ALX Oncology trims 2025 loss, raises $150M cash
ALX Oncology reported 2025 results showing lower expenses and a stronger balance sheet while advancing two key cancer programs.
Rhea-AI Filing Summary
ALX Oncology reported 2025 results showing lower expenses and a stronger balance sheet while advancing two key cancer programs. Research and development spending fell to $77.0M from $116.4M, and general and administrative costs declined to $23.9M from $26.1M.
GAAP net loss narrowed to $101.7M, or $1.90 per share, from $134.9M, or $2.58 per share. The company ended 2025 with $48.3M in cash, cash equivalents and investments, then raised $150M in a registered equity offering, yielding $140.4M in net proceeds.
Management expects this cash to fund operations through the first half of 2028, covering major milestones for lead CD47 inhibitor evorpacept and EGFR-targeted ADC ALX2004. Multiple clinical data readouts are planned between 2026 and mid-2027, including biomarker analyses and Phase 1 safety results.
Positive
- $150 million registered equity offering, with $140.4 million net proceeds, extends ALX Oncology’s cash runway through the first half of 2028, covering major clinical milestones for evorpacept and ALX2004.
- Operating discipline improved: R&D expenses fell to $77.0 million from $116.4 million and GAAP net loss narrowed to $101.7 million from $134.9 million, reducing the company’s annual cash burn.
- Encouraging clinical signals for evorpacept, including higher response rates and longer duration of response in CD47‑high, HER2‑positive gastric cancer patients versus control therapy, support the biomarker-driven development strategy.
Negative
- Despite expense reductions, ALX Oncology still recorded a substantial GAAP net loss of $101.7 million in 2025 and an accumulated deficit of $722.8 million, underscoring ongoing reliance on external financing.
- Total stockholders’ equity declined from $113.6 million to $26.0 million over 2025, reflecting continuing losses prior to the subsequent equity raise.
Insights
Financing extends runway to 1H 2028 as ALX advances two late‑stage-ready programs.
ALX Oncology is shifting from heavy build-out to more focused execution. R&D dropped from $116.4M to $77.0M, and GAAP net loss improved to $101.7M from $134.9M, mainly from lower stock-based compensation, personnel, and preclinical costs.
The $150M equity raise, delivering $140.4M in net proceeds, materially changes the risk profile by funding operations into 1H 2028. That horizon explicitly covers key milestones for CD47 inhibitor evorpacept and EGFR-targeted ADC ALX2004, including ASPEN‑09 topline data and Phase 1 safety readouts.
Clinically, evorpacept showed strong biomarker-linked responses in HER2‑positive gastric and breast cancer, and ALX2004 cleared two dose cohorts without dose-limiting toxicities. Actual impact will depend on confirmatory data in 2H 2026 and mid‑2027 and on maintaining disciplined spend as programs scale.
8-K Event Classification
FAQ
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What were ALX Oncology’s R&D and G&A expenses for 2025?
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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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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
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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 February 27, 2026, ALX Oncology Holdings Inc. (the “Company”), issued a press release announcing its financial results for the fourth quarter and full year ended December 31, 2025. 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 February 27, 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: February 27, 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 Fourth Quarter and Full Year 2025 Financial Results and Provides Corporate Update
- Clinical development for both the investigational CD47-inhibitor evorpacept and the novel EGFR-targeted antibody-drug conjugate ALX2004 remains on track following strong 2025 execution; company anticipates multiple meaningful data sets and milestones in the coming 12 to 18 months -
- Evorpacept biomarker strategy validated by data from both the Phase 2 ASPEN-06 gastric cancer trial and the Phase 1b/2 breast cancer trial, independently suggesting CD47 overexpression is predictive of evorpacept activity and drives durable benefit in HER2-positive cancers -
- Full biomarker analysis from Phase 1b/2 evorpacept-zanidatamab combination trial accepted for poster presentation at ESMO Breast Cancer 2026 Annual Congress -
- Phase 2 ASPEN-09 breast cancer trial is currently enrolling patients and will evaluate evorpacept efficacy by CD47 expression levels, with topline data anticipated mid-2027 -
- Phase 1 trial evaluating ALX2004 continues to enroll patients in the third dose cohort; safety data from dose-escalation phase expected in 2H 2026 -
- Company completed a $150 million registered offering of common stock and pre-funded warrants, extending cash runway through 1H 2028 inclusive of key clinical program milestones for evorpacept and ALX2004 -
- Barbara Klencke, M.D., appointed to Chief Medical Officer on a permanent basis -
- Company to host webcast on Friday, February 27, at 5:30 a.m. PT / 8:30 a.m. ET -
SOUTH SAN FRANCISCO, Calif., February 27, 2026 (GLOBE NEWSWIRE) – 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 fourth quarter and full year 2025, and provided a corporate update.
