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At the September 30 close of $1.60, Allogene is worth about $553 million against $423.6 million of cash and investments and no borrowings at all. So roughly $129 million is what the market assigns to everything else: a Phase 2 whose next analysis is in mid-2027 and whose primary readout is mid-2028, a first-in-class autoimmune programme, and a kidney-cancer asset the company says it is shopping for a partner. Two days before this page was written, a holder of more than five per cent sold its entire position at $1.55. This hub sets out what is documented, including three things the previous version of this page did not have.
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ALPHA3 is the Phase 2 that matters: cema-cel as first-line consolidation in large B-cell lymphoma, in patients who are minimal-residual-disease positive after standard treatment, against observation. The primary endpoint is event-free survival by independent review, and the trial is powered to detect a 50 per cent reduction in event risk.
The sequence the company has stated: enrolment of the randomised portion — about 220 MRD-positive patients on the company’s count, 250 estimated in the registry record, and the two figures do not match — completes at end-2027; the interim analysis is mid-2027; the primary analysis is mid-2028, and if positive could support a licence application. The registered primary completion date is December 2027 and study completion December 2032.
The nearest dated item is smaller and is not clinical: the chief financial officer’s retirement takes effect on November 6, 2026, and no successor or interim has been named in any filing. An update on the autoimmune programme is promised for the fourth quarter of 2026 with no date attached.
The structural risk here is not solvency. It is that the thesis cannot be tested for roughly twenty months, and the trial being waited on has already been altered in flight. ALPHA3 opened with three arms and about 240 patients. On August 1, 2025 the company selected one lymphodepletion regimen and closed the other arm to enrolment — a decision taken, in its own account, after a Grade 5 adverse event in that arm attributed to the use of ALLO-647: liver failure on day 54 after infusion, judged a consequence of disseminated adenovirus infection under immunosuppression. The event was judged not related to cema-cel, the decision was taken with the safety monitoring committee and after consulting the agency, and ALLO-647 no longer appears in any open trial or pipeline programme.
Since then the protocol has also been amended to add a non-randomised observational cohort of about 140 MRD-negative patients and to widen the eligible subtypes. The company states the statistical design of the randomised portion is unchanged. A reader should hold both facts: the programme is being managed actively, and a pivotal trial that has had an arm closed and its population widened is a different object from the one first registered.
The balance sheet is unusually clean for a company at this stage and the market is paying little for the science. $423.6 million of cash and investments, no borrowings — of $113.9 million of liabilities, $70.4 million is a lease — no going-concern language, and a runway the filing itself puts “into the first quarter of 2029,” which is past the primary readout. Against a market value of about $553 million, that leaves roughly $129 million for the whole portfolio. The interim futility analysis in April was supportive rather than neutral: MRD negativity of 58.3 per cent against 16.7 per cent on observation at day 45, a 41.6-point gap against a literature benchmark of 25 to 30 points, with circulating tumour DNA down a median 97.7 per cent against a 26.6 per cent rise on observation — and no cytokine release syndrome, no neurotoxicity syndrome and no graft-versus-host disease, with ten of twelve patients managed entirely as outpatients. The regulatory position is stronger than usually reported: six designations across three programmes, not two. And the record carries no litigation of any kind.
Nothing tests the thesis for about twenty months. The next analysis of the primary endpoint is mid-2027, the primary analysis mid-2028, and the trial has already had one arm closed after a Grade 5 event and its population widened by amendment. The April interim was read on twelve patients per arm, with the baseline profile tilted against the active arm — double-hit disease in 50 per cent against 16.7, high-risk index in 41.7 against 16.7 — and low-grade neurological events in 50 per cent of the treated arm against 8.3 per cent. Event-free survival itself remains unread. On the capital side, the April raise sold 100.2 million shares at $2.00, taking the count from 229.4 million to 345.5 million in seven months, authorised shares were doubled to 800 million in June, and a fresh $500 million shelf became effective in August with $135 million of at-the-market capacity untouched. A holder of more than five per cent exited entirely at $1.55 on September 28, the chief executive changed on July 1 and the chief financial officer leaves on November 6 with no successor named. Short interest has more than tripled since December to 17.25 per cent of the count.
Allogene is an unusual case in this series because the solvency question has an answer and the scientific question does not get one until 2028. There is enough money, stated in the filing, to reach the readout and a quarter beyond it. What a reader has to weigh instead is the quality of the evidence so far — an interim on twenty-four patients, read on a surrogate marker, in a trial whose design has been amended twice — and the cost of waiting, in dilution capacity that exists and in holders who have decided not to. This page gives the April interim in full rather than as a headline, states what the trial used to look like, and corrects the ownership picture, which changed two days before it was written.
A Schedule 13D amendment filed on September 30 reports that funds managed by TPG sold 18,716,306 shares at $1.55 each on September 28, 2026 — about $29 million — and states that the reporting persons “no longer beneficially own any shares of Common Stock” and ceased to own more than five per cent. It follows a governance step earlier in the year: the TPG president who sat on this board was not renominated and left on June 18, 2026, with the board reduced from eleven members to ten. The same firm had been a co-manager of the April share offering, buying 3,807,600 shares at $1.88. Schedule 13D/A (SEC) →
A Form 8-K reports that the chief financial officer gave notice on August 31 of his retirement, effective November 6, 2026. What the filing does not contain is as informative as what it does: no successor, no interim appointment, no stated reason beyond retirement, and no separation, consulting or severance agreement. It comes two months after the chief executive changed, on July 1, with the incoming chief executive also continuing as chief medical officer on an interim basis. Form 8-K (SEC) →
The June-quarter report states the runway, including the April proceeds, funds operations “into the first quarter of 2029” on $423.6 million of cash and investments, with 2026 cash operating expense guided at about $165 million. The company also says it has increased hiring since April to support manufacturing, clinical development and licence-application readiness — a reversal of the 28 per cent workforce reduction of May 2025. Eight days later a $500 million universal shelf became effective, alongside $135 million of at-the-market capacity registered in June and, as of June 30, entirely unused. Form 10-Q (SEC) →
Two Forms 8-K on the same day. The first reported the ALPHA3 interim futility analysis: MRD negativity 58.3 per cent against 16.7 per cent, circulating tumour DNA down a median 97.7 per cent against a 26.6 per cent rise, no cytokine release syndrome, no neurotoxicity and no graft-versus-host disease, on twelve patients per arm. The second announced a public share offering and the immediate suspension of the at-the-market programme. Priced at $2.00, it closed on April 16 at 100,200,000 shares for $200.4 million gross and about $187.9 million net. The session traded 87.8 million shares and closed at $3.06 from a $4.09 open, after a high of $4.46 and a low of $3.01. Forms 8-K (SEC) →
At June 30, 2026, Allogene held $423.6 million of cash and investments with no borrowings; of $113.9 million of liabilities, $70.4 million is a lease. The filing states a runway “into the first quarter of 2029.” Shares went from 229,413,523 to 345,490,881 in seven months, mostly through the April offering at $2.00. Source Source
Allogene Therapeutics develops allogeneic CAR-T cell therapies and has no approved product or product revenue. The central question is whether ALPHA3, testing cema-cel as first-line consolidation in large B-cell lymphoma, shows a benefit on event-free survival: the interim analysis is mid-2027 and the primary mid-2028. At June 30, 2026 the company held $423.6 million of cash and investments, no borrowings and a stated runway into the first quarter of 2029. The April interim read twelve patients per arm on a surrogate marker; the outcome depends on event-free survival, still unread. Source Source Source
How robust or fragile the company looks over the next twelve to eighteen months, scored 1 to 5 across five weighted pillars. Assessed on October 1, 2026, on market data to the September 30, 2026 close.
