Alector secures up to $50M credit facility from Hercules Capital; draws $10M initially

Alector, Inc.

Initial $10M drawn at closing; $15M available upon request through June 2026; $25M at lender's discretion.
Interest rate at prime plus 1.05% or 8.05% (greater); maturity December 1, 2028.
Cash and investments $457.2M as of Sept 30, 2024; company believes existing cash funds operations through 2026.
CFO cites transformational data from AL002 Phase 2 and latozinemab Phase 3 trials within current runway.
Facility is secured by substantially all assets, with exceptions for certain existing agreements.

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