ALX Oncology (ALXO) TD Cowen 46th Annual Health Care Conference summary

Strategic overview and pipeline focus

• Advancing two novel oncology programs: evorpacept (EVO, CD47 inhibitor) and ALX2004 (EGFR-targeted ADC), with a focus on breast cancer and dose escalation studies respectively.

• EVO's unique dead Fc approach avoids on-target toxicity seen in conventional CD47 therapies, validated across multiple clinical studies and combinations.

• ALX2004 features a proprietary linker and TOPO1 payload, with a differentiated epitope and promising preclinical and early clinical safety data.

• Recent $150 million financing extends cash runway through H1 2028, supporting pivotal milestones for both programs.

• Active collaborations, including with Sanofi and Jazz, expand clinical validation and combination opportunities.

Clinical data highlights

• ASPEN-06 phase 2 in HER2-positive breast cancer showed a 65% response rate for EVO vs. 26% for control; similar strong results in gastric cancer and indolent lymphoma.

• Response rates in indolent lymphoma with EVO combinations reached up to 92% in treatment-naive patients.

• CD47 overexpression identified as a predictive biomarker for response, now a primary endpoint in ongoing ASPEN-09 breast cancer study.

• Safety profile for EVO remains favorable, with over 750 patients treated and no significant on-target toxicity.

• ALX2004 dose escalation ongoing, with safety data expected in H2 2026; preclinical models show robust tumor regression and bystander effect.

Forward-looking statements and milestones

• ASPEN-09 breast cancer study increased sample size to 120, with top-line data from 80 patients expected mid-2027.

• ALX2004 clinical trial progressing through dose levels, with expansion planned and safety data anticipated in H2 2026.

• Both programs targeted to be pivotal-ready by end of 2026, leveraging strong financial position.

• Ongoing business development discussions, with potential for further partnerships while prioritizing execution.

• Addressable market for HER2-positive, CD47-overexpressing breast cancer estimated at 20,000 patients.