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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
No Impact on Cash, Cash Equivalents and Marketable Investments, Cash Runway or Business OperationsCompany Targeting On or Before March 14, 2024 to File
About this update from Allogene Therapeutics, Inc.
[{"type":"text","content":"No Impact on Cash, Cash Equivalents and Marketable Investments, Cash Runway or Business OperationsCompany Targeting On or Before March 14, 2024 to File Amended Financial Statements and Report Fourth Quarter and Full Year 2023 Financial Results SOUTH SAN FRANCISCO, Calif., Feb. 16, 2024 (GLOBE NEWSWIRE) -- 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-look...