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ALX Oncology Holdings (ALXO) investor relations material

ALX Oncology Holdings Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary12 Aug, 2025

Executive summary

  • CD47 expression identified as a key predictive biomarker for evorpacept response, driving a biomarker-focused strategy in HER2-positive cancers and leading to revised clinical trial designs in both breast and gastric cancer.

  • Evorpacept demonstrated strong efficacy in HER2-positive gastric and breast cancers, with 65% ORR in CD47-high subgroups and 55.6% ORR in confirmed HER2-positive breast cancer patients.

  • ALX-2004, a novel EGFR-targeted ADC, is set to enter Phase 1 with first patient dosing in August 2025 and initial safety data expected in 1H 2026.

  • Cash runway extended into Q1 2027 through pipeline prioritization, cost management, and pausing non-core programs such as colorectal cancer.

  • Leadership changes include the appointment of Daniel Curran, M.D., to the Board and Allison Dillon, Ph.D., as COO.

Financial highlights

  • Cash, cash equivalents, and investments totaled $83.5–$84M as of June 30, 2025, with cash runway projected into Q1 2027.

  • Q2 2025 net loss was $25.9M, down from $39.4M in Q2 2024, driven by reduced R&D and G&A expenses.

  • Operating expenses for Q2 2025 decreased 36% year-over-year to $26.6M.

  • No product revenue generated; all funding from equity, debt, and ATM offerings.

  • $3.2M impairment charge recorded in Q2 2025 related to subleasing lab space.

Outlook and guidance

  • Cash position expected to fund operations into Q1 2027, supporting key clinical milestones.

  • ASPEN-Breast patient dosing to begin in Q4 2025; interim data readout anticipated in Q3 2026.

  • ALX-2004 Phase 1 trial to begin enrollment in August 2025, with initial safety data expected in 1H 2026.

  • Full ASPEN-6 biomarker data to be presented at a medical conference in Q4 2025.

  • Additional capital will be needed for full business plan execution.

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Frequently asked questions

ALX Oncology Holdings Inc. is a clinical-stage immuno-oncology company focused on developing therapies that target the CD47 checkpoint pathway, which plays a critical role in cancer cells' ability to evade the immune system. The company's lead product candidate, evorpacept, is designed to block CD47 and is being developed in combination with other anti-cancer agents. The company is headquartered in South San Francisco, California, and its shares are listed on the NASDAQ.

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