ALX Oncology (Nasdaq: ALXO) narrows loss, boosts cash and advances trials
Rhea-AI Filing Summary
ALX Oncology Holdings Inc. reported second quarter 2026 results, with GAAP net loss of $18.0 million for the three months ended June 30, 2026, compared with $25.9 million a year earlier. Cash, cash equivalents and investments were $153.4 million as of June 30, 2026, which the company expects will fund planned operations through the first half of 2028.
Research and development expenses were $13.1 million, down from $18.0 million, reflecting lower legacy trial costs while continuing to invest in the Phase 2 ASPEN-09-Breast evorpacept trial and the Phase 1 ALX2004 study. Non-GAAP net loss was $14.3 million, compared with $20.6 million in the prior-year quarter.
The company highlighted progress in its oncology pipeline, including biomarker-driven evorpacept data presented at ESMO Breast Cancer 2026 and ongoing enrollment in ASPEN-09-Breast with topline data from 80 patients expected in mid-2027. Enrollment continues in the Phase 1 ALX2004 antibody-drug conjugate trial in EGFR-expressing solid tumors, with initial safety data expected in the second half of 2026. ALX Oncology refinanced $10 million of existing debt and entered into a secured multi-tranche term loan facility of up to $50 million, including the ability to draw an additional $20 million through June 2028, and appointed Scott Garland as Chairman and Michael Listgarten as General Counsel.
Positive
- GAAP net loss improved to $18.0 million for Q2 2026 from $25.9 million in Q2 2025, helped by lower R&D expenses and absence of a prior $3.2 million lease impairment charge.
- Cash, cash equivalents and investments rose to $153.4 million, supported by a new $50 million multi-tranche loan facility, giving funding runway through the first half of 2028.
Negative
- None.
8-K Event Classification
Key Figures
Key Terms
ASPEN-09-Breast medical
antibody-drug conjugate medical
EGFR-expressing solid tumors medical
lease termination (gain) and impairment charge financial
non-GAAP net loss financial
multi-tranche term loan facility financial
Earnings Snapshot
The company believes its cash, cash equivalents and investments are sufficient to fund planned operations through the first half of 2028.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What was ALXO’s GAAP net loss for the second quarter of 2026?
How much cash did ALXO have at June 30, 2026, and how long will it last?
What were ALXO’s R&D and G&A expenses in Q2 2026?
How did ALXO’s non-GAAP net loss change in the second quarter of 2026?
What is the size of ALXO’s new loan facility and available additional debt capacity?
What are the key clinical milestones ahead for ALXO’s evorpacept and ALX2004 programs?
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On August 6, 2026, ALX Oncology Holdings Inc. (the “Company”), issued a press release announcing its financial results for the second quarter ended June 30, 2026. A copy of this press release is furnished as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.
The information contained in this Item 2.02 of this Current Report on Form 8-K, including Exhibit 99.1 hereto shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended, except as shall be expressly stated by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
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Description |
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99.1 |
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Press Release dated August 6, 2026 |
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104 |
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Cover Page Interactive Data File (formatted as Inline XBRL) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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ALX ONCOLOGY HOLDINGS INC. |
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Date: August 6, 2026 |
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By: |
/s/ Harish Shantharam |
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Harish Shantharam |
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Chief Financial Officer |
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Exhibit 99.1 |
ALX Oncology Reports Second Quarter 2026 Financial Results and
Provides Corporate Update
– On track for mid-2027 topline data readout from 80 patients in the Phase 2 ASPEN-09-Breast clinical trial evaluating evorpacept in combination with trastuzumab and chemotherapy in HER2-positive metastatic breast cancer –
– Presented encouraging Phase 1b/2 breast cancer data at ESMO Breast Cancer 2026 that further validate a biomarker-driven development strategy for evorpacept –
– Strong enrollment momentum in Phase 1 clinical trial of ALX2004 in EGFR expressing solid tumors with initial safety data on-track for 2H 2026 –
– Strengthened leadership team with the appointments of Scott Garland as Chairman of the Board of Directors and Michael Listgarten as General Counsel –
SOUTH SAN FRANCISCO, Calif., August 6, 2026 – ALX Oncology Holdings Inc. (“ALX Oncology,” Nasdaq: ALXO), a clinical-stage biotechnology company advancing a pipeline of novel therapies designed to treat cancer and extend patients’ lives, today reported financial results for the second quarter ended June 30, 2026, and provided a corporate update.
“We continue to execute against our strategy with discipline and focus, advancing both of our clinical programs toward meaningful value-creating milestones,” said Jason Lettmann, Chief Executive Officer of ALX Oncology. “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 Q2 2026 Highlights and Recent Developments
Evorpacept
1
ALX2004
Corporate Update
Second Quarter 2026 Financial Results
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ZIIHERA® and ENHERTU® are the registered trademarks of their respective owners.
