UPDATE: Allogene Therapeutics (ALLO) - The Data Hit, The Raise Stung

The MRD clearance benchmark cleared. Then management cleared the float of another 100 million shares.

I told you in the original deep dive that April 2026 was a true make-or-break moment, and that the binding question was whether standard fludarabine/cyclophosphamide (FC) lymphodepletion — stripped of the now-abandoned ALLO-647 — could still let cema-cel persist long enough to clear minimal residual disease. It can. The ALPHA3 interim futility analysis on April 13 showed 58.3% (7/12) MRD clearance in the cema-cel arm vs. 16.7% (2/12) in observation — a 41.6% absolute delta, comfortably above the 25-30% benchmark I cited as the bar for clinically meaningful benefit.

Then management did what cash-strapped biotechs do after good data: they raised. $200.4M gross at $2.00/share, 100.2M new shares, on a stock that closed at $2.72 the day before launch. That is the reason ALLO sits at $2.31 instead of $4-something.

The thesis on the science just got materially de-risked. The thesis on the cap table just got materially worse.