Alector Inc. reported a net loss of $34.7 million, or $0.34 per share, for the quarter ended September 30, 2025, compared to a net loss of $42.2 million, or $0.43 per share, in the same period in 2024. General and administrative expenses for the quarter were $11.5 million, down from $15.8 million in the prior year period, primarily due to the absence of impairment charges and reduced personnel-related costs. As of September 30, 2025, cash, cash equivalents, and investments totaled $291.1 million, including $14.7 million raised through at-the-market equity offerings in September, and an additional $5.3 million raised in October. The company expects this cash position to fund operations through 2027. Guidance for 2025 includes collaboration revenue between $13.0 million and $18.0 million, research and development expenses between $130.0 million and $140.0 million, and general and administrative expenses between $55.0 million and $65.0 million. Key business developments include selection of lead candidates AL137 for Alzheimer's disease and AL050 for Parkinson's disease, advancement of various ABC-enabled programs, and plans for an interim analysis of the Phase 2 PROGRESS-AD trial in early 2026.