ALX Oncology Stock ALXO
ALX Oncology is a clinical-stage biopharmaceutical company focused on developing cancer immunotherapy candidates. ALX Oncology stock (ALXO): Quarterly and annual results since 2023 from Quarterly Report and SEC filings: revenue, earnings, balance sheet, cash flow and management guidance, every figure with its source. As of 08/2026, quarterly reporting. Stock analysis by NadirAlpha. ALX Oncology stock (ALXO): listed on Nasdaq. NadirAlpha has evaluated 38 original documents, cross-checked every figure automatically and linked each to its source; sources as of 08/2026. Latest reported (Q2 2026): Total stockholders' equity (June 30, 2026), Total stockholders' equity (December 31, 2025). Latest reading: Partnership.
AI-generated report · not investment advice · figures extracted automatically; please verify against the linked original more
ALX Oncology Current Status
The current state of ALX Oncology at a glance, figures as of Q2 2026, with core figures and the key management statements from the latest filing. NadirAlpha methodology
Assessment by NadirAlpha, as of Q2 2026.
“We continue to execute against our strategy with discipline and focus, advancing both of our clinical programs toward meaningful value-creating milestones. Enrollment in our ASPEN-09-Breast trial remains on track as we work toward a topline data readout from 80 patients in mid-2027, while ALX2004 continues to advance through dose escalation with initial safety data expected later this year. The encouraging clinical data we presented at ESMO Breast Cancer further strengthens our confidence in evorpacept's biomarker-driven strategy, while ALX2004 continues to advance as a differentiated EGFR-targeted ADC built around a clinically validated target with broad applicability across multiple EGFR-expressing solid tumors. Together, these programs highlight the breadth of our pipeline. Combined with our strong balance sheet, an experienced leadership team, and multiple upcoming catalysts, we believe ALX is well-positioned to advance innovative therapies for cancer patients while creating long-term value for shareholders.”
ALX Oncology Stock: Key Figures ($ million)
NadirAlpha shows fiscal years, half-years and quarters of ALX Oncology one below the other, most recently Q2 2026; every figure is clickable and leads to raw value, location and source. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
All figures serve only to support your own investment decision and are not a recommendation; the company's original reports are authoritative.
Fiscal years
| Period | Op. income | Net income | EPS ($) | EPS adj. ($) | OCF | Source |
|---|---|---|---|---|---|---|
| FY2025 | -104 | -101.7 | -1.90 | – | -84.1 | 26 |
| FY2024 | -142.5 | -134.8 | -2.58 | – | -121.9 | 17 |
| FY2023 | -170.3 | -160.8 | -3.74 | -3.23 | -130.4 | 9 |
Quarters
| Period | Published | Op. income | Net income | EPS ($) | EPS adj. ($) | FCF | Cash | Net Debt | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2* | 2026-08-06 | -18 | -18 | -0.13 | -0.11 | -16.1 | 22.7 | -13 | 29 |
| 2026-Q1* | 2026-05-08 | -19 | -17.9 | -0.17 | -0.15 | -18.7 | 32.3 | -23.8 | 27 |
| 2025-Q4* | 2026-02-27 | -23 | -22.8 | -0.43*≈ | – | -19 | 16.4 | -6.6 | 125 |
| 2025-Q3* | 2025-11-07 | -22.5 | -22.1 | -0.41 | -0.36 | -17.1 | 23.4 | -13.3 | 23 |
| 2025-Q2* | 2025-08-12 | -26.6 | -25.9 | -0.49 | -0.44 | -23.5 | 19.3 | -9.3 | 21 |
| 2025-Q1* | 2025-05-08 | -31.8 | -30.8 | -0.58 | -0.48 | -24.7 | 20.6 | -10.6 | 19 |
| 2024-Q4* | 2025-03-06 | -30.6 | -29.2 | -0.56*≈ | – | -32.1 | 17.6 | -7.7 | 118 |
| 2024-Q3* | 2024-11-07 | -32.6 | -30.7 | -0.58 | -0.45 | -25.5 | 16.1 | -6.3 | 15 |
| 2024-Q2* | 2024-08-08 | -41.5 | -39.4 | -0.76 | -0.62 | -26.7 | 15.5 | -5.8 | 13 |
| 2024-Q1* | 2024-05-09 | -37.8 | -35.6 | -0.71 | -0.57 | -38.1 | 14 | -4.3 | 11 |
| 2023-Q4* | 2024-03-07 | -48 | -45.5 | -1.06*≈ | -0.90≈ | -39.8 | 22.4 | -12.8 | 110 |
| 2023-Q3* | 2023-11-13 | -53.3 | -51 | -1.24 | -1.07 | – | 19.6 | -10 | 7 |
| 2023-Q2* | 2023-08-10 | -36.8 | -34.2 | -0.84 | -0.68 | -33.5 | 38 | -28.5 | 5 |
| 2023-Q1* | 2023-05-11 | -32.2 | -30.2 | -0.74 | -0.58 | -28.5 | 63.2 | -53.7 | 3 |
ALX Oncology Balance Sheet & Cash Flow ($ million)
NadirAlpha places cash, debt, operating cash flow and investments of ALX Oncology side by side per period, balance sheet values as of the period end, flow items for the period. NadirAlpha extracts all values automatically from the filings; errors are possible; please verify decision-relevant figures yourself by clicking through to the linked original. NadirAlpha methodology
Fiscal years
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| FY2025 | 2026-03-09 | 16.4 | 9.7 | -6.6 | 0.7 | -84.1 | 0.2 | -84.4 | 26 |
| FY2024 | 2025-03-06 | 17.6 | 9.9 | -7.7 | 0.9 | -121.9 | 0.4 | -122.4 | 17 |
| FY2023 | 2024-03-07 | 22.4 | 9.6 | -12.8 | 0.8 | -130.4 | 1.3 | -131.6 | 9 |
Quarters
| Period | Published | Cash | Debt | Net Debt | D&A | OCF | Capex | FCF | Source |
|---|---|---|---|---|---|---|---|---|---|
| 2026-Q2 | 2026-08-06 | 22.7 | 9.7 | -13 | 0.1 | -16.1 | 0 | -16.1 | 29 |
| 2026-Q1 | 2026-05-08 | 32.3 | 8.5 | -23.8 | 0.1 | -18.6 | 0.1 | -18.7 | 27 |
| 2025-Q4 | 2026-02-27 | 16.4 | 9.7 | -6.6 | 0.2 | -19 | 0 | -19 | 125 |
| 2025-Q3 | 2025-11-07 | 23.4 | 10.1 | -13.3 | 0.2 | -17.1 | 0.1 | -17.1 | 23 |
| 2025-Q2 | 2025-08-12 | 19.3 | 10 | -9.3 | 0.2 | -23.4 | 0 | -23.5 | 21 |
| 2025-Q1 | 2025-05-08 | 20.6 | 10 | -10.6 | 0.2 | -24.7 | 0.1 | -24.7 | 19 |
| 2024-Q4 | 2025-03-06 | 17.6 | 9.9 | -7.7 | 0.2 | -32 | 0.1 | -32.1 | 118 |
| 2024-Q3 | 2024-11-07 | 16.1 | 9.8 | -6.3 | 0.2 | -25.4 | 0.1 | -25.5 | 15 |
| 2024-Q2 | 2024-08-12 | 15.5 | 9.8 | -5.8 | 0.2 | -26.6 | 0.1 | -26.7 | 14 |
| 2024-Q1 | 2024-05-09 | 14 | 9.7 | -4.3 | 0.2 | -37.9 | 0.1 | -38.1 | 11 |
| 2023-Q4 | 2024-03-07 | 22.4 | 9.6 | -12.8 | 0.2 | -39.7 | 0.1 | -39.8 | 110 |
| 2023-Q3 | 2023-11-13 | 19.6 | 9.6 | -10 | 0.2 | -31.2 | – | – | 7 |
| 2023-Q2 | 2023-08-10 | 38 | 9.5 | -28.5 | 0.2 | -31.7 | 1.7 | -33.5 | 5 |
| 2023-Q1 | 2023-05-11 | 63.2 | 9.4 | -53.7 | 0.2 | -27.8 | 0.7 | -28.5 | 3 |
ALX Oncology Guidance Tracking (latest per metric/period · 2/2)
What ALX Oncology guided for Q2 2026 and beyond and whether the targets were met; ranges count as met when the actual lies within. NadirAlpha methodology
Direction: confirmed Verdict: pending
| For period | Guided on | Metric | Guided | Verdict | Direction | Source |
|---|---|---|---|---|---|---|
| 2027-Q1 | 2025-11-07 | cash runway | 1 | 24 | ||
| 2026-Q4 | 2025-05-08 | cash runway | 4 | – | 20 |
ALX Oncology Stock: Price & Chart
Price history of ALX Oncology stock (ALXO) as a TradingView chart, loaded only after a click, alongside the trend of the key figures from the tables. NadirAlpha methodology
Daily candles with news and earnings markers. Loads only on click.
ALX Oncology Event Timeline
NadirAlpha sorts 34 events of ALX Oncology by quarter, most recent first, each with source number and event type, management quotes as direct quotes at the start of the quarter. NadirAlpha methodology
2026 · 5 events
Net loss improved to 18M from $25.9M in Q2 2025; absence of prior-year $3.2M lease impairment contributed to improvement 30
Phase 1b/2 evorpacept plus zanidatamab (Jazz Pharmaceuticals) data presented at ESMO Breast Cancer 2026 showing promising and durable responses; ASPEN-09-Breast enrollment on track for mid-2027 topline data from 80 patients 30
“We are encouraged by the data presented yesterday at the ESMO Breast Cancer 2026 congress, which reinforce the potential of our CD47-inhibitor evorpacept to provide durable responses in patients with HER2-positive cancers that express high levels of CD47. Coupled with the previous results from the ASPEN-06 gastric cancer trial, these findings validate our development strategy and reinforce our confidence in the ongoing Phase 2 ASPEN-09-Breast trial. Additionally, we are pleased with the progress of the Phase 1 trial for ALX2004, which remains on track to report dose-escalation safety data this year. With a strengthened balance sheet, we are well-positioned to deliver key data readouts from both ongoing clinical programs.”
