ALX Oncology Holdings Inc.

Company at a glance

• Legal name: ALX Oncology Holdings Inc. (formerly ALX Oncology Limited; reorganized in 2020)
• Incorporation: Delaware
• Headquarters: 323 Allerton Avenue, South San Francisco, CA 94080
• Stock: Common stock, $0.001 par value; Nasdaq Global Select Market ticker ALXO
• Employees: 43 as of December 31, 2025 (11 with Ph.D. or M.D.; 29 in R&D)
• Commercial posture: No sales, marketing or commercial product distribution capabilities; no product revenue to date
• Key financials (as of 12/31/2025):
  • Cash, cash equivalents and investments: $48.3 million
  • Net loss: $101.7 million (2025); $134.9 million (2024); $160.8 million (2023)
  • Accumulated deficit: $722.8 million
  • Common shares outstanding: 131,608,278 (as of March 2, 2026)
• Recent financing: Net proceeds of $140.3 million from a registered offering completed in February 2026
• Primary focus: Clinical-stage biotechnology company developing cancer therapies, with two lead product candidates

Core product candidates and pipeline

Evorpacept (ALX148)

• Type: CD47-blocking fusion protein with an inactivated Fc domain
• Mechanism: Blocks CD47-SIRPα "don’t eat me" signal while avoiding pro-phagocytic activity on healthy cells through an inactive Fc; intended for use in combination with anti-cancer antibodies or therapies that provide pro-phagocytic or immune-stimulating signals
• Design rationale: Approximately half the molecular weight of a typical antibody with high CD47 affinity, intended to enable higher dosing and broader combination potential with a reduced hematologic toxicity profile
• Selected clinical development:
  • ASPEN-06 (gastric/GEJ): Phase 2/3 comparing Evo-TRP vs TRP; 2024 topline data showed higher objective response rate (ORR) for Evo-TRP; later guidance in 2024–2025 indicated no accelerated-approval path in the U.S. for this setting and consideration of partnerships
  • ASPEN-09-Breast: Planned randomized Phase 2 in HER2+ breast cancer; as of January 2026, first patient dosed in a single-arm design based on CD47 expression
  • ASPEN-CRC: Planned Phase 1b in colorectal cancer initiated March 2025 and paused in August 2025
  • Additional combinations and investigator-sponsored trials with agents such as rituximab (NHL), zanidatamab (HER2), and isatuximab (Sanofi)

ALX2004

• Type: EGFR-targeted antibody-drug conjugate (ADC)
• Design: Matuzumab-derived anti-EGFR antibody backbone; proprietary Top1 inhibitor payload with enhanced bystander effect; linker engineered for improved stability
• Rationale: Target a therapeutic window by combining a targeted EGFR antibody with a potent Top1 inhibitor payload while minimizing on-target off-tumor EGFR toxicity
• Preclinical and clinical status: First-in-human Phase 1 began August 2025; as of January 2026 enrollment progressing with the third dose cohort at 4 mg/kg; no dose-limiting toxicities observed in the first two cohorts
• Preclinical highlights: Tumor growth inhibition across multiple EGFR-expressing models and favorable stability/bioavailability versus a deruxtecan-based comparator in relevant studies

Strategy and business model

• Clinical strategy: Expand the utility of CD47 blockade by combining evorpacept with therapeutic antibodies to enhance macrophage-mediated phagocytosis (ADCP) and anti-tumor activity; advance ALX2004 as a differentiated EGFR-targeted ADC
• Partnerships: Pursue strategic collaborations to broaden development and commercialization while retaining substantial economic rights where feasible
• Intellectual property: Maintain and expand patent protection around evorpacept, antibody shielding technologies and exatecan derivatives; hold an exclusive equity license with Stanford University for high-affinity SIRPα variants (royalties, milestones, equity grant) along with other third-party licenses supporting development
• Manufacturing and supply: No internal manufacturing facilities; relies on contract manufacturing organizations (CMOs) for bulk drug substance and finished drug product. Key CMOs referenced include KBI Biopharma, Patheon, Lyophilization Services of New England (PCI), WuXi Biologics and WuXi XDC
• Commercial plans: Intend to retain significant development and commercial rights and to consider partnerships or build capabilities as programs advance toward potential approval

Intellectual property and collaborations

• Stanford license: Exclusive equity license covering high-affinity SIRPα variants for development, manufacturing and commercialization in licensed fields
• Patent portfolio: U.S. and international patent families covering evorpacept, antibody shielding and exatecan derivatives with expiration windows in the 2023–2043 range, subject to extensions
• External patent matters: Ongoing considerations in the EU involving third-party patents (UHN/The Hospital for Sick Children)
• Collaborations: Active relationships with academic and industry partners, including MD Anderson investigator-sponsored trials and collaborations with Jazz Pharmaceuticals and Sanofi, to advance combinations and clinical studies

Financial and capital position

• Recent results: Net losses of $101.7 million (2025), $134.9 million (2024) and $160.8 million (2023); accumulated deficit of $722.8 million as of December 31, 2025
• Liquidity: $48.3 million of cash, cash equivalents and investments as of December 31, 2025; net proceeds of $140.3 million received in February 2026
• Funding runway: Management projects that the February 2026 proceeds, together with existing cash and investments, are expected to fund operations into the first half of 2028
• Debt: Loan facility with Oxford Finance / SVB with up to $25.0 million available as of December 31, 2025; term loans mature October 1, 2027; interest is floating and principal repayments began December 1, 2025; loans secured by substantially all assets other than IP
• Shares outstanding: 131,608,278 as of March 2, 2026

Summary

ALX Oncology is a clinical-stage biotech company focused on two lead programs: evorpacept (ALX148), a CD47-blocking fusion protein intended for combination therapy to promote macrophage-mediated phagocytosis, and ALX2004, an EGFR-targeted ADC with a Top1 inhibitor payload designed to improve therapeutic index. The company advances these programs through early clinical trials, maintains a portfolio of patents and licenses, relies on CMOs for manufacturing, and pursues strategic partnerships while retaining substantial development and commercial rights.