ALEC Alector, Inc.

Overview and Growth

Alector, Inc. generated $21.05M of revenue in fiscal 2025, with net loss of $142.93M and an operating cash outflow of $184.03M. Revenue of $21.05M sets the scale for evaluating how effectively sales translated into profit and cash during the year. Revenue was 79.1% below fiscal 2024 revenue of $100.56M, marking a top-line contraction. On a per-share basis, diluted EPS was -$1.39, which connects the reported earnings outcome with the company’s diluted share count. At period end, total assets were $293.24M, framing the scale of the company’s operating and financing commitments. Asset turnover was 0.07x, relating the company’s annual revenue directly to the total assets reported at the period end.

Profitability

The company recorded an operating loss of $156.01M after the reported operating expense base. Relative to revenue, the operating deficit measured 741.3%, showing the shortfall after operating costs. The company ended the period with a net loss of $142.93M, extending the operating result through all remaining items. The net loss equaled 679.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. EBITDA was negative $150.29M, showing a deficit before interest, taxes, depreciation, and amortization. The company reported a pretax loss of $142.76M, before the effect of income taxes. Pretax margin was -678.4%, reflecting a pre-tax loss equal to 678.4% of revenue. Income tax expense totaled $168.00K, providing the reported tax component that separates pretax and after-tax earnings. Relative to period-end equity, the net loss represented 466.3%. The net loss equaled 48.7% of period-end assets, showing the deficit relative to the asset base. The net loss widened to $142.93M from $119.05M in fiscal 2024.

Liquidity and Capital Structure

At period end, the $293.24M asset base was financed through $262.59M of liabilities and $30.65M of equity. At period end, current assets of $266.45M compared with current liabilities of $69.50M, defining the company’s short-term resource position. The current ratio was 3.83x, with current assets exceeding current liabilities and providing a short-term liquidity cushion. The company held $65.80M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 94.7% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Borrowings totaled $9.69M, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.32x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 3.3% of total assets, placing borrowing in the context of the company’s full resource base. The equity-to-assets relationship was 10.5%, placing book capital against the total resource base. The liabilities-to-assets relationship was 89.5%, placing reported obligations against the full positive asset balance. Measured against total assets, cash and equivalents represented 22.4%, a balance-sheet composition measure rather than a liquidity forecast. Compared with $468.30M in fiscal 2024, the current asset base moved 37.4% and finished lower. Book equity was 75.8% lower than fiscal 2024 equity of $126.80M, showing how shareholder capital changed year over year. The reported cash balance changed 99.3% from $33.02M in fiscal 2024, ending higher year over year.

Cash Flow and Earnings Quality

The company reported an operating cash outflow of $184.03M, rather than cash generation from operations. Capital spending of $41.00K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. The company recorded a $184.07M cash deficit after capital spending for the period. Free-cash-flow margin was -874.7%, reflecting a cash deficit equal to 874.7% of revenue after capital spending. The free-cash-flow deficit equaled 62.8% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.