Detailed financial statements for Allogene Therapeutics, Inc. (ALLO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Allogene Therapeutics, Inc. operates as a clinical-stage immuno-oncology firm dedicated to the creation and commercialization of genetically engineered allogeneic T-cell therapies for the treatment of various cancers. A pivotal product in their development pipeline is UCART19, an allogeneic chimeric antigen receptor (CAR) T-cell therapy.
Analysis Summary
Trailing-twelve-month margins: gross margin -7.0%, operating margin -38.9%, net margin -35.7%.
At the current price of $1.69, ALLO has negative trailing earnings (P/E not meaningful) and an ROE of -50.04%. Market capitalisation stands at $583M.
Balance sheet quality for ALLO: current ratio of 7.9, net cash position of $167.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | 0 | 0 | 0 | 0 | $114.1M | $156000 | $95000 | $22000 | 0 |
| Cost of Revenue | 0 | 0 | $5.0M | $11.5M | 0 | $14.3M | 0 | 0 | $12.4M |
| Gross Profit | 0 | -$1.5M | -$5.0M | -$11.5M | $114.1M | -$14.1M | $95000 | $22000 | -$12.4M |
| Research & Development | 0 | $151.9M | $144.5M | $193.0M | $220.2M | $256.4M | $242.9M | $192.3M | $150.2M |
| Selling, General & Admin | $2000 | $41.0M | $57.5M | $65.3M | $74.1M | $79.3M | $71.7M | $65.2M | $56.8M |
| Operating Expenses | $2000 | $192.8M | $202.0M | $246.7M | $294.3M | $321.4M | $327.8M | $273.2M | $194.6M |
| Operating Income | -$2000 | -$192.8M | -$202.0M | -$258.2M | -$180.2M | -$335.5M | -$327.7M | -$273.2M | -$206.9M |
| EBITDA | $22000 | -$206.8M | -$179.9M | -$238.7M | -$171.6M | -$326.1M | -$313.1M | -$243.3M | -$177.5M |
| Interest Expense | 0 | $3.4M | 0 | 0 | 0 | 0 | 0 | $181000 | $1.1M |
| Pre-tax Income | -$24000 | -$211.6M | -$184.9M | -$250.2M | -$182.1M | -$340.4M | -$327.3M | -$257.1M | -$190.9M |
| Income Tax | -$24000 | -$117000 | -$331000 | 0 | 0 | 0 | 0 | $443000 | 0 |
| Net Income | -$2000 | -$211.5M | -$184.6M | -$250.2M | -$182.1M | -$340.4M | -$327.3M | -$257.6M | -$190.9M |
| EPS | $-0.00 | $-2.36 | $-1.83 | $-2.08 | $-1.34 | $-2.38 | $-2.09 | $-1.32 | $-0.87 |
| EPS (Diluted) | $-0.00 | $-2.36 | $-1.83 | $-2.08 | $-1.34 | $-2.38 | $-2.09 | $-1.32 | $-0.87 |
| Shares Outstanding (Diluted) | $44.0M | $89.7M | $101.1M | $120.4M | $135.8M | $143.1M | $156.9M | $194.8M | $220.6M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 | 0 | $4.6M |
| Gross Profit | -$31.2M | -$3.1M | -$2.9M | $4.6M |
| Operating Income | -$44.9M | -$42.4M | -$46.1M | -$46.9M |
| EBITDA | -$38.0M | -$35.4M | -$39.4M | -$39.7M |
| Net Income | -$41.4M | -$38.8M | -$42.6M | -$42.7M |
| EPS | $-0.19 | $-0.17 | $-0.18 | $-0.13 |
| EPS (Diluted) | $-0.19 | $-0.17 | $-0.18 | $-0.13 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | 0 | $721.4M | $175.1M | $183.4M | $173.3M | $61.9M | $83.2M | $75.2M | $51.7M |
| Short-term Investments | 0 | 0 | $355.4M | $644.6M | $284.0M | $455.4M | $365.5M | $217.3M | $198.5M |
| Receivables | 0 | $3.1M | $2.4M | 0 | 0 | 0 | $1.7M | $1.9M | $1.5M |
| Inventory | 0 | -$262.0M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | 0 | $468.0M | $544.6M | $845.1M | $471.3M | $528.8M | $459.1M | $303.4M | $257.7M |
| Property, Plant & Equipment | 0 | $41.6M | $100.9M | $160.1M | $181.0M | $196.4M | $163.2M | $131.3M | $112.7M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | $754000 | $151000 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 0 | $773.9M | $717.8M | $1.23B | $1.05B | $821.6M | $642.8M | $548.7M | $415.9M |
| Accounts Payable | 0 | $12.3M | $9.2M | $10.4M | $10.3M | $13.9M | $5.9M | $5.4M | $4.3M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $2000 | $29.5M | $33.1M | $94.3M | $47.9M | $53.7M | $37.1M | $35.5M | $32.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $2000 | $70.7M | $88.8M | $148.2M | $125.6M | $154.7M | $130.6M | $126.5M | $123.4M |
| Retained Earnings | -$23000 | -$211.5M | -$396.1M | -$646.3M | -$894.6M | -$1.23B | -$1.56B | -$1.82B | -$2.01B |