Net loss improved 42% to 17.9M from $30.8M in Q1 2025; R&D decreased 43% to $13.6M following 2025 workforce reduction and fewer active trials 27
ASPEN-09-Breast trial amended to single-arm CD47-selection design; first patient dosed January 2026; ASPEN-06 exploratory analysis showed 65.0% ORR in CD47-high patients vs 26.1% in control arm 27
Registered equity offering closed 2 February 2026; 76,979,112 shares and 18,574,120 pre-funded warrants issued at $1.57 per share; net proceeds $140.4 million 28
2025 · 11 events
“Through strong execution of our targeted clinical development strategy in 2025, we have positioned ourselves to achieve multiple significant catalysts in the clinical programs for evorpacept and ALX2004, two potentially best- and first-in-class agents, in the coming 12 to 18 months. We are particularly pleased that recent topline biomarker data from the Phase 1b/2 trial evaluating evorpacept with zanidatamab in advanced HER2-positive breast cancer reinforce findings from the ASPEN-06 HER2-positive gastric cancer trial, suggesting that CD47 is a predictive biomarker for evorpacept response. These findings strengthen our confidence in the ongoing Phase 2 ASPEN-09-Breast trial, where we will evaluate patient responses by CD47 level to further define the predictive potential of this biomarker among patients with HER2-positive disease that has progressed following ENHERTU. Additionally, we are pleased with the clinical progress of ALX2004, which has successfully cleared the first two dose cohorts in the ongoing Phase 1 trial. The potential of these two novel therapies, coupled with our substantial progress on their respective clinical programs, contributed to the successful completion of our recent financing. With our newly strengthened balance sheet, we now have the opportunity to deliver more robust and meaningful data readouts in both of our ongoing clinical programs, as reflected in our milestone updates.”
FY2025 net loss decreased 25% to USD 101.7 million from $134.9M in 2024, driven by 34% lower R&D expenses following manufacturing completion and workforce reduction 26
ASPEN-09-Breast expanded from 80 to up to 120 patients; topline data anticipated mid-2027; CD47 overexpression validated as predictive biomarker in gastric and breast cancer 25
“We are pleased to share data at SITC this weekend from an analysis of our ASPEN-06 trial demonstrating compelling benefit in all outcomes measured for patients with high CD47-expressing HER2-positive gastric cancer treated with evorpacept in combination with trastuzumab, ramucirumab, and paclitaxel. This insight is guiding our targeted clinical development strategy for breast cancer where we will be enrolling patients with HER2-positive tumors that have previously received ENHERTU® and we will evaluate responses by CD47-expression level in our Phase 2 ASPEN-09-Breast Cancer trial. Additionally, we are excited about the progress of our ALX2004 clinical program, where we are currently enrolling the second dose cohort at 2mg/kg after clearing the dose 1 cohort at 1mg/kg, a milestone for this Phase 1 program. We look forward to providing an update with initial safety data from this program in the first half of next year. Given the promising preclinical findings we have seen to date for ALX2004 which demonstrate a favorable toxicity profile and potent anti-tumor activity, we remain very optimistic about the potential success for this approach in treating EGFR+ tumors.”
Discontinued evorpacept with PD-1 inhibitors following ASPEN-03 and ASPEN-04 failures; strategy pivots to focus on anti-cancer antibodies inducing antibody-dependent cellular phagocytosis 24
ALX2004 Phase 1 initiated August 2025; first dose cohort 1mg/kg cleared; second cohort at 2mg/kg enrolling; initial safety data on track for 1H 2026 24
Nasdaq minimum bid price compliance regained September 2025 after stock traded below $1.00 for 30 consecutive business days in April 2025 23
“In the second quarter, we made significant advances in both our evorpacept and ALX2004 clinical programs. On the evorpacept program, we are excited to share data demonstrating the potential of CD47 expression as a predictive biomarker and highlight a clear opportunity to identify patients most likely to achieve the greatest benefit. In this pre-planned analysis we saw that patients with high CD47 expression derived the most clinically meaningful response to evorpacept. These findings shape our clinical development strategy in breast cancer and support the potential to pursue targeted oncology approaches in additional tumor types, given the broad overexpression of CD47 in solid tumors and hematologic malignancies. Importantly, our optimization of the evorpacept clinical program has extended our cash runway into the first quarter of 2027, solidly positioning us to achieve multiple data milestones across our pipeline. In addition, execution is on track for the Phase 1 trial of our highly-differentiated, ADC candidate, ALX2004, which has best-in-class potential for the treatment of EGFR-expressing solid tumors and we anticipate dosing the first patient this month. Finally, I am delighted to announce that Dr. Dan Curran has been appointed to the Board of Directors. Dr. Curran's illustrious career and breadth of experience across drug discovery and development, corporate strategy and business development, will offer invaluable perspective to help ALX Oncology reach key inflection points in the months ahead.”
Net loss 25.9 vs $39.4M prior-year quarter; R&D expenses decreased 48% to $18.0M primarily due to reduced manufacturing costs and workforce reduction 22
“In the first quarter of the year, we focused our development strategy for evorpacept on the anti-cancer antibody combinations, as we now have proof-of-concept for this mechanism in gastric cancer, breast cancer and NHL. In addition to the evorpacept program, we diversified our pipeline by moving our in-house ADC candidate, ALX2004, through IND clearance and look forward to beginning clinical trial enrollment by mid-year for this potentially first- and best-in-class EGFR ADC. We also made the difficult but critical decision to streamline the company and, by doing so, extended cash runway into Q4 2026. We are now hyper-focused on pursuing the validated mechanism of action for evorpacept in combination with anti-cancer antibodies and delivering data in breast cancer in combination with HERCEPTIN®, in colorectal cancer in combination with ERBITUX®, as well as from ALX2004, in 2026.”
FDA guidance (April 2025): ASPEN-06 Phase 2 data not eligible for accelerated approval in gastric cancer; Phase 3 versus ENHERTU required for registrational path 19
ASPEN-03 and ASPEN-04 failed to meet primary endpoints in first-line HNSCC; evorpacept with pembrolizumab showed no improved ORR; ASPEN-07 urothelial cancer program discontinued 19 20
ALX2004 EGFR-targeted ADC: IND filed March 2025; FDA clearance received April 2025 to initiate Phase 1 trial in EGFR-expressing solid tumors 19
2024 · 9 events
“In 2024, we delivered strong progress and continued momentum for our clinical development program evaluating evorpacept as a potential first- and best-in-class CD47 blocker with the ability to deepen and enhance responses to a variety of important, available therapies across a wide range of cancer types. With multiple important clinical trial readouts, significant momentum for our ongoing clinical studies and key additions to our leadership team, we have positioned ALX Oncology for near- and long-term success. Yesterday during our R&D Day webcast, we shared updates on how we are prioritizing operations and capital to support our new and ongoing clinical programs that are expected to extend our cash runway into the fourth quarter of 2026, including taking the difficult decision to streamline our organization aligned to these priorities.”
Approximately 30% workforce reduction, primarily in preclinical research, implemented to prioritise clinical assets and extend cash runway into Q4 2026 18
Updated ASPEN-06 data (December 2024 cutoff) showed evorpacept combination at 48.9% confirmed ORR versus 24.5% for control with median duration of response of 15.7 months versus 9.1 months in HER2-positive gastric/GEJ cancer 18
Phase 1b/2 trial of evorpacept with zanidatamab showed a 55.6% confirmed ORR in HER2-positive metastatic breast cancer 18
“We made substantial clinical progress during the third quarter, most notably announcing topline data from our ASPEN-06 Phase 2 trial in which our lead candidate evorpacept became the first and only CD47-blocking agent to show a durable clinical benefit and a well-tolerated safety profile in a prospective randomized clinical trial. These results provided further validation for evorpacept's novel mechanism of action and our robust evorpacept clinical program. We anticipate achieving several additional clinical milestones in the near-term that could advance evorpacept towards being a best-in-class, combinable therapeutic across a wide range of cancer types.”
Net loss narrowed to USD 30.7 million from $50.9M year-over-year; R&D expenses decreased 42% primarily due to completion of clinical trial materials manufacturing in early 2024 (prior-year base effect) 15
Sanofi-partnered UMBRELLA Phase 1/2 trial of evorpacept with isatuximab and dexamethasone in relapsed or refractory multiple myeloma commenced patient dosing in September 2024 16
“Our team continues to make significant progress in the advancement of our evorpacept development pipeline across multiple oncology indications. Data readouts across our Phase 1 and 2 clinical trials highlight the potential of evorpacept as a disruptive therapy in combination with anti-cancer antibodies and ADCs. In particular, the recent ASPEN-06 Phase 2 clinical trial readout in patients with previously treated HER2-positive advanced gastric cancer is a significant growth milestone for the Company. We are well positioned to build on our second quarter achievements and continue to advance toward our anticipated milestones in the months ahead.”
ASPEN-06 Phase 2 topline: evorpacept combination achieved 40.3% confirmed ORR versus 26.6% for the control arm in HER2-positive gastric/GEJ cancer; 54.8% versus 23.1% in the fresh HER2-positive biopsy subpopulation 13
ASPEN-07 Phase 1 showed evorpacept plus enfortumab vedotin achieved an unconfirmed ORR of 61% in advanced urothelial cancer versus a 41% single-agent benchmark 13
“We entered the quarter with a great deal of momentum having achieved a key validating development milestone for our platform asset evorpacept in Q4 2023 by reporting positive results in a prespecified randomized interim analysis of ASPEN-06's Phase 2 clinical trial in advanced HER2-positive gastric/GEJ cancer, becoming the first CD47 blocker to demonstrate anti-tumor activity in a global randomized study in solid tumors. On the heels of this outstanding accomplishment, our first quarter efforts were focused on ensuring optimal clinical and operational execution as we advance our robust and maturing clinical-stage pipeline of best-in-class oncology programs that are reporting multiple value inflection datapoints in the coming months.”
