Revenue has collapsed to zero (a -100% YoY decline in 2025Q1), while operating losses narrowed 35% from -$71.8M in 2024Q3 to -$46.9M in 2026Q2, driven by R&D cuts and negative gross margins persisting at -160.6% in 2024Q1.
Allogene Therapeutics, Inc. (ALLO) annual income statement — 9-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 |
|---|
| Sales/Revenue | 4.64M | 0 | 22K | 95K | 156K | 114.09M | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | -100% | -76.84% | -39.1% | -99.86% | - | - | - | - | - |
| Cost of Goods Sold | 37.09M | 12.36M | 0 | 0 | 14.29M | 0 | 11.54M | 5.03M | 0 | 0 |
| COGS % of Revenue | - | - | - | - | 9163.46% | - | - | - | - | - |
| Gross Profit | -32.45M | -12.36M | 22K | 95K | -14.14M | 114.09M | -11.54M | -5.03M | -1.5M | 0 |
| Gross Margin % | -699.35% | - | 100% | 100% | -9063.46% | 100% | - | - | - | - |
| Gross Profit Growth % | - | -56277.27% | -76.84% | 100.67% | -112.39% | 1088.55% | -129.58% | -235.13% | - | - |
| Operating Expenses | 147.87M | 194.57M | 273.22M | 327.83M | 321.4M | 294.28M | 246.7M | 202.01M | 192.84M | 2K |
| OpEx % of Revenue | - | - | 1241913.64% | 345086.32% | 206023.72% | 257.94% | - | - | - | - |
| Selling, General & Admin | 62.44M | 56.78M | 65.2M | 71.67M | 79.31M | 74.11M | 65.26M | 57.47M | 40.98M | 2K |
| SG&A % of Revenue | - | - | 296386.36% | 75445.26% | 50836.54% | 64.95% | - | - | - | - |
| Research & Development | 119.65M | 150.15M | 192.3M | 242.91M | 256.39M | 220.18M | 192.99M | 144.53M | 151.86M | 0 |
| R&D % of Revenue | - | - | 874086.36% | 255698.95% | 164350.64% | 192.99% | - | - | - | - |
| Other Operating Expenses | -2M | -12.36M | 15.72M | 13.24M | -14.29M | 0 | -11.54M | 0 | 0 | 0 |
| Operating Income | -180.32M | -206.93M | -273.2M | -327.74M | -335.54M | -180.19M | -258.24M | -202.01M | -192.84M | -2K |
| Operating Margin % | -3886.14% | - | -1241813.64% | -344986.32% | -215087.18% | -157.94% | - | - | - | - |
| Operating Income Growth % | - | 24.26% | 16.64% | 2.32% | -86.21% | 30.22% | -27.84% | -4.75% | -9642000% | - |
| EBITDA | -168.65M | -194.57M | -259.56M | -313.54M | -321.24M | -169.74M | -246.7M | -196.98M | -191.34M | 22K |
| EBITDA Margin % | -3634.68% | - | -1179818.18% | -330040% | -205923.72% | -148.78% | - | - | - | - |
| EBITDA Growth % | 30.2% | 25.04% | 17.22% | 2.4% | -89.26% | 31.2% | -25.24% | -2.95% | -869836.36% | - |
| D&A (Non-Cash Add-back) | 11.67M | 12.36M | 13.64M | 14.2M | 14.29M | 10.45M | 11.54M | 5.03M | 1.5M | 24K |
| EBIT | -164.19M | -189.81M | -256.97M | -327.26M | -340.41M | -182.05M | -250.22M | -184.93M | -208.26M | -2K |
| Net Interest Income | 14.51M | 18.21M | 19.97M | 18.31M | 4.57M | 1.71M | 9.16M | 17.35M | 2.43M | 0 |
| Interest Income | 15.81M | 19.29M | 20.15M | 18.31M | 4.57M | 1.71M | 9.16M | 17.35M | 5.79M | 0 |
| Interest Expense | 1.3M | 1.07M | 181K | 0 | 0 | 0 | 0 | 0 | 3.36M | 0 |
| Other Income/Expense | 14.82M | 16.05M | 16.05M | 472K | -4.88M | -1.86M | 8.02M | 17.08M | -18.78M | 0 |
| Pretax Income | -165.49M | -190.89M | -257.15M | -327.26M | -340.41M | -182.05M | -250.22M | -184.93M | -211.62M | -24K |
| Pretax Margin % | -3566.68% | - | -1168850% | -344489.47% | -218214.1% | -159.57% | - | - | - | - |
| Income Tax | 0 | 0 | 443K | 0 | 0 | 0 | 0 | -331K | -117K | -24K |
| Effective Tax Rate % | 0% | 0% | -0.17% | 0% | 0% | 0% | 0% | 0.18% | 0.06% | 100% |
| Net Income | -165.49M | -190.89M | -257.59M | -327.26M | -340.41M | -182.05M | -250.22M | -184.59M | -211.5M | -2K |
| Net Margin % | -3566.68% | - | -1170863.64% | -344489.47% | -218214.1% | -159.57% | - | - | - | - |
| Net Income Growth % | 30.14% | 25.9% | 21.29% | 3.86% | -86.99% | 27.24% | -35.55% | 12.72% | -10575150% | - |
| Net Income (Continuing) | -165.49M | -190.89M | -257.59M | -327.26M | -340.41M | -182.05M | -250.22M | -184.59M | -211.5M | -2K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.50 | -0.87 | -1.32 | -2.09 | -2.38 | -1.34 | -2.08 | -1.83 | -2.36 | 0.00 |
| EPS Growth % | 39.64% | 34.09% | 36.84% | 12.18% | -77.61% | 35.58% | -13.66% | 22.46% | - | - |
| EPS (Basic) | - | -0.87 | -1.32 | -2.09 | -2.38 | -1.34 | -2.08 | -1.83 | -2.36 | 0.00 |
| Diluted Shares Outstanding | 328.93M | 220.62M | 194.81M | 156.93M | 143.15M | 135.82M | 120.37M | 101.06M | 89.69M | 44.01M |
| Basic Shares Outstanding | 328.93M | 220.62M | 194.81M | 156.93M | 143.15M | 135.82M | 120.37M | 101.06M | 89.69M | 44.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying ALLO stock.
