Alector
ALEC on Nasdaq. Biological products, (no diagnostic substances). Market value $222m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-71.28 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
The filings do not give us enough to work this out.
Quality score: 34 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.99 a share, 83% above its 1-year low
Over the past year the price has ranged from $1.09 to $3.40.
Pays no dividend
Prices from Monday’s close (5 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $207m | $134m | $97m | $101m | $21m |
| Operating margin | |||||
| Operating margin | -18.0% | -103.2% | -156.3% | -144.2% | -741.3% |
| Debt to equity | |||||
| Debt to equity | n/a | n/a | 0.00 | 0.08 | 0.34 |
| Shares outstanding | |||||
| Shares outstanding | 0.08bn | 0.08bn | 0.10bn | 0.11bn | 0.11bn |
Health checks
- Free cash flow positive1 of 5 years
- Accounting checksSkipped: company is not yet profitable
- Debt0.34× equity
- Revenue growth, five yearsShrinking, 0.1% a year
- Buying back its own sharesNo, 35% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- Sales: $3 million last quarter, down 58% on a year ago.
- A loss of $23 million, compared with a loss of $31 million a year ago.
- It loses 912 cents on each $1 of sales, compared with 166 cents a year earlier.
- Over the past 12 months it spent $158 million more cash than it brought in, compared with $216 million a year earlier.
- 11% more shares than a year ago. Each share owns a bit less of the company.
- It has $50 million more cash than debt, up from $35 million a year ago.
- Sales did not grow on a year ago in any of the last 4 quarters.
| Quarter to | Amount |
|---|---|
| September 2024 | $15m |
| December 2024 | $54m |
| March 2025 | $4m |
| June 2025 | $8m |
| September 2025 | $3m |
| December 2025 | $6m |
| March 2026 | $1m |
| June 2026 | $3m |
| Quarter to | Amount |
|---|---|
| September 2024 | -$42m |
| December 2024 | -$2m |
| March 2025 | -$40m |
| June 2025 | -$31m |
| September 2025 | -$35m |
| December 2025 | -$37m |
| March 2026 | -$23m |
| June 2026 | -$23m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 25 February 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 141 funds in all.
Largest holders overall
- TCG Crossover Management$20m
- Nantahala Capital Management$17mAdded
- BlackRock$16m
- Acadian Asset Management$9mAdded
- Vanguard Capital Management$8mAdded
- Kynam Capital Management, LP$8mAdded
- Merck$7m
- Balyasny Asset Management L.P.$7mAdded
- 683 Capital Management$6m
- D. E. Shaw$6mCut
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
6 investors own more than 5%.
- Chen YuPassive investorat least 9.2%(filed with 4 related holders)Since 22 October 2025
- BVF PARTNERS L P/ILPassive investorat least 8.4%(filed with 9 related holders)Since 11 September 2026
- Arnon RosenthalPassive investor7.4%Since 31 December 2025
- BlackRock, Inc.Passive investor5.2%+0.5 ptsSince 31 March 2026
- Terrance G. McGuirePassive investorat least 4.7%−1.8 pts(filed with 10 related holders)Since 31 March 2026
- FMR LLCPassive investorat least 3.6%(filed with 1 related holder)Since 31 October 2025
- The Vanguard GroupPassive investorSold down below 5%Since 13 March 2026
- RTW Investments, LPPassive investorSold down below 5%Since 31 December 2025
- RA Capital Management, L.P.Passive investorSold down below 5%Since 30 June 2025
| Holder | Stake | Since | |
|---|---|---|---|
Chen Yu Passive investor | at least 9.2% (filed with 4 related holders) | 22 October 2025 | |
BVF PARTNERS L P/IL Passive investor | at least 8.4% (filed with 9 related holders) | 11 September 2026 | |
Arnon Rosenthal Passive investor | 7.4% | 31 December 2025 | |
BlackRock, Inc. Passive investor | 5.2%+0.5 pts | 31 March 2026 | |
Terrance G. McGuire Passive investor | at least 4.7%−1.8 pts (filed with 10 related holders) | 31 March 2026 | |
FMR LLC Passive investor | at least 3.6% (filed with 1 related holder) | 31 October 2025 | |
The Vanguard Group Passive investor | Sold down below 5% | 13 March 2026 | |
RTW Investments, LP Passive investor | Sold down below 5% | 31 December 2025 | |
RA Capital Management, L.P. Passive investor | Sold down below 5% | 30 June 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
No insider bought shares on the open market in the last 12 months. 4 sold $1m, $24,674 of it under preset trading plans.
- Wong-Sarad GracePrincipal Accounting OfficerSold
- Date
- 4 September 2026
- Shares
- 3,625
- Price
- $2.51
- Value
- $9,094
- Wong-Sarad GracePrincipal Accounting OfficerSold
- Date
- 3 September 2026
- Shares
- 5,165
- Price
- $2.67
- Value
- $13,767
- Rosenthal ArnonChief Executive Officer, DirectorSold
- Date
- 3 September 2026
- Shares
- 72,606
- Price
- $2.66
- Value
- $193,473
- Berkley Neil LindsayCFO & Chief Business OfficerSold
- Date
- 3 September 2026
- Shares
- 29,251
- Price
- $2.66
- Value
- $77,948
- Wong-Sarad GracePrincipal Accounting OfficerSold
- Date
- 2 September 2026
- Shares
- 656
- Price
- $2.75
- Value
- $1,804
- Wong-Sarad GracePrincipal Accounting OfficerSold
- Date
- 3 June 2026
- Shares
- 3,475
- Price
- $1.88
- Value
- $6,533
- Rosenthal ArnonChief Executive Officer, DirectorSold
- Date
- 2 June 2026
- Shares
- 87,216
- Price
- $1.97
- Value
- $171,816
- Wong-Sarad GracePrincipal Accounting OfficerSold
- Date
- 2 June 2026
- Shares
- 5,709
- Price
- $1.97
- Value
- $11,247
- Berkley Neil LindsayCFO & Chief Business OfficerSold
- Date
- 2 June 2026
- Shares
- 19,360
- Price
- $1.97
- Value
- $38,139
- Wong-Sarad GracePrincipal Accounting OfficerSoldunder a preset trading plan
- Date
- 16 April 2026
- Shares
- 1,820
- Price
- $2.65
- Value
- $4,823
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 4 September 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold | 3,625 | $2.51 | $9,094 |
| 3 September 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold | 5,165 | $2.67 | $13,767 |
| 3 September 2026 | Rosenthal Arnon Chief Executive Officer, Director | Sold | 72,606 | $2.66 | $193,473 |
| 3 September 2026 | Berkley Neil Lindsay CFO & Chief Business Officer | Sold | 29,251 | $2.66 | $77,948 |
| 2 September 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold | 656 | $2.75 | $1,804 |
| 3 June 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold | 3,475 | $1.88 | $6,533 |
| 2 June 2026 | Rosenthal Arnon Chief Executive Officer, Director | Sold | 87,216 | $1.97 | $171,816 |
| 2 June 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold | 5,709 | $1.97 | $11,247 |
| 2 June 2026 | Berkley Neil Lindsay CFO & Chief Business Officer | Sold | 19,360 | $1.97 | $38,139 |
| 16 April 2026 | Wong-Sarad Grace Principal Accounting Officer | Sold under a preset trading plan | 1,820 | $2.65 | $4,823 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 25 Feb 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
- Sales have shrunk: 0.1% a year.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
The company just told the SEC about a big change. The deep dive shows what it means for the price you pay.
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.