ALX Oncology Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update
ALX Oncology (ALXO) reported its Q4 and full year 2024 financial results, highlighting positive clinical developments for evorpacept. The ASPEN-06 Phase 2 trial showed promising results in HER2-positive gastric cancer, with a 48.9% confirmed objective response rate versus 24.5% in the control group.
The company announced strategic prioritization efforts, including a 30% workforce reduction, extending cash runway into Q4 2026. Cash position stood at $131.3 million as of December 31, 2024. Q4 2024 showed reduced losses with GAAP net loss of $29.2 million ($0.55 per share) compared to $45.5 million ($0.93 per share) in Q4 2023.
Key upcoming milestones include topline results from ASPEN-03 and ASPEN-04 trials in Q2 2025, and new clinical trials in breast and colorectal cancers starting mid-2025. R&D expenses decreased to $23.5 million in Q4 2024 from $41.8 million in the prior year period.
ALX Oncology (ALXO) ha riportato i risultati finanziari del quarto trimestre e dell'intero anno 2024, evidenziando sviluppi clinici positivi per evorpacept. Il trial di fase 2 ASPEN-06 ha mostrato risultati promettenti nel cancro gastrico HER2-positivo, con un tasso di risposta obiettiva confermata del 48,9% rispetto al 24,5% nel gruppo di controllo.
L'azienda ha annunciato sforzi di prioritizzazione strategica, inclusa una riduzione del 30% della forza lavoro, estendendo la liquidità fino al quarto trimestre del 2026. La posizione di liquidità si attestava a 131,3 milioni di dollari al 31 dicembre 2024. Il quarto trimestre del 2024 ha mostrato perdite ridotte con una perdita netta GAAP di 29,2 milioni di dollari (0,55 dollari per azione) rispetto ai 45,5 milioni di dollari (0,93 dollari per azione) nel quarto trimestre del 2023.
I principali traguardi futuri includono i risultati preliminari degli studi ASPEN-03 e ASPEN-04 nel secondo trimestre del 2025, e nuovi trial clinici per il cancro al seno e al colon-retto che inizieranno a metà 2025. Le spese per R&S sono diminuite a 23,5 milioni di dollari nel quarto trimestre del 2024 rispetto ai 41,8 milioni di dollari nello stesso periodo dell'anno precedente.
ALX Oncology (ALXO) reportó sus resultados financieros del cuarto trimestre y del año completo 2024, destacando desarrollos clínicos positivos para evorpacept. El ensayo de fase 2 ASPEN-06 mostró resultados prometedores en cáncer gástrico HER2-positivo, con una tasa de respuesta objetiva confirmada del 48.9% frente al 24.5% en el grupo de control.
La compañía anunció esfuerzos de priorización estratégica, incluyendo una reducción del 30% en su fuerza laboral, extendiendo la liquidez hasta el cuarto trimestre de 2026. La posición de efectivo se situaba en 131.3 millones de dólares al 31 de diciembre de 2024. El cuarto trimestre de 2024 mostró pérdidas reducidas con una pérdida neta GAAP de 29.2 millones de dólares (0.55 dólares por acción) en comparación con 45.5 millones de dólares (0.93 dólares por acción) en el cuarto trimestre de 2023.
Los hitos clave que se avecinan incluyen los resultados preliminares de los ensayos ASPEN-03 y ASPEN-04 en el segundo trimestre de 2025, y nuevos ensayos clínicos en cáncer de mama y colorrectal que comenzarán a mediados de 2025. Los gastos de I+D disminuyeron a 23.5 millones de dólares en el cuarto trimestre de 2024 desde 41.8 millones de dólares en el mismo período del año anterior.
ALX Oncology (ALXO)는 2024년 4분기 및 연간 재무 결과를 보고하며, evorpacept에 대한 긍정적인 임상 개발을 강조했습니다. ASPEN-06 2상 시험은 HER2 양성 위암에서 48.9%의 확인된 객관적 반응률을 보여주었으며, 이는 대조군의 24.5%에 비해 유망한 결과를 나타냅니다.
