secwatch.observer — SEC 8-K summary
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Issuer:     Alector, Inc. (ALEC)
CIK:        0001653087
Form:       8-K
Filed at:   2024-11-14T23:59:59+00:00
Accession:  0000950170-24-127056
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1653087/000095017024127056/0000950170-24-127056-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1653087/000095017024127056/alec-20241114.htm
  HTML page:      https://secwatch.observer/filing/0000950170-24-127056

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer