Allogene Therapeutics, Inc. (ALLO): restructuring charge — Allogene to start pivotal ALPHA3 trial in 1L LBCL; cuts 22% staff, partners with Foresight

Allogene Therapeutics, Inc.

Workforce reduction of ~22% with estimated $5.0M-$5.5M in severance charges, mostly in Q1 2024.
Strategic collaboration with Foresight Diagnostics to develop MRD assay; Allogene to fund ~$26M.
Plans to initiate pivotal Phase 2 ALPHA3 trial mid-2024 for cema-cel in 1L LBCL, targeting MRD+ patients (n~230).
Deprioritizing 3L trials ALPHA2 and EXPAND; expects CD19 CAR T 2L/3L market to diminish.

Key facts

Extracted from this filing and checked against the source text.

Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.9

Allogene Therapeutics, Inc. entered into Strategic Collaboration Agreement with Foresight Diagnostics, Inc. (effective 2024-01-03).

Action: entry
Agreement: collaboration
Counterparty: Foresight Diagnostics, Inc.
Effective: 2024-01-03

Exact text from the filing

On January 3, 2024, Allogene Therapeutics, Inc. (the “Company”) entered into a Strategic Collaboration Agreement (the “Agreement”) with Foresight Diagnostics, Inc. (“Foresight”).

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Allogene Therapeutics, Inc. announced a restructuring with charges of reduction in the Company’s workforce of approximately 22% of the Company’s employees in connection with the Company’s pipeline prioritization and clinical devel affecting workforce (approximately 22% of the Company’s employees).

Type: restructuring
Charge: reduction in the Company’s workforce of approximately 22% of the Company’s employees in connection with the Company’s pipeline prioritization and clinical devel
Affected area: workforce
Headcount: approximately 22% of the Company’s employees

Exact text from the filing

On January 4, 2024, the Company’s Board of Directors approved a reduction in the Company’s workforce of approximately 22% of the Company’s employees in connection with the Company’s pipeline prioritization and clinical development strategy.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.95

Allogene Therapeutics, Inc. announced a restructuring with charges of charges of approximately $5.0 million to $5.5 million for severance payments and employee benefits affecting financial.

Type: restructuring
Charge: charges of approximately $5.0 million to $5.5 million for severance payments and employee benefits
Affected area: financial

Exact text from the filing

The Company estimates that it will incur charges of approximately $5.0 million to $5.5 million for severance payments and employee benefits, primarily in the first quarter of 2024.

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119 material agreements filed in the last 30 days. Browse all material agreements →

Allogene Therapeutics, Inc. filing history →

Source: SEC EDGAR

accession 0001193125-24-002888

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