The company's financial stability is increasingly fragile, with total assets declining from $621.8 million in 2023Q4 to $239.9 million in 2026Q1, alongside a debt-to-equity ratio that has surged to 3.33.
Alector, Inc. (ALEC) balance sheet — 10-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Total Current Assets | 180.09M | 266.45M | 424.82M | 565.81M | 726.43M | 749.71M | 421.51M | 357.44M | 293.18M | 232.97M | 51.19M |
| Cash & Short-Term Investments | 172.8M | 256.02M | 413.4M | 548.86M | 712.85M | 735.25M | 413.31M | 353.07M | 290.41M | 32.45M | 50.84M |
| Cash Only | 59.91M | 65.8M | 33.02M | 74.56M | 154.32M | 329.15M | 49.97M | 89.64M | 65.47M | 32.45M | 50.84M |
| Short-Term Investments | 112.88M | 190.22M | 380.38M | 474.31M | 558.53M | 406.1M | 363.34M | 263.43M | 224.94M | 0 | 0 |
| Accounts Receivable | 0 | 0 | 0 | 0 | 2.59M | 7.39M | 0 | 0 | 0 | 200.24M | 218K |
| Days Sales Outstanding | - | - | - | - | 7.07 | 13.03 | - | - | - | 19.57K | 191.27 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 0 | 10.43M | 11.42M | 16.95M | 0 | 0 | 0 | 0 | 2.77M | 0 | 0 |
| Total Non-Current Assets | 22.77M | 26.79M | 43.49M | 56.02M | 61.21M | 64.94M | 66.74M | 64.48M | 15.18M | 3.09M | 2.92M |
| Property, Plant & Equipment | 20.57M | 24.55M | 37.1M | 47.06M | 53.33M | 57.9M | 62.65M | 62.33M | 10.94M | 2.83M | 2.54M |
| Fixed Asset Turnover | 0.58x | 0.86x | 2.71x | 2.06x | 2.51x | 3.58x | 0.34x | 0.34x | 2.53x | 1.32x | 0.16x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.47M | 0 | 200K |
| Other Non-Current Assets | 2.2M | 2.23M | 6.39M | 8.96M | 7.88M | 7.05M | 4.09M | 2.15M | 2.77M | 252K | 184K |
| Total Assets | 202.85M | 293.24M | 468.3M | 621.83M | 787.65M | 814.66M | 488.25M | 421.91M | 308.36M | 236.06M | 54.11M |
| Asset Turnover | 0.05x | 0.07x | 0.21x | 0.16x | 0.17x | 0.25x | 0.04x | 0.05x | 0.09x | 0.02x | 0.01x |
| Asset Growth % | -156.73% | -37.38% | -24.69% | -21.05% | -3.32% | 66.85% | 15.72% | 36.83% | 30.63% | 336.25% | - |
| Total Current Liabilities | 34.24M | 69.5M | 125.06M | 177.95M | 93.81M | 139.56M | 68.09M | 61.97M | 13.04M | 27.4M | 1.51M |
| Accounts Payable | 2.28M | 1.69M | 2.21M | 3.77M | 4.19M | 4.75M | 3M | 278K | 126K | 1.14M | 1.15M |
| Days Payables Outstanding | 14.5 | 63.89 | 4.35 | 155.73 | - | 9.15 | 6.99 | 1.01 | 0.63 | 13.91 | 30.75 |
| Short-Term Debt | 9.85M | 366K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 25.15M | 6.68M | 23.66M | 82.97M | 48.23M | 90.8M | 23.89M | 30.16M | 34.91M | 18.98M | 0 |
| Other Current Liabilities | 3.72M | 24.39M | 54.55M | 54.74M | 12.76M | 11.66M | 7.29M | 5.73M | 9.56M | 5.6M | 0 |
| Current Ratio | 5.26x | 3.83x | 3.40x | 3.18x | 7.74x | 5.37x | 6.19x | 5.77x | 22.48x | 8.50x | 33.90x |
| Quick Ratio | 5.26x | 3.83x | 3.40x | 3.18x | 7.74x | 5.37x | 6.19x | 5.77x | 22.48x | 8.50x | 33.90x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 178.59M | 193.09M | 216.44M | 309.72M | 479.4M | 374.38M | 152.63M | 165.2M | 392.71M | 260.69M | 77.51M |
| Long-Term Debt | 0 | 9.32M | 9.39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 66.12M | 17.49M | 24.38M | 30.46M | 35.27M | 39.81M | 43.74M | 41.47M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 2.02M | 1.74M | 10.51M | 68.42M | 759K | 158K | 472K | 493K | 7.57M | 77.54M | 77.51M |
| Total Liabilities | 212.82M | 262.59M | 341.5M | 487.67M | 573.21M | 513.93M | 220.72M | 227.17M | 405.76M | 288.09M | 79.02M |
| Total Debt | 32.76M | 36.23M | 42.52M | 38.92M | 43.33M | 47.6M | 51.26M | 48.04M | 0 | 0 | 0 |
| Net Debt | -27.16M | -29.57M | 9.5M | -35.64M | -111M | -281.55M | 1.29M | -41.6M | -65.47M | -32.45M | -50.84M |
| Debt / Equity | -3.29x | 1.18x | 0.34x | 0.29x | 0.20x | 0.16x | 0.19x | 0.25x | - | - | - |
| Debt / EBITDA | -0.28x | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.23x | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - | - |
| Total Equity | -9.97M | 30.65M | 126.8M | 134.16M | 214.44M | 300.72M | 267.53M | 194.74M | -97.4M | -52.03M | -24.91M |
| Equity Growth % | -330.34% | -75.83% | -5.48% | -37.44% | -28.69% | 12.41% | 37.38% | 299.95% | -87.19% | -108.91% | - |