회사는 전략적 우선순위 조정 노력을 발표했으며, 30%의 인력 감축과 함께 2026년 4분기까지 현금 유동성을 연장했습니다. 2024년 12월 31일 기준 현금 보유액은 1억 3,130만 달러였습니다. 2024년 4분기는 2023년 4분기의 4,550만 달러(주당 0.93달러)와 비교하여 GAAP 기준으로 2,920만 달러(주당 0.55달러)의 손실을 기록했습니다.
주요 향후 이정표로는 2025년 2분기에 ASPEN-03 및 ASPEN-04 시험의 주요 결과가 포함되며, 2025년 중반부터 유방암 및 대장암에 대한 새로운 임상 시험이 시작될 예정입니다. R&D 비용은 2024년 4분기 동안 4,180만 달러에서 2,350만 달러로 감소했습니다.
ALX Oncology (ALXO) a publié ses résultats financiers du quatrième trimestre et de l'année complète 2024, mettant en avant des développements cliniques positifs pour evorpacept. L'essai de phase 2 ASPEN-06 a montré des résultats prometteurs dans le cancer gastrique HER2-positif, avec un taux de réponse objective confirmé de 48,9 % contre 24,5 % dans le groupe témoin.
L'entreprise a annoncé des efforts de priorisation stratégique, y compris une réduction de 30 % de sa main-d'œuvre, prolongeant ainsi sa liquidité jusqu'au quatrième trimestre 2026. La position de liquidités s'élevait à 131,3 millions de dollars au 31 décembre 2024. Le quatrième trimestre 2024 a montré des pertes réduites avec une perte nette GAAP de 29,2 millions de dollars (0,55 dollar par action) par rapport à 45,5 millions de dollars (0,93 dollar par action) au quatrième trimestre 2023.
Les principales étapes à venir incluent les résultats préliminaires des essais ASPEN-03 et ASPEN-04 au deuxième trimestre 2025, ainsi que de nouveaux essais cliniques sur le cancer du sein et colorectal qui débuteront à la mi-2025. Les dépenses de R&D ont diminué à 23,5 millions de dollars au quatrième trimestre 2024, contre 41,8 millions de dollars au cours de la même période l'année précédente.
ALX Oncology (ALXO) hat seine finanziellen Ergebnisse für das vierte Quartal und das Gesamtjahr 2024 veröffentlicht und dabei positive klinische Entwicklungen für evorpacept hervorgehoben. Die ASPEN-06 Phase-2-Studie zeigte vielversprechende Ergebnisse bei HER2-positivem Magenkrebs mit einer bestätigten objektiven Ansprechrate von 48,9 % im Vergleich zu 24,5 % in der Kontrollgruppe.
Das Unternehmen kündigte strategische Priorisierungsmaßnahmen an, einschließlich einer Reduzierung der Belegschaft um 30 %, und verlängert die Liquidität bis ins vierte Quartal 2026. Die Liquiditätsposition belief sich zum 31. Dezember 2024 auf 131,3 Millionen Dollar. Im vierten Quartal 2024 wurden die Verluste verringert, mit einem GAAP-Nettoverlust von 29,2 Millionen Dollar (0,55 Dollar pro Aktie) im Vergleich zu 45,5 Millionen Dollar (0,93 Dollar pro Aktie) im vierten Quartal 2023.
Wichtige bevorstehende Meilensteine umfassen die vorläufigen Ergebnisse der Studien ASPEN-03 und ASPEN-04 im zweiten Quartal 2025 sowie neue klinische Studien zu Brust- und Dickdarmkrebs, die Mitte 2025 beginnen werden. Die F&E-Ausgaben sanken im vierten Quartal 2024 auf 23,5 Millionen Dollar von 41,8 Millionen Dollar im Vorjahreszeitraum.
