[Form 4] ALX ONCOLOGY HOLDINGS INC Insider Trading Activity

Rhea-AI Filing Summary

ALX Oncology Holdings Inc. insider grant summary: Director Barbara Klencke was granted a stock option to buy 300,000 shares of ALX common stock at a $1.05 exercise price, with a transaction date of 09/17/2025 and an expiration date of 09/16/2035. The option is exercisable in tranches and is held directly.

The award vests in three installments: one-third on 09/17/2025, one-third on 01/31/2026 and the final one-third on 06/30/2026. The Form 4 was submitted on behalf of the reporting person by an attorney-in-fact.

Positive

• Director alignment: 300,000-share option links a director's economic interests to shareholder value.
• Immediate vesting commencement: One-third vests on the grant date, promoting prompt engagement.

Negative

• Potential dilution: The option represents 300,000 shares that will dilute existing shareholders if exercised.
• Limited governance detail: The Form 4 does not disclose board rationale, program limits, or any performance conditions tied to the grant.

Insights

Financial Analyst

TL;DR: A sizable director option grant aligns the director with equity performance but creates straightforward shareholder dilution.

The 300,000-share option at a $1.05 strike is a clear equity-based incentive that ties the director's compensation to the company’s stock performance over a ten-year life. Vesting over three near-term dates front-loads potential ownership quickly, which may motivate near-term engagement. From a capital-structure standpoint the grant increases potential diluted share count by 300,000 if fully exercised; the Form 4 does not state any immediate exercise or cash proceeds.

Corporate Governance Expert

TL;DR: Granting options to a director is standard governance practice to align incentives but warrants disclosure of grant rationale and equity program limits.

The transaction is consistent with typical director compensation practices: an option with a multi-year term and staged vesting. The filing documents direct ownership and specifies vesting milestones. The filing does not include the board’s rationale, any performance conditions, or how this grant fits within total equity run-rate, so governance context is incomplete in the Form 4 itself.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Klencke Barbara

(Last) (First) (Middle)

C/O ALX ONCOLOGY HOLDINGS INC.

323 ALLERTON AVENUE

(Street)

SOUTH SAN FRANCISCO CA 94080

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
ALX ONCOLOGY HOLDINGS INC [ ALXO ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/17/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Stock option (right to buy)	$1.05	09/17/2025		A		300,000		(1)	09/16/2035	Common Stock	300,000	$0	300,000	D

Explanation of Responses:

1. One-third of the shares subject to the option vest on each of September 17, 2025, January 31, 2026 and June 30, 2026.

	/s/ Shelly Pinto, by power of attorney	09/19/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Barbara Klencke receive according to the ALXO Form 4?

She received a stock option for 300,000 shares with a $1.05 exercise price and a 09/16/2035 expiration.

When do the granted options to ALXO director vest?

Vesting is in three installments: one-third on 09/17/2025, one-third on 01/31/2026, and one-third on 06/30/2026.

What is the exercise price and term of the ALXO option grant?

Exercise price $1.05 and the option expires on 09/16/2035.

Is the option held directly or indirectly by the reporting person?

The Form 4 reports the ownership form as Direct (D).

Does the Form 4 disclose any performance conditions for the option?

No performance conditions are disclosed; the filing only specifies time-based vesting dates.