ASPEN-02 trial with azacitidine failed to validate a third mechanism of action in MDS; resources reallocated to anti-cancer antibody and PD-1/PD-L1 combinations 11
FDA cleared the IND for ALTA-002 in March 2024, enabling Phase 1 evaluation of a SIRPα antibody combined with a TLR9 agonist in advanced solid tumors 11
2023 · 9 events
“This past year proved to be a profound growth period for ALX Oncology highlighted by evorpacept's positive results in the prespecified randomized interim analysis of the ASPEN-06 Phase 2 clinical trial in advanced HER2-positive gastric/GEJ cancer. Notably, this outcome is particularly important as it represents the first promising activity in a randomized trial in solid tumors in the CD47 space and further underscores evorpacept's differentiation. Over the next 12-18 months, we expect to report multiple value inflection datapoints, with the goal of advancing evorpacept's potential beyond anti-cancer antibodies through ongoing combination studies with ADCs and checkpoint inhibitors. With nine ongoing trials, our goal is to expand evorpacept's value to other tumor types including breast, NHL, multiple myeloma and urothelial cancers as well as accelerate our efforts to identify new indications around this highly differentiated asset.”
ASPEN-06 Phase 2/3 full results expected June or July 2024; ASPEN-03 and ASPEN-04 HNSCC top-line results expected Q4 2024 or Q1 2025 9
Positive prespecified interim Phase 2 ASPEN-06 data announced in October 2023: 52% confirmed ORR for evorpacept combination versus 22% for control in advanced HER2-positive gastric/GEJ cancer 9
Follow-on public offering completed in October 2023, raising approximately $58.9 million net, extending stated operational runway from mid-2025 to early 2026 9
“This past quarter proved to be an important growth milestone for the Company highlighted by the outstanding interim results from the ASPEN-06 phase 2 clinical trial which again demonstrated evorpacept's best-in-class safety profile and unique mechanism of action. With this additional clinical validation in gastric cancer and having completed an oversubscribed public offering, we are now accelerating our portfolio of clinical programs combining evorpacept with anti-cancer antibodies as well as with ADCs and PD-1/PD-L1 immune checkpoint inhibitors and are heading into the final months of 2023 with a great deal of momentum.”
Leadership realigned in September 2023: Jason Lettmann appointed Chief Executive Officer, Jaume Pons transitioned to President and Chief Scientific Officer 8
Development of evorpacept with azacitidine terminated for MDS (ASPEN-02) and AML (ASPEN-05) following Phase 1b data showing insufficient activity to support Phase 2 progression 5
“The second quarter proved to be an important period of progress as we advanced key programs and refined the development strategy for evorpacept, our platform asset. While the efficacy results from ASPEN-02 do not warrant further sponsored clinical evaluation in MDS, we remain steadfast in our conviction that the primary mechanism of action of evorpacept is unique compared to other CD47 blockers when combined with anti-cancer antibodies, ADCs, or immune checkpoint inhibitors. Evorpacept was rationally designed with an inactive Fc domain for improved safety and synergies with anti-cancer antibody-based regimens like Herceptin, antibody-drug conjugates, as well as PD-1/PD-L1 immune checkpoint inhibitors like KEYTRUDA (pembrolizumab). Moving forward the Company will conduct clinical trials where this mechanistic rationale is fulfilled. We move into the second half of 2023 with sufficient funding and with the momentum needed to advance our pipeline of therapeutic candidates led by ASPEN-06, a randomized Phase 2 trial combining Herceptin, CYRAMZA and paclitaxel for the treatment of patients with HER2-positive gastric or gastroesophageal junction (GEJ) cancer.”
European Commission granted Orphan Drug Designation for evorpacept in gastric cancer in June 2023 9
Clinical trial collaboration with Sanofi announced in April 2023 to evaluate evorpacept combined with isatuximab and dexamethasone in relapsed or refractory multiple myeloma 3
“We look forward to important readouts in the second half of 2023 from ASPEN-06, a randomized Phase 2 trial of evorpacept in combination with trastuzumab, paclitaxel and CYRAMZA for the treatment of patients with HER2-positive gastric/gastroesophageal junction cancer, and from ASPEN-02, a Phase 1b clinical trial of evorpacept in combination with azacitidine in patients with myelodysplastic syndromes. Additionally, in collaboration with Tallac Therapeutics, we remain on track to file an Investigational New Drug application in the first half of this year for ALTA-002, a SIRPa Toll-like receptor agonist antibody conjugate, that will broaden our immuno-oncology pipeline beyond evorpacept.”
First patient dosed in I-SPY-PI trial combining evorpacept with ENHERTU in unresectable or metastatic HER2-positive and HER2-low breast cancer 4
ASPEN-07 Phase 1 trial initiated in February 2023 evaluating evorpacept combined with enfortumab vedotin for second-line urothelial cancer 3
ALX Oncology Business Model
The ALX Oncology business model in brief: products, customers and revenue sources as the company itself describes them in its reports. NadirAlpha methodology
ALX Oncology is a clinical-stage biopharmaceutical company focused on developing cancer immunotherapy candidates. Its lead program, evorpacept (ALX148), is an anti-CD47 fusion protein designed to block the 'don't eat me' signal that cancer cells use to evade phagocytic immune destruction, studied in combination with approved oncology agents across multiple tumor types. ALX Oncology also advances ALX2004, an antibody-drug conjugate targeting HER2-expressing tumors. ALX Oncology generates no product revenue and funds operations through equity issuances, debt financing, and potential future partnerships.
ALX Oncology Stock: Share-Price Drivers
What determines the business trajectory of ALX Oncology according to management, summarised from the reports up to Q2 2026. NadirAlpha methodology
ALX Oncology is a clinical-stage oncology company with no product revenue, so its value hinges on trial progress rather than sales; it runs recurring operating losses of USD -18 million in 2026-Q2 funded from a cash balance of USD 22.7 million, which makes upcoming readouts the central share-price driver 30
ALX Oncology has guided to an interim data readout for its ASPEN-Breast Phase 2 trial in Q3 2026 22 and to a topline readout from the ASPEN-09-Breast Phase 2 trial around mid-2027, with the outcome of these studies not yet known 30
ALX Oncology's evorpacept is being studied through collaborations, including a Sanofi combination with isatuximab-irfc that dosed its first patient in September 2024 27 and Jazz Pharmaceuticals exploratory biomarker analyses presented in May 2026, indicating continued external engagement with the asset 27
ALX Oncology's quarterly operating loss has moved lower across recent periods, from USD -31.8 million in 2025-Q1 to USD -18 million in 2026-Q2 125, and the latest profitability change flag points to a narrowing loss
ALX Oncology held cash of USD 22.7 million at 2026-Q2, down from USD 32.3 million at 2026-Q1, with the balance historically supported by follow-on equity offerings such as the October 2023 offering 17
Sector trend: ALX Oncology operates in clinical-stage oncology drug development, where there are no revenue or margin KPIs and progress is measured by trial milestones and pipeline readouts rather than demand metrics. ALX Oncology's cash outflow and operating losses remain substantial but have been trending lower in recent quarters 125.
