Alector, Inc. is undergoing a complete strategic reset following a series of high-profile clinical failures. Over the past two years, the company suffered three major setbacks: the Phase 2 failure of AL002 (TREM2 agonist partnered with AbbVie) in November 2024, the Phase 3 failure of its lead asset latozinemab (AL001 partnered with GSK) in October 2025, and most recently, the discontinuation of the Phase 2 PROGRESS-AD trial of nivisnebart (AL101 partnered with GSK) in April 2026 due to futility. These setbacks have decimated the company's clinical-stage pipeline, leaving it with no active mid-to-late-stage clinical programs. In response, Alector has aggressively restructured, executing a 49% workforce reduction in late 2025 to preserve capital. The investment thesis now rests entirely on its early-stage Alector Brain Carrier (ABC) blood-brain barrier platform. While the platform shows preclinical promise in delivering antibodies, enzymes, and siRNA to the brain, clinical validation is years away. With a cash runway of $206.5 million as of March 31, 2026, which is expected to fund operations through 2027, the company has sufficient liquidity to advance its preclinical candidates (AL137 and AL050) toward IND submissions in 2027. However, given the high translational risk of neurodegeneration therapies and the lack of near-term clinical catalysts, a Hold recommendation is warranted.