| Balance sheet and runway · 30% | 4.5 / 5 | The strongest pillar by a wide margin. $423.590 million of cash and investments at June 30, 2026 and no borrowings — of $113.9 million of total liabilities, $70.4 million is a non-current lease obligation and the rest is payables, accruals and $9.2 million of state research funding that accrues interest and is convertible into a loan at the company’s own election, which is what the quarterly interest expense relates to. No going-concern language anywhere, and the filing itself states a runway “into the first quarter of 2029,” which is a quarter past the primary readout. Guidance is about $165 million of cash operating expense for 2026, against an underlying burn in the low thirties of millions per quarter once the March quarter’s escrow release is stripped out. The equity trades at 1.31 times its own cash. What keeps it off five: the accumulated deficit is $2.1 billion, there is no cash figure after June 30, and the hiring increase for licence-application readiness will raise the run rate. |
| Catalyst · 30% | 1.5 / 5 | The weakest pillar, and the reason the overall score sits where it does. Nothing addresses the primary endpoint for about twenty months: the interim event-free survival analysis is mid-2027 and the primary analysis mid-2028, with enrolment completing end-2027 and the registered primary completion date in December 2027. The nearest certain dated event in the whole file is November 6, 2026 — the chief financial officer’s retirement. The autoimmune update is a window (“fourth quarter” in the release, “late 2026” in the filing) with no date and no updated patient count since nine treated in May. The kidney-cancer programme has an agreed registrational design and no start date, because the company is looking for a partner rather than funding it. |
| Dilution · 20% | 2.0 / 5 | Shares went from 229,413,523 to 345,490,881 in seven months, about 50 per cent, almost entirely through the April offering of 100,200,000 shares at $2.00 — a price now 25 per cent above the market. Capacity was then expanded rather than retired: authorised shares doubled to 800,000,000 in June, a $500 million universal shelf effective August 20, and $135.0 million of at-the-market capacity registered in June and entirely unused, drawable without prior announcement. Fully diluted is about 399.9 million, roughly 16 per cent above basic. The mitigating facts are real: there are no warrants and no pre-funded warrants at all, the 37.2 million options at a weighted $5.50 are deeply out of the money so exercise dilution is nil, and the stated runway means no raise is required. |
| Liquidity · 10% | 2.5 / 5 | Tradeable but thinning against a large short position. 8,132,422 shares on September 30 against a 63-session average of 6,120,398 — down from the 22.7 million daily average around the April event. Short interest is 59,600,117 shares at the September 15 settlement, 17.25 per cent of the count, at 11.26 days to cover, having more than tripled from 18,077,704 at the December 31 settlement; the days-to-cover figure matters more than the percentage, because the position has grown while volume has fallen. On ownership, the picture is unsettled: a five per cent holder sold out entirely at $1.55 on September 28 and the largest remaining disclosed holding has not been amended since February — while everyone else disclosed added or held, including two institutions that bought into the April offering and both a co-founder and a former chief executive whose share counts rose even as their percentages fell. |
| Execution · 10% | 2.0 / 5 | The pivotal trial has been altered twice: one of three arms closed on August 1, 2025 after a Grade 5 event attributed to ALLO-647, which was then removed from the entire pipeline, and the population later widened by amendment with a 140-patient observational cohort and three further subtypes. The randomised enrolment figure does not reconcile between the company’s 220 and the registry’s 250. Leadership turned over at the top in four months: chief executive changed July 1 and also serves as interim chief medical officer, and the chief financial officer leaves November 6 with no successor, no interim, no stated reason and no agreement in the filing. No insider has bought on the open market in six months, and the three disposals on record are mandatory withholding rather than decisions, so there is no insider signal either way. Against that, genuine positives: the 80-site target was hit six months early, hiring has been increased for licence-application readiness, the upstream licence arbitration was won in December 2025 with pivotal-trial milestones deferred until a filing is accepted, there are six regulatory designations across three programmes, and no litigation of any kind exists in the record. |
This is not an indication to buy or sell. It is a description of financial and operational robustness, not a rating, a target price or a recommendation, and it says nothing about whether the shares are worth their price.
The full deep dive has the answer’s building blocks: cash, dilution, catalysts and risks, every figure sourced.
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These are reading frames, not forecasts, and none of them is a recommendation. Each is written so that a reader can say which document would confirm or break it.
| Scenario | What it assumes | What would confirm it | What would break it |
|---|---|---|---|
| Bull | The April interim was a real signal and the market is paying almost nothing for it. MRD negativity of 58.3 per cent against 16.7 at day 45 is a 41.6-point gap against a literature benchmark of 25 to 30 points, and it came with circulating tumour DNA down a median 97.7 per cent against a 26.6 per cent rise on observation — two independent markers moving the same way. Safety was the part a reader of allogeneic cell therapy would not have predicted: no cytokine release syndrome, no neurotoxicity syndrome, no graft-versus-host disease, with ten of twelve patients treated entirely as outpatients. Behind it sits $423.6 million with no debt, a runway stated “into the first quarter of 2029” which is past the primary readout, and a market value of about $553 million — 1.31 times cash, so roughly $129 million for three clinical programmes carrying six regulatory designations. | A positive interim event-free survival analysis in mid-2027; enrolment completing on schedule at end-2027; the autoimmune update in the fourth quarter of 2026 showing responses; a partnership on the kidney-cancer asset. | An interim that is neutral or negative, enrolment slipping, or a financing done near the current price despite the stated runway. |
| Base | Nothing happens to the thesis for about twenty months and the equity trades on the cash and the register. The interim event-free survival analysis is mid-2027, the primary is mid-2028, and in between the only disclosures are quarterly reports, site counts and an autoimmune update. The company is funded through it: $423.6 million, about $165 million of cash operating expense guided for 2026, no debt. What moves in the meantime is ownership and capacity — a $500 million shelf effective in August, $135 million of at-the-market capacity unused, authorised shares doubled to 800 million in June, and a five per cent holder that has just left at $1.55. A company trading at 1.31 times cash with a two-year clock is being priced as an option, and options decay. | A November quarterly report with cash near $390 million and the runway restated; around 100 ALPHA3 sites by year end; no new financing; the chief financial officer role filled. | Either an early positive signal that re-rates the science, or a raise that resets the cash-per-share arithmetic. |
| Bear | The evidence is thinner than the headline and the trial has already been changed twice. The interim was read on twelve patients per arm, on a surrogate marker, with the baseline profile tilted against the active arm — double-hit disease 50 per cent versus 16.7, high-risk index 41.7 versus 16.7 — which cuts both ways but is not a balanced comparison. Low-grade neurological events ran 50 per cent against 8.3 per cent. Event-free survival is unread. The trial opened with three arms and one was closed on August 1, 2025 after a Grade 5 event attributed to ALLO-647, which has since been removed from the entire pipeline; the population was then widened by amendment. On capital, the share count went from 229.4 million to 345.5 million in seven months at a $2.00 offering price, and the stock is now $1.60. A holder of more than five per cent exited completely, the chief executive changed in July, the chief financial officer leaves on November 6 with no successor named, and short interest has more than tripled since December to 17.25 per cent of the count at 11.26 days to cover. | A negative or equivocal interim in mid-2027; further protocol amendments; use of the at-the-market facility below $2.00; continued absence of a chief financial officer. | A positive interim, a partnership that validates the platform, or insider buying at these levels — of which there has been none, although the only insider disposals are mandatory tax withholding rather than choices. |
What distinguishes Allogene from most names in this series is that the usual small-cap question — whether there is enough money to find out — is already answered in the filing, and answered yes. The open question is the one a cash-rich clinical company cannot resolve with cash: whether twenty-four patients and a surrogate marker, in a trial that has had an arm closed and its population widened, say enough about a 220-patient survival endpoint to justify holding through 2028. That is a judgement about evidence, not about solvency.
