ALX Oncology (ALXO) Q1 2026 earnings summary

Executive summary

• Presented new data from phase I-B/II trials showing all HER2-positive, high CD47 expression breast cancer patients had durable responses to evorpacept plus zanidatamab, with 100% ORR, mDOR of 20.2 months, and mPFS of 22.1 months, supporting the CD47-selection hypothesis.

• Advanced both evorpacept (CD47 blocker) and ALX2004 (EGFR-targeted ADC) clinical programs, with multiple ongoing trials and collaborations in solid tumors and hematologic malignancies.

• Strengthened leadership with the appointment of Jeff Knight as Chief Development and Operating Officer.

• Recent equity offerings raised $140.4–$150 million in February 2026, extending cash runway through the first half of 2028.

• Net loss for Q1 2026 was $17.9 million, a significant improvement from $30.8 million in Q1 2025, driven by reduced R&D and G&A expenses.

Financial highlights

• Cash, cash equivalents, and investments totaled $169.1 million as of March 31, 2026, following the February equity offering.

• Q1 2026 net loss was $17.9 million, with R&D expenses at $13.6 million and G&A expenses at $5.4 million, both down year-over-year.

• Weighted-average shares outstanding increased to 104.6 million from 53.4 million year-over-year.

Outlook and guidance

• Topline data from the ASPEN-09 phase II trial in HER2-positive breast cancer expected mid-2027, with a total enrollment target of 120.

• ALX2004 phase I trial is on track for initial safety data in the second half of 2026.

• Cash runway projected through the first half of 2028, with further ATM program capacity available.