Clinical Trial FailureAllakos's randomized, double-blind, placebo-controlled Phase 2 studies testing lirentelimab for atopic dermatitis and chronic spontaneous urticaria failed to meet their primary endpoints.
Drug Development SetbackFollowing recent disappointing Phase 2 results for lirentelimab in atopic dermatitis and chronic spontaneous urticaria, ALLK discontinued further development of lirentelimab and reduced its workforce.
Financial Performance4Q23 Operating Expenses of $65M were above consensus estimates, driven by higher-than-anticipated R&D costs.