The reading on this page is that the balance sheet removes the solvency question, that the April interim is encouraging but thin, that the trial a reader is waiting on is not the one first registered, and that the register has been voting with its feet. Each of the following would damage that reading, and each is checkable against a document.
None of these is a prediction. They are the observations that would make the rest of this page wrong, listed so that a reader can check them rather than take the reading on trust.
Allogene Therapeutics develops allogeneic CAR-T cell therapies — cells made in advance from healthy donors rather than from each patient — and has no approved product and no product revenue. Six facts set the frame.
The market is paying about $129 million for the science. At the September 30 close of $1.60 on 345,490,881 shares the equity is worth about $553 million, against $423.6 million of cash and investments. That is 1.31 times cash, so the residual for three clinical programmes is roughly $129 million — a calculation, not a disclosure.
There are no borrowings, with one caveat worth knowing. Total liabilities are $113.9 million, which looks substantial until it is broken down: $70.4 million is a non-current lease obligation, with payables of $6.0 million, accruals of $25.8 million and other long-term items of $11.8 million. No term loan is drawn, there is no convertible note and no bank facility. The caveat sits inside that last line: $9.2 million of state research funding for the kidney-cancer programme is held there, it accrues interest — $0.3 million in the quarter and $0.6 million over the half, which is the whole of the reported interest expense — and it is convertible, at the company’s own election, into a loan of 80 to 100 per cent of the award plus interest at 10 per cent over the benchmark rate. It was not classified as borrowing at June 30, 2026, and it is not nothing either.
The runway is stated past the readout. Verbatim from the quarterly report: the company expects its runway, including the April proceeds, “to fund operations into the first quarter of 2029.” 2026 guidance is about $165 million of cash operating expense and about $225 million on an accounting basis, the difference being roughly $35 million of non-cash share-based charges. There is no going-concern language anywhere in the filing.
The next thing anyone learns is in mid-2027. ALPHA3 tests cema-cel as first-line consolidation in large B-cell lymphoma in patients who are minimal-residual-disease positive after standard treatment. The interim event-free survival analysis is mid-2027, enrolment completes end-2027, and the primary analysis is mid-2028. The April 2026 interim futility analysis was supportive and the trial continued, but it read a surrogate marker on twelve patients per arm; event-free survival itself remains unread.
The trial has been changed twice, and the first change followed a death. ALPHA3 opened with three arms and about 240 patients. On August 1, 2025 the company selected one lymphodepletion regimen and closed the other arm to enrolment, after a Grade 5 adverse event in that arm attributed to the use of ALLO-647 — liver failure on day 54, judged a consequence of disseminated adenovirus infection under immunosuppression, and judged not related to cema-cel. ALLO-647 has since been removed from every open trial and pipeline programme. A later amendment added a non-randomised observational cohort of about 140 MRD-negative patients and widened the eligible subtypes.
A five per cent holder left completely, two days before this page. A Schedule 13D amendment filed September 30, 2026 reports that TPG-managed funds sold 18,716,306 shares at $1.55 on September 28 — about $29 million — and “no longer beneficially own any shares.” It follows the departure of the TPG president from this board on June 18, 2026, when the board was reduced from eleven members to ten.
The one-line version. The solvency question is closed and the scientific question is not open for twenty months. There is enough money, stated in the filing, to reach a 2028 readout and a quarter beyond it, with no debt and no going-concern language. What a reader is actually assessing is whether an interim read on twenty-four patients and a surrogate marker, in a trial that has had an arm closed after a death and its population widened, is worth holding through mid-2027 and then mid-2028 — while the authorised share count has been doubled to 800 million, $135 million of at-the-market capacity sits unused, and the holders who could ask management directly have been reducing rather than adding.
The April 13, 2026 filing is the single most informative document Allogene has published, and it is usually reported as a headline rather than read. Here it is in full. The analysis was triggered by protocol when the 24th patient randomised into the two open arms completed the day-45 MRD assessment — twelve on cema-cel, twelve on observation.
| Measure | Cema-cel (n=12) | Observation (n=12) |
|---|---|---|
| MRD negativity at day 45 | 58.3% (7/12) | 16.7% (2/12) — an absolute gap of 41.6 points, against a literature benchmark the company cites at 25 to 30 points |
| Plasma circulating tumour DNA at day 45, median change | −97.7% | +26.6% |
| Cytokine release syndrome | 0 | — |
| Neurotoxicity syndrome (ICANS) | 0 | — |
| Graft-versus-host disease | 0 | — |
| Infections | 2/12 (16.7%), none severe | 2/12 (16.7%), none severe |
| Other neurological events | 6/12 (50.0%) — headache, dizziness, paraesthesia, altered taste. All low grade, none severe | 1/12 (8.3%) |
| Managed as outpatients | 10 of 12. Two admitted for events judged unrelated — atrial fibrillation, non-cardiac chest pain | One admitted for febrile neutropenia |
The baseline characteristics ran against the treated arm, and that is worth stating because it cuts both ways. Stage III-IV disease: 12/12 (100%) on cema-cel against 10/12 (83.3%) on observation. High-risk prognostic index 4-5: 5/12 (41.7%) against 2/12 (16.7%). Double-hit disease: 6/12 (50.0%) against 2/12 (16.7%). Triple-hit: 0 against 2/12. On a twelve-patient arm these imbalances are what randomisation does by chance, so none of it is a finding in itself — but a reader weighing a 41.6-point gap should know it was achieved in the sicker of the two groups on three of four measures.
What the interim did not read. The primary endpoint — event-free survival by independent review — and the secondary progression-free and overall survival endpoints remain blinded. The trial is powered to detect a 50 per cent reduction in event risk. At the interim it was open at more than 60 sites.
