Alector prices a 36,600,000-share offering at $2.05, a 7.3% premium to its Oct. 15 close

Alector, Inc. priced an underwritten offering of 36,600,000 shares of common stock at $2.05 a share on October 16, 2026, a price the company says represents a premium of approximately 7.3% over the closing price on October 15, 2026. Gross proceeds are expected to be $75,030,000.00 before underwriting discounts and commissions and other estimated offering expenses; the deal is expected to close on or about October 19, 2026.

Alector's October 16, 2026 filing is not a quarterly earnings report. Its Form 8-K carries Item 1.01, Item 8.01 and Item 9.01, and the exhibits are an underwriting agreement, a validity opinion and a pricing press release. Nothing in the filing reports revenue, expenses or a net loss for the three months ended September 30, 2026, and the company has filed no quarterly figures for that period. What the document does is set the terms of a stock sale.

Underwriting terms were fixed the day before pricing

Morgan Stanley & Co. LLC and BTIG, LLC entered the underwriting agreement with Alector on October 15, 2026, one day before the release announced the price. Schedule I assigns 18,300,000 shares to each of the two firms, all 36,600,000 shares in the deal, and the purchase price the underwriters pay the company is $1.927 a share against the $2.05 the public pays — a spread of about $0.12 a share that funds the underwriting discount before any other offering expenses. Payment is due “at 10:00 a.m., New York City time, on October 19, 2026”, and the agreement's closing conditions require lock-up letters with certain officers and directors, in a form that runs through the 30th day after the final prospectus. The company describes the closing as subject to customary conditions and attaches a forward-looking statement warning that actual results may differ from those projected.

What the pricing release leaves open

The release names the investors it says are taking part but gives no allocations: “The financing includes participation from new and existing investors, including TCGX, BVF Partners, ADAR1 Capital Management, and Deep Track Capital, among others.” Proceeds are described in general terms — “Alector anticipates using the net proceeds from the offering for general corporate purposes” — with a list covering research, development and manufacturing of product candidates, working capital, capital expenditures, corporate expenses and possible acquisitions or strategic transactions. Because these documents carry no share count for the period before the offering, the dilution from 36,600,000 new shares cannot be measured from them.

The buyer pays a premium for the new stock

The shares were priced 7.3% above the October 15, 2026 close, so investors buying in the offering paid more per share than the market's last trade rather than a discount to it. Alector is a South San Francisco biotechnology company that develops therapies for neurodegenerative diseases, including programs aimed at Alzheimer's and Parkinson's disease and a blood-brain-barrier platform, and the new money is earmarked for that work in general rather than for a single milestone. The next dated events are the closing, expected on or about October 19, 2026, and the prospectus supplement the release says will be filed with the SEC; the company's own third-quarter results remain the open item, and this filing does not contain them.