| Total Equity | -$2000 | $703.2M | $629.0M | $1.08B | $925.2M | $666.9M | $512.2M | $422.2M | $292.5M |
| Total Debt | 0 | $34.5M | $53.0M | $53.8M | $73.1M | $101.1M | $95.1M | $90.8M | $83.3M |
| Net Debt | 0 | -$686.9M | -$477.5M | -$774.1M | -$384.2M | -$416.2M | -$353.6M | -$201.7M | -$167.0M |
| Working Capital | -$2000 | $438.5M | $511.5M | $750.8M | $423.4M | $475.1M | $422.0M | $267.9M | $225.2M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $37.8M | $51.7M | $30.3M | $38.6M |
| Total Assets | $439.8M | $415.9M | $396.0M | $550.1M |
| Total Liabilities | $124.4M | $123.4M | $117.1M | $113.9M |
| Total Equity | $315.3M | $292.5M | $278.9M | $436.2M |
| Total Debt | $85.1M | $83.3M | $81.1M | $70.4M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$24000 | -$211.5M | -$184.6M | -$250.2M | -$257.0M | -$332.6M | -$327.3M | -$257.6M | -$190.9M |
| Depreciation & Amortization | 0 | $1.5M | $5.0M | $7.6M | $10.5M | $14.3M | $14.2M | $13.6M | $12.4M |
| Stock-based Compensation | 0 | $18.6M | $46.1M | $65.3M | $80.8M | $83.6M | $66.0M | $51.7M | $37.6M |
| Change in Working Capital | $24000 | $12.1M | -$6.9M | $53.9M | -$32.1M | $3.7M | -$15.3M | -$24.8M | -$10.9M |
| Operating Cash Flow | 0 | -$44.7M | -$137.3M | -$115.1M | -$184.8M | -$220.5M | -$237.7M | -$200.3M | -$149.2M |
| Capital Expenditure | 0 | -$3.2M | -$50.8M | -$66.0M | -$21.4M | -$5.2M | -$1.5M | -$694000 | -$386000 |
| Acquisitions | 0 | 0 | -$5.1M | $439.2M | -$17.7M | -$111.3M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | 0 | -$47.9M | -$188.1M | -$181.1M | -$206.3M | -$225.7M | -$239.2M | -$201.0M | -$149.6M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$29.7M | -$27.6M | -$12.9M | -$32.0M |
| Capital Expenditure | -$243000 | 0 | -$9000 | -$150000 |
| Free Cash Flow | -$29.9M | -$27.6M | -$12.9M | -$32.1M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $8.7M | $8.1M | $8.3M | $12.4M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | | | | | -99.9% | -39.1% | -76.8% | -100.0% |
| Net Income Growth (YoY) | | -10575150.0% | +12.7% | -35.6% | +27.2% | -87.0% | +3.9% | +21.3% | +25.9% |
| EPS Growth (YoY) | | -5193230.5% | +22.5% | -13.7% | +35.6% | -77.6% | +12.2% | +36.8% | +34.1% |
| Shares Change (YoY) | | +103.8% | +12.7% | +19.1% | +12.8% | +5.4% | +9.6% | +24.1% | +13.2% |
| FCF Growth (YoY) | | | -292.9% | +3.8% | -13.9% | -9.4% | -6.0% | +16.0% | +25.6% |
| Gross Margin | | | | | 100.0% | -9063.5% | 100.0% | 100.0% | |
| Operating Margin | | | | | -157.9% | -215087.2% | -344986.3% | -1241813.6% | |
| EBITDA Margin | | | | | -150.4% | -209050.6% | -329543.2% | -1106031.8% | |
| Net Margin | | | | | -159.6% | -218214.1% | -344489.5% | -1170863.6% | |
| FCF Margin | | | | | -180.8% | -144685.9% | -251841.1% | -913609.1% | |
| Effective Tax Rate | 100.0% | 0.1% | 0.2% | -0.0% | -0.0% | -0.0% | -0.0% | -0.2% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $0.00 | $-0.53 | $-1.86 | $-1.50 | $-1.52 | $-1.58 | $-1.52 | $-1.03 | $-0.68 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $44.0M | $89.7M | $101.1M | $120.4M | $135.8M | $143.1M | $156.9M | $194.8M | $220.6M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -50.04% |
| Return on Invested Capital | -34.79% |
| Return on Assets | -30.08% |
| Gross Margin | -699.35% |
| Operating Margin | -3886.14% |
| Net Margin | -3566.68% |
Financial Health
| Debt / Equity | 0.16 |
| Current Ratio | 10.72 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -550140.95 | -11.41 | -14.20 | -12.13 | -11.13 | -2.64 | -1.54 | -1.61 | -1.57 |
| P/B | -550140.92 | 3.43 | 4.17 | 2.81 | 2.19 | 1.35 | 0.98 | 0.98 | 1.03 |
| P/S | 0.00 | 0.00 | 0.00 | 0.00 | 17.76 | 5771.76 | 5302.65 | 18861.34 | 0.00 |
| Gross Margin | 0.0% | 0.0% | 0.0% | 0.0% | 100.0% | -9063.5% | 100.0% | 100.0% | 0.0% |
| Operating Margin | 0.0% | 0.0% | 0.0% | 0.0% | -157.9% | -215087.2% | -344986.3% | -1241813.6% | 0.0% |
| Net Margin | 0.0% | 0.0% | 0.0% | 0.0% | -159.6% | -218214.1% | -344489.5% | -1170863.6% | 0.0% |