This is the part most write-ups omit, and it changes how the April data should be read.
| Then | Now |
|---|---|
| Three arms, about 240 MRD-positive patients: cema-cel after one lymphodepletion regimen, cema-cel after that regimen plus ALLO-647, and observation | Two arms, about 220 MRD-positive patients randomised — though the registry record states an estimated enrolment of 250, and the two figures do not reconcile. Both are given here rather than one being chosen |
| — | A non-randomised observational cohort of about 140 MRD-negative patients added by amendment, to characterise the performance of the MRD test. The company states it does not affect enrolment timing |
| Core large B-cell lymphoma subtypes | Widened by the same amendment to include transformed follicular lymphoma, transformed marginal zone lymphoma and grade 3B follicular lymphoma |
Why the third arm closed. On August 1, 2025 the company selected one lymphodepletion regimen and closed the arm containing ALLO-647 to enrolment. The trigger, in its own account, was a Grade 5 adverse event in that arm attributed to the use of ALLO-647: liver failure on day 54 after infusion, considered a consequence of disseminated adenovirus infection in the setting of immunosuppression. The event was judged not related to cema-cel. The decision was taken with the data safety monitoring board and the steering committee and after consulting the agency, and it was taken before the scheduled futility analysis rather than because of it.
The consequence runs wider than one arm: no trial open to enrolment and no pipeline programme now includes ALLO-647. A reader should hold two things at once. The programme was managed actively and transparently, and the drug being tested was not implicated. And a pivotal trial that has lost an arm to a death and then widened its population is a different object from the one originally registered — which is why this page states the design history rather than only the current design.
The registry record of August 27, 2026 lists 83 sites — 62 in the United States, 9 in South Korea, 6 in Australia, 6 in Canada — and the status as recruiting. The company says it passed 80 activated sites about six months ahead of its own 2026 target and expects about 100 by year end. The company is specific about where those sites are: “approximately 100 sites to be active by year-end, with the significant majority in the United States and additional sites in Canada, Australia and South Korea.” European expansion is a separate and undated initiative in the quarterly report, subject to regulatory approvals and operational requirements — so the hundredth site is not a European one.
The MRD test itself is a third-party assay developed by Foresight Diagnostics, acquired by Natera in December 2025 and operating as a standalone subsidiary. The trial is open label; what is blinded is the analysis of the endpoints, not the treatment assignment.
Allogene is usually described as a one-asset company. The quarterly report lists its clinical development priorities as three: cema-cel in first-line consolidation, ALLO-316 and ALLO-329. The regulatory position across them is also broader than usually reported.
| Designation | Programme and indication | Date |
|---|---|---|
| Regenerative medicine advanced therapy, and fast track | Cema-cel, large B-cell lymphoma | Announced July 29, 2026 |
| Regenerative medicine advanced therapy | ALLO-316, adults with advanced or metastatic renal cell carcinoma | October 29, 2024 |
| Three separate fast track designations | ALLO-329 — systemic lupus erythematosus, idiopathic inflammatory myopathies, systemic sclerosis | April 7, 2025 |
That is six designations across three programmes, not the two a single-line summary implies.
A dual CD19 and CD70 construct designed so that the cells themselves suppress the host immune response, which is the mechanism that would allow treatment with little or no lymphodepletion — the step that makes cell therapy hard to use outside oncology. The trial is RESOLUTION, registered as NCT07085104, a Phase 1 dose escalation with 66 patients estimated, recruiting since November 13, 2025, with primary completion in February 2028 and 17 sites per the registry record of September 9, 2026. It runs three arms: with cyclophosphamide, without any lymphodepletion, and with cyclophosphamide plus fludarabine.
On enrolment the record is thinner than the enthusiasm. Nine patients had been treated as of May 2026 — six across the first two dose levels after cyclophosphamide, three in another arm. The June-quarter report gives no updated count, only “brisk enrolment,” and notes that the optional fludarabine escalation arm has recently been activated. The promised update is the fourth quarter of 2026 in the press release and “late 2026” in the filing issued the same day — two formulations, no date.
A CD70-directed therapy in renal cell carcinoma, in the TRAVERSE trial, registered as NCT04696731. Enrolment and dosing are complete, the registry lists it as active and not recruiting, and the primary completion date is January 2030. The data were published in a peer-reviewed oncology journal on July 14, 2026, with a data cutoff of November 3, 2025:
This is the clearest strategic signal in the record, and it is a sentence rather than an announcement. After a designation meeting with the agency in July 2025 the company states it believes it has reached alignment with the FDA on the design of a registrational trial in advanced or metastatic renal cell carcinoma. And then, verbatim: “We continue to actively explore strategic opportunities, including potential partnerships, to advance this program.” A company with an agreed registrational design that is looking for a partner rather than starting the trial is telling a reader where its capital is going, and where it is not.
Two supporting details. The company has said it believes it holds enough manufactured inventory of cema-cel and ALLO-329 to complete both ongoing trials, but cannot be certain existing ALLO-316 inventory would suffice for future studies. And a state research award for ALLO-316, originally up to $15.0 million from April 2024, was amended down to up to $9.2 million on April 28, 2025 after the Phase 1b objectives were met at twenty patients.
A reader should know the attrition rather than only the pipeline chart. The ALLO-647 lymphodepletion trial in lymphoma was terminated early “for business reasons” with two patients enrolled, last updated February 2026. The BCMA programme ALLO-605 was terminated with six patients. ALLO-715 in myeloma completed in January 2025, as did the original ALLO-501 study. ALPHA2 is active and not recruiting, with primary completion in February 2029, and a long-term follow-up study runs by invitation to 2039. Remaining earlier-stage work — a dual BCMA and CD70 construct presented in April 2026, and DLL3 — is preclinical.
One historical fact belongs here because it is carried as a risk factor in the filing itself: all of the company’s trials were once suspended under a clinical hold following an observation in the Phase 1 portion of ALPHA2. The hold was resolved.
An arbitration between the two companies upstream of the cema-cel licence concluded on December 15, 2025. The tribunal rejected the claims brought by Cellectis, the originating licensor, and found for Servier, from which Allogene’s rights derive: challenges over alleged development-obligation breaches were rejected, and so were the monetary claims, with a ruling that milestones tied to the pivotal trial are not payable until the FDA accepts a filing. Only a partial termination strictly limited to one legacy product version was ordered. Allogene states it retains full development and commercial control of cema-cel in the United States, every European Union member state and the United Kingdom. The relevance to a reader is the timing of money: a pivotal-trial milestone that does not fall due until a filing is accepted is a cash obligation pushed out beyond the 2028 readout.
| Item | June 30, 2026 |
|---|---|
| Cash and cash equivalents | $38.626M, plus $10.292M restricted |
| Short-term investments | $293.978M |
| Long-term investments | $90.986M |
| Total cash and investments | $423.590M |
| Total assets | $550.091M |
| Total liabilities | $113.916M — payables $5.964M, accruals and other current $25.763M, non-current lease obligation $70.353M, other long-term $11.836M |
| Borrowings | None drawn. No term loan, no convertible note, no bank facility. The $343 thousand of quarterly interest expense relates to the state research award, not to the lease: $9.2 million of that funding sits inside other long-term liabilities, accrues interest, and is convertible into a loan at the company’s election at 80 to 100 per cent of the award plus 10 per cent over the benchmark rate |
| Shareholders’ equity | $436.175M |
| Accumulated deficit | $2.096 billion |
| Going concern | No qualification and no substantial-doubt language anywhere in the filing |
The quarterly loss was $42.677 million, or $0.13 a share on 328,930,269 weighted average shares, against $50.943 million a year earlier; the half-year loss $85.284 million. Research and development was $30.721 million in the quarter and general and administrative $20.839 million, with $12.4 million of share-based charges inside those — $10.3 million of it in the administrative line, which is worth noting because it means the cash administrative cost is far smaller than the reported one. The operating loss was $46.920 million against $4.243 million of net other income.
