Redmile and Jeremy Green Report 4.64M ALXO Shares, 8.5% Diluted Stake

Rhea-AI Filing Summary

Redmile Group, LLC and related parties report an 8.5% economic interest in ALX Oncology (ALXO). The filing discloses beneficial ownership of 4,641,455 shares in total, composed of 3,391,455 shares of common stock and 1,250,000 shares issuable upon exercise of warrants. Redmile Biopharma Investments III, L.P. holds 3,675,481 shares (6.7%). Percentages are calculated using 53,444,020 shares outstanding as of May 1, 2025 plus the 1,250,000 warrant shares. The reporters state shared voting and dispositive power and disclaim sole ownership beyond pecuniary interest.

Positive

• Reported ownership exceeds 5%, with a total position of 4,641,455 shares representing 8.5% of the diluted class.
• Disclosure includes warrant exposure (1,250,000 shares issuable), making the filing transparent about dilution.

Negative

• No sole voting or dispositive power is claimed; all powers are reported as shared, limiting direct control influence.
• Reporters disclaim beneficial ownership except to the extent of pecuniary interest, indicating limited direct economic claim.

Insights

Financial Analyst

TL;DR: Redmile and affiliates hold a meaningful 8.5% position, including warrants, but report shared rather than sole control.

Redmile Group, LLC and Jeremy C. Green disclose beneficial ownership of 4,641,455 shares in ALX Oncology, representing 8.5% of the diluted class including 1,250,000 warrant shares. For investors, a reported >5% stake signals significant institutional interest and potential influence on shareholder discussions, but the filing explicitly states shared voting/dispositive power and contains disclaimers of direct beneficial ownership beyond pecuniary interest, suggesting passive or managed exposure through client vehicles rather than direct control.

Corporate Governance Expert

TL;DR: Filing indicates sizable ownership via managed client vehicles with appropriate disclaimers, not an outright control assertion.

The statement clarifies that the securities are held by private investment vehicles managed by Redmile and that voting and disposition are recorded as shared powers. The presence of warrants increases diluted stake, and all signatures are provided by Jeremy C. Green. The filing meets disclosure norms by stating calculation basis and issuer share count; it does not assert intent to change control and includes the required certification.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 2)

ALX Oncology Holdings Inc.

(Name of Issuer)

Common Stock, par value $0.001 per share

(Title of Class of Securities)

00166B105

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 00166B105

1

Names of Reporting Persons

Redmile Group, LLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,641,455.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,641,455.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,641,455.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

IA, OO

Comment for Type of Reporting Person: Redmile Group, LLC's beneficial ownership of the Issuer's common stock ("Common Stock") is comprised of (i) 3,391,455 shares of Common Stock, and (ii) 1,250,000 shares of Common Stock issuable upon exercise of certain warrants to purchase Common Stock (the "Warrants"), which, in each case, are owned by certain private investment vehicles managed by Redmile Group, LLC (collectively, the "Redmile Clients"), including Redmile Biopharma Investments III, L.P. ("RBI III"). The Common Stock and the Warrants may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Clients. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on: (i) 53,444,020 shares of Common Stock outstanding as of May 1, 2025, as reported by the Issuer in its Form 10-Q for the quarterly period ended March 31, 2025 filed with the Securities and Exchange Commission on May 8, 2025 (the "Form 10-Q"); plus (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants.

SCHEDULE 13G

CUSIP No. 00166B105

1

Names of Reporting Persons

Jeremy C. Green

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

UNITED KINGDOM

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,641,455.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,641,455.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,641,455.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

8.5 %

12

Type of Reporting Person (See Instructions)

HC, IN

Comment for Type of Reporting Person: Jeremy C. Green's beneficial ownership of Common Stock is comprised of (i) 3,391,455 shares of Common Stock, and (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants, which, in each case, are owned by the Redmile Clients, including RBI III. The Common Stock and the Warrants together may be deemed beneficially owned by Redmile Group, LLC as investment manager of the Redmile Clients. The reported securities may also be deemed beneficially owned by Jeremy C. Green as the principal of Redmile Group, LLC. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. Percentage based on: (i) 53,444,020 shares of Common Stock outstanding as of May 1, 2025, as reported by the Issuer in the Form 10-Q; plus (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants.