ALX Oncology Products & announcements (78/190 active+recent)
190 product announcements of ALX Oncology since 2023, grouped by year; active means still mentioned in the most recent reports, nothing is deleted. NadirAlpha methodology
Status: PlannedLaunched
| Product/Line | Since | Status | Source |
|---|---|---|---|
| 2027 | |||
| Phase 2 ASPEN-09 breast cancer trial topline data for 80 patients | 2027-06 | 25 | |
| Phase 2 ASPEN-09-Breast trial topline data readout | 2027 | 28 | |
| ASPEN-09-Breast Phase 2 trial topline readout | 2027 | 30 | |
| 2026 | |||
| ASPEN-Breast interim data readout | 2026-09 | 22 | |
| ASPEN-09-Breast Cancer interim data readout | 2026-09 | 24 | |
| Phase 1b/2 trial data presentation for evorpacept plus zanidatamab in HER2-positive breast cancer | 2026-05 | 28 | |
| Jazz Pharmaceuticals exploratory biomarker analyses presented | 2026-05 | 27 | |
| full biomarker analysis from Phase 1b/2 evorpacept-zanidatamab trial | 2026-05 | 25 | |
| Jeff Knight appointed as Chief Development and Operating Officer | 2026-04 | 28 | |
| registered equity offering completed | 2026-02 | 28 | |
| ASPEN-09-Breast first patient dosed | 2026-01 | 27 | |
| ASPEN-09-Breast clinical trial | 2026-01 | 29 | |
| ASPEN-09-Breast Phase 2 clinical trial in HER2-positive breast cancer | 2026-01 | 26 | |
| ALX2004 third dose cohort enrollment initiated (2×) | 2026-01 | 29 | |
| ASPEN-CRC safety and early efficacy data | 2026 | 20 | |
| ASPEN-Breast interim results | 2026 | 20 | |
| ALX2004 safety data (6×) | 2026 | 30 | |
| 2025 | |||
| I-SPY TRIAL Phase 1b topline results (breast cancer with ENHERTU) | 2025-12 | 13 | |
| I-SPY TRIAL Phase 1b results (breast cancer with fam-trastuzumab deruxtecan) | 2025-12 | 16 | |
| ASPEN-Breast trial first patient dosing | 2025-12 | 22 | |
| ASPEN-09-Breast Cancer Phase 2 trial first patient in | 2025-12 | 24 | |
| ASPEN-06 trial data presentation | 2025-12 | 22 | |
| ASPEN-06 clinical trial gastric cancer data | 2025-11 | 24 | |
| Sanofi collaboration dose escalation portion completed | 2025-08 | 27 | |
| ASPEN-CRC study paused | 2025-08 | 27 | |
| ASPEN-CRC Phase 1b trial paused | 2025-08 | 26 | |
| ASPEN-CRC Phase 1b trial in colorectal cancer paused | 2025-08 | 26 | |
| ASPEN-CRC Phase 1b study paused | 2025-08 | 21 | |
| ASPEN-09-Breast amended to single-arm design (2×) | 2025-08 | 27 | |
| ALX2004 first patient dosed Phase 1 | 2025-08 | 27 | |
| ALX2004 Phase 1 trial first patient dosed | 2025-08 | 26 | |
| ALX2004 Phase 1 trial enrollment initiation | 2025-08 | 24 | |
| ALX2004 Phase 1 first patient dosing | 2025-08 | 22 | |
| ALX2004 Phase 1 clinical trial in EGFR-expressing solid tumors | 2025-08 | 26 | |
| Sanofi UMBRELLA study dose optimization began (3x) | 2025-07 | 23 | |
| Phase 3 registrational randomized clinical trial initiation (gastric/GEJ cancer) | 2025-06 | 13 | |
| Gastric/GEJ cancer regulatory guidance | 2025-06 | 18 | |
| ASPEN-07 urothelial cancer updated results | 2025-06 | 18 | |
| ASPEN-07 Phase 1 updated results (urothelial cancer with PADCEV) | 2025-06 | 13 | |
| ASPEN-07 Phase 1 updated results (urothelial with enfortumab vedotin) | 2025-06 | 16 | |
| ASPEN-06 updated results | 2025-06 | 13 | |
| ASPEN-06 Phase 2 updated results | 2025-06 | 16 | |
| ASPEN-04 Phase 2 results (head and neck with pembrolizumab and chemotherapy) | 2025-06 | 16 | |
| ASPEN-04 Phase 2 randomized clinical trial (HNSCC with KEYTRUDA and chemotherapy) | 2025-06 | 13 | |
| ASPEN-04 head and neck squamous cell carcinoma topline results | 2025-06 | 18 | |
| ASPEN-03 Phase 2 results (head and neck with pembrolizumab) | 2025-06 | 16 | |
| ASPEN-03 Phase 2 randomized clinical trial (HNSCC with KEYTRUDA) | 2025-06 | 13 | |
| ASPEN-03 head and neck squamous cell carcinoma topline results | 2025-06 | 18 | |
| Phase 2 ASPEN-03 and ASPEN-04 clinical trials (evorpacept + pembrolizumab in HNSCC) | 2025-04 | 26 | |
| ALX2004 FDA IND cleared (2x) | 2025-04 | 27 | |
| R&D Day presentation of focused development plan | 2025-03 | 18 | |
| ASPEN-CRC Phase 1b trial initiation | 2025-03 | 17 | |
| ASPEN-CRC Phase 1b trial announcement - metastatic colorectal cancer | 2025-03 | 19 | |
| ASPEN-CRC Phase 1b study initiation announced | 2025-03 | 27 | |
| ASPEN-CRC Phase 1b study initiation | 2025-03 | 17 | |
| ASPEN-CRC Phase 1b study | 2025-03 | 23 | |
| ASPEN-Breast trial initiation intent announced | 2025-03 | 21 | |
| ASPEN-Breast Phase 2 trial initiation | 2025-03 | 17 | |
| ASPEN-Breast Phase 2 trial announcement - HER2+ metastatic breast cancer | 2025-03 | 19 | |
| ASPEN-Breast Phase 2 trial | 2025-03 | 23 | |
| ASPEN-Breast Phase 2 study initiation | 2025-03 | 17 | |
| ASPEN-09-Breast Phase 2 trial initiation announced | 2025-03 | 27 | |
| ASPEN-09-Breast Phase 2 trial initiation | 2025-03 | 26 | |
| ALX2004 IND filing (3x) | 2025-03 | 18 | |
| evorpacept Phase 2 ASPEN-06 updated data from December 2024 cutoff | 2025-01 | 17 | |
| ASPEN-06 Phase 2 trial - December 2024 data cutoff results | 2025-01 | 21 | |
| ASPEN-06 Phase 2 trial in gastric/GEJ cancer | 2025-01 | 17 | |
| ASPEN-06 Phase 2 trial data presentation | 2025-01 | 18 | |
| Phase 3 registrational trial initiation for evorpacept | 2025 | 16 | |
| I-SPY clinical trial topline results for evorpacept with ENHERTU | 2025 | 20 | |
| I-SPY Breast Cancer Phase 1b trial topline results | 2025 | 18 | |
| ASPEN-CRC Phase 1b clinical trial patient dosing | 2025 | 20 | |
| ASPEN-CRC Colorectal Cancer Phase 1b clinical trial patient dosing initiation | 2025 | 18 | |
| ASPEN-Breast Phase 2 clinical trial patient dosing | 2025 | 20 | |
| ASPEN-BREAST Phase 2 clinical trial patient dosing initiation | 2025 | 18 | |
| ALX2004 Phase 1 clinical trial initiation | 2025 | 20 | |
| 2024 | |||
| MD Anderson Phase 2 data presented (4x) | 2024-04 | 27 | |
| ALTA-002 FDA IND clearance for Phase 1 trial (4x) | 2024-03 | 19 | |
| Zanidatamab Phase 1b/2 trial in breast cancer | 2024-12 | 17 | |
| Phase 3 registrational randomized clinical trial initiation for evorpacept in gastric/GEJ cancer | 2024-12 | 12 | |
| Phase 3 registrational randomized clinical trial initiation for evorpacept | 2024-12 | 10 | |
| Phase 2 randomized clinical trial ASPEN-04 top line results for evorpacept with pembrolizumab and chemotherapy in head and neck cancer | 2024-12 | 12 | |
| Phase 2 randomized clinical trial ASPEN-03 top line results for evorpacept with pembrolizumab in head and neck cancer | 2024-12 | 12 | |
| Phase 2 ASPEN-04 top line results with KEYTRUDA and chemotherapy in Head and Neck Squamous Cell Carcinoma | 2024-12 | 10 | |
| Phase 2 ASPEN-03 top line results with KEYTRUDA in Head and Neck Squamous Cell Carcinoma | 2024-12 | 10 | |
| Phase 1b/2 zanidatamab combination trial data presentation | 2024-12 | 18 | |
| Phase 1b I-SPY trial top line results for evorpacept with fam-trastuzumab deruxtecan in breast cancer | 2024-12 | 12 | |
| Phase 1b I-SPY TRIAL with ENHERTU in Breast Cancer | 2024-12 | 10 | |
| Jazz Pharmaceuticals zanidatamab plus evorpacept Phase 1b/2 data presented | 2024-12 | 27 | |
| Breast Cancer Phase 1b/2 combination trial results (Jazz Pharmaceuticals zanidatamab) | 2024-12 | 16 | |
| UMBRELLA phase 1/2 study dosing initiation | 2024-09 | 16 | |
| Sanofi evorpacept plus isatuximab-irfc collaboration first patient dosed | 2024-09 | 27 | |
| Sanofi Phase 1/2 trial first patients dosed | 2024-09 | 15 | |
| evorpacept (ALX 148) Phase 2 ASPEN-06 topline results | 2024-07 | 17 | |
| Phase 2 randomized clinical trial ASPEN-06 top line results for evorpacept in gastric/GEJ cancer (all 122 subjects) | 2024-07 | 12 | |
| ASPEN-06 Phase 2 trial results | 2024-07 | 16 | |
| ASPEN-06 Phase 2 clinical trial topline results | 2024-07 | 13 | |
| ASPEN-06 Phase 2 clinical trial topline data | 2024-07 | 15 | |
| Phase 2 ASPEN-06 top line results in gastric/GEJ cancer | 2024-06 | 10 | |
| Phase 1b ASPEN-07 with PADCEV in urothelial carcinoma | 2024-06 | 10 | |
| ASPEN-07 Phase 1 interim data presented at ASCO | 2024-06 | 15 | |
| ASPEN-06 Phase 2 randomized trial top line final results | 2024-06 | 8 | |
| University of California San Diego Phase 2 IST for oropharyngeal cancer | 2024-04 | 14 | |
| UC San Diego Phase 2 IST (oropharyngeal cancer with neoadjuvant radiation and pembrolizumab) (2x) | 2024-04 | 17 | |
| UC San Diego oropharyngeal cancer IST first patient dosed | 2024-04 | 15 | |
| Phase 1b IST with rituximab + lenalidomide in non-Hodgkin lymphoma (2x) | 2024-04 | 8 | |
| ALX2004 development candidate declaration | 2024-01 | 17 | |
| evorpacept development program | 2024 | 17 | |
| I-SPY Phase 1b study with ENHERTU top line results | 2024 | 8 | |
| ASPEN-07 Phase 1b with PADCEV randomized top line results | 2024 | 8 | |
| ASPEN-06 Phase 3 study initiation | 2024 | 8 | |
| ASPEN-04 Phase 2 with KEYTRUDA and chemotherapy randomized top line results | 2024 | 8 | |
| ASPEN-03 Phase 2 with KEYTRUDA randomized top line results | 2024 | 8 | |
| 2023 | |||
| evorpacept Phase 2 ASPEN-06 trial | 2023-10 | 9 | |
| Follow-on offering - October 2023, 8.663 million shares and 1.25 million pre-funded warrants at $6.38/$6.379, $58.9 million net proceeds | 2023-10 | 19 | |
| ASPEN-06 Phase 2 interim analysis in advanced HER2-positive gastric/GEJ cancer | 2023-10 | 10 | |
| ASPEN-06 Phase 2/3 gastric cancer trial | 2023-06 | 6 | |
| Phase 2 investigator-sponsored ovarian cancer trial (2x) | 2023-05 | 6 | |
| Sanofi collaboration for isatuximab combination trial | 2023-04 | 5 | |
