Allogene Therapeutics To Restate Previously Filed Financial Statements Related To The December 2020 Formation Of The Allogene Overland Biopharm Joint Venture In Asia; No Impact On Cash, Cash Equivalents And Marketable Investments, Cash Runway Or Business Operations
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Allogene Therapeutics announced it will restate financial statements for 2020, 2021, and 2022 due to non-cash accounting adjustments related to the formation of the Allogene Overland Biopharm joint venture. The restatements will not affect the company's cash position, investments, or operations. Allogene aims to file amended statements by March 14, 2024, and reaffirms its financial runway into 2026.
February 16, 2024 | 1:33 pm
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Allogene Therapeutics will restate financial statements for 2020-2022 due to adjustments from a joint venture formation, with no impact on cash or operations.
The restatement of financial statements typically concerns investors due to potential underlying issues. However, in this case, the adjustments are non-cash and have no impact on Allogene's cash position or operations. The company's reassurance of financial stability into 2026 should mitigate negative perceptions, making the short-term impact neutral.
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