| Book Value per Share | -0.09 | 0.30 | 1.31 | 1.60 | 2.60 | 3.74 | 3.44 | 3.15 | -1.42 | -1.02 | -2.93 |
| Total Shareholders' Equity | -9.97M | 30.65M | 126.8M | 134.16M | 214.44M | 300.72M | 267.53M | 194.74M | -97.4M | -52.03M | -24.91M |
| Common Stock | 11K | 11K | 9K | 8K | 8K | 8K | 8K | 7K | 1K | 1K | 0 |
| Retained Earnings | -1.02B | -972.06M | -829.13M | -710.08M | -579.69M | -446.38M | -410.05M | -219.82M | -114.44M | -62.19M | -29.71M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -126K | 166K | 261K | 184K | -4.58M | -943K | 614K | 142K | -42K | -980K | -300K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ALEC stock.
As of 2025, Alector, Inc. (ALEC) had total assets of $293.2M including $266.5M in current assets.
Alector, Inc. (ALEC) carries total debt of $36.2M, offset by $256.0M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Alector, Inc. (ALEC) has total shareholders' equity (book value) of $30.6M ($0.30 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Alector, Inc. (ALEC) reported a current ratio of 3.83x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.
Key Metrics
Top Statement Risk
Imminent liquidity depletion risk
Metrics are mathematically derived from official filings.
Asset Base Erosion Accelerates Downward
According to the latest quarterly balance sheet data, Alector's total assets have contracted from $621.8 million in 2023Q4 to $239.9 million in 2026Q1, signaling a rapid depletion of the resource base as the company funds its intensive immuno-neurology clinical development programs without offsetting commercial revenue.
The consistent decline in total assets reflects a business model that is consuming its capital foundation to sustain late-stage clinical trials. This trajectory suggests that the firm is approaching a critical juncture where the current asset base may no longer support the existing R&D infrastructure without significant external capital intervention.
Cash Runway Nearing Critical Threshold
As reported in recent financial statements, Alector's cash and equivalents have dwindled to $65.8 million as of 2025Q4, a figure that appears increasingly insufficient when measured against the company's historical quarterly burn rates and the ongoing capital requirements of the INFRONT-3 Phase III clinical study.
While the current ratio of 3.83 suggests a superficial level of liquidity, the composition of these assets is heavily skewed toward non-liquid clinical investments. Investors should monitor the cash-to-burn ratio closely, as the current trajectory implies that the company may face a liquidity crunch within the next few quarters.
Equity Quality Diluted by Losses
Based on the company's reported figures, shareholder equity has plummeted from $134.2 million in 2023Q4 to $10.4 million in 2026Q1, primarily driven by the accumulation of massive retained losses that now total nearly $1 billion, reflecting the high cost of long-term drug development.
The erosion of equity suggests that the company's value is almost entirely dependent on the potential success of its pipeline rather than tangible book value. This trend indicates that future financing will likely be highly dilutive to existing shareholders, as the firm has little remaining equity cushion to absorb further operational setbacks.
Deferred Revenue Distorts Liquidity Perception
As indicated by the balance sheet, the fluctuation in deferred revenue—which swung from $293.8 million in 2023Q4 to $6.7 million in 2025Q4—masks the underlying volatility of the company's cash position and creates a misleading impression of financial stability during periods of milestone recognition.
The reliance on deferred revenue accounting suggests that the company's reported liquidity is highly sensitive to the timing of collaboration milestones rather than organic operational health. This distortion warrants caution, as the depletion of these liabilities indicates that the company has already recognized the majority of its upfront collaboration payments, leaving fewer future non-dilutive cash inflows.