| Sanofi Phase 1/2 trial for multiple myeloma (10x) | 2023-04 | 14 | |
| Tallac Therapeutics collaboration (5x) | 2023-03 | 9 | |
| Quantum Leap I-SPY Trial first patient dosed | 2023-03 | 15 | |
| Quantum Leap Healthcare I-SPY trial - fam-trastuzumab deruxtecan plus evorpacept in breast cancer | 2023-03 | 19 | |
| Quantum Leap Healthcare I-SPY Phase 1 trial with fam-trastuzumab deruxtecan in HER2-positive and HER2-low breast cancer | 2023-03 | 9 | |
| Phase 2 clinical trial of evorpacept in combination with trastuzumab for gastric/GEJ carcinoma | 2023-03 | 3 | |
| Phase 2 and Phase 2/3 clinical trials of evorpacept in combination with pembrolizumab for HNSCC | 2023-03 | 3 | |
| Phase 1 and Phase 2 clinical trials of evorpacept | 2023-03 | 3 | |
| IND for ALTA-002 (4x) | 2023-03 | 7 | |
| I-SPY-PI trial with ENHERTU in HER2-positive and HER2-low breast cancer | 2023-03 | 4 | |
| I-SPY trial with Quantum Leap Healthcare Collaborative | 2023-03 | 3 | |
| I-SPY Trial with Quantum Leap Healthcare Collaborative for breast cancer | 2023-03 | 14 | |
| I-SPY Phase 1 trial with Quantum Leap in HER2-positive and HER2-low breast cancer | 2023-03 | 11 | |
| I-SPY Phase 1 trial (breast cancer with Quantum Leap Healthcare Collaborative) | 2023-03 | 17 | |
| ASPEN-06 Phase 2 readout expected in second half of 2023 (2x) | 2023-03 | 4 | |
| ALTA-002 Investigational New Drug application filing expected in first half of 2023 | 2023-03 | 4 | |
| Phase 1 ASPEN-07 trial with PADCEV in urothelial cancer | 2023-02 | 4 | |
| ASPEN-07 trial | 2023-02 | 9 | |
| ASPEN-07 Urothelial Cancer Phase 1 first patient dosed | 2023-02 | 15 | |
| ASPEN-07 Phase 1 trial with enfortumab vedotin in urothelial cancer | 2023-02 | 14 | |
| ASPEN-07 Phase 1 trial in urothelial cancer | 2023-02 | 17 | |
| ASPEN-07 Phase 1 trial (urothelial cancer with enfortumab vedotin) | 2023-02 | 19 | |
| Clinical trial collaborations (I-SPY, Sanofi, Jazz, ISTs) | 2023 | 9 | |
| 2022 | |||
| Term loan facility - October 2022, $10.0 million drawn initially; up to $100.0 million available with conditions | 2022-10 | 19 | |
| Ovarian Cancer Phase 2 IST (11x) | 2022-08 | 15 | |
| Academic Gastrointestinal Cancer Consortium IST with pembrolizumab and cetuximab in refractory microsatellite stable colorectal cancer | 2022-08 | 9 | |
| ASPEN-06 trial | 2022-03 | 9 | |
| ASPEN-06 Phase 2/3 trial in gastric/GEJ cancer | 2022-03 | 11 | |
| ASPEN-06 Phase 2/3 trial in HER2-positive gastric/GEJ cancer | 2022-03 | 9 | |
| ASPEN-06 Phase 2 trial (gastric/GEJ cancer) | 2022-03 | 19 | |
| ASPEN-06 Phase 2 clinical trial in gastric/GEJ cancer | 2022-03 | 26 | |
| ASPEN-06 Gastric/GEJ Phase 2/3 first patient dosed | 2022-03 | 15 | |
| 2021 | |||
| At-the-market (ATM) offering program – up to $150.0 million authorized, $30.0 million drawn as of March 31, 2025 | 2021-12 | 19 | |
| ATM offering program | 2021-12 | 17 | |
| Zymeworks breast cancer trial with zanidatamab | 2021-10 | 3 | |
| Zanidatamab trial with Jazz Pharmaceuticals for breast cancer | 2021-10 | 14 | |
| Zanidatamab trial Phase 1 (breast cancer with Jazz Pharmaceuticals) | 2021-10 | 17 | |
| Zanidatamab Phase 1 trial with Jazz Pharmaceuticals in breast cancer | 2021-10 | 11 | |
| Jazz Pharmaceuticals zanidatamab collaboration - Phase 1 trial ongoing | 2021-10 | 19 | |
| Jazz Pharmaceuticals collaboration for zanidatamab plus evorpacept Phase 1 in breast cancer | 2021-10 | 9 | |
| Jazz Pharmaceuticals zanidatamab trial first patient dosed | 2021-10 | 15 | |
| Jazz Pharmaceuticals Phase 1b/2 zanidatamab and evorpacept trial in HER2-expressing breast cancer | 2021-10 | 26 | |
| ASPEN-05 trial | 2021-10 | 7 | |
| Non-Hodgkin Lymphoma IST | 2021-09 | 3 | |
| MD Anderson evorpacept plus rituximab Phase 1/2 trial first patient dosed | 2021-09 | 27 | |
| MD Anderson Phase 1/2 IST in R/R B-NHL (7x) | 2021-09 | 14 | |
| MD Anderson NHL IST first patient dosed | 2021-09 | 15 | |
| ASPEN-04 trial | 2021-07 | 3 | |
| ASPEN-04 Phase 2 trial - HNSCC with pembrolizumab plus chemotherapy (failure) | 2021-07 | 19 | |
| ASPEN-04 Phase 2 trial with pembrolizumab and chemotherapy in HNSCC | 2021-07 | 9 | |
| ASPEN-04 Phase 2 trial in head and neck squamous cell carcinoma with pembrolizumab, platinum and fluorouracil | 2021-07 | 14 | |
| ASPEN-04 Phase 2 trial in head and neck squamous cell carcinoma | 2021-07 | 11 | |
| ASPEN-04 Phase 2 trial (HNSCC with pembrolizumab, platinum, fluorouracil) | 2021-07 | 17 | |
| ASPEN-04 Phase 2 HNSCC first patient dosed | 2021-07 | 15 | |
| FDA removal of partial clinical hold and patient cap on Phase 2 HNSCC studies | 2021-06 | 3 | |
| ASPEN-03 trial | 2021-05 | 3 | |
| ASPEN-03 Phase 2 trial - HNSCC with pembrolizumab (monotherapy failure) | 2021-05 | 19 | |
| ASPEN-03 Phase 2 trial with pembrolizumab in HNSCC | 2021-05 | 9 | |
| ASPEN-03 Phase 2 trial in head and neck squamous cell carcinoma with pembrolizumab | 2021-05 | 14 | |
| ASPEN-03 Phase 2 trial in head and neck squamous cell carcinoma | 2021-05 | 11 | |
| ASPEN-03 Phase 2 trial (HNSCC with pembrolizumab) | 2021-05 | 17 | |
| ASPEN-03 Phase 2 HNSCC first patient dosed | 2021-05 | 15 | |
| ASPEN-05 Phase 1 trial in AML | 2021 | 9 | |
| 2020 | |||
| Phase 2 HNSCC clinical trials with enrollment cap | 2020-12 | 3 | |
| Follow-on offering - December 2020, 2.737 million shares at $76.00 per share, $194.9 million net proceeds | 2020-12 | 19 | |
| ASPEN-02 trial | 2020-10 | 7 | |
| Initial public offering (2x) | 2020-07 | 14 | |
| IPO - July 2020, 9.775 million shares at $19.00 per share, $169.5 million net proceeds | 2020-07 | 19 | |
| Undated | |||
| Evorpacept + pembrolizumab, platinum, fluorouracil for metastatic/unresectable recurrent HNSCC | – | 9 | |
| ASPEN-02 Phase 1b trial with azacitidine in MDS | – | 9 | |
| ASPEN-01 Phase 1 trial with rituximab in NHL | – | 9 | |
ALX Oncology Transactions & Events (14)
All recorded acquisitions, divestitures and exits of ALX Oncology, plus partnerships, contracts and regulatory events affecting the business, each with date and source. NadirAlpha methodology
Acquisitions by ALX Oncology
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2026 | |||
| Public offering of common stock and pre-funded warrants (2x) | 2026-02 | Completed | 8 |
| February 2026 Offering (3x) | 2026-02 | Completed | 29 |
| 2024 | |||
| ScalmiBio acquisition milestone payment triggered | 2024-01 | Completed | 15 |
| 2021 | |||
| ScalmiBio acquisition for ADC technology and drug candidates | 2021-10 | Completed | 9 |
| ScalmiBio acquisition (3x) | 2021-10 | Completed | 26 |
| 2020 | |||
| Follow-on offering (5x) | 2020-12 | Completed | 17 |
| evorpacept Orphan Drug Designation for AML (9x) | 2020-01 | Completed | 17 |
| Fast Track designation for evorpacept with trastuzumab (13x) | 2020-01 | Completed | 9 |
Divestitures and exits by ALX Oncology
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2025 | |||
| ASPEN-07 discontinuation - evorpacept plus enfortumab vedotin did not meet efficacy bar | 2025-05 | Divested | 19 |
| 2023 | |||
| ASPEN-05 AML program | 2023-06 | Divested | 6 |
| ASPEN-02 MDS combination program | 2023-06 | Divested | 6 |
Partnerships and contracts of ALX Oncology
| Transaction / stake | Date | Type | Source |
|---|---|---|---|
| 2022 | |||
| Jazz Pharmaceuticals license agreement for zanidatamab | 2022-12 | Agreement | 3 |
| 2020 | |||
| Tallac Therapeutics research services agreement termination (2x) | 2020-07 | Agreement | 17 |
| Undated | |||
| Clinical trial collaboration and supply agreements with Merck (pembrolizumab), Eli Lilly (ramucirumab), Jazz (zanidatamab) | – | Agreement | 9 |
ALX Oncology Risks (99 since the annual report of 2026-03-09, 317 tracked in total)
Risk factors ALX Oncology itself names in its reports, merged by topic across periods, with category, first mention and source; new risks of the latest period come first. NadirAlpha methodology
Category: FinancialGeopoliticsCustomersLegalSupply chainRegulatoryMacroklinischMarketPeopleTechnologyESGCompetitionCyber
| Risk | Category | Last reported |
|---|---|---|
| ALX Oncology: first mention in 10-Q quarterly report of 2026-08-06 (2026-Q2), source 29 | ||
| Ability to raise capital may be adversely impacted by global economic conditions and credit market disruptions. | = | |
| Geopolitical risks, disasters and medical or public health crises such as pandemics. | = | |
| ALX Oncology: first mention in 10-Q quarterly report of 2026-05-08 (2026-Q1), source 27 | ||
| Accumulated deficit of $758.7 million with continued operating losses anticipated. | 2026-Q2 2026-08-06 29 | |
| ALX Oncology: first mention in 8-K-EX99.1 earnings release of 2025-08-12 (2025-Q2), source 22 | ||
| Biomarker-driven development strategy for evorpacept may limit patient population | 2026-Q2 2026-08-06 30 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2024-08-12 (2024-Q2), source 14 | ||
| Successful completion of preclinical studies and clinical trials remains uncertain. | 2026-Q2 2026-08-06 29 | |
| ALX Oncology: first mention in 10-K annual report of 2024-03-07 (FY2023), source 9 | ||
| Company has never generated revenue from drug product sales and has no approved products. | 2026-Q2 2026-08-06 29 | |
| ALX Oncology: first mention in 8-K-EX99.1 earnings release of 2024-03-07 (2023-Q4), source 10 | ||
| Necessity to obtain, maintain and enforce patent, trade secret and other intellectual property protection. | 2026-Q2 2026-08-06 29 | |
| ALX Oncology: first mention in 8-K-EX99.1 earnings release of 2023-08-10 (2023-Q2), source 6 | ||