There is a revenue line of $4.640 million in the quarter and it is not a product sale. It is a non-cash release of non-refundable consideration on the termination of a collaboration licence on May 12, 2026, which extinguished the two remaining performance obligations. The company’s stake in that counterparty is now about 3 per cent on a fully converted basis, and the licence terminates automatically if that stake falls below 7.5 per cent — which it has.
The burn, separated, because the half-year figure is distorted. Operating cash use was $12.913 million in the March quarter and $44.9 million across the half, which implies about $32.0 million in the June quarter — a calculation. But the March quarter is flattered by the release of $23.479 million from an escrow deposit. Stripping that out gives roughly $36.4 million in the March quarter and about $68.4 million across the half, both calculated. So the underlying run rate is in the low thirties per quarter, and the apparent improvement from one quarter to the next is an artefact of the escrow rather than a change in spending.
On the runway, the filing and the release say the same thing and a reader may have been told otherwise. Verbatim from the quarterly report’s management discussion: the company expects its cash runway, including the net proceeds from the April offering, “to fund operations into the first quarter of 2029.” The press release the same day says “runway into 2029.” Separately the accounting note states that cash will be sufficient “for at least the next 12 months” — that is the standard accounting assertion required in the note, not a shorter runway statement contradicting the first one. Both appear in the same document.
Guidance for 2026: about $165 million of cash operating expense and about $225 million on an accounting basis, the roughly $35 million difference being non-cash share-based charges. It excludes any impact from business development.
| Date | Shares outstanding |
|---|---|
| December 31, 2025 | 229,413,523 |
| April 20, 2026 — meeting record date | 345,024,351 |
| June 30, 2026 — balance sheet | 345,345,427 |
| August 10, 2026 — quarterly report cover | 345,490,881 |
That is an increase of about 50 per cent in seven months, and essentially all of it came from one transaction.
Announced on April 13, 2026 — the same day as the interim data, in a second Form 8-K — and closed on April 16. Priced at $2.00 to the public, with an underwriting discount of twelve cents a share. The base deal was 87,500,000 shares for $175.0 million gross, with a 30-day option over 13,125,000 more. The option was exercised partially: 12,700,000 shares, for a total of 100,200,000 shares, $200.4 million gross and about $187.9 million net. The at-the-market programme was suspended the same day the offering was announced.
One detail from the proxy statement that belongs with this, and that no summary carries. The firm whose funds sold out entirely in September was a co-manager of that April offering, buying 3,807,600 shares at $1.88 with an aggregate discount of $456,912. Its president sat on the Allogene board at the time, which is why the transaction is disclosed in the proxy as a related-party matter. He left the board on June 18, 2026, and the funds sold their whole position on September 28 at $1.55. None of those three facts is improper, and this page draws no conclusion from the sequence; it prints it because a reader following the ownership of this company would otherwise see only the last step.
| Item | Detail |
|---|---|
| Authorised shares | Raised from 400,000,000 to 800,000,000 effective June 18, 2026, approved with 221,767,995 votes in favour against 6,535,254. Preferred: 10,000,000 authorised, none issued |
| New universal shelf | $500,000,000 filed August 12, 2026 and declared effective August 20, 2026, covering common, preferred, debt and warrants |
| At-the-market programme | Agreement dating to 2019, commission up to 3 per cent. Suspended April 13, 2026, then a fresh prospectus supplement on June 22, 2026 for up to $135.0 million. In the first half, 12,476,533 shares were sold for $20.7 million net — all of it before the June supplement, at an implied average near $1.66, a calculation. At June 30 the $135.0 million was entirely available and nothing had been sold under it |
| Warrants | None. The company has no warrants and no pre-funded warrants outstanding on its own shares. The only warrants in the record are ones Allogene holds on a private company’s preferred shares, which are an asset |
| Options | 37,151,955 at a weighted exercise price of $5.50, 7.41 years remaining, intrinsic value $3.562M; 22,929,684 exercisable at a weighted $7.69. In the half, 7,193,563 were granted at a weighted $1.88 and only 2,438 exercised |
| Restricted units and plan shares | RSUs 16,179,051, plus 1,224,392 expected under the employee purchase plan. Performance units also exist, carrying no recognised cost because the conditions are not considered probable |
| Fully diluted — a calculation | 345,345,427 shares plus 54,555,398 dilutive securities = about 399,900,825, roughly 16 per cent above the basic count. No filing states this figure |
The option position is worth a sentence on its own. 37.2 million options at a weighted $5.50, of which the exercisable portion averages $7.69, against a $1.60 share price: the pool is deeply out of the money, including the 7.2 million granted this year at $1.88. That removes near-term dilution from exercises almost entirely, and it is also the reason the company has been issuing restricted units rather than relying on options to retain people.
In May 2025 the company reduced its workforce by about 28 per cent, tied to scaling back manufacturing operations and reprioritising onto the clinical programmes; it was substantially complete in the June quarter of 2025 at a cash cost of $3.2 million. There has been no restructuring in 2026. The direction has reversed, in the filing’s own words: following the April interim results and the offering, “we have increased hiring activities to support our manufacturing, clinical development and BLA-readiness efforts.” A company preparing a licence application spends ahead of the readout, which is consistent with the guidance being roughly $165 million of cash expense against a $423.6 million balance.
A Schedule 13D amendment filed September 30, 2026 reports that funds managed by TPG sold 18,716,306 shares at $1.55 each on September 28 — about $29 million — under the ordinary resale rule. The filing states, verbatim, that the reporting persons “no longer beneficially own any shares of Common Stock” and that on September 28 they “ceased to be the beneficial owners of more than five percent.”