SCHEDULE 13G

CUSIP No. 00166B105

1

Names of Reporting Persons

Redmile Biopharma Investments III, L.P.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 3,675,481.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 3,675,481.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

3,675,481.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

6.7 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: RBI III may be deemed to beneficially own (i) 2,425,481 shares of Common Stock, and (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III. Percentage based on: (i) 53,444,020 shares of Common Stock outstanding as of May 1, 2025, as reported by the Issuer in the Form 10-Q; plus (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: ALX Oncology Holdings Inc.
(b)	Address of issuer's principal executive offices: 323 Allerton Avenue, South San Francisco, CA, 94080
Item 2.
(a)	Name of person filing: Redmile Group, LLC Jeremy C. Green Redmile Biopharma Investments III, L.P.
(b)	Address or principal business office or, if none, residence: Redmile Group, LLC One Letterman Drive Building D, Suite D3-300 The Presidio of San Francisco San Francisco, California 94129 Jeremy C. Green c/o Redmile Group, LLC (NY Office) 45 W. 27th Street, Floor 11 New York, NY 10001 Redmile Biopharma Investments III, L.P. c/o Redmile Group, LLC One Letterman Drive Building D, Suite D3-300 The Presidio of San Francisco San Francisco, California 94129
(c)	Citizenship: Redmile Group, LLC: Delaware Jeremy C. Green: United Kingdom Redmile Biopharma Investments III, L.P.: Delaware
(d)	Title of class of securities: Common Stock, par value $0.001 per share
(e)	CUSIP No.: 00166B105
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Redmile Group, LLC - 4,641,455 (1) Jeremy C. Green - 4,641,455 (1) Redmile Biopharma Investments III, L.P. - 3,675,481 (2)
(b)	Percent of class: Redmile Group, LLC - 8.5% (3) Jeremy C. Green - 8.5% (3) Redmile Biopharma Investments III, L.P. - 6.7% (3)
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Redmile Group, LLC - 0 Jeremy C. Green - 0 Redmile Biopharma Investments III, L.P. - 0
	(ii) Shared power to vote or to direct the vote: Redmile Group, LLC - 4,641,455 (1) Jeremy C. Green - 4,641,455 (1) Redmile Biopharma Investments III, L.P. - 3,675,481 (2)
	(iii) Sole power to dispose or to direct the disposition of: Redmile Group, LLC - 0 Jeremy C. Green - 0 Redmile Biopharma Investments III, L.P. - 0
	(iv) Shared power to dispose or to direct the disposition of: Redmile Group, LLC - 4,641,455 (1) Jeremy C. Green - 4,641,455 (1) Redmile Biopharma Investments III, L.P. - 3,675,481 (2) (1) The shares of the Issuer's Common Stock reported herein are held by, or issuable upon exercise of the Warrants by, certain Redmile Clients, including RBI III, for which Redmile Group, LLC is the investment manager/adviser and, in such capacity, exercises voting and investment power over all of the shares of Common Stock held by the Redmile Clients and may be deemed to be the beneficial owner of these shares. Jeremy C. Green serves as the principal of Redmile Group, LLC and also may be deemed to be the beneficial owner of these shares. Redmile Group, LLC and Mr. Green each disclaim beneficial ownership of these shares, except to the extent of its or his pecuniary interest in such shares, if any. (2) RBI III may be deemed to beneficially own (i) 2,425,481 shares of Common Stock, and (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants directly held by RBI III. (3) Percentage based on: (i) 53,444,020 shares of Common Stock outstanding as of May 1, 2025, as reported by the Issuer in the Form 10-Q; plus (ii) 1,250,000 shares of Common Stock issuable upon exercise of the Warrants.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. See the response to Item 4.
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Redmile Group, LLC

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member
Date:	08/14/2025

Jeremy C. Green

Signature:	/s/ Jeremy C. Green
Name/Title:	Jeremy C. Green
Date:	08/14/2025

Redmile Biopharma Investments III, L.P.

Signature:	/s/ Jeremy C. Green
Name/Title:	Managing Member of Redmile Biopharma Investments III (GP), LLC, general partner of Redmile Biopharma Investments III, L.P.
Date:	08/14/2025

FAQ

What stake does Redmile Group report in ALX Oncology (ALXO)?

Redmile Group, LLC reports beneficial ownership of 4,641,455 shares, equal to 8.5% of the diluted class including warrants.

How many shares does Redmile Biopharma Investments III, L.P. hold in ALXO?

Redmile Biopharma Investments III, L.P. reports beneficial ownership of 3,675,481 shares, representing 6.7% of the diluted class.

Do the filings include warrants in the ownership calculation?

Yes. The total includes 1,250,000 shares issuable upon exercise of warrants when calculating percentages.

Does Jeremy C. Green claim sole control over the ALXO shares?

No. The filing shows 0 sole voting power and 4,641,455 shared voting power, and Mr. Green disclaims beneficial ownership except for any pecuniary interest.

What share count was used to compute the ownership percentage?

Percentages are based on 53,444,020 shares outstanding as of May 1, 2025 plus the 1,250,000 warrant shares.