| Company cash sufficient to fund operations through first half of 2028 | 2026-Q2 2026-08-06 30 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2023-08-10 (2023-Q2), source 5 | ||
| Clinical development remains early-stage with uncertain regulatory approval pathway | 2026-Q2 2026-08-06 30 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2023-05-11 (2023-Q1), source 3 | ||
| Significant additional capital required to complete clinical development of product candidates. | 2026-Q2 2026-08-06 29 | |
| Debt financing may involve agreements with covenants limiting ability to take specific actions. | 2026-Q2 2026-08-06 29 | |
| Contracting with third-party manufacturers for clinical and commercial supply. | 2026-Q2 2026-08-06 29 | |
| Success dependent on FDA approval of evorpacept and ALX2004 | 2026-Q2 2026-08-06 30 | |
| Macroeconomic conditions including inflation, interest rate changes, and trade disputes. | 2026-Q2 2026-08-06 29 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2026-05-08 (2026-Q1), source 27 | ||
| Ability to contract with third-party manufacturers for clinical supplies critical to product development success. | = | |
| Dependence on contract manufacturing organizations and contract research organizations for clinical development and supplies. | = | |
| ALX Oncology: first mention in 10-K annual report of 2026-03-09 (FY2025), source 26 | ||
| Floating rate debt under Loan Agreement exposes company to interest rate increases; USD 8.3 million outstanding at SOFR plus 6.25%. | 2026-Q1 2026-05-08 27 | |
| Evorpacept and ALX2004 clinical trial programs require substantial ongoing financial resources. | = | |
| Loan Agreement includes covenants limiting ability to incur additional debt without Lender consent. | = | |
| Company experienced material weaknesses in internal control over financial reporting in the past; future weaknesses could materially harm business. | = | |
| NOL carryforwards $305.4M federal and $69.0M state may be limited by ownership changes | = | |
| Limited operating history; no revenue from product sales; profitability timeline highly uncertain. | = | |
| Limited control over collaborator resource allocation; termination could disrupt evorpacept development | = | |
| No products approved for marketing; company has never received revenue from drug product sales and does not expect revenue for several years. | = | |
| Majority of operations in San Francisco Bay Area; damage to facilities could cause development delays; relies on third-party manufacturers for clinical supplies. | = | |
| April 2025 Nasdaq minimum bid price notice; regained compliance September 2025 but risks remain | = | |
| February 2026 offering of 76.98M shares at $1.57 and 18.57M pre-funded warrants caused substantial dilution | = | |
| Employee or contractor misconduct violates healthcare fraud laws | = | |
| Loss of executive officers or scientific advisors could delay product development; RIF completed | = | |
| Company completed workforce reduction in first quarter 2025 that may impact ability to execute on clinical development programs. | = | |
| Anti-Kickback Statute, False Claims Act, HIPAA, Sunshine Act, and state laws create compliance burden. | = | |
| Company has been and may be subject to derivative litigation, increasing costs and diverting management attention. | = | |
| Delaware bylaws restrict stockholders' ability to litigate in preferred forums; enforceability of exclusive forum provisions uncertain. | = | |
| Product liability claims from undesirable or unintended side effects | = | |
| European patents EP 2 429 574 and EP 2 995 315 owned by UHN may limit evorpacept development in certain EU indications. | = | |
| Company has experienced and may face securities class action litigation due to stock price volatility. | = | |
| Company must maintain Nasdaq listing compliance or face delisting; previously failed minimum bid price requirement in April 2025. | = | |
| Manufacturing facilities must maintain cGMP compliance for ongoing clinical trial supply. | = | |
| Company may never obtain regulatory approval for product candidates; multiple development variables remain uncertain. | = | |
| FDA guidance April 2025 indicated ASPEN-06 Phase 2 data insufficient for accelerated approval; Phase 3 trial required for registrational path in gastric cancer. | = | |
| Manufacturing changes may require additional clinical trials | = | |
| Dependence on third-party manufacturers; limited number of cGMP-compliant manufacturers available. | = | |
| Increased costs for SOX compliance, internal controls, and public disclosure requirements | = | |
| Limited foreign currency exposure primarily in euros; has not had formal hedging program; 10% FX change would not have material impact. | = | |
| Government price controls and reimbursement limitations on drug pricing | = | |
| Coverage denial or inadequate reimbursement limits product revenue | = | |
| U.S.-China trade tensions and tariffs may limit access to service providers and manufacturing materials | = | |
| Dependence on third-party consultants, contractors, and cloud-based platforms; outages may disrupt operations | = | |
| Exposure to foreign currency exchange rate fluctuations from international operations | = | |
| ACA and drug pricing legislation increase compliance costs | = | |
| Brexit, tariffs, trade disputes, geopolitical unrest (Ukraine/Israel) may impact operations | = | |
| Stock price may be volatile due to clinical trial results, competitive developments, or market conditions | = | |
| Intense competition for skilled personnel in San Francisco Bay Area; high cost of living | = | |
| Anti-Kickback Statute and False Claims Act compliance violations | = | |
| Patent validity challenges via reexamination and inter partes review | = | |
| AIA first-to-file system and USPTO post-grant review procedures increase uncertainty and costs | = | |
| Patents may expire before product commercialization, limiting competitive advantage | = | |
| 12-year reference product exclusivity uncertain due to BPCIA interpretation and litigation. | = | |
| Environmental and workplace safety law violations result in fines | = | |
| FDA post-approval safety warnings narrow approved indications | = | |
| Loss of orphan drug exclusivity benefits if requirements not met | = | |
| Data breach under GDPR CCPA and privacy law violations | = | |
| System outages or security breaches in cloud-based platforms could disrupt operations | = | |
| Multiple companies including AstraZeneca, Bristol Myers Squibb developing competing EGFR-targeted antibody drug conjugates. | = | |
| Multiple companies including Bristol Myers Squibb, Gilead Sciences, Pfizer developing competing CD47 pathway inhibitors. | = | |
| ALX Oncology: first mention in 8-K-EX99.1 earnings release of 2026-02-27 (2025-Q4), source 25 | ||
| Biomarker-driven trial design dependent on CD47 expression validation and patient enrollment variability | = | |
| ALX Oncology: first mention in 10-Q quarterly report of 2025-11-07 (2025-Q3), source 23 | ||
| Potential dilution from sales of equity or convertible debt, pre-funded warrant exercises, and future option exercises. | FY2025 2026-03-09 26 | |
| CRO termination or poor performance delays clinical development | FY2025 2026-03-09 26 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2025-05-08 (2025-Q1), source 19 | ||
| Nasdaq minimum bid price non-compliance notice with 180-day cure period until October 2025; delisting risk | = | |
| Subject enrollment for rare disease indications may be limited or slower than anticipated. | FY2025 2026-03-09 26 | |
| ALX Oncology: first mention in 10-K annual report of 2025-03-06 (FY2024), source 17 | ||
| Term loan under Loan Agreement with Oxford Finance and SVB contains covenants and conditions; maturity October 1 2027; only USD 25.0 million potentially available at lenders sole discretion. | 2026-Q1 2026-05-08 27 | |
| Post-approval regulatory oversight may include REMS requirements, facility inspections, and manufacturing restrictions. | FY2025 2026-03-09 26 | |
| Clinical trials may fail to meet FDA safety and efficacy requirements; no assurance of approval. | FY2025 2026-03-09 26 | |
| Novel immuno-oncology approach makes development time and cost difficult to predict | FY2025 2026-03-09 26 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2024-08-12 (2024-Q2), source 14 | ||
| Company requires additional capital to fund operations through foreseeable future; no products approved or revenue generated to date. | 2026-Q1 2026-05-08 27 | |
| Company has incurred net losses every year since inception with accumulated deficit of $722.8 million; net losses expected to continue foreseeable future. | FY2025 2026-03-09 26 | |
| Company invests in highly-rated securities and money market funds; deposits may exceed FDIC insurance limits. | FY2025 2026-03-09 26 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2024-05-09 (2024-Q1), source 11 | ||
| Successful development and regulatory approval of product candidates highly uncertain; numerous risks in clinical trial completion and regulatory authorization. | 2026-Q1 2026-05-08 27 | |
| ALX Oncology: first mention in 10-K annual report of 2024-03-07 (FY2023), source 9 | ||
| Third-party manufacturer performance failures delay clinical trials | FY2025 2026-03-09 26 | |
| Operations subject to earthquake, power shortage, pandemic, geopolitical unrest, war and other natural or man-made disasters. | FY2025 2026-03-09 26 | |
