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The latest update is out from Allakos ( (ALLK) ).
On January 27, 2025, Allakos Inc. announced the discontinuation of its AK006-related activities, including clinical trials and manufacturing, resulting in a 75% workforce reduction. This decision is part of a restructuring plan to close out the development of AK006, a drug tested in a Phase 1 study for Chronic Spontaneous Urticaria, which showed limited efficacy. The company aims to retain approximately 15 employees to explore strategic alternatives and maintain regulatory compliance. As of the end of 2024, Allakos reported $81 million in cash and estimates restructuring costs between $34 million and $38 million, expecting to hold $35 million to $40 million by mid-2025.
More about Allakos
Allakos Inc. operates in the biotechnology industry, focusing on the development of therapeutic antibodies for allergic, inflammatory, and proliferative diseases. The company is involved in clinical studies and drug development, aiming to address unmet medical needs in these areas.
YTD Price Performance: -2.42%
Average Trading Volume: 622,740
Technical Sentiment Consensus Rating: Buy
Current Market Cap: $108.1M
Find detailed analytics on ALLK stock on TipRanks’ Stock Analysis page.