It is the most significant register event of the quarter, it is three days old, and the previous version of this page stated that no disclosure existed after September 2. The sequence around it is on the record and is printed here without inference: the TPG president who sat on this board was not renominated and left on June 18, 2026, with the board reduced from eleven to ten; the stated reason in the proxy was his expanding responsibilities at TPG and the board’s long-term succession planning, and the board said it would not replace him immediately, preferring to weigh skills in commercial execution, market access, manufacturing scale-up and global launch strategy. No Form 4 was filed for the September sale, consistent with TPG no longer being an insider reporting person after June.
| Holder | Position | As of |
|---|---|---|
| Pfizer | 22,032,040 shares, reported as 9.0 per cent on the then-current count. No amendment has been filed since, so the public record still shows this holding — about 6.4 per cent of the 345,490,881 shares reported on August 10, 2026, a calculation. The percentage fell only because the share count rose, not through sales | Event date November 6, 2025, filed February 13, 2026 |
| Frazier Life Sciences | 19,445,046 shares, 5.6 per cent — up 3,239,740 from its April filing, so it added through the offering | Event date June 30, 2026, filed August 14 |
| State Street | 19,025,826 shares, 5.5 per cent — a new filing, crossing 5 per cent for the first time | Event date June 30, 2026, filed August 7 |
| A co-founder and related vehicles | 13,610,578 shares, 3.9 per cent. The percentage fell from 5.8 per cent in February but the holding rose by 362,408 shares: the move below the reporting threshold is dilution, not selling | Event date June 30, 2026, filed August 7 |
| The former chief executive and trusts | 12,297,354 shares, 4.9 per cent — again a percentage fall on a rising holding, up 196,131 shares from February | Event date March 31, 2026 |
| Two other managers | One at 5,795,242 shares (2.4 per cent at March 31); one reporting zero shares, a complete exit | Filed May 15, 2026 |
So the shape of the register after September 28 is worth stating carefully, because the percentages mislead. One five per cent holder is now at zero. Everyone else disclosed either bought or held: one institution added 3,239,740 shares through the April offering, another crossed five per cent for the first time, and both the co-founder and the former chief executive increased their holdings in share terms while their percentages fell on the larger count. The one holding nobody can read is the strategic shareholder’s, whose filing has not been amended in seven months.
| Settlement date | Short interest | Average daily volume | Days to cover |
|---|---|---|---|
| September 15, 2026 | 59,600,117 | 5,295,103 | 11.26 |
| August 31, 2026 | 59,114,784 | 4,866,047 | 12.15 |
| July 31, 2026 | 60,753,788 | 6,581,334 | 9.23 |
| June 30, 2026 | 63,385,047 — the peak of the series | 12,327,603 | 5.14 |
| June 15, 2026 | 48,035,062 | 7,735,975 | 6.21 |
| April 30, 2026 | 36,856,587 | 9,925,529 | 3.71 |
| April 15, 2026 | 36,379,520 | 22,679,624 | 1.60 |
| March 31, 2026 | 32,060,091 | 6,667,499 | 4.81 |
| February 13, 2026 | 19,964,416 | 5,343,210 | 3.74 |
| December 31, 2025 | 18,077,704 | 2,840,174 | 6.36 |
From 18.1 million shares at the end of December to 59.6 million at the September 15 settlement — an increase of about 229 per cent in under nine months, with the single largest jump of about 15.3 million shares between the two June settlements. On 345,490,881 shares that is 17.25 per cent of the share count, a calculation on the August cover figure. The 11.26 days to cover is the number that matters more than the percentage: it reflects a large position against a volume base that has fallen back to around five million shares a day from the twenty-two million of mid-April. There is no figure after September 15; short-interest data is published roughly on the eighth business day after settlement.
There is no open-market purchase by any insider in the last six months. Not one. But the sales are not what they look like either, and the filings say so explicitly:
The leadership has turned over at the top in the space of four months. The founding chief executive stepped down effective June 30, 2026 and remains a non-employee director. His successor took the role on July 1, 2026 and continues as chief medical officer on an interim basis — one person holding both jobs at a company whose entire value rests on one trial. His terms: base salary $680,000, cash incentive target 60 per cent, an option over 476,190 shares at $2.11 and 134,530 restricted units.
Then, on September 2, the company disclosed that the chief financial officer had given notice on August 31 of retirement effective November 6, 2026. What the filing contains is a date. What it does not contain is a successor, an interim appointment, a stated reason beyond retirement, or any separation, consulting or severance agreement. That is unusual enough to note plainly without speculating about it.
On severance, the plan disclosed in the proxy is specific. On dismissal without cause or resignation for good reason: cash severance plus medical continuation for 24 months for the chief executive and 12 months for other executives. If the dismissal falls in the window from three months before to twelve months after a change of control: 18 months for non-chief-executive officers, 200 per cent of annual target cash incentive for the chief executive and 150 per cent for others, plus full acceleration of all outstanding equity. A change of control is defined as acquisition of more than 50 per cent of voting power, a merger, a sale of substantially all assets, or dissolution.
One absence is worth stating as a fact. There is no litigation. Verbatim from the quarterly report: management “believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adverse effect,” and at June 30 the company accrued no estimated losses for any legal proceeding. No securities class action, no derivative suit and no disclosed regulatory investigation appears anywhere in the record — which, for a company whose share price has fallen from $4.46 to $1.60 inside six months, is not the usual outcome.
Two of the dated items here are not clinical, and the clinical ones are far out. That is the shape of the calendar here and it should not be dressed up.
| Window | Event | Status |
|---|---|---|
| November 6, 2026 | The chief financial officer’s retirement takes effect. No successor and no interim has been named in any filing | Fixed by filing. The nearest certain date in the file |
| Early November 2026, by precedent | Third-quarter report: the September cash position, the first burn after the hiring increase, any use of the $135 million at-the-market capacity, and an updated enrolment or site count | No date announced. Last year the equivalent release came on November 6 |
| Fourth quarter of 2026, no date | Clinical and translational update on ALLO-329 from the RESOLUTION trial. The last disclosed count is nine patients treated as of May 2026 | Company statement — “fourth quarter” in the release, “late 2026” in the filing the same day. A window, not a date |
| End of 2026, no date | About 100 ALPHA3 sites active, including international expansion. 83 were listed in the registry record of August 27 | Company statement, and explicitly tied to European Union entry subject to regulatory approvals |
| Mid-2027 | Interim event-free survival analysis in ALPHA3 — the next time the primary endpoint is looked at | Company statement, repeated in three documents. No date |
| End of 2027 | Completion of enrolment in the randomised MRD-positive portion of ALPHA3 | Company statement |
| December 2027 | Registered primary completion date of ALPHA3 | Registry record of August 27, 2026 |
| Mid-2028 | Primary event-free survival analysis in ALPHA3, which the company says could support a licence application if positive | Company statement in the April 8-K and the quarterly report |
| February 2028 | Registered primary completion of the autoimmune trial RESOLUTION | Registry record of September 9, 2026 |
| Not dated | A registrational trial in renal cell carcinoma, on a design the company says is aligned with the agency since July 2025 — explicitly conditioned on “strategic opportunities, including potential partnerships” | No start date, and the company is looking for a partner rather than starting it |
| January 2030 / December 2032 | Registered primary completion of TRAVERSE; registered study completion of ALPHA3 | Registry records |
The useful way to read Allogene is to split it in two, because the two halves are in very different states. The balance sheet is settled: $423.6 million of cash and investments, no borrowings drawn — the $113.9 million of liabilities is mostly a $70.4 million lease — no going-concern language, and a runway the company states in its own filing as reaching “into the first quarter of 2029,” which is a quarter past the primary readout. On guidance of about $165 million of cash expense a year, that holds. There is also no litigation at all, which for a stock that has fallen from $4.46 to $1.60 in six months is unusual enough to say out loud.
