ALX Oncology (ALXO) investor relations material

Executive summary

• Clinical-stage biotech focused on novel cancer therapies, with lead candidates evorpacept (CD47 blocker) and ALX2004 (EGFR-targeted ADC) in clinical trials.

• Evorpacept demonstrated promising efficacy and durability in HER2-positive gastric and breast cancer trials, with topline Phase 2 ASPEN-09-Breast data expected mid-2027.

• ALX2004 entered Phase 1 trials for EGFR-expressing solid tumors, with strong enrollment and initial safety data expected in 2H 2026.

• Presented promising Phase 1b/2 breast cancer data at ESMO Breast Cancer 2026, supporting a biomarker-driven strategy for evorpacept.

• Leadership team strengthened with new Chairman and General Counsel appointments.

Financial highlights

• Net loss for Q2 2026 was $18.0 million, a 31% improvement from $25.9 million in Q2 2025.

• Net loss for the six months ended June 30, 2026 was $35.9 million, down 37% from $56.7 million in the prior year period.

• Operating expenses decreased 32% year-over-year for the quarter, driven by lower R&D and G&A costs.

• Cash, cash equivalents, and investments totaled $153.4 million as of June 30, 2026, sufficient to fund operations through 1H 2028.

• R&D expenses for Q2 2026 were $13.1 million, down $4.9 million year-over-year, mainly due to lower legacy trial costs.

Outlook and guidance

• Existing cash and investments expected to fund operations through the first half of 2028.

• Topline data from 80 patients in the ASPEN-09-Breast Phase 2 trial expected mid-2027.

• Initial safety data from ALX2004 Phase 1 trial anticipated in the second half of 2026.

• Management anticipates continued operating losses as clinical programs advance and new trials are initiated.

• Additional capital will be required to fully implement business plans and support future commercialization.