ALX Oncology (NASDAQ: ALXO) adds up to $50M secured loan facility

Q: How much did ALX Oncology draw initially under the new loan facility?

At closing, ALX Oncology borrowed $10,000,000 . The company used this amount to repay all outstanding principal, interest, and other obligations under its prior Oxford Finance and Silicon Valley Bank loan and to cover closing fees.

Q: What additional borrowing capacity does ALX Oncology have under the HSBC term loan?

The facility includes $20,000,000 available to draw through June 30, 2028, a milestone-based $10,000,000 tranche tied to positive clinical data, and a further $10,000,000 available at the lender’s discretion.

Q: What are the key clinical milestones tied to ALX Oncology’s extra loan tranche?

Access to an additional $10,000,000 depends on positive data in the Phase 2 ASPEN-09 study of Evorpacept and positive safety data in the Phase 1 study of ALX2004, both conducted by the borrower.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

ALX Oncology Holdings Inc. entered into a new secured multi-tranche term loan facility of up to $50,000,000 with HSBC Ventures USA Inc. on June 25, 2026. The company drew $10,000,000 at closing to refinance its prior Oxford Finance and Silicon Valley Bank loan and pay fees, with remaining proceeds available for general corporate purposes.

An additional $20,000,000 is available to draw through June 30, 2028, with a further $10,000,000 tied to achieving positive data milestones in the Phase 2 ASPEN-09 study of Evorpacept and positive safety data in the Phase 1 study of ALX2004. A final $10,000,000 may be provided at the lender’s sole discretion.

The loans mature on June 1, 2030 and bear a floating interest rate equal to the greater of the Prime Rate or 6.0%, with amortization beginning July 1, 2028 or, if an Interest Only Milestone Event occurs, July 1, 2029. The facility is secured by substantially all assets (with a negative pledge on intellectual property) and includes customary covenants and events of default that could accelerate repayment if breached.

Insights

ALX Oncology refinances debt and adds flexible term loan capacity.

ALX Oncology has replaced its existing Oxford Finance and Silicon Valley Bank facility with a secured term loan from HSBC Ventures USA Inc. The new structure provides up to $50,000,000, of which $10,000,000 was drawn immediately to fully repay the prior loan and cover closing costs.

The remaining capacity includes $20,000,000 available through June 30, 2028, a milestone-based $10,000,000 tranche linked to positive Phase 2 ASPEN-09 and Phase 1 ALX2004 data, and a discretionary $10,000,000 at the lender’s option. The interest rate floats at the higher of the Prime Rate or 6%, with maturity on June 1, 2030 and amortization beginning in 2028 or 2029 depending on the Interest Only Milestone Event.

Customary negative covenants, a broad collateral package with a negative pledge on intellectual property, and standard events of default apply. Future disclosures in periodic reports may clarify actual draw usage and any progress toward the clinical milestones tied to the additional tranche.

8-K Event Classification

4 items: 1.01, 1.02, 2.03, 9.01

4 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 1.02 Termination of a Material Definitive Agreement Business

A significant contract was terminated, which may affect business operations or revenue.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Total term loan facility: $50,000,000 Initial draw at closing: $10,000,000 Additional availability: $20,000,000 +5 more

8 metrics

Total term loan facility $50,000,000 Aggregate principal of secured multi-tranche term loan

Initial draw at closing $10,000,000 Borrowed to refinance prior loan and pay fees

Additional availability $20,000,000 Available to draw through June 30, 2028

Milestone-based tranche $10,000,000 Contingent on positive Phase 2 ASPEN-09 and Phase 1 ALX2004 data

Discretionary tranche $10,000,000 Available at lender’s sole discretion

Interest rate floor Prime Rate or 6.0% per annum Floating rate, interest payable monthly

Loan maturity June 1, 2030 Final maturity date of term loans

Prepayment and final fees 2.0% / 1.0% prepay; 2.0% final fee Tiered prepayment fees and final payment on funded principal

Key Terms

material definitive agreement, secured multi-tranche term loan facility, negative pledge on intellectual property, negative covenants, +2 more

6 terms

material definitive agreement regulatory

"Item 1.01 Entry into a Material Definitive Agreement."

