Revenue volatility remains acute, evidenced by a 71.5% contraction in 2026Q1, while R&D intensity continues to drive operating margins to a negative 24.1% for the same period.
Alector, Inc. (ALEC) annual income statement — 10-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 |
|---|
| Sales/Revenue | 13.86M | 21.05M | 100.56M | 97.06M | 133.62M | 207.09M | 21.1M | 21.22M | 27.68M | 3.73M | 416K |
| Revenue Growth % | -82.91% | -79.07% | 3.6% | -27.36% | -35.48% | 881.54% | -0.57% | -23.33% | 641.02% | 797.84% | - |
| Cost of Goods Sold | 63.9M | 9.66M | 185.94M | 8.85M | 0 | 189.41M | 156.87M | 100.53M | 73.03M | 29.91M | 13.67M |
| COGS % of Revenue | - | 45.91% | 184.91% | 9.12% | - | 91.46% | 743.53% | 473.76% | 263.87% | 800.83% | 3287.02% |
| Gross Profit | -50.03M | 11.38M | -85.38M | 88.21M | 133.62M | 17.68M | -135.77M | -79.31M | -45.35M | -26.18M | -13.26M |
| Gross Margin % | -360.92% | 54.09% | -84.91% | 90.88% | 100% | 8.54% | -643.53% | -373.76% | -163.87% | -700.83% | -3187.02% |
| Gross Profit Growth % | - | 113.33% | -196.79% | -33.98% | 655.84% | 113.02% | -71.19% | -74.87% | -73.27% | -97.44% | - |
| Operating Expenses | 76.75M | 157.19M | 59.62M | 239.95M | 271.45M | 55.04M | 59.4M | 35.09M | 84.97M | 36.41M | 15.55M |
| OpEx % of Revenue | - | 746.93% | 59.28% | 247.22% | 203.16% | 26.58% | 281.56% | 165.39% | 306.99% | 974.94% | 3737.5% |
| Selling, General & Admin | 38.3M | 53.99M | 57.41M | 56.69M | 61.03M | 55.04M | 59.4M | 33.94M | 11.93M | 6.5M | 1.87M |
| SG&A % of Revenue | - | 256.53% | 57.09% | 58.4% | 45.68% | 26.58% | 281.56% | 159.94% | 43.12% | 174.11% | 450.48% |
| Research & Development | 95.63M | 123.06M | 209.24M | 192.12M | 210.42M | 189.41M | 156.87M | 100.53M | 73.03M | 29.91M | 13.67M |
| R&D % of Revenue | - | 584.77% | 208.08% | 197.93% | 157.48% | 91.46% | 743.53% | 473.76% | 263.87% | 800.83% | 3287.02% |
| Other Operating Expenses | -3M | -19.86M | -207.03M | -8.85M | 0 | -189.41M | -156.87M | -99.37M | 5.04M | 199K | 22K |
| Operating Income | -126.79M | -145.81M | -145M | -151.74M | -137.83M | -37.36M | -195.17M | -114.4M | -57.29M | -32.68M | -15.13M |
| Operating Margin % | -914.56% | -692.83% | -144.19% | -156.33% | -103.16% | -18.04% | -925.08% | -539.16% | -206.99% | -874.94% | -3637.5% |
| Operating Income Growth % | - | -0.56% | 4.44% | -10.09% | -268.93% | 80.86% | -70.6% | -99.7% | -75.31% | -115.96% | - |
| EBITDA | -117.07M | -136.15M | -136.16M | -142.89M | -129.36M | -29.05M | -187.91M | -110.63M | -56.27M | -32M | -14.93M |
| EBITDA Margin % | -844.5% | -646.93% | -135.4% | -147.22% | -96.82% | -14.03% | -890.65% | -521.37% | -203.31% | -856.73% | -3589.18% |
| EBITDA Growth % | 6.47% | 0.01% | 4.71% | -10.46% | -345.38% | 84.54% | -69.86% | -96.61% | -75.85% | -114.31% | - |
| D&A (Non-Cash Add-back) | 9.71M | 9.66M | 8.84M | 8.85M | 8.47M | 8.31M | 7.26M | 3.77M | 1.02M | 680K | 201K |
| EBIT | -117.56M | -142.76M | -118.92M | -125.18M | -130.06M | -36.33M | -195.17M | -113.25M | -57.29M | -32.68M | -15.13M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 9.23M | 3.05M | 26.08M | 26.56M | 7.78M | 1.03M | 4.95M | 9.02M | 5.04M | 199K | 22K |
| Pretax Income | -117.56M | -142.76M | -118.92M | -125.18M | -130.06M | -36.33M | -190.23M | -105.39M | -52.25M | -32.48M | -15.11M |
| Pretax Margin % | -847.98% | -678.36% | -118.26% | -128.97% | -97.33% | -17.54% | -901.64% | -496.65% | -188.78% | -869.61% | -3632.21% |
| Income Tax | 298K | 168K | 128K | 5.21M | 3.25M | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.25% | -0.12% | -0.11% | -4.16% | -2.5% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -117.85M | -142.93M | -119.05M | -130.39M | -133.31M | -36.33M | -190.23M | -105.39M | -52.25M | -32.48M | -15.11M |
| Net Margin % | -850.13% | -679.16% | -118.39% | -134.34% | -99.77% | -17.54% | -901.64% | -496.65% | -188.78% | -869.61% | -3632.21% |
| Net Income Growth % | -2.22% | -20.06% | 8.7% | 2.19% | -266.95% | 80.9% | -80.51% | -101.7% | -60.86% | -114.96% | - |
| Net Income (Continuing) | -117.85M | -142.93M | -119.05M | -130.39M | -133.31M | -36.33M | -190.23M | -105.39M | -52.25M | -32.48M | -15.11M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.06 | -1.39 | -1.23 | -1.56 | -1.62 | -0.45 | -2.45 | -1.62 | -0.76 | -0.63 | -1.78 |
