Allakos decimated as Phase I Trial of AK006 fails

28 January 2025

California, USA-based biotech Allakos (Nasdaq: ALLK) saw its shares plummet 78.8% to $0.26 yesterday, after it announced disappointing top-line results from its Phase I clinical trial of AK006 in chronic spontaneous urticaria (CSU).

“While AK006 was well tolerated, we are disappointed that the pre-clinical inhibitory effects observed did not translate to clinical benefit in patients with CSU. As a result, the company has decided to discontinue further clinical development of AK006,” said Dr Chin Lee, chief medical officer of Allakos.

Allakos turned its focus on AK006 one year ago after its previous lead candidate lirentelimab reported two Phase II flops to extend its long losing streak.

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