| Pfizer holds exclusive license to UHN/HSC SIRPα patents; EP 2429574 and EP 2995315 may limit evorpacept in EU | FY2025 2026-03-09 26 | |
| Macroeconomic conditions inflation interest rate changes trade disputes and geopolitical risks may impact capital raising and operations. | 2026-Q1 2026-05-08 27 | |
| OECD Pillar Two global minimum tax and California NOL suspension may increase tax liability | FY2025 2026-03-09 26 | |
| Third-party CD47/SIRPα patents and ADC component patents may block product development | FY2025 2026-03-09 26 | |
| Failure to obtain FDA approval for product candidate names may delay or prevent commercialization | FY2025 2026-03-09 26 | |
| Changes in patent laws, drug approval processes, and international regulations may harm business | FY2025 2026-03-09 26 | |
| Physicians and payors may not accept or use approved product candidates | FY2025 2026-03-09 26 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2023-08-10 (2023-Q2), source 5 | ||
| Operating losses continue; cash sufficient through 1H 2028 dependent on successful financing and milestone achievement | 2025-Q4 2026-02-27 25 | |
| ALX Oncology: first mention in 10-Q quarterly report of 2023-05-11 (2023-Q1), source 3 | ||
| company dependent on successful outcomes from Phase 1/2 clinical trials | 2026-Q1 2026-05-08 28 | |
| Limited third-party manufacturer capacity; supply delays or quality issues could impair development. | FY2025 2026-03-09 26 | |
| Computer systems vulnerable to cyberattacks, ransomware, and data breaches; loss of clinical trial data could delay regulatory approval. | FY2025 2026-03-09 26 | |
| patent protection and competitive landscape in oncology | 2026-Q1 2026-05-08 28 | |
| Information system security breaches could compromise confidential information and result in litigation | FY2025 2026-03-09 26 | |
| Highly competitive talent recruitment and retention critical; union-free workforce. | FY2025 2026-03-09 26 | |
| Foreign Corrupt Practices Act and export control violations | FY2025 2026-03-09 26 | |
| Product liability claims possible during clinical trials and post-approval commercialization | FY2025 2026-03-09 26 | |
| Trade secrets vulnerable to disclosure; difficult and expensive to enforce misappropriation claims | FY2025 2026-03-09 26 | |
| Established competitors with greater resources may obtain similar intellectual property | FY2025 2026-03-09 26 | |
| Adverse events in competitor immunotherapies harm market demand | FY2025 2026-03-09 26 | |
ALX Oncology Reported KPIs (as disclosed) (126)
Figures ALX Oncology discloses itself in addition to the standard financials, such as order intake, recurring revenue or unit counts, as reported and with no calculation of our own. NadirAlpha methodology
| KPI | Value / change | Source |
|---|---|---|
| ALX Oncology, published 2026-08-06, period 2026-Q2 | ||
| cash, cash equivalents and investments | $153.4 million | 29 |
| accumulated deficit | $758.7 million | 29 |
| Total stockholders' equity | 136,187 | 30 |
| Total stockholders' equity | 25,981 | 30 |
| Cash, cash equivalents and investments | 153,376 | 30 |
| Cash, cash equivalents and investments | 48,284 | 30 |
| Accumulated deficit | (758,715) | 30 |
| Accumulated deficit | (722,817) | 30 |
| ALX Oncology, published 2026-05-08, period 2026-Q1 | ||
| term loan outstanding | 8.3 million | 27 |
| cash, cash equivalents and investments | 169.1 million | 27 |
| accumulated deficit | 740.7 million | 27 |
| Runway | first half of 2028 | 28 |
| Cash, cash equivalents and investments | $169.1 million | 28 |
| ALX Oncology, published 2026-03-09, period FY2025 | ||
| term loan outstanding | $9.6 million | 26 |
| term loan borrowed | 10.0 million | 26 |
| term loan available for drawdown | 25.0 million | 26 |
| net proceeds February 2026 offering | 140.3 million | 26 |
| cash, cash equivalents and investments | 48.3 million | 26 |
| aggregate raised since inception | $644.8 million | 26 |
| accumulated deficit | 722.8 million | 26 |
| ALX Oncology, published 2026-02-27, period 2025-Q4 | ||
| net proceeds from February 2026 financing | 140.4 million | 25 |
| cash and investments Dec | 48.3 million | 25 |
| ALX Oncology, published 2025-11-07, period 2025-Q3 | ||
| cash, cash equivalents and investments | 66.5 million | 23 |
| borrowings under Loan Agreement | 10.0 million | 23 |
| available under Loan Agreement (Lenders' sole discretion) | 25.0 million | 23 |
| accumulated deficit | 700.0 million | 23 |
| ALX Oncology, published 2025-08-12, period 2025-Q2 | ||
| total funding raised from inception | 643.5 million | 21 |
| cash, cash equivalents and investments | 83.5 million | 21 |
| cash and investments | 83.5 million | 22 |
| accumulated deficit | 677.8 million | 21 |
| ALX Oncology, published 2025-05-08, period 2025-Q1 | ||
| Cash, cash equivalents and investments | 106,992 | 20 |
| ALX Oncology, published 2025-03-06, period FY2024 | ||
| October 2023 offering price per share | $6.38 | 17 |
| October 2023 offering price per prefunded warrant | $6.379 | 17 |
| October 2023 offering prefunded warrants | 1,250,000 | 17 |
| October 2023 offering common stock shares | 8,663,793 | 17 |
| net operating loss carryforwards state | 69.0 million | 17 |
| net operating loss carryforwards federal | 162.6 million | 17 |
| Irish net operating loss carryforwards | 5.5 million | 17 |
| beneficial ownership percentage | 23.8% | 17 |
| ATM shares sold | 2,199,542 | 17 |
| ALX Oncology, published 2025-03-06, period 2024-Q4 | ||
| Weighted-average shares outstanding (basic and diluted) | 52,802,409 | 18 |
| ALX Oncology, published 2024-11-07, period 2024-Q3 | ||
| stock-based compensation expense | 21.2 million | 15 |
| purchases of short-term and long-term investments | 103.0 million | 15 |
| purchases of short-term and long-term investments | 171.6 million | 15 |
| net proceeds from term loan October | 9.3 million | 15 |
| net proceeds from initial public offering | 169.5 million | 15 |
| net proceeds from follow-on offering December | 194.9 million | 15 |
| net proceeds from October 2023 offering | 58.9 million | 15 |
| net proceeds from ATM offering | 29.3 million | 15 |
| cash, cash equivalents and short-term and long-term investments | 162.6 million | 15 |
| cash received for maturities of investments | 156.4 million | 15 |
| cash received for maturities of investments | 234.1 million | 15 |
| cash balance with SVB | less than 1% | 15 |
| borrowings under Loan Agreement | 10.0 million | 15 |
| aggregate capital raised since inception | 642.8 million | 15 |
| accumulated deficit | 592.0 million | 15 |
| total stockholders' equity | 136,807 | 16 |
| MD Anderson Phase 1 best ORR indolent R/R B-NHL | 94% | 15 |
| MD Anderson Phase 1 CRR indolent R/R B-NHL | 83% | 15 |
| Cash, cash equivalents and investments | 162,610 | 16 |
| accumulated deficit | (591,959) | 16 |
| ASPEN-07 unconfirmed ORR evorpacept plus EV | 61% | 15 |
| ASPEN-07 unconfirmed ORR after April data cutoff | 59% | 15 |
| ASPEN-06 median duration of response TRP | 7.6 months | 15 |
| ASPEN-06 median duration of response Evo-TRP | 15.7 months | 15 |
| ASPEN-06 fresh HER2-positive biopsies ORR TRP | 23.1% | 15 |
| ASPEN-06 fresh HER2-positive biopsies ORR Evo-TRP | 54.8% | 15 |
| ASPEN-06 ORR TRP control | 26.6% | 15 |
| ASPEN-06 ORR Evo-TRP | 40.3% | 15 |
| ALX Oncology, published 2024-08-12, period 2024-Q2 | ||
| net proceeds from initial public offering | $169.5 million | 14 |
| net proceeds from follow-on offering | $58.9 million | 14 |
| net proceeds from follow-on offering | $194.9 million | 14 |
| net proceeds from ATM offering | $29.2 million | 14 |
| cash, cash equivalents and short-term and long-term investments | $186.2 million | 14 |
| borrowings outstanding under Loan Agreement | $10.0 million | 14 |
| aggregate funds raised from inception through June 30 | $642.7 million | 14 |
| accumulated deficit | $561.3 million | 14 |
| ALX Oncology, published 2024-08-08, period 2024-Q2 | ||
| Cash, cash equivalents and investments | 186,198 | 13 |
| ALX Oncology, published 2024-05-09, period 2024-Q1 | ||
| total raised from inception through March 31 | 616.5 million | 11 |
| term loan net proceeds | 9.3 million | 11 |
| term loan drawn | 10.0 million | 11 |
| net proceeds from initial public offering | 169.5 million | 11 |
| net proceeds from follow-on offering December | 194.9 million | 11 |
| net proceeds from October 2023 offering | 58.9 million | 11 |
| net proceeds from ATM offering post March 31 | 26.2 million | 11 |
| net proceeds from ATM offering | 3.0 million | 11 |
| cash, cash equivalents and investments | 184.5 million | 11 |
| accumulated deficit | 521.9 million | 11 |
| MD Anderson IST median duration of response | not reached | 11 |
| MD Anderson IST complete response rate | 83% | 11 |
| MD Anderson IST best ORR indolent | 94% | 11 |
| Cash, cash equivalents and investments | 184,486 | 12 |
| ASPEN 06 overall response rate evorpacept combination | 52% | 11 |
| ASPEN 06 overall response rate control | 22% | 11 |
| ASPEN 06 median duration of response evorpacept combination | not reached | 11 |
| ASPEN 06 median duration of response control | 7.4 months | 11 |
| ALX Oncology, published 2024-03-07, period FY2023 | ||
| term loan borrowed | $10.0 million | 9 |
| net loss | $160.8 million | 9 |
| net loss | $123.5 million | 9 |
| net loss | $83.5 million | 9 |
| further term loan available | $50.0 million | 9 |
| cash, cash equivalents and short-term and long-term investments | 218.1 million | 9 |
