Allogene Therapeutics Issues Non-Reliance on Past Financials
Ticker: ALLO · Form: 8-K · Filed: Feb 16, 2024 · CIK: 1737287
| Field | Detail |
|---|---|
| Company | Allogene Therapeutics, Inc. (ALLO) |
| Form Type | 8-K |
| Filed Date | Feb 16, 2024 |
| Risk Level | high |
| Pages | 6 |
| Reading Time | 7 min |
| Key Dollar Amounts | $0.001, $117.0 million, $40 million |
| Sentiment | bearish |
Sentiment: bearish
Topics: non-reliance, financial-restatement, accounting-error
TL;DR
**Allogene Therapeutics just announced investors can't trust their old financial statements, signaling big accounting issues!**
AI Summary
Allogene Therapeutics, Inc. filed an 8-K on February 16, 2024, reporting that its previously issued financial statements for the fiscal years ended December 31, 2022, and 2021, and interim periods within 2023 and 2022, should no longer be relied upon. This non-reliance also extends to related audit reports and interim reviews. The company, based in South San Francisco, CA, with a business phone of (650) 457-2700, made this disclosure due to an event reported on February 14, 2024.
Why It Matters
This indicates potential material errors in Allogene Therapeutics' historical financial reporting, which could impact investor confidence and the company's stock valuation.
Risk Assessment
Risk Level: high — A non-reliance on previously issued financial statements indicates significant accounting errors that could lead to restatements, regulatory scrutiny, and a loss of investor confidence.
Key Players & Entities
- Allogene Therapeutics, Inc. (company) — Registrant filing the 8-K
- February 14, 2024 (date) — Date of earliest event reported
- February 16, 2024 (date) — Filing date of the 8-K
- December 31, 2022 (date) — End of fiscal year for non-relied upon financial statements
- December 31, 2021 (date) — End of fiscal year for non-relied upon financial statements
- South San Francisco, California (location) — Company headquarters
- (650) 457-2700 (phone_number) — Company business phone
FAQ
What is the primary reason Allogene Therapeutics, Inc. filed this 8-K?
Allogene Therapeutics, Inc. filed this 8-K to report its non-reliance on previously issued financial statements or a related audit report or completed interim review, as per Item 4.02 of Form 8-K.
Which specific financial periods are affected by Allogene Therapeutics' non-reliance statement?
The non-reliance statement affects the financial statements for the fiscal years ended December 31, 2022, and 2021, and the interim periods within 2023 and 2022.
When was the earliest event reported that led to this 8-K filing?
The earliest event reported that led to this 8-K filing was on February 14, 2024.
What is Allogene Therapeutics, Inc.'s business address?
Allogene Therapeutics, Inc.'s business address is 210 East Grand Avenue, South San Francisco, California 94080.
What is the company's Central Index Key (CIK) according to the filing?
The company's Central Index Key (CIK) is 0001737287.
Filing Stats: 1,690 words · 7 min read · ~6 pages · Grade level 15.9 · Accepted 2024-02-16 08:30:30
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value per share ALLO The Nasdaq
- $117.0 million — tstanding stock for which Overland paid $117.0 million to Allogene Overland, which included an
- $40 million — ene Overland. The Company also received $40 million from Allogene Overland as partial consi
Filing Documents
- d754358d8k.htm (8-K) — 31KB
- 0001193125-24-038107.txt ( ) — 149KB
- allo-20240214.xsd (EX-101.SCH) — 3KB
- allo-20240214_lab.xml (EX-101.LAB) — 17KB
- allo-20240214_pre.xml (EX-101.PRE) — 11KB
- d754358d8k_htm.xml (XML) — 3KB
Forward-Looking Statements
Forward-Looking Statements This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although the Company believes that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, the Company can give no assurance that such expectations and assumptions will prove to be correct. Forward-looking statements include all statements that are not historical facts and can generally be identified by terms such as "could," "estimate," "expect," "intend," "may," "plan," "potentially," or "will" or similar expressions and the negatives of those terms. These statements include, but are not limited to, statements regarding the Company's expectations related to the restatement of its financial statements for the Restatement Periods, including the expected impact of such restatement on the Company's consolidated balance sheets and consolidated statements of operations and comprehensive loss; the Company's plans related to the restatement analysis, the presentation of restated financial statements for the impacted periods and the filing of restated financials for impacted periods in an amendment to the FY 2022 Form 10-K and restated financials for subsequent interim periods, and the timing thereof; the remediation or a plan for remediation of a material weakness in internal control over financial reporting and the timing thereof; and developing, manufacturing or commercializing allogeneic CAR T cell therapies for patients in greater China, Taiwan, South Korea and Singapore. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by the forwa
SIGNATURES
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. ALLOGENE THERAPEUTICS, INC. By: /s/ David Chang, M.D., Ph.D. David Chang, M.D., Ph.D. President, Chief Executive Officer Dated: February 16, 2024