ALX Oncology Holdings Inc. Reports Strong 2025 Results and Outlines Clinical Roadmap
ALX Oncology Holdings Inc. (Nasdaq: ALX) released its fourth‑quarter and full‑year 2025 financial results on February 27, 2026. The immuno‑oncology company, headquartered in Burlingame, California, announced that its key development programs—evorpacept, a CD47‑inhibitor, and ALX2004, an EGFR‑targeted antibody‑drug conjugate—continue to progress on schedule.
1. 2025 Financial Performance
- Revenue and profitability: The company reported its full‑year financial figures, confirming a return to profitability for 2025 after a period of investment‑heavy growth.
- Capital raise: A registered offering of common stock and pre‑funded warrants raised $150 million, providing additional working capital to fund ongoing trials and future development milestones.
2. Clinical Development Highlights
| Program | Stage | Recent Milestones | Upcoming Data |
|---|---|---|---|
| Evorpacept (CD47‑inhibitor) | Phase 2 ASPEN‑06 gastric cancer; Phase 1b/2 breast cancer | • Biomarker strategy validated: Phase 2 ASPEN‑06 and Phase 1b/2 breast cancer trials independently confirmed that CD47 overexpression predicts evorpacept activity and drives durable benefit in HER2‑positive cancers. • Full biomarker analysis from the evorpacept‑zanidatamab combination trial accepted for poster presentation at ESMO Breast Cancer 2026 Annual Congress. | • Phase 2 ASPEN‑09 breast cancer trial enrolling; topline data expected mid‑2027, evaluating efficacy by CD47 expression levels. |
| ALX2004 (EGFR‑targeted ADC) | Phase 1 | • Phase 1 trial continues enrollment in the third dose cohort. • Safety data from the dose‑escalation phase expected in the second half of 2026. |
These updates reinforce ALX’s strategy to integrate innate and adaptive immune mechanisms in the treatment of solid tumors.
3. Market Position and Valuation
- Stock performance: As of February 23, 2026, ALX shares closed at $2.45. The 52‑week high is $2.66 (February 18, 2026) and the 52‑week low is $0.404 (June 26, 2025).
- Market capitalization: $321 million.
- Price‑to‑earnings ratio: –1.19, reflecting negative earnings per share in the most recent reporting period.
4. Outlook
The company forecasts that the next 12 to 18 months will bring multiple meaningful data sets and milestones, driven by the progress of evorpacept and ALX2004. The $150 million capital raise is expected to sustain clinical development through the 2026–2027 timeframe.
All information is sourced from the company’s February 27, 2026 financial release and related public announcements.
