Alaunos Therapeutics is a preclinical-stage biopharmaceutical company developing ALN1003, an orally administered small-molecule treatment for obesity and related metabolic disorders, including MASLD (a form of fatty liver disease). ALN1003 is designed as a non-hormonal, non-incretin alternative to GLP-1 drugs like Ozempic and Wegovy. As of early 2026, Alaunos has completed two preclinical mouse studies showing dose-dependent weight loss and improved metabolic and liver function markers, but has not yet filed an IND application with the FDA. The company has no approved products and no product revenue. Alaunos was previously a clinical-stage oncology company developing T-cell receptor engineered T-cell therapies for solid tumors, but abandoned those programs in 2023 and has been unable to sell or out-license that legacy IP. Today, Alaunos operates with one full-time employee, relying heavily on consultants and contract manufacturers. The company funds operations entirely through equity issuances and external financing, and will need significant additional capital to advance ALN1003 through further preclinical studies, IND-enabling studies, and eventual clinical trials. Alaunos' near-term goal is to generate enough preclinical data to attract a partner or raise capital to continue development.