ALX Oncology Holdings Inc. (ALXO) reports earnings

ALX Oncology Holdings Inc. (ALXO) has submitted its 10-K filing for the fiscal year ended December 31, 2024.

The filing details the company's focus on developing therapies that block the CD47 immune checkpoint to aid in cancer treatment. Their lead product candidate, evorpacept, is in multiple Phase 1 and 2 clinical trials.

Evorpacept is designed to be a next-generation checkpoint inhibitor with a high affinity for CD47, avoiding hematologic toxicities seen in other CD47 blocking approaches.

Clinical data from the ASPEN-06 Phase 2 trial showed a higher overall response rate for evorpacept in combination with other treatments compared to control groups in HER2-positive gastric cancer.

ALX Oncology's research and development expenses decreased by 18% to $116.4 million in 2024, primarily due to reduced clinical and development costs.

General and administrative expenses decreased by 8% to $26.1 million, reflecting lower stock-based compensation expenses.

The company reported a net loss of $134.9 million for 2024, compared to $160.8 million in 2023, with interest income contributing $9.4 million.

ALX Oncology has raised $643.2 million since inception, with $58.9 million from a follow-on offering in October 2023 and $29.7 million from an ATM offering.

The company expects its existing cash and investments to fund operations into the fourth quarter of 2026, with plans for further development of evorpacept and other product candidates.

This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the ALX Oncology Holdings Inc. annual 10-K report dated March 6, 2025. To report an error, please email [email protected].