A material definitive agreement is a legally binding contract that creates major, long‑term obligations or rights for a company, such as loans, asset sales, mergers, or supplier deals. Think of it like a mortgage or lease for a business: it can change future cash flow, risk and control, so investors watch these agreements closely because they can materially affect a company’s value, financial health and stock price.

secured multi-tranche term loan facility financial

"The Loan Agreement provides for a secured multi-tranche term loan facility in an aggregate principal amount of up to $50,000,000"

negative pledge on intellectual property financial

"secured by substantially all of the Borrower’s and the guarantors’ assets, with a negative pledge on intellectual property"

negative covenants financial

"The Loan Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its subsidiaries to, among other things, dispose of assets"

events of default financial

"The events of default under the Loan Agreement include, among others, payment defaults, material misrepresentations, breaches of covenants"

Events of default are specific breaches or failures listed in a loan, bond, or credit agreement that give lenders the right to act, such as demanding immediate repayment, raising interest rates, or taking secured assets. They matter to investors because triggering one is like setting off a financial alarm: it raises the chance of foreclosure, restructuring, or bankruptcy and can sharply reduce the value of a company’s stock or bonds and increase borrowing costs.

Interest Only Milestone Event financial

"However, upon the occurrence of the Interest Only Milestone Event (as defined in the Loan Agreement), then the term loans will begin to amortize"

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Understanding 8-K Material Events →

Available on EDGAR 06/26/2026 - 04:03 PM Accepted by SEC EDGAR 06/26/2026 - 04:02 PM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 25, 2026

ALX ONCOLOGY HOLDINGS INC.

(Exact name of Registrant as Specified in Its Charter)


Delaware	001-39386	85-0642577
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

323 Allerton Avenue, South San Francisco, California		94080
(Address of Principal Executive Offices)		(Zip Code)

650-466-7125

(Registrant’s Telephone Number, Including Area Code)

Not applicable

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

      Title of each class

      Trading
Symbol(s)

      Name of each exchange on which registered

      Common Stock, par value $0.001 per share

      ALXO

      The Nasdaq Global Select Market

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 1.01 Entry into a Material Definitive Agreement.

On June 25, 2026, ALX Oncology Holdings Inc., a Delaware corporation (the “Company”), entered into a loan and security agreement (the “Loan Agreement”) among HSBC Ventures USA Inc., as lender, ALX Oncology Inc., a Delaware corporation (“ALX”), as borrower, and the Company and ALX Oncology Limited, as guarantors. The Loan Agreement provides for a secured multi-tranche term loan facility in an aggregate principal amount of up to $50,000,000, of which $10,000,000 is uncommitted.

Pursuant to the Agreement, the Borrower borrowed $10,000,000 of loans at closing, the proceeds of which were used to refinance the Borrower’s existing loan agreement with Oxford Finance and Silicon Valley Bank and to pay closing fees and expenses. An additional $20,000,000 remains available to draw through June 30, 2028. Upon achievement of milestones related both to the receipt of positive data in the Borrower’s Phase 2 ASPEN-09 study of Evorpacept and the receipt of positive safety data in the Phase 1 study of ALX2004, an additional $10,000,000 would become available to draw through June 30, 2028. The Borrower has access to up to an additional $10,000,000 available at the Lender’s sole discretion. The proceeds of the loans may be used by the Borrower for general corporate purposes.

The term loans mature on June 1, 2030. The term loans will amortize in equal monthly installments beginning on July 1, 2028. However, upon the occurrence of the Interest Only Milestone Event (as defined in the Loan Agreement), then the term loans will begin to amortize in equal monthly installments beginning on July 1, 2029.

