SOUTH SAN FRANCISCO, Calif., Feb. 27, 2020 (GLOBE NEWSWIRE) -- Allogene Therapeutics, Inc. (Nasdaq: ALLO), a clinical-stage biotechnology company pioneering the development of allogeneic CAR T (AlloCAR T™) therapies for cancer, today provided a corporate update and reported fourth quarter and full-year 2019 financial results for the periods ended December 31, 2019.

"2019 was a very successful year for Allogene. We accomplished all of our corporate goals, which includes the establishment of world-class capabilities across multiple new functions and the initiation of our first clinical trials in patients with relapsed or refractory aggressive non-Hodgkin lymphoma and multiple myeloma," said David Chang, M.D., Ph.D., President, Chief Executive Officer and Co-Founder of Allogene. "Our momentum and focus towards making AlloCAR T therapies and their life-saving potential a reality for patients will continue at full speed in 2020. This year will be an important one as we look to demonstrate proof-of-concept data from two key programs and plan for potential pivotal studies."

Recent Highlights

ALLO-501 (anti-CD19 AlloCAR T)

ALLO-715 (anti-BCMA AlloCAR T)

Additional Pipeline Updates

Fourth Quarter Financial Results

2020 Financial Guidance

Conference Call and Webcast Details
Allogene will host a live conference call and webcast today at 5:30 a.m. Pacific Time / 8:30 a.m. Eastern Time to discuss financial results and provide a business update. To access the live conference call by telephone, please dial 1 (866) 940-5062 (U.S.) or 1 (409) 216-0618 (International). The conference ID number for the live call is 2981059. The webcast will be made available on the Company's website at www.allogene.com under the Investors tab in the News and Events section. Following the live audio webcast, a replay will be available on the Company's website for approximately 30 days.

About Allogene Therapeutics
Allogene 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™) therapies for cancer. Led by a world-class management team with significant experience in cell therapy, Allogene is developing a pipeline of “off-the-shelf” CAR T cell therapy 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 Twitter and LinkedIn.

Cautionary Note on Forward-Looking Statements 
This press release contains forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The press release may, in some cases, use terms such as "predicts," "believes," "potential," "proposed," "continue," "estimates," "anticipates," "expects," "plans," "intends," "may," "could," "might," "will," "should" or other words that convey uncertainty of future events or outcomes to identify these forward-looking statements. Forward-looking statements include statements regarding intentions, beliefs, projections, outlook, analyses or current expectations concerning, among other things: the timing and ability to progress the clinical trials of ALLO-501 and ALLO-715 and present any proof-of-concept data from the trials, the timing and ability to initiate and progress a clinical trial of ALLO-501A, our collaborator’s ability to obtain any necessary rights to ALLO-501A, the timing and ability to initiate a clinical trial of ALLO-715 in combination with SpringWorks’ nirogacestat, the timing and ability to file an IND and initiate clinical trials of ALLO-316 and ALLO-605, the ability to manufacture AlloCAR T™ therapies, including ALLO-501A, ALLO-316 and ALLO-605 for use in clinical trials, the potential benefits of AlloCAR T™ therapy and the 2020 financial guidance. Various factors may cause differences between Allogene’s expectations and actual results as discussed in greater detail in Allogene’s filings with the Securities and Exchange Commission (SEC), including without limitation in its Form 10-Q for the quarter ended September 30, 2019. Any forward-looking statements that are made in this press release speak only as of the date of this press release. Allogene 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.

ALLOGENE THERAPEUTICS, INC.
SELECTED FINANCIAL DATA
(unaudited; in thousands, except share and per share data)

STATEMENTS OF OPERATIONS

 Three Months Ended
December 31,		 Year Ended
December 31,
 2019 2018 2019 2018
Operating expenses:       
Research and development$49,363   $18,503   $144,535   $151,860  
General and administrative15,212   14,543   57,473   40,982  
Total operating expenses64,575   33,046   202,008   192,842  
Loss from operations(64,575)  (33,046)  (202,008)  (192,842) 
Other income (expense), net:       
Change in fair value of convertible note payable—   (1,796)  —   (19,415) 
Interest expense—   —   —   (3,358) 
Interest and other income, net3,658   4,216   17,351   1,573  
Other expenses(268)  —   (268)  —  
Loss before income taxes(61,185)  (30,626)  (184,925)  (211,622) 
Benefit from income taxes155   117   331   117  
Net loss(61,030)  (30,509)  (184,594)  (211,505) 
Net loss per share, basic and diluted$(0.58)  $(0.37)  $(1.83)  $(7.31) 
Weighted-average number of shares used in computing net loss per share, basic and diluted104,800,502   82,064,497   101,061,149   28,948,386  


SELECTED BALANCE SHEET DATA

 As of December 31,
2019		 As of December 31,
2018
Cash, cash equivalents and investments$588,855  $721,350 
Total assets717,802  773,855 
Total liabilities88,779  70,691 
Total stockholders’ equity629,023  703,164 


Allogene Media/Investor Contact:
Christine Cassiano
Chief Communications Officer
(714) 552-0326
Christine.Cassiano@allogene.com