Allogene Therapeutics to Restate Previously Filed Financial Statements Recognizing Non-Cash Accounting Adjustments Related to the December 2020 Formation of the Allogene Overland Biopharm Joint Venture in Asia
February 16 2024 - 8:30AM
Allogene Therapeutics, Inc. (Nasdaq: ALLO), a clinical-stage
biotechnology company pioneering the development of allogeneic CAR
T (AlloCAR T™) products for cancer and autoimmune disease, today
announced it will restate previously issued financial statements
for the years ended December 31, 2020, 2021 and 2022 and interim
quarters during 2022 and 2023 due to non-cash accounting
adjustments associated with the December 2020 formation of the
Allogene Overland Biopharm joint venture in Asia.
These amended financial statements will have no impact on the
Company’s cash, cash equivalents and marketable investments, cash
runway or business operations. The Company is also reiterating its
previous guidance that it has sufficient financial resources to
fund its operations into 2026.
The Company, as a non-accelerated filer, remains on track for
the timing of its next quarterly update and intends to file the
amended financial statements as soon as feasible, targeting on or
before March 14, 2024 for such filing and to report fourth quarter
and full year 2023 results. Additional information relating to
these amended statements is available in the Company's Form 8-K
filed today.
About Allogene TherapeuticsAllogene
Therapeutics, with headquarters in South San Francisco, is a
clinical-stage biotechnology company pioneering the
development of allogeneic chimeric antigen receptor T cell
(AlloCAR T™) products for cancer and autoimmune disease. Led by a
management team with significant experience in cell therapy,
Allogene is developing a pipeline of “off-the-shelf” CAR T cell
product candidates with the goal of delivering readily
available cell therapy on-demand, more reliably, and
at greater scale to more patients. For more information,
please visit www.allogene.com, and follow @AllogeneTx on X
(formerly Twitter) and LinkedIn.
Cautionary Note on Forward-Looking Statements for
AllogeneThis press release contains forward-looking
statements for purposes of the safe harbor provisions of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements include statements regarding intentions, beliefs,
projections, outlook, analyses or current expectations concerning,
among other things, the Company’s restatement of its financial
statements for the impacted periods, including the expected impact
of such restatement on the Company’s financial statements; the
Company’s plans to file amended financial statements and to report
fourth quarter and year-end 2023 financial results on or before
March 14, 2024; and the Company’s ability to develop and deliver
readily available allogeneic CAR T products for cancer treatment
on-demand, more reliably, and at greater scale to more patients.
Various factors may cause material differences between the
Company’s expectations and actual results, including risks and
uncertainties related to the completion of the Company’s
restatement analysis and financial close and reporting process, as
well as the financial statement audits and reviews for the impacted
periods; the Company’s product candidates are based on novel
technologies, which makes it difficult to predict the time and cost
of product candidate development, the safety or efficacy of a
product candidate, and whether a product candidate will receive
regulatory approval, which could prevent or delay
commercialization. These and other risks are discussed in greater
detail in the Company’s filings with the Securities and Exchange
Commission (“SEC”), including without limitation under the “Risk
Factor” Heading in its Form 10-Q filed for the quarter ended
September 30, 2023, filed with the SEC on November 2, 2023. Any
forward-looking statements that are made in this press release
speak only as of the date of this press release. The Company
assumes no obligation to update the forward-looking statements
whether as a result of new information, future events or otherwise,
after the date of this press release.
AlloCAR T™ is a trademark of Allogene Therapeutics, Inc.
Allogene Media/Investor Contact:Christine
CassianoEVP, Chief Corporate Affairs & Brand Strategy
OfficerChristine.Cassiano@allogene.com
Allogene Therapeutics (NASDAQ:ALLO)
Historical Stock Chart
From Jul 2024 to Aug 2024
Allogene Therapeutics (NASDAQ:ALLO)
Historical Stock Chart
From Aug 2023 to Aug 2024