ALX Oncology (ALXO) 2024 Cantor Fitzgerald Global Healthcare Conference summary

Scientific and clinical progress

• Unique approach to CD47 blockade combines "don't eat me" signal inhibition with anticancer antibodies to enhance efficacy and safety, differentiating from competitors.

• Nine ongoing clinical studies show strong efficacy when combined with appropriate agents, especially in solid tumors like gastric cancer and hematologic malignancies such as NHL.

• ASPEN-06, the first randomized CD47 study in solid tumors, demonstrated a 40% response rate versus 26% control, with durable responses over 15 months and excellent safety.

• Fresh biopsy and strong HER2 expression are critical for maximizing response, influencing future trial designs and patient selection.

• Updated PFS data for gastric cancer expected in the first half of next year, with benchmarks set by prior studies at 5–6 months.

Pipeline and future plans

• Advancing to phase III in gastric cancer, with ongoing evaluation of accelerated approval pathways depending on data maturity.

• Exploring expansion into other solid tumors such as colorectal, head and neck, and breast, based on strong combination data.

• Two large randomized phase II studies in frontline head and neck cancer are powered for overall survival, with over 300 patients enrolled and readouts expected next year.

• ADC combinations, such as with Padcev in bladder cancer, have shown over 60% response rates and durable responses, with more data expected in the second half of next year.

• Additional antibody and checkpoint inhibitor combinations are advancing, with promising data in NHL and plans to expand into other indications.

Strategic and commercial considerations

• Commercial opportunity in Asia is significant for gastric cancer, with active interest in regional partnerships due to lack of local infrastructure.

• No current partnerships or encumbrances on lead asset, enabling flexibility for future deals.

• Ongoing discussions with pharma partners focus on biomarker-driven patient selection and combination strategies across HER2, ADC, and checkpoint inhibitor franchises.

• Near-term partnership opportunities may be triggered by upcoming data releases, with multiple strategic angles under consideration.

• The company is providing a clear playbook for partner engagement, emphasizing the importance of target expression and combination efficacy.