Alector, Inc. 8-K

What Happened
Alector, Inc. announced on May 7, 2026 that it entered into a Sales Agreement with TD Securities (USA) LLC (TD Cowen) under which Alector may offer and sell, from time to time, up to $125,000,000 of its common stock. Sales may be made as negotiated transactions or as “at‑the‑market” offerings (including on The Nasdaq Global Select Market) pursuant to Alector’s Form S‑3 shelf registration (File No. 333‑294241), which became effective April 30, 2026; a prospectus supplement was filed May 7, 2026.

Key Details

• Agreement date: May 7, 2026; counterparty: TD Securities (USA) LLC (TD Cowen).
• Maximum amount: up to $125,000,000 of common stock (par value $0.0001).
• Placement fees: TD Cowen may receive up to 3.0% of the gross sales price per share sold through them.
• Termination: Either party may terminate with 10 days’ written notice; TD Cowen may terminate immediately in certain circumstances (e.g., a Material Adverse Change).
• Use of proceeds: general corporate purposes, including R&D, manufacturing of product candidates, working capital, capital expenditures, and potential strategic acquisitions (no specific acquisition commitments at this time).

Why It Matters
This gives Alector a flexible way to raise equity capital quickly and opportunistically, using its already‑effective S‑3 shelf. For investors, an ATM/sales agreement can dilute existing shareholders if shares are sold, but it also provides the company with accessible funding to support research, development, manufacturing, and other corporate needs without negotiating a large single equity financing. The 3.0% placement fee and indemnification provisions are standard; there are no announced deals or specific financings under the agreement at filing.