| cash, cash equivalents and investments | $218.1 million | 9 |
| additional term loan available | $40.0 million | 9 |
| accumulated deficit | $486.3 million | 9 |
| accumulated deficit | 486.3 million | 9 |
| ALX Oncology, published 2024-03-07, period 2023-Q4 | ||
| Cash, cash equivalents and investments | $218.1 million | 10 |
| ALX Oncology, published 2023-11-13, period 2023-Q3 | ||
| cash, cash equivalents and investments | 196.4 million | 7 |
| accumulated deficit | 440.8 million | 7 |
| Cash, cash equivalents and investments | 196.4 million | 8 |
| ALX Oncology, published 2023-08-10, period 2023-Q2 | ||
| debt outstanding | 10.0 million | 5 |
| cash, cash equivalents and investments | 224.5 million | 5 |
| accumulated deficit | 389.8 million | 5 |
| Cash, cash equivalents and investments | $224.5 million | 6 |
| available term loan drawdown | $40 million | 6 |
| ALX Oncology, published 2023-05-11, period 2023-Q1 | ||
| total stockholders equity | 240,388 | 3 |
| term loan borrowings outstanding | 10.0 million | 3 |
| short-term investments | 164,750 | 3 |
| long-term investments | 28,220 | 3 |
| cash, cash equivalents and investments | 256.2 million | 3 |
| cash, cash equivalents and investments | $256.2 million | 3 |
| cash and cash equivalents | 63,194 | 3 |
| accumulated deficit | -355,651 | 3 |
| total stockholders' equity | 240,388 | 4 |
| Cash, cash equivalents and investments | 256,164 | 4 |
| accumulated deficit | -355,651 | 4 |
ALX Oncology Development
How ALX Oncology has developed since 2023: one paragraph per period on revenue, earnings, cash flow and drivers, most recent period first, grouped by year. NadirAlpha methodology
FY2026: ALX Oncology
ALX Oncology generated no product revenue in fiscal year 2026, operating as a clinical-stage biopharmaceutical company focused on evorpacept and the EGFR-targeted antibody-drug conjugate ALX2004. ALX Oncology reported a net loss of 17.9 million in Q1 2026, improved from $30.8 million in Q1 2025, primarily reflecting lower R&D and G&A expenses following a workforce reduction in early 2025 and a reduced number of active clinical trials 27. In February 2026, ALX Oncology completed a registered equity offering, issuing 76,979,112 shares and 18,574,120 pre-funded warrants at $1.57 per share for net proceeds of $140.4 million 28. Net loss narrowed to 18 million in Q2 2026 from $25.9 million in Q2 2025, partly aided by the absence of a $3.2 million lease impairment charge recorded in the prior-year period 30. The Phase 2 ASPEN-09-Breast trial, evaluating evorpacept in CD47-high HER2-positive patients, enrolled its first patient in January 2026 and was on track for topline data from 80 patients in mid-2027, while the Phase 1 ALX2004 dose-escalation trial advanced to a third dose cohort with initial safety data targeted for the second half of 2026 30.
FY2025: ALX Oncology
ALX Oncology generated no product revenue in FY2025; the full-year net loss decreased 25% to USD 101.7 million from $134.9 million in 2024, as R&D expenses declined 34% to $77.0 million following the completion of clinical trial materials manufacturing in early 2024 and a Q1 2025 workforce reduction 26. The year was defined by two clinical setbacks: Phase 2 trials ASPEN-03 and ASPEN-04 failed to meet primary endpoints in head and neck squamous cell carcinoma, and FDA guidance issued in April 2025 determined that ASPEN-06 Phase 2 data was not eligible for accelerated approval in gastric cancer, closing the U.S. registrational path for evorpacept in that indication 19 26. In response, ALX Oncology pivoted to a CD47 biomarker-driven strategy, redesigning ASPEN-09-Breast as a single-arm study targeting CD47-high patients and pausing ASPEN-CRC to concentrate resources on the breast cancer program 21 22. The EGFR-targeted antibody-drug conjugate ALX2004 entered Phase 1 clinical trials in August 2025 following FDA IND clearance, advancing to a third dose cohort at 4 mg/kg without dose-limiting toxicities by year-end 26. In February 2026, ALX Oncology closed a registered offering raising $140.3 million in net proceeds, extending the cash runway through the first half of 2028 26.
FY2024: ALX Oncology
ALX Oncology, a clinical-stage oncology company with no approved products or product revenue, reported a full-year net loss of 134.8 million for 2024, down from $160.8 million in 2023 primarily because completion of clinical trial materials manufacturing in early 2024 reduced clinical and development costs by $37.5 million 17. The lead programme evorpacept advanced across multiple indications: Phase 2 ASPEN-06 delivered a 40.3% confirmed overall response rate versus 26.6% for the control arm in the intent-to-treat population for HER2-positive gastric/GEJ cancer, with an updated analysis as of the December 2024 cutoff showing 48.9% versus 24.5% and a median duration of response of 15.7 months versus 9.1 months for the control 18. A Sanofi-partnered Phase 1/2 study of evorpacept with isatuximab and dexamethasone in relapsed or refractory multiple myeloma commenced patient dosing in September 2024, expanding the clinical programme into haematological malignancies 16. At year-end, ALX Oncology implemented an approximately 30% workforce reduction, primarily in preclinical research, to extend its cash runway into the fourth quarter of 2026, ending 2024 with cash, cash equivalents and investments of $131.3 million 18.
FY2023: ALX Oncology
ALX Oncology generated no product revenue in FY2023 as a clinical-stage company focused on evorpacept; the full-year net loss was USD 160.8 million with diluted EPS of -3.74 and adjusted EPS of -3.23, while operating cash outflow reached USD 130.4 million 9. Research and development expenses rose 44% year-over-year to $141.8 million, driven by expanded clinical trial activities and patient enrollment across evorpacept programs 9. In August 2023, the company terminated evorpacept development with azacitidine for MDS (ASPEN-02) and AML (ASPEN-05) following Phase 1b data showing insufficient activity to support Phase 2 progression 9. Positive prespecified interim Phase 2 data from the ASPEN-06 trial announced in October 2023 showed a 52% confirmed overall response rate for evorpacept versus 22% for the control group in advanced HER2-positive gastric cancer 9. A follow-on public offering in October 2023 raised approximately $58.9 million net, and as of December 31, 2023, cash, cash equivalents and investments totaled $218.1 million, which the company stated was sufficient to fund operations into early 2026 9.
Glossary
- Revenue: Revenue from contracts with customers, net of sales deductions, as the company itself reports it; not total output, gross revenue, GMV or order intake.
- Op. income: The operating line of the income statement; EBIT only as a marked fallback, never pre-tax or ordinary income.
- Net income: Net income attributable to the shareholders of the parent, after discontinued operations; not the result including minority interests, not comprehensive income.
- EPS: Diluted earnings per share attributable to the shareholders of the parent; a printed figure always beats a calculated one, calculated values are marked.
- EPS adj.: Adjusted earnings per share, verbatim and company-defined (non-GAAP).
- FCF: Free cash flow = operating cash flow minus capital expenditure on property, plant and equipment; the company's own free cash flow figure is shown separately.
- OCF: Cash flow from operating activities as reported; IFRS companies may show interest paid in financing cash flow, so the figure is not always comparable.
- Cash: Cash and cash equivalents, without securities unless the company reports them as part of the position.
- Net Debt: Net debt = financial debt excluding lease liabilities minus cash at the same reporting date; the company's own net position may differ.
- *: derived, the formula is in the hover
- ≈: calculated, approximation
- ~: uncertain; the value stays visible, verdicts do not use it
- °: repaired by a targeted query against the document, or curated with documentary evidence
- EBIT: EBIT as a fallback: the income statement carries no operating line
- basic: basic earnings per share as a fallback when diluted is missing
Sources: quarterly reports, annual reports and investor relations documents
The evidence base for ALX Oncology stock: every document with type and date, every figure in the report leads here by number and to the original by link. NadirAlpha methodology
Older sources (+8)
| # | Document type | Published |
|---|---|---|
| #203 | 10-Q quarterly report | 2020-08-27 |
| #204 | 10-Q quarterly report | 2020-08-27 |
| #205 | 10-K annual report | 2020-08-27 |
| #206 | 10-Q quarterly report | 2020-08-27 |
| #208 | 10-K annual report | 2020-08-27 |
| #207 | 10-Q quarterly report | 2020-11-12 |
| #202 | 10-Q quarterly report | 2021-05-17 |
| #201 | 10-Q quarterly report | 2021-08-12 |
ALX Oncology Stock FAQ
Which additional key figures does ALX Oncology report?
As reported for Q2 2026: Total stockholders' equity (June 30, 2026), Total stockholders' equity (December 31, 2025). The chapter Reported KPIs lists every value with its source.
Where can I find the official investor relations documents of ALX Oncology?
NadirAlpha links all 38 original filings used (SEC filings) in the sources chapter: earnings release, quarterly report, annual report, each with type, publication date and a direct link; every figure in the report carries a source number.