Allogene Therapeutics, Inc. (NASDAQ:ALLO) is one of the top penny stocks to buy in investors’ stock portfolio. On May 13, Allogene Therapeutics, Inc. (NASDAQ:ALLO) reiterated positive interim results in the ALPHA3 trial of cemacabtagene ansegedleucel (cema-cel), its investigational, allogeneic CAR T-cell therapy targeting CD19.
In ongoing trials, Cema-cel was well tolerated, with no treatment-related serious adverse events. In addition, there were no cases of cytokine release syndrome, let alone immune effector cell-associated neurotoxicity syndrome. Additionally, the company is working on ALLO-329, a purpose-built Allogeneic CAR-T for autoimmune disease. The therapy incorporates the company’s proprietary Dagger technology.
Amid pipeline development, Allogene Therapeutics spent $32 million in research and development expenses in the first quarter, including $2.7 million of non-cash stock-based compensation expenses. The company exited the quarter with a net loss of $42.6 million, or $0.18 per share. It also had $266.9 million in cash and cash equivalents, which acts as a sufficient cash runway into the first quarter of 2029.
Allogene Therapeutics, Inc. is a clinical-stage biotechnology company pioneering “off-the-shelf” CAR T cell therapies (AlloCAR T) for the treatment of blood cancers, solid tumors, and autoimmune diseases.
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