- Strong clinical results in HER2+ gastric cancer with 48.9% response rate vs 24.5% control
- Cash runway extended into Q4 2026
- Reduced quarterly net loss by 35.8% year-over-year
- R&D expenses decreased by $18.3M in Q4 2024 vs Q4 2023
- 30% workforce reduction implemented
- Annual net loss of $134.9M in 2024
- Departure of Founder and Chief Scientific Officer announced
Insights
ALX Oncology's Q4 and full-year 2024 results show significant financial discipline with R&D expenses decreasing to
The company's cash position stands at
While still operating at a loss (
The company's approach of focusing resources on its most promising assets while extending runway demonstrates pragmatic financial management in a challenging capital environment for small biotech companies. ALX must continue delivering on clinical milestones to unlock potential partnerships or financing opportunities that would further strengthen its balance sheet.
The ASPEN-06 Phase 2 data for evorpacept in HER2-positive gastric cancer represents a genuine breakthrough in CD47-targeted therapy. The
The PFS hazard ratio of 0.64 indicates a
In breast cancer, the combination with zanidatamab yielded a
The announced expansion into breast and colorectal cancer trials aligns with the mechanism of CD47 as a macrophage checkpoint that could enhance antibody efficacy across multiple tumor types and antibody combinations. Their planned IND submission for ALX2004, an EGFR-targeted ADC, indicates strategic diversification beyond CD47 inhibition while leveraging expertise in targeted oncology approaches.
– Presented positive updated data from ASPEN-06 Phase 2 trial demonstrating evorpacept generates strong response and durable clinical benefit in patients with HER2-positive gastric cancer in an oral presentation at 2025 ASCO GI
– Presented Phase 1b/2 data demonstrating evorpacept in combination with zanidatamab generates promising anti-tumor activity in advanced breast cancer at SABCS 2024
– Announced focused development plan during R&D Day, including introduction of clinical trials evaluating evorpacept plus anti-cancer antibodies in breast and colorectal cancers and novel EGFR-targeted antibody-drug conjugate (ADC) clinical candidate ALX2004
– Strategic prioritization and resource optimization efforts expected to extend cash runway into Q4 2026
– Announced multiple key additions to leadership team and Board of Directors
SOUTH SAN FRANCISCO, Calif., March 06, 2025 (GLOBE NEWSWIRE) -- ALX Oncology Holdings Inc., (“ALX Oncology” or “the Company”) (Nasdaq: ALXO), a clinical-stage biotechnology company advancing therapies that boost the immune system to treat cancer and extend patients’ lives, today reported financial results for the fourth quarter and full year ended December 31, 2024, and provided a corporate update.
“In 2024, we delivered strong progress and continued momentum for our clinical development program evaluating evorpacept as a potential first- and best-in-class CD47 blocker with the ability to deepen and enhance responses to a variety of important, available therapies across a wide range of cancer types,” said Jason Lettmann, Chief Executive Officer of ALX Oncology. “With multiple important clinical trial readouts, significant momentum for our ongoing clinical studies and key additions to our leadership team, we have positioned ALX Oncology for near- and long-term success. Yesterday during our R&D Day webcast, we shared updates on how we are prioritizing operations and capital to support our new and ongoing clinical programs that are expected to extend our cash runway into the fourth quarter of 2026, including taking the difficult decision to streamline our organization aligned to these priorities.”
Fourth Quarter 2024 Highlights and Recent Developments
- At the 2025 American Society of Clinical Oncology (ASCO) Gastrointestinal Cancers Symposium in January 2025, reported updated results from the multi-center, international ASPEN-06 Phase 2 clinical trial (NCT05002127) evaluating evorpacept in combination with HERCEPTIN® (trastuzumab), CYRAMZA® (ramucirumab) and paclitaxel (Evo-TRP) against trastuzumab, CYRAMZA (ramucirumab) and paclitaxel (TRP) for the treatment of patients with HER2-positive gastric/gastroesophageal junction (GEJ) cancer, where all patients had received an anti-HER2 agent in prior lines of therapy.