The term loans accrue interest at a floating per annum rate equal to the greater of (A) the Prime Rate (as defined in the Loan Agreement) and (B) 6.0%. Interest on the term loans is payable monthly in arrears. The term loans once repaid or prepaid may not be reborrowed. The term loans may be prepaid in full in their entirety at any time. The Borrower is required to pay a prepayment fee of 2.0% of the outstanding principal balance for prepayments made on or prior to the first anniversary of the closing date, 1.0% for prepayments made after the first anniversary but on or prior to the second anniversary of the closing date, and no prepayment fee thereafter; provided that the prepayment fee shall be waived if the facility is refinanced by the Lender. Upon the earlier of the termination of the Loan Agreement or the maturity date, the Borrower is required to pay a final payment fee of 2.00% of the original principal amount of funded term loans. The Borrower is also obligated to pay other customary fees for a loan facility of this size and type.

The Borrower’s and the guarantors’ obligations under the Loan Agreement are secured by substantially all of the Borrower’s and the guarantors’ assets, with a negative pledge on intellectual property, and will be guaranteed by future subsidiaries of the Company, subject to certain limitations.

The Loan Agreement contains customary affirmative and negative covenants, including covenants limiting the ability of the Company and its subsidiaries to, among other things, dispose of assets, effect certain mergers, incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type.

The events of default under the Loan Agreement include, among others, payment defaults, material misrepresentations, breaches of covenants, cross defaults with certain other material indebtedness, bankruptcy and insolvency events, and judgment defaults. The occurrence of an event of default could result in the acceleration of the Borrower’s obligations under the Loan Agreement, the termination of the Lenders’ commitments, and the exercise by the Lender of other rights and remedies provided for under the Loan Agreement.

The foregoing description of the Loan Agreement does not purport to be complete and is subject to, and qualified in their entirety by reference to, the full text of the Loan Agreement, a copy of which will be filed on the Company’s Form 10-Q for the quarter ended June 30, 2026.

Item 1.02 Termination of a Material Definitive Agreement.

On June 25, 2026, in connection with entry into the Loan Agreement, the Company used a portion of the proceeds of the Term Loans under the Loan Agreement to pay all outstanding principal, interest and other amounts owing under its existing Loan Agreement, dated as of October 27, 2022, among the Company, ALX, Oxford Finance LLC, as collateral agent, and the other parties thereto.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The information related to the Loan Agreement set forth in Item 1.01 above is incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.


Exhibit Number		Description

104		Cover Page Interactive Data File (formatted as Inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


	ALX ONCOLOGY HOLDINGS INC.


Date: June 26, 2026	By:	/s/ Harish Shantharam
		Harish Shantharam
		Chief Financial Officer and Secretary

Source: View Original Filing on SEC EDGAR

FAQ

What new financing did ALX Oncology (ALXO) obtain in June 2026?

ALX Oncology entered a secured multi-tranche term loan facility of up to $50,000,000 with HSBC Ventures USA Inc. The structure provides immediate refinancing and additional borrowing capacity for corporate needs.

How much did ALX Oncology draw initially under the new loan facility?

At closing, ALX Oncology borrowed $10,000,000. The company used this amount to repay all outstanding principal, interest, and other obligations under its prior Oxford Finance and Silicon Valley Bank loan and to cover closing fees.

What additional borrowing capacity does ALX Oncology have under the HSBC term loan?

The facility includes $20,000,000 available to draw through June 30, 2028, a milestone-based $10,000,000 tranche tied to positive clinical data, and a further $10,000,000 available at the lender’s discretion.

What are the key clinical milestones tied to ALX Oncology’s extra loan tranche?

Access to an additional $10,000,000 depends on positive data in the Phase 2 ASPEN-09 study of Evorpacept and positive safety data in the Phase 1 study of ALX2004, both conducted by the borrower.

What are the interest rate and maturity terms of ALX Oncology’s new loan?

The term loans accrue interest at a floating rate equal to the greater of the Prime Rate or 6.0% per year. They mature on June 1, 2030, with amortization beginning in 2028 or 2029 depending on milestone achievement.

What collateral and covenants secure ALX Oncology’s term loan facility?

The obligations are secured by substantially all assets of the borrower and guarantors, with a negative pledge on intellectual property. The agreement includes customary covenants restricting asset sales, additional debt, liens, dividends, and certain transactions, plus standard events of default.

Filing Exhibits & Attachments

1 document

ALX Oncology (NASDAQ: ALXO) adds up to $50M secured loan facility

Rhea-AI Filing Summary

Positive

Negative