ALX Oncology Holdings Inc. reported Q4 and full year 2025 financial results, including GAAP net loss of ($22.8) million or ($0.42) per share for Q4 and ($101.7) million or ($1.90) per share for the year, with cash of $48.3 million as of December 31, 2025 extended to 1H 2028 post $140.4 million net proceeds from a $150 million equity offering. The company provided updates on evorpacept and ALX2004 clinical programs, validating CD47 as a biomarker and outlining upcoming milestones.
Key takeaways
Completed $150 million registered offering of 76,979,112 common shares at $1.57 and pre-funded warrants for 18,574,120 shares, netting $140.4 million, extending cash runway to 1H 2028
Q4 2025 GAAP net loss ($22.8) million or ($0.42) per share vs ($29.2) million or ($0.55) prior year; full year ($101.7) million or ($1.90) per share vs ($134.9) million or ($2.58)
Cash, cash equivalents and investments $48.3 million as of Dec 31, 2025
Evorpacept ASPEN-06 gastric cancer: 65.0% ORR in CD47-high HER2-positive patients (n=43) vs 26.1% control, mDOR 25.5 vs 8.4 months, mPFS 18.4 vs 7.0 months
Phase 2 ASPEN-09-Breast trial enrolling, expanded to up to 120 patients, topline data for 80 patients mid-2027
Phase 1 ALX2004 trial enrolling third dose cohort at 4mg/kg, safety data 2H 2026
Barbara Klencke, M.D. appointed permanent Chief Medical Officer in February 2026