For fiscal year 2025, Allogene Therapeutics, Inc. (ALLO) reported total revenue of $0.0M.
Allogene Therapeutics, Inc. (ALLO) reported a net loss of $190.9M for the fiscal year ending 2025.
Key Metrics
Top Statement Risk
Cash runway insufficient
Metrics are mathematically derived from official filings.
Revenue Collapse to Zero
Allogene's revenue has evaporated, with the latest quarter showing a -100% YoY decline, reflecting a complete absence of collaboration revenue. According to the income statement data, the company is now pre-commercial with no near-term revenue visibility.
The revenue line has been erratic, with a one-time $22K recognition in 2024Q1 and zero thereafter, indicating that collaboration milestones have dried up. This suggests that the partnership model is not generating consistent inflows, and the company's future revenue is entirely dependent on clinical and regulatory milestones. Investors should monitor whether new partnerships or milestone achievements can restart the revenue stream.
Negative Gross Margins Persist
Gross margins are deeply negative, with COGS exceeding revenue in every quarter, reaching -160.6% in 2024Q1. As reported in the financial statements, this reflects the high cost of manufacturing and the lack of product sales, a structural issue for a pre-commercial biotech.
The negative gross margin is driven by the fixed costs of the CellForge facility and the variable costs of clinical trial materials, which are not offset by any product revenue. This pattern is typical for clinical-stage companies, but the magnitude of the negative margin highlights the heavy investment required to support the allogeneic platform. The path to positive margins depends on achieving scale and successful commercialization, which remains speculative.
Operating Leverage Absent
Operating losses have narrowed from -$71.8M in 2024Q3 to -$46.9M in 2026Q2, a 35% reduction, but this is due to cost cuts, not revenue growth. Based on the income statement data, SG&A has been reduced, yet R&D remains the dominant expense.
The reduction in operating losses is primarily driven by lower R&D spending, which fell from $52.3M in 2024Q1 to $30.7M in 2026Q2, and a modest decline in SG&A. This indicates a strategic pivot to conserve cash, but it also suggests a narrowing of the pipeline. The lack of revenue means there is no operating leverage to speak of; the company's cost structure is purely a function of its development stage.
Losses Driven by R&D and SBC
Net losses have improved from -$65.0M in 2024Q1 to -$42.7M in 2026Q2, but stock-based compensation remains a significant non-cash charge, averaging $10M per quarter. As reported in the financial statements, SBC is a key component of the reported losses.
The quality of earnings is poor, as the company is pre-revenue and losses are expected. However, the inclusion of SBC inflates the reported net loss, and the actual cash burn is lower. The improvement in net loss is partly due to reduced SBC, which fell from $13.6M in 2024Q2 to $12.4M in 2026Q2, but the company still burns substantial cash. Investors should focus on cash burn rather than net income, as the latter is distorted by non-cash items.
R&D Dominates Cost Structure
R&D expenses are the largest cost line, averaging $40M per quarter over the past ten quarters, while SG&A has been trimmed to around $15M. According to the income statement data, R&D accounts for roughly 70% of total operating costs.
The cost structure is heavily weighted toward R&D, reflecting the company's focus on clinical development and manufacturing scale-up. The reduction in R&D spending from $52.3M in 2024Q1 to $30.7M in 2026Q2 suggests a deliberate effort to extend cash runway, but it may also indicate a narrowing of the pipeline. SG&A has been relatively stable, indicating disciplined overhead management, but the overall cost base remains high relative to the company's cash position.
2025Q1 Marks Strategic Pivot
The most significant inflection occurred in 2025Q1, when revenue dropped to zero and R&D spending was cut by 20% sequentially, signaling a strategic shift. Based on the income statement data, this quarter marked the transition to a fully pre-commercial profile.
In 2025Q1, revenue fell to zero from $22K in the prior year, and R&D expenses dropped from $50.2M to $45.0M, indicating a deliberate cost-cutting initiative. This inflection suggests management is prioritizing cash preservation over pipeline breadth, possibly in response to the challenging funding environment. The lasting impact is a leaner but potentially less ambitious development program, which may affect the company's ability to advance multiple candidates.
Cash Burn Threatens Viability
With only $51.7M in cash and a quarterly net loss of $42.7M, Allogene's runway appears to be less than two quarters. As reported in the financial statements, the company's cash position is critically low, raising the risk of dilutive financing.
The company's cash burn is unsustainable at current levels, and the lack of revenue means it must rely on external financing. The low debt/equity ratio of 0.28 provides some cushion, but the company may need to raise capital soon, which could dilute existing shareholders. The absence of guidance in the latest earnings event suggests management is uncertain about the future, and investors should monitor for potential liquidity events.