About ALX Oncology
ALX Oncology (Nasdaq: ALXO) is a clinical-stage biotechnology company advancing a pipeline of novel therapies designed to treat cancer and extend patients’ lives. ALX Oncology’s lead therapeutic candidate, evorpacept, has demonstrated potential to serve as a cornerstone therapy upon which the future of immuno-oncology can be built. Evorpacept is currently being evaluated across multiple ongoing clinical trials in a wide range of cancer indications. ALX Oncology’s second pipeline candidate, ALX2004, is a novel EGFR-targeted antibody-drug conjugate with a differentiated mechanism of action. A Phase 1, dose-escalation trial of ALX2004 is ongoing in patients with EGFR-expressing solid tumors. More information is available at www.alxoncology.com and on LinkedIn and X.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include statements regarding future results of operations and financial position, business strategy, product candidates, planned preclinical studies and clinical trials, results of clinical trials, research and development costs, regulatory approvals, timing and likelihood of success, plans and objectives of management for future operations, as well as statements regarding industry trends. Such forward-looking statements are based on ALX Oncology’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause ALX Oncology’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These and other risks are described more fully in ALX Oncology’s filings with the Securities and Exchange Commission (SEC), including ALX Oncology’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents ALX Oncology files with the SEC from time to time. Except to the extent required by law, ALX Oncology undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
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ALX ONCOLOGY HOLDINGS INC.
Consolidated Statements of Operations
(unaudited)
(in thousands, except share and per share amounts)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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Operating expenses: |
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Research and development |
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$ |
13,138 |
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$ |
18,022 |
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$ |
26,744 |
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$ |
41,910 |
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General and administrative |
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5,133 |
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5,451 |
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10,493 |
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13,383 |
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Lease termination (gain) and impairment charge |
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(238 |
) |
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3,175 |
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(238 |
) |
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3,175 |
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Total operating expenses |
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18,033 |
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26,648 |
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36,999 |
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58,468 |
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Loss from operations |
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(18,033 |
) |
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(26,648 |
) |
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(36,999 |
) |
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(58,468 |
) |
Interest income |
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1,508 |
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1,106 |
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2,690 |
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2,589 |
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Interest expense |
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(285 |
) |
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(405 |
) |
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(616 |
) |
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(811 |
) |
Other expense, net |
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(257 |
) |
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(2 |
) |
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(69 |
) |
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(13 |
) |
Loss on debt extinguishment |
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(904 |
) |
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— |
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(904 |
) |
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— |
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Net loss |
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$ |
(17,971 |
) |
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$ |
(25,949 |
) |
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$ |
(35,898 |
) |
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$ |
(56,703 |
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Net loss per share, basic and diluted |
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$ |
(0.13 |
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$ |
(0.49 |
) |
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$ |
(0.30 |
) |
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$ |
(1.05 |
) |
Weighted-average shares of common stock used to compute net loss per shares, basic and diluted |
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135,639,684 |
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53,445,631 |
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120,097,125 |
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54,031,176 |
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Consolidated Balance Sheet Data
(unaudited)
(in thousands)
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June 30, |
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December 31, |
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2026 |
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2025 |
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Cash, cash equivalents and investments |
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$ |
153,376 |
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$ |
48,284 |
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Total assets |
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$ |
160,550 |
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$ |
59,046 |
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Total liabilities |
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$ |
24,363 |
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$ |
33,065 |
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Accumulated deficit |
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$ |
(758,715 |
) |
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$ |
(722,817 |
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Total stockholders’ equity |
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$ |
136,187 |
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$ |
25,981 |
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4
GAAP to Non-GAAP Reconciliation
(unaudited)
(in thousands)
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Three Months Ended |
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Six Months Ended |
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June 30, |
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June 30, |
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2026 |
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2025 |
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2026 |
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2025 |
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GAAP net loss, as reported |
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$ |
(17,971 |
) |
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$ |
(25,949 |
) |
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$ |
(35,898 |
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$ |
(56,703 |
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Adjustments: |
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Stock-based compensation expense |
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2,683 |
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2,136 |
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5,192 |
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7,352 |
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Accretion of term loan discount and issuance costs |
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66 |
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69 |
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134 |
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136 |
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Lease termination (gain) and impairment charge |
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(238 |
) |
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3,175 |
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(238 |
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3,175 |
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Loss on disposal of fixed assets |
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246 |
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— |
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246 |
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— |
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Loss on early debt extinguishment |
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904 |
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— |
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904 |
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— |
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Total adjustments |
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3,661 |
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5,380 |
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6,238 |
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10,663 |
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Non-GAAP net loss |
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$ |
(14,310 |
) |
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$ |
(20,569 |
) |
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$ |
(29,660 |
) |
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$ |
(46,040 |
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Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP basis by providing additional measures which may be considered “non-GAAP” financial measures under applicable SEC rules. We believe that the disclosure of these non-GAAP financial measures provides our investors with additional information that reflects the amounts and financial basis upon which our management assesses and operates our business. These non-GAAP financial measures are not in accordance with generally accepted accounting principles and should not be viewed in isolation or as a substitute for reported, or GAAP, net loss, and are not a substitute for, or superior to, measures of financial performance performed in conformity with GAAP.
“Non-GAAP net loss” is not based on any standardized methodology prescribed by GAAP and represents GAAP net loss adjusted to exclude stock-based compensation expense and accretion of term loan discount and issuance costs. Non-GAAP financial measures used by ALX Oncology may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies.
Investor Relations Contact:
Kevin Lui
Director, Investor Relations
Precision AQ
kevin.lui@precisionaq.com
Media Contact:
Genevieve Britton
Senior Director, Public Relations
Precision AQ
genevieve.britton@precisionaq.com
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