- Data highlighted evorpacept as the first CD47-blocker to show substantial tumor response and a well-tolerated safety profile in a prospective randomized trial.
- Greatest benefit observed among patients with confirmed HER2-positive cancer, as demonstrated by either fresh biopsy or ctDNA HER2-expression, with a confirmed objective response rate (cORR) of
48.9% and median duration of response (mDOR) of 15.7 months vs.24.5% ORR and mDOR of 9.1 months in the control group, and a progression-free survival Hazard Ratio of 0.64. - Evo-TRP was generally well tolerated, with the incidence of adverse events in the evorpacept population consistent with those in TRP control.
- At the San Antonio Breast Cancer Symposium (SABCS) 2024, presented new data from the Phase 1b/2 clinical trial demonstrating evorpacept in combination with zanidatamab generates promising antitumor activity in metastatic breast cancer (mBC).
- Patients who were HER2-positive by central assessment (n=9) showed the greatest anti-tumor activity with a cORR of
55.6% and a median progression-free survival (mPFS) of 7.4 months. - Combination therapy was well tolerated with a manageable safety profile consistent with prior experience with each investigational agent.
- Patients who were HER2-positive by central assessment (n=9) showed the greatest anti-tumor activity with a cORR of
- Announced strategic prioritization and resource optimization efforts, including approximately
30% workforce reduction primarily in preclinical research, expected to extend cash runway into Q4 2026. - Announced key additions to our leadership team and Board of Directors throughout 2024 and early 2025.
- Allison Dillon, Ph.D., an experienced drug development, commercial strategy and business development leader, as Chief Business Officer.
- Alan Sandler, M.D., a distinguished leader with more than 30 years of experience in oncology and drug development, as Chief Medical Officer.
- Harish Shantharam, CFA, a proven biotech industry executive with over two decades of senior leadership experience in finance, commercial and corporate operations, as Chief Financial Officer.
- Barbara Klencke, M.D., a seasoned clinical leader in oncology drug development with more than 20 years of industry experience, appointed to ALX Oncology’s Board of Directors.
- Chris H. Takimoto, M.D., Ph.D., FACP, a distinguished researcher and drug developer with a proven track record in oncology with 17 years of industry experience, appointed to ALX Oncology’s Board of Directors.
- Announced that Jaume Pons, Ph.D., Founder, President and Chief Scientific Officer, will be departing from his current position and transitioning to the role of Senior Scientific Advisor in Q2 2025.
Upcoming Clinical Milestones
- Head and Neck Squamous Cell Carcinoma: Topline results from Phase 2 ASPEN-03 randomized clinical trial of evorpacept with KEYTRUDA® (pembrolizumab) anticipated in Q2 2025
- Head and Neck Squamous Cell Carcinoma: Topline results from Phase 2 ASPEN-04 randomized clinical trial of evorpacept with KEYTRUDA and chemotherapy anticipated in Q2 2025
- Urothelial Cancer: Updated results from Phase 1 ASPEN-07 clinical trial of evorpacept in combination with PADCEV® (enfortumab vedotin) anticipated in Q2 2025
- Gastric/GEJ Cancer: Regulatory guidance on the gastric cancer registrational path to be provided in Q2 2025
- Breast Cancer: Topline results from Phase 1b I-SPY clinical trial of evorpacept with ENHERTU® (fam-trastuzumab deruxtecan-nxki) anticipated in 2H 2025
- Breast Cancer: Patient dosing anticipated to initiate for ASPEN-BREAST Phase 2 clinical trial in mid-year 2025
- Colorectal Cancer (CRC): Patient dosing anticipated to initiate for ASPEN-CRC Phase 1b clinical trial in mid-year 2025
- New ADC Clinical Candidate: Novel EGFR-directed ADC, ALX2004, planned IND submission in March 2025
2024 Full Year and Fourth Quarter Financial Results:
- Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments as of December 31, 2024, were
$131.3 million . The Company believes its cash, cash equivalents and investments are sufficient to fund planned operations into Q4 of 2026. Potential impact of near-term catalysts related to ASPEN-03/04 HNSCC read out and FDA interaction on ASPEN-06 (for e.g., gastric cancer accelerated approval and/or Phase 3 initiation) are excluded from cash runway guidance. - Research and Development (“R&D”) Expenses: R&D expenses consist primarily of preclinical, clinical and development costs related to the development of the Company’s current lead product candidate, evorpacept, and R&D personnel-related expenses including stock-based compensation. R&D expenses for the three months ended December 31, 2024 were
