Allogene Therapeutics To Restate Previously Filed Financial Statements 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 Operations

Author: Benzinga Newsdesk | February 16, 2024 09:33am

• No Impact on Cash, Cash Equivalents and Marketable Investments, Cash Runway or Business Operations
  
   
• Company 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.

Posted In: ALLO