Executive Summary

Q3 2024 narrowed losses as operating expenses fell materially following the January restructuring; net loss was $18.4M and diluted EPS was -$0.21, with cash, cash equivalents and investments at $92.7M .
R&D progress: SC AK006 showed ~77% bioavailability, 12–22 day half-life, and 98% Siglec-6 receptor occupancy at day 113; CSU Phase 1 patient enrollment completed with topline data expected in early Q1 2025 .
Guidance maintained: year-end 2024 cash guided to $81–$86M and runway into mid-2026; ~$18M was paid in Q3 to exit the lirentelimab program, consistent with prior restructuring plan .
Earnings-call transcript was not located; however, external sources report the quarter’s EPS beat consensus estimates (S&P Global data unavailable through our tool) .

What Went Well and What Went Wrong

SC AK006 PK/PD strength: “Bioavailability of subcutaneous AK006 was approximately 77%” and “estimated half-life of 12–22 days,” with 98% receptor occupancy at day 113 implying infrequent dosing potential .
Operational execution: completed enrollment of >30 CSU patients in the randomized, double-blind, placebo-controlled IV AK006 Phase 1 cohort; data expected early Q1 2025 .
Cost discipline: R&D fell to $10.9M from $36.7M YoY; G&A decreased to $8.9M from $11.5M YoY, driven by lower compensation and contract R&D as lirentelimab was exited .

Cash burn remained elevated: cash decreased $30.4M in Q3, with ~$18M tied to lirentelimab closeout payments during the quarter .
Continued losses: net loss was $18.4M, reflecting no revenue and ongoing development spending; interest income fell with lower investment balances .
Asset impairment earlier in the year: Q1 recognized a non‑cash $27.3M impairment related to leasehold and right‑of‑use assets post program halt, highlighting balance-sheet pressure from restructuring .

Metric ($USD Thousands)	Q1 2024	Q2 2024	Q3 2024
Research & Development	$34,824	$19,422	$10,874
General & Administrative	$10,898	$9,211	$8,876
Impairment of Long‑Lived Assets	$27,347	—	—
Total Operating Expenses	$73,069	$28,633	$19,750
Interest Income	$1,995	$1,959	$1,392
Net Loss	$(71,146)	$(26,676)	$(18,372)
Diluted EPS	$(0.81)	$(0.30)	$(0.21)
Weighted Avg Shares	88,042	88,644	89,024

Q3 YoY Comparison ($USD Thousands)	Q3 2023	Q3 2024
Research & Development	$36,749	$10,874
General & Administrative	$11,461	$8,876
Interest Income	$2,590	$1,392
Net Loss	$(45,626)	$(18,372)
Diluted EPS	$(0.52)	$(0.21)

KPIs	Q1 2024	Q2 2024	Q3 2024
Cash, Cash Equivalents & Investments	$139.3M	$123.1M	$92.7M
Net Decrease in Cash & Investments (Quarter)	$(31.5)M	$(16.2)M	$(30.4)M
Cash & Equivalents (Balance Sheet)	$43,060	$26,496	$10,449

Notes: Company operates in a single reportable segment . No revenue generation expected over the near term .

Metric	Period	Previous Guidance	Current Guidance	Change
Year‑end Cash, Cash Equivalents & Investments	FY 2024	$81–$86M (reiterated in Q1/Q2)	$81–$86M (reiterated in Q3)	Maintained
Cash Runway	Multi‑year	Into mid‑2026 (reiterated Q1/Q2)	Into mid‑2026 (reiterated Q3)	Maintained
Lirentelimab Exit Payments	FY 2024	~$30M total; ~$12M paid in Q1; majority of remaining ~$18M expected in Q2–Q3	~$18M paid in Q3 for exit activities	Executed as planned

No revenue/margin/OpEx quarterly guidance was issued beyond restructuring cost commentary and cash runway reaffirmation .

Earnings-call transcript for Q3 2024 was not available via our tools; themes below derive from press releases and the Q3 10‑Q.

Topic	Previous Mentions (Q1 & Q2)	Current Period (Q3)	Trend
AK006 IV PK/PD (healthy volunteers)	Reported high receptor occupancy and favorable safety (Q1)	Reaffirmed PK/PD fundamentals; extended to SC formulation	Stable/increasing confidence
AK006 SC formulation	Planned readout in Q3 (Q1/Q2)	Reported ~77% bioavailability; 12–22 day half‑life; strong receptor occupancy	Positive milestone achieved
CSU Phase 1 (IV)	Initiated; topline by year‑end 2024 (Q1/Q2)	Enrollment >30 patients completed; topline in early Q1 2025	Slight timing shift; execution progressing
Restructuring & Program Exit	Halted lirentelimab; impairment recognized; payments planned (Q1)	~$18M exit payments made in Q3; exit substantially complete	Plan executed
Cash Runway	Into mid‑2026 (Q1/Q2)	Runway reaffirmed; YE cash guide maintained	Maintained
Nasdaq Listing Risk	Not mentioned in Q1/Q2	Compliance regained in Nov. 2024 after minimum bid deficiency notice	Risk addressed

Strategic focus on AK006: “Report randomized double-blind, placebo-controlled data on over 30 patients from the Phase 1 trial of AK006 in patients with CSU in early Q1 of 2025.”
SC formulation potential: “Bioavailability of subcutaneous AK006 was approximately 77%… estimated half-life of 12–22 days… The 720 mg dose of AK006 showed 98% receptor occupancy at day 113 suggesting the potential for infrequent dosing.”
Capital discipline: “The Company reiterates that it expects the restructuring activities will extend the cash runway into mid-2026 and to end 2024 with total cash… in its previously stated $81 to $86 million guidance range.”

The Q3 2024 earnings call transcript was not available via our document tools; no Q&A highlights could be verified from primary sources. We relied on the 8‑K press release and 10‑Q for narrative and data -.

S&P Global consensus data was unavailable through our tool for ALLK (CIQ mapping missing).
External sources indicate Q3 EPS beat: Public.com shows estimated EPS of -$0.25 vs actual -$0.21 (beat), and MarketBeat shows consensus -$0.22 vs actual -$0.21 (beat) .
Given S&P Global data unavailability, we do not anchor tables to non‑S&P estimates; however, directional takeaway is that the quarter’s EPS was better than external consensus sources .

AK006 execution de‑risks the program near‑term: SC formulation PK/PD and receptor occupancy support potential infrequent dosing; CSU topline data early Q1 2025 is the next catalyst .
Cash runway and YE cash guidance reaffirmed despite elevated Q3 cash outflows tied to program exit, lowering financing risk into mid‑2026 if timelines hold .
Operating expense reductions are flowing through the P&L; YoY net loss improved as R&D and G&A normalized post‑restructuring .
Balance sheet pressures earlier in the year (Q1 impairment) now largely behind; continued monitoring of cash burn versus milestones remains critical .
Listing-compliance risk improved after regaining minimum bid compliance in November 2024; equity optionality remains, but market conditions will influence capital access .
Trading implications: near-term stock moves likely hinge on CSU Phase 1 data quality and any clarity on Phase 2 design/timing for SC AK006; reaffirmed cash guide reduces downside from financing overhang -.
Medium-term thesis: if CSU data validates dual IgE/IgE‑independent mast cell inhibition, AK006 could broaden beyond antihistamine‑refractory populations, supporting pipeline value creation -.