| EPS Growth % | 6.07% | -13.01% | 21.15% | 3.7% | -260% | 81.63% | -51.23% | -113.16% | -20.63% | 64.61% | - |
| EPS (Basic) | - | -1.39 | -1.23 | -1.56 | -1.62 | -0.45 | -2.45 | -1.62 | -0.76 | -0.63 | -1.78 |
| Diluted Shares Outstanding | 111.22M | 103M | 96.59M | 83.73M | 82.47M | 80.42M | 77.76M | 61.73M | 68.37M | 51.22M | 8.5M |
| Basic Shares Outstanding | 111.22M | 103M | 96.59M | 83.73M | 82.47M | 80.42M | 77.76M | 61.73M | 68.37M | 51.22M | 8.5M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ALEC stock.
For fiscal year 2025, Alector, Inc. (ALEC) reported total revenue of $21.0M. This represents a 4958.9% increase compared to $0.4M in 2016.
Alector, Inc. (ALEC) reported a net loss of $142.9M for the fiscal year ending 2025.
Alector, Inc. (ALEC) reported an operating income of $-145.8M, resulting in an operating profit margin of -692.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Alector, Inc. (ALEC) generated $11.4M in gross profit for the year, representing a gross profit margin of 54.1%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Clinical trial binary outcome
Metrics are mathematically derived from official filings.
Revenue Volatility Driven By Milestones
As reported in recent financial filings, Alector's revenue growth has experienced a sharp contraction of -79.07%, reflecting the inherent lumpy nature of milestone-based collaboration accounting rather than any underlying commercial demand for the company's immuno-neurology pipeline assets or sustained market penetration of its therapeutic platform.
The top-line performance is entirely contingent upon the timing of contractual payments from strategic partners like GSK, which creates significant quarter-over-quarter variance. Investors should interpret these revenue figures as non-recurring accounting events that serve to offset R&D expenditures rather than indicators of a scalable commercial business model.
R&D Intensity Outpacing Operational Efficiency
Based on the company's reported figures, R&D expenses remain the dominant cost driver, consistently consuming the vast majority of capital as the firm funds late-stage clinical trials, which has resulted in an operating margin of -692.83% and underscores the company's current pre-commercial status.
The cost structure is heavily weighted toward specialized personnel and clinical trial infrastructure, leaving little room for operational leverage until a commercial product is realized. Management's expense discipline appears focused on preserving runway for the INFRONT-3 study, yet the high burn rate necessitates constant monitoring of liquidity.
Earnings Quality Obscured By Accounting
According to the provided income statement data, Alector's net income is heavily impacted by non-operating items and the amortization of deferred revenue, which complicates the assessment of true operational performance and masks the underlying cash burn inherent in the company's current clinical-stage development lifecycle.
The reliance on stock-based compensation and the netting of collaboration reimbursements against expenses suggests that reported EPS figures may not accurately reflect the economic reality of the business. Analysts should focus on net cash burn rather than GAAP net income to gauge the actual sustainability of the firm's operations.
Sustainability Risks Amidst Cash Constraints
As indicated by the company's reported cash position of $65.8M against significant quarterly operating losses, the current financial trajectory suggests a high probability of future dilutive financing, which warrants investigation into the firm's ability to maintain its clinical pipeline without further compromising shareholder equity value.
Short-term liquidity concerns are exacerbated by the discontinuation of the AL003 program, which may signal potential biological or strategic hurdles that could impact the remaining pipeline. The market's valuation of the company appears to be heavily discounting the risk of a capital raise, making the upcoming clinical readouts critical for solvency.