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“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,” said Jason Lettmann, Chief Executive Officer at ALX Oncology. “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,” said Lettmann.
ALX Oncology Q4 and Full Year 2025 Highlights and Recent Developments
Evorpacept
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ALX2004
Corporate Update
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Upcoming Clinical Milestones
Fourth Quarter and Full Year 2025 Webcast Information
To access the conference call, please dial +1-877-407-0752 or +1-201-389-0912 and ask to be joined into the ALX Oncology Fourth Quarter and Full Year 2025 Financial Results Conference Call.
Another option for instant telephone access to the event is to use the Call me™ link below: https://callme.viavid.com/viavid/?callme=true&passcode=13755276&h=true&info=company&r=true&B=6
A live audio webcast of the call, along with accompanying slides, will be available under "Events & Presentations" in the Investor section of the company’s website, www.alxoncology.com. An archived webcast will be available on the company’s website after the event.
Date & Time: Friday, February 27, 2026, 5:30 a.m. PT / 8:30 a.m. ET
Webcast Access: https://viavid.webcasts.com/starthere.jsp?ei=1753123&tp_key=d6cfaba210
Fourth Quarter and Full Year 2025 Financial Results
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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 @ALX Oncology.
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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Year Ended |
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December 31, |
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December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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Operating expenses: |
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Research and development |
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$ |
17,645 |
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$ |
23,532 |
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$ |
76,996 |
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$ |
116,373 |
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General and administrative |
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5,376 |
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7,081 |
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23,850 |
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26,094 |
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Impairment charge |
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— |
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— |
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3,175 |
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— |
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Total operating expenses |
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23,021 |
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30,613 |
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104,021 |
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142,467 |
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Loss from operations |
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(23,021 |
) |
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(30,613 |
) |
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(104,021 |
) |
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(142,467 |
) |
Interest income |
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573 |
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1,878 |
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3,964 |
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9,366 |
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Interest expense |
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(383 |
) |
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(427 |
) |
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(1,602 |
) |
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(1,729 |
) |
Other (expense) income, net |
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(17 |
) |
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(1 |
) |
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(36 |
) |
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(20 |
) |
Net loss |
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$ |
(22,848 |
) |
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$ |
(29,163 |
) |
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$ |
(101,695 |
) |
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$ |
(134,850 |
) |
Net loss per share, basic and diluted |
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$ |
(0.42 |
) |
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$ |
(0.55 |
) |
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$ |
(1.90 |
) |
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$ |
(2.58 |
) |
Weighted-average shares of common stock used to compute net loss per shares, basic and diluted |
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54,283,507 |
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52,802,409 |
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53,658,399 |
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52,174,904 |
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Consolidated Balance Sheet Data
(unaudited)
(in thousands)
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December 31, |
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December 31, |
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2025 |
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2024 |
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Cash, cash equivalents and investments |
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$ |
48,284 |
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$ |
131,281 |
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Total assets |
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$ |
59,046 |
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$ |
147,775 |
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Total liabilities |
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$ |
33,065 |
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$ |
34,157 |
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Accumulated deficit |
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$ |
(722,817 |
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$ |
(621,122 |
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Total stockholders’ equity |
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$ |
25,981 |
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$ |
113,618 |
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GAAP to Non-GAAP Reconciliation
(unaudited)
(in thousands)
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Three Months Ended |
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Year Ended |
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December 31, |
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December 31, |
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2025 |
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2024 |
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2025 |
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2024 |
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GAAP net loss, as reported |
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$ |
(22,848 |
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$ |
(29,163 |
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$ |
(101,695 |
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$ |
(134,850 |
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Adjustments: |
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Stock-based compensation expense |
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2,706 |
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5,858 |
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12,579 |
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27,093 |
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Accretion of term loan discount and issuance costs |
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72 |
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69 |
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280 |
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265 |
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Total adjustments |
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2,778 |
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5,927 |
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12,859 |
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27,358 |
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Non-GAAP net loss |
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$ |
(20,070 |
) |
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$ |
(23,236 |
) |
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$ |
(88,836 |
) |
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$ |
(107,492 |
) |
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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.
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Investor Relations Contact:
Elhan Webb, CFA, IR Consultant
ewebb@alxoncology.com
Media Contact:
Michele Parisi, SparkPoint Healthcare Communications
mparisi@sparkpointpr.com
(925) 864-5028
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