Alx Oncology Holdings Inc - ALXO STOCK NEWS

ALX Oncology (ALXO) announced that its Phase 2 ASPEN-03 and ASPEN-04 clinical trials for evorpacept in combination with Merck's KEYTRUDA® did not meet primary endpoints for treating head and neck squamous cell carcinoma (HNSCC). The trials evaluated improved objective response rates compared to historical controls.

Despite encouraging trends in ASPEN-03, the company will discontinue pursuing evorpacept with pembrolizumab in HNSCC. However, ALX Oncology will continue multiple clinical trials of evorpacept combined with anti-cancer antibodies, citing positive results in HER2-positive gastric and breast cancer trials.

The company remains focused on evorpacept's primary mechanism of action - blocking the CD47 'don't eat me' signal on cancer cells - and its ongoing evaluation in colorectal cancer, breast cancer, non-Hodgkin lymphoma, and multiple myeloma trials.

ALX Oncology (ALXO) has received FDA clearance for its Investigational New Drug (IND) application for ALX2004, a potential first-in-class antibody-drug conjugate (ADC) for treating EGFR-expressing solid tumors. The company plans to initiate Phase 1 clinical trials in mid-2025, with initial safety data expected in 1H 2026.

ALX2004, developed entirely in-house using the company's proprietary linker-payload platform, targets EGFR - a transmembrane protein overexpressed in various cancers including breast, colorectal, head and neck, and non-small cell lung cancer. The drug is designed to optimize targeted delivery of chemotherapy to tumor cells while minimizing systemic toxicity.

The molecule features an engineered antibody backbone for optimized anti-EGFR activity, enhanced stability linker, and a proprietary topoisomerase I payload capable of generating an enhanced bystander effect. An R&D call focused on ALX2004 is planned for Q2 2025.

ALX Oncology (ALXO) reported its Q4 and full year 2024 financial results, highlighting positive clinical developments for evorpacept. The ASPEN-06 Phase 2 trial showed promising results in HER2-positive gastric cancer, with a 48.9% confirmed objective response rate versus 24.5% in the control group.

The company announced strategic prioritization efforts, including a 30% workforce reduction, extending cash runway into Q4 2026. Cash position stood at $131.3 million as of December 31, 2024. Q4 2024 showed reduced losses with GAAP net loss of $29.2 million ($0.55 per share) compared to $45.5 million ($0.93 per share) in Q4 2023.

Key upcoming milestones include topline results from ASPEN-03 and ASPEN-04 trials in Q2 2025, and new clinical trials in breast and colorectal cancers starting mid-2025. R&D expenses decreased to $23.5 million in Q4 2024 from $41.8 million in the prior year period.

ALX Oncology (ALXO) announced key updates during its R&D Day webcast event, highlighting the advancement of its clinical pipeline. The company is focusing on the development of evorpacept, a CD47-blocker, and introducing new clinical trials in breast and colorectal cancers expected to start in H1 2025.

The company revealed plans to submit an IND application for ALX2004, their novel EGFR-targeted antibody-drug conjugate (ADC) candidate, in Q1 2025. ALX2004 has shown potent anti-tumor activity in multiple xenograft models.

In a strategic move, ALX Oncology announced a 30% workforce reduction, primarily affecting preclinical research functions, as part of resource optimization efforts. This restructuring, along with decreased preclinical research investments, is expected to extend the company's cash runway into Q4 2026.

ALX Oncology (Nasdaq: ALXO), a clinical-stage biotechnology company focused on developing immune-boosting cancer therapies, has announced it will release its fourth quarter and full year 2024 financial results on Thursday, March 6th, 2025, before market open. The company, which aims to treat cancer and extend patients' lives, noted that there will not be a teleconference accompanying the financial results press release.

ALX Oncology (Nasdaq: ALXO) has announced a virtual Research and Development (R&D) Day scheduled for March 5, 2025, at 6:00 a.m. PT/9:00 a.m. ET. The event will provide comprehensive updates on the company's pipeline developments, with a particular focus on their lead investigational CD47-blocker evorpacept.

The virtual webcast will feature presentations from company leadership and external key opinion leaders, offering insights into clinical program progress along with business and financial updates. Interested participants can access the live webcast through the 'Investors' section of ALX Oncology's website under 'Events and Presentations,' with a replay available after the event.

ALX Oncology (ALXO) announced updated positive data from the ASPEN-06 Phase 2 trial of evorpacept in HER2-positive gastric cancer patients. The trial demonstrated significant improvements in patients with confirmed HER2-positive cancer, showing a 48.9% overall response rate and 15.7 months median duration of response compared to 24.5% and 9.1 months in the control group.

The study evaluated evorpacept in combination with trastuzumab, ramucirumab, and paclitaxel (ETRP) against the standard treatment (TRP). In patients with confirmed HER2-positive expression, the treatment showed a progression-free survival Hazard Ratio of 0.64. The drug was well-tolerated, with adverse events consistent with the control group.

The FDA has granted Fast Track designation for evorpacept in second-line treatment of HER2-positive gastric cancer, with both FDA and European Commission providing Orphan Drug Designation.

ALX Oncology Holdings (Nasdaq: ALXO) announced that its Compensation Committee granted an inducement stock option to purchase 600,000 shares of common stock to new Chief Financial Officer Harish Shantharam, effective January 21, 2025. The stock option, granted under the company's 2025 Inducement Equity Incentive Plan, has an exercise price of $1.65 per share, matching the closing price on the grant date.

The vesting schedule includes 25% of shares vesting after one year from the grant date, with the remaining shares vesting monthly at one forty-eighth of the total over the following three years, contingent on continued employment. The grant was made as a material inducement for employment in accordance with Nasdaq Listing Rule 5635(c)(4).

ALX Oncology Holdings has announced pivotal additions to its leadership team and Board of Directors. Harish Shantharam has been appointed as Chief Financial Officer (CFO), bringing over 20 years of experience in financial and commercial functions within the biotech industry. Shantharam's notable roles include CFO at CymaBay Therapeutics and various senior positions at Gilead Sciences.

Additionally, Barbara Klencke, M.D., and Chris H. Takimoto, M.D., Ph.D., FACP, join the Board of Directors. Dr. Klencke has over 30 years of experience in oncology drug development, with executive roles at Sierra Oncology and Onyx Pharmaceuticals. Dr. Takimoto, with over 30 years in oncology and pharmacology, currently serves as Global Chief Medical Officer at the START Center for Cancer Research and has held significant positions at Gilead Sciences and Janssen/Johnson & Johnson.

These appointments follow the recent additions of Alan Sandler, M.D., as Chief Medical Officer, and Allison Dillon, Ph.D., as Chief Business Officer. CEO Jason Lettmann highlighted the new appointees' extensive experience in finance, clinical development, and business operations as important for advancing ALX's lead candidate, evorpacept, into late-stage clinical trials in 2025.