Alpine Immune Sciences reports Q1 EPS (28c), consensus (41c)

As of March 31, 2024, Alpine’s cash and investments totaled $362.4 million compared to $368.2 million as of December 31, 2023. The Company anticipates its current cash and investments are sufficient to fund planned operations into 2026. For the three months ended March 31, 2024, collaboration revenue was $7.0 million compared to $9.4 million for the same period in 2023. The decrease in collaboration revenue relates primarily to a $1.8 million decrease in Amgen revenue, due to work progressing simultaneously during the 2023 period on our second Research Program, which was completed in 2023, as well as on our first Research Program, which as of March 31, 2024, was also nearing completion. AbbVie revenue decreased by $0.2 million primarily due to lower contributed employee hours. All services related to our Adaptimmune collaboration were completed by June 2023.