consider heparan sulfate as a surrogate biomarker or if you look at ALS, the tofersen example, which you mentioned, what has been your takeaway, like how open FDA might be to consider some of the biomarkers like progranulin itself as the surrogate biomarker for the PGRN program going forward?

Question: Ananda Ghosh - HC Wainwright & Co LLC. - Analyst : Got it. A follow-up question on the progranulin program is at the European ALS Conference, a lot of KOLs actually pointed out that and now it's kind of well established in case of tofersen, you see the NFL drop much before than you see the clinical benefit coming from tofersen in SOD1-mutant patients. So for your progranulin program, have you thought about thought like, is there a way to kind of to also track that where you see the clinical benefits kind of lags behind the drop in some of the key biomarkers or the way the biomarkers are progressing? REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2024 / 8:30PM, ALEC.OQ - Q2 2024 Alector Inc Earnings Call

Question: Ananda Ghosh - HC Wainwright & Co LLC. - Analyst : Got it. And I just have two questions on the TREM2. The first one is both Biogen and obviously Lilly has done this, the low tau, high tau like analysis for their AD trials. So what have you, like do you have plans to kind of do a subgroup analysis later on where you are looking at low tau or high tau and to kind of figure out how the AL002 impacts in this kind of population? And the second is how fast the ramp-up might be for your titration schedule for AL002?

Question: Ananda Ghosh - HC Wainwright & Co LLC. - Analyst : Okay. Thank you very much.

Question: Ananda Ghosh - HC Wainwright & Co LLC. - Analyst : Thank you. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2024 / 8:30PM, ALEC.OQ - Q2 2024 Alector Inc Earnings Call

Question: Graig Suvannaveih - Mizuho Securities Co., Ltd. - Analyst : Thank you very much for taking my question. And congrats on the progress. Earlier in your prepared remarks, you had mentioned I think the analytical methodology that you will apply to your INVOKE-2 trial. And I wanted to ask about how that particular methodology might compare with others in Alzheimer's disease. It does seem as if you've taken an innovative approach here with the view that you're hoping to increase the powering of the study, but someone who may not be as well-versed in that methodology. Could you just speak to the differences between how others have analyzed their Alzheimer's trial? Thanks.

Question: Corinne Johnson - Golman Sachs Group, Inc. - Analyst : Thanks, guys. Good afternoon. Maybe could you just talk a little bit ¡ I think I understand. But if you could just square the comments you've made around containing the mechanism, is it related to amyloid clearance? But you don't have to get the same degree of centiloid reduction that going to see clinical effect. And then maybe you could expand a little bit more on the cash runway guidance, particularly with respect to which activities around the ABC platform are going to be embedded within that time frame. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. AUGUST 07, 2024 / 8:30PM, ALEC.OQ - Q2 2024 Alector Inc Earnings Call

Question: Corinne Johnson - Golman Sachs Group, Inc. - Analyst : Yeah. That was really helpful.

Question: Corinne Johnson - Golman Sachs Group, Inc. - Analyst : I see. Okay.

Question: Corinne Johnson - Golman Sachs Group, Inc. - Analyst : Okay. Thank you.