$23.5 million compared to$41.8 million for the prior-year period or a decrease of$18.3 million . This decrease was primarily attributable to a decrease of$17.3 million in clinical and development costs primarily due to less manufacturing of clinical trial materials to support active clinical trials for our lead product candidate, evorpacept, and a decrease in stock-based compensation expense slightly offset by increased preclinical costs for development of new targets and increased personnel and related costs. R&D expenses for the year ended December 31, 2024 were$116.4 million , compared to$141.8 million for the prior-year period. - General and Administrative (“G&A”) Expenses: G&A expenses consist primarily of administrative personnel-related expenses, including stock-based compensation and other costs such as legal and other professional fees, patent filing and maintenance fees, and insurance. G&A expenses for the three months ended December 31, 2024 were
$7.1 million compared to$6.2 million for the prior year period or an increase of$0.8 million . This increase was primarily attributable to an increase in personnel and related costs. G&A expenses for the year ended December 31, 2024 were$26.1 million compared to$28.5 million for the prior-year period. - Net loss: GAAP net loss was (
$29.2) million for the three months ended December 31, 2024, or ($0.55) per basic and diluted share, as compared to a GAAP net loss of ($45.5) million for the three months ended December 31, 2023, or ($0.93) per basic and diluted share. The lower net loss is primarily attributed to lower R&D expenses. GAAP net loss was ($134.9) million for the year ended December 31, 2024, or ($2.58) per basic and diluted share, as compared to a GAAP net loss of ($160.8) million for the year ended December 31, 2023, or ($3.74) per basic and diluted share. Non-GAAP net loss was ($23.2) million for the three months ended December 31, 2024, as compared to a non-GAAP net loss of ($38.7) million for the three months ended December 31, 2023. Non-GAAP net loss was ($107.5) million for the year ended December 31, 2024, as compared to a non-GAAP net loss of ($134.3) million for the year ended December 31, 2023. A reconciliation of GAAP to non-GAAP financial results can be found at the end of this news release.
About ALX Oncology
ALX Oncology (Nasdaq: ALXO) is a clinical-stage biotechnology company advancing therapies that boost the immune system to treat cancer and extend patients’ lives. ALX Oncology’s lead therapeutic candidate, evorpacept, has demonstrated potential to serve as a cornerstone therapy upon which the future of immuno-oncology can be built. Evorpacept is currently being evaluated across multiple ongoing clinical trials in a wide range of cancer indications. More information is available at www.alxoncology.com and on LinkedIn @ALX Oncology.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that involve substantial risks and uncertainties. Forward-looking statements include statements regarding future results of operations and financial position, business strategy, product candidates, planned preclinical studies and clinical trials, results of clinical trials, research and development costs, regulatory approvals, timing and likelihood of success, plans and objectives of management for future operations, as well as statements regarding industry trends. Such forward-looking statements are based on ALX Oncology’s beliefs and assumptions and on information currently available to it on the date of this press release. Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause ALX Oncology’s actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These and other risks are described more fully in ALX Oncology’s filings with the Securities and Exchange Commission (“SEC”), including ALX Oncology’s Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and other documents ALX Oncology files with the SEC from time to time. Except to the extent required by law, ALX Oncology undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.