The scientific half is a hypothesis with a two-year clock on it, and the evidence so far is genuinely encouraging and genuinely thin at the same time. The April interim is better than its headline: MRD negativity of 58.3 against 16.7 per cent is a 41.6-point gap against a 25-to-30-point benchmark, it came with circulating tumour DNA down a median 97.7 per cent against a 26.6 per cent rise, the baseline profile was tilted against the treated arm on three of four risk measures, and the safety read — no cytokine release syndrome, no neurotoxicity, no graft-versus-host disease, ten of twelve patients treated as outpatients — is the finding that makes consolidation in first line thinkable at all. But it is twelve patients an arm, at one timepoint, on a surrogate marker, in a trial that lost an arm to a Grade 5 event in August 2025 and then had its population widened by amendment. Event-free survival, the thing the trial exists to measure, has not been looked at and will not be until mid-2027.
So the market’s arithmetic is legible even if one disagrees with it. About $553 million of equity value against $423.6 million of cash leaves roughly $129 million — a multiple of 1.31 times cash — for a pivotal Phase 2 carrying regenerative-medicine and fast-track designations, a first-in-class autoimmune programme with three fast-track designations of its own, and a kidney-cancer asset with an agreed registrational design. Six designations across three programmes, not the two usually reported. That is a low number for that content, and the reason it is low is the clock, not the chemistry.
What a reader should weigh against the cash is the cost of the wait, which is measured in capacity and in conviction. The authorised share count was doubled to 800 million in June; a $500 million shelf became effective in August; $135 million of at-the-market capacity sits registered and untouched. None of that has been used, and the company has said it does not need to use it — but the restraint is now a choice rather than a constraint. Meanwhile the picture on conviction is genuinely mixed and should not be flattened either way. On one side: a board seat vacated in June, a five per cent holder out entirely at $1.55 on September 28, a chief executive change in July, a chief financial officer leaving on November 6 with no successor named, no insider purchase in six months, and a short position that has more than tripled since December to 17.25 per cent of the shares. On the other: every other disclosed holder either added or held — one institution bought 3.2 million shares through the April offering, another crossed five per cent for the first time, and both the co-founder and the former chief executive increased their share counts while their percentages fell on the larger base. And the insider disposals are mandatory tax withholding, not decisions.
Which gives a clean test that does not require a view on cell therapy. Between now and the November report, the question is whether a company that says it is funded into 2029 behaves like one — no issuance below the April price, a chief financial officer appointed, the site count moving toward a hundred, and a patient number attached to the autoimmune update. If those four things happen, the twenty-month wait is a wait. If the at-the-market facility is drawn at these levels while the stated runway says it need not be, then the gap between what is stated and what is done becomes the story, and it will have been visible in a cash-flow statement before it is visible anywhere else.
None of the above is a recommendation, a target, or a view on the share price. It is a description of what is documented, what is guided, what is calculated and labelled as such, and what the record does not say.
Method, and what is not verified. Balance-sheet, cash-flow and expense figures, the share counts, the dilutive-security tables, the lease obligation and the verbatim runway and going-concern language come from the Form 10-Q for the quarter ended June 30, 2026, filed August 12, 2026. The ALPHA3 interim data comes from the body of the Form 8-K of April 13, 2026 read in full rather than from its summary — that filing carries no exhibit, so the figures are in the filing text itself. The trial-design history, including the closure of the third arm and the reason for it, and the protocol amendment adding the observational cohort, come from the quarterly report. Trial status, enrolment estimates and site counts come from the registry records at their own update dates, which in two places disagree with the company’s own description — the enrolment figure and the phase of one investigator-led study — and both versions are given rather than one being chosen. Ownership comes from the Schedules 13D and 13G at their stated event dates. Market figures come from the exchange’s own daily series at the September 30, 2026 close, cross-checked against an independent end-of-day provider.
The following figures on this page are calculations from published data and are labelled as such where they appear: the market value on each share basis; the implied value of the pipeline and the multiple of cash; the fully diluted count of about 399.9 million; the June-quarter operating cash use of about $32.0 million and the escrow-adjusted figures of about $36.4 million and $68.4 million; the implied average price of the first-half at-the-market sales; the short interest as a percentage of shares outstanding and its percentage increase since December; the residual percentage of the unamended strategic holding; and the approximate proceeds of the September 28 sale.
The following are not established on the public record and are not asserted here: any cash figure after June 30, 2026, since no later financial statement has been filed; any date for third-quarter results, which has not been announced; any event-free survival result, which remains blinded until mid-2027 at the earliest; any reason for the September 28 sale, which the filing does not give and this page does not infer; any successor or interim for the chief financial officer, and no separation, consulting or severance agreement appears in that filing; any updated patient count for the autoimmune trial beyond the nine treated as of May 2026; any start date for a registrational trial in renal cell carcinoma, which the company conditions on finding a partner; any partnership, licence or strategic transaction, and no filing indicates a formal strategic review, an appointed adviser or a sale process; any named European market or regulatory approval for the planned site expansion; any use of the $135 million at-the-market capacity after June 30; any current holding for the strategic shareholder whose filing dates to February 2026; and any analyst rating, consensus or price target, none of which is verifiable from a primary source and none of which this page publishes. There is also no securities class action, no derivative suit and no disclosed regulatory investigation in the record. Third-party screen data for float, short float, institutional ownership percentages and retail sentiment has not been re-verified and is not reproduced.
Educational and editorial content only. This report is not personalised financial advice, a solicitation, or a recommendation to buy, sell or hold any security. Biotech and small and mid-cap stocks can be extremely volatile and may result in partial or total loss of capital. Clinical outcomes, regulatory decisions, manufacturing, partnership availability, financing availability, dilution and execution all remain uncertain, and a company whose value rests on a single trial whose primary endpoint is not read until 2028 carries a concentration of risk in that one result.
Balance-sheet and income-statement figures are those reported for the quarter ended June 30, 2026 and are historical. Price, range and volume figures are at the September 30, 2026 close. There has been no reverse share combination. Short-interest figures are as of the September 15, 2026 settlement date and are published with a lag. Ownership figures derive from lagged filings, one of which has not been amended since February 2026. Market prices are indicative and may differ materially from the opening or closing price on any given day.
About $129 million, which is a calculation rather than a disclosure. At the September 30 close of $1.60 on 345,490,881 shares the equity is worth roughly $553 million, against $423.6 million of cash and investments at June 30 and no financial debt. That is 1.31 times cash for three clinical programmes carrying six regulatory designations between them.
No borrowings are drawn — no term loan, no convertible note, no bank facility. Total liabilities are $113.9 million, but $70.4 million of that is a non-current lease obligation, with $6.0 million of payables, $25.8 million of accruals and $11.8 million of other long-term items. One caveat belongs inside that last line: $9.2 million of state research funding for the kidney-cancer programme sits there, it accrues interest — which is what the $343 thousand of quarterly interest expense is, not a lease charge — and it is convertible into a loan at the company’s own election at 80 to 100 per cent of the award plus 10 per cent over the benchmark rate.
The filing states it directly. Verbatim from the quarterly report: the company expects its runway, including the net proceeds from the April 2026 offering, “to fund operations into the first quarter of 2029.” That is a quarter past the primary readout. Guidance for 2026 is about $165 million of cash operating expense and about $225 million on an accounting basis, the difference being roughly $35 million of non-cash share-based charges. The separate note that cash is sufficient “for at least the next 12 months” is the standard accounting assertion, not a shorter runway.