ALX ONCOLOGY HOLDINGS INC. Consolidated Statements of Operations (unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
Operating expenses: | |||||||||||||||
Research and development | $ | 23,532 | $ | 41,784 | $ | 116,373 | $ | 141,795 | |||||||
General and administrative | 7,081 | 6,239 | 26,094 | 28,483 | |||||||||||
Total operating expenses | 30,613 | 48,023 | 142,467 | 170,278 | |||||||||||
Loss from operations | (30,613 | ) | (48,023 | ) | (142,467 | ) | (170,278 | ) | |||||||
Interest income | 1,878 | 2,995 | 9,366 | 10,649 | |||||||||||
Interest expense | (427 | ) | (415 | ) | (1,729 | ) | (1,565 | ) | |||||||
Other (expense) income, net | (1 | ) | (29 | ) | (20 | ) | 389 | ||||||||
Net loss | $ | (29,163 | ) | $ | (45,472 | ) | $ | (134,850 | ) | $ | (160,805 | ) | |||
Net loss per share, basic and diluted | $ | (0.55 | ) | $ | (0.93 | ) | $ | (2.58 | ) | $ | (3.74 | ) | |||
Weighted-average shares of common stock used to compute net loss per shares, basic and diluted | 52,802,409 | 48,995,998 | 52,174,904 | 42,987,767 | |||||||||||
Consolidated Balance Sheet Data (unaudited) (in thousands) | |||||||
December 31, | December 31, | ||||||
2024 | 2023 | ||||||
Cash, cash equivalents and investments | $ | 131,281 | $ | 218,147 | |||
Total assets | $ | 147,775 | $ | 242,553 | |||
Total liabilities | $ | 34,157 | $ | 52,841 | |||
Accumulated deficit | $ | (621,122 | ) | $ | (486,272 | ) | |
Total stockholders’ equity | $ | 113,618 | $ | 189,712 | |||
GAAP to Non-GAAP Reconciliation (unaudited) (in thousands) | |||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||
GAAP net loss, as reported | $ | (29,163 | ) | $ | (45,472 | ) | $ | (134,850 | ) | $ | (160,805 | ) | |||
Adjustments: | |||||||||||||||
Stock-based compensation expense | 5,858 | 6,721 | 27,093 | 26,273 | |||||||||||
Accretion of term loan discount and issuance costs | 69 | 64 | 265 | 250 | |||||||||||
Total adjustments | 5,927 | 6,785 | 27,358 | 26,523 | |||||||||||
Non-GAAP net loss | $ | (23,236 | ) | $ | (38,687 | ) | $ | (107,492 | ) | $ | (134,282 | ) | |||
Use of Non-GAAP Financial Measures
We supplement our consolidated financial statements presented on a GAAP basis by providing additional measures which may be considered “non-GAAP” financial measures under applicable SEC rules. We believe that the disclosure of these non-GAAP financial measures provides our investors with additional information that reflects the amounts and financial basis upon which our management assesses and operates our business. These non-GAAP financial measures are not in accordance with generally accepted accounting principles and should not be viewed in isolation or as a substitute for reported, or GAAP, net loss, and are not a substitute for, or superior to, measures of financial performance performed in conformity with GAAP.
“Non-GAAP net loss” is not based on any standardized methodology prescribed by GAAP and represents GAAP net loss adjusted to exclude stock-based compensation expense and accretion of term loan discount and issuance costs. Non-GAAP financial measures used by ALX Oncology may be calculated differently from, and therefore may not be comparable to, non-GAAP measures used by other companies.
Investor Relations Contact:
Elhan Webb, CFA, IR Consultant
ewebb@alxoncology.com
Media Contact:
Audra Friis, Sam Brown, Inc.
audrafriis@sambrown.com
(917) 519-9577