It was a protocol-triggered futility analysis read when the 24th randomised patient completed the day-45 assessment — twelve per arm. MRD negativity was 58.3 per cent (7 of 12) on cema-cel against 16.7 per cent (2 of 12) on observation, a 41.6-point gap against a literature benchmark the company cites at 25 to 30 points. Circulating tumour DNA fell a median 97.7 per cent on treatment while rising a median 26.6 per cent on observation. There was no cytokine release syndrome, no neurotoxicity syndrome and no graft-versus-host disease, and ten of twelve patients were managed entirely as outpatients. Other neurological events ran 50 per cent against 8.3 per cent, all low grade. The trial continued.
Yes, twice. It opened with three arms and about 240 patients. On August 1, 2025 the company selected one lymphodepletion regimen and closed the arm containing ALLO-647 to enrolment, after a Grade 5 adverse event in that arm attributed to the use of ALLO-647 — liver failure on day 54, considered a consequence of disseminated adenovirus infection under immunosuppression, and judged not related to cema-cel. ALLO-647 has since been removed from every open trial and pipeline programme. A later amendment added a non-randomised observational cohort of about 140 MRD-negative patients and widened the eligible subtypes to include transformed follicular lymphoma, transformed marginal zone lymphoma and grade 3B follicular lymphoma. The company states the statistical design of the randomised portion is unchanged.
The interim event-free survival analysis is mid-2027 and the primary analysis mid-2028, which the company says could support a licence application if positive. Enrolment of the randomised portion completes at end-2027. The registered primary completion date is December 2027 and study completion December 2032. So nothing addresses the primary endpoint for about twenty months.
The two sources disagree and both are given here. The company says about 220 MRD-positive patients randomised; the registry record states an estimated enrolment of 250. Separately there is now a non-randomised observational cohort of about 140 MRD-negative patients added by amendment. The registry record of August 27, 2026 lists 83 sites — 62 in the United States, 9 in South Korea, 6 in Australia, 6 in Canada — against a company statement of more than 80 activated, six months ahead of its own target, and about 100 expected by year end, tied to European Union entry subject to regulatory approvals.
A Schedule 13D amendment filed September 30, 2026 reports that funds managed by TPG sold 18,716,306 shares at $1.55 each on September 28 — about $29 million — and states that the reporting persons “no longer beneficially own any shares of Common Stock” and ceased to own more than five per cent. The filing gives no reason, and this page does not infer one. For sequence: the TPG president who sat on the Allogene board was not renominated and left on June 18, 2026, with the board reduced from eleven members to ten, and the same firm had been a co-manager of the April offering, buying 3,807,600 shares at $1.88.
Six, across three programmes — not the two usually reported. Cema-cel received regenerative medicine advanced therapy and fast track designations, announced July 29, 2026. ALLO-316 has had regenerative medicine advanced therapy since October 29, 2024 for advanced or metastatic renal cell carcinoma. And ALLO-329 received three separate fast track designations on April 7, 2025 — for systemic lupus erythematosus, idiopathic inflammatory myopathies and systemic sclerosis.
It has an agreed design and no funding commitment. After a designation meeting with the agency in July 2025 the company states it believes it has reached alignment with the FDA on the design of a registrational trial in advanced or metastatic renal cell carcinoma. Verbatim, it then says: “We continue to actively explore strategic opportunities, including potential partnerships, to advance this program.” The published Phase 1b data showed a confirmed response rate of 25.0 per cent (5 of 20) overall and 31.3 per cent where CD70 expression was 50 per cent or higher, with no responses below that threshold, median duration of response not estimable, and no fatal treatment-related event in that cohort. The company also says it cannot be certain existing inventory would suffice for future studies of it.
Shares went from 229,413,523 at December 31, 2025 to 345,490,881 at August 10, 2026 — about 50 per cent, almost all of it from the April offering of 100,200,000 shares at $2.00 for about $187.9 million net. Capacity was then expanded: authorised shares doubled to 800,000,000 in June, a $500 million shelf effective August 20, and $135.0 million of at-the-market capacity registered in June and entirely unused at June 30. Fully diluted is about 399.9 million, a calculation. There are no warrants and no pre-funded warrants, and the 37.2 million options at a weighted $5.50 are well out of the money against $1.60.
59,600,117 shares at the September 15, 2026 settlement date — about 17.25 per cent of the 345,490,881 shares outstanding — at 11.26 days to cover. It was 18,077,704 at the December 31 settlement, so it has more than tripled in under nine months, peaking at 63,385,047 on June 30. The days-to-cover figure has risen faster than the position because volume has fallen back to about five million shares a day from the twenty-two million around the April event. There is no figure after September 15.
No — and they have not chosen to sell either. There is no open-market purchase by any insider in the last six months. The three disposals on the record — 29,697 shares at $2.12 in August, 9,586 at a weighted $2.31 in April and 2,867 at $2.50 in March — are each stated in the filing to be mandated by the company’s election under its equity plan to cover tax withholding on vesting units, and “does not represent a discretionary trade by the reporting person.” Alongside them sit annual director grants of 95,400 restricted units each in June and a chief-executive grant of 134,530 units and an option over 476,190 shares at $2.11 in July. A pre-arranged plan schedules further withholding sales on December 18, 2026 and June 18, 2027.
No. Verbatim from the quarterly report, management “believes that there are currently no claims or actions pending against us, the ultimate disposition of which could have a material adverse effect,” and at June 30 the company accrued no estimated losses for any legal proceeding. No securities class action, no derivative suit and no disclosed regulatory investigation appears in the record. Separately, an upstream licence arbitration concluded on December 15, 2025 with Cellectis’s claims rejected and a finding for Servier, from which Allogene’s rights derive, the monetary claims rejected and a ruling that milestones tied to the pivotal trial are not payable until the FDA accepts a filing; only a partial termination limited to one legacy product version was ordered.
No. This Stock Hub is informational and educational. It sets out dated facts, their sources, the calculations it makes and labels as calculations, and the scenarios they leave open, and it says plainly where the record is silent. It does not recommend any action, and the outcome of a clinical trial is not knowable in advance.
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Disclaimer. This content is published by Merlintrader for educational and informational purposes only. It is independent journalism and research. It does not constitute investment advice, an investment recommendation, an offer or a solicitation to buy or sell any security, and it is not a research report within the meaning of applicable United States securities regulation. Nothing here should be read as a recommendation to buy, sell or hold $ALLO or any other security.
Figures are taken from public filings with the U.S. Securities and Exchange Commission, company press releases, official trial registries and market-data providers, and are stated with their reference dates. Data can change without notice, and figures published before a results release become outdated the moment that release is issued. Merlintrader makes no representation that the information is complete or current at the time of reading. Readers should verify every figure against the primary source before acting on it.
Biotechnology and healthcare companies carry binary risk. Clinical trials fail, regulatory decisions go against the applicant, approval does not guarantee commercial uptake, and development-stage companies frequently raise equity at whatever price the market will bear. A single decision can change the value of the business overnight in either direction, and companies at this stage can lose all of their value. This company’s value rests substantially on one trial whose primary endpoint is not analysed until 2028. Every reader is responsible for their own decisions and should consult a licensed financial adviser where appropriate.
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