Alx Oncology Holdings, Inc. ( (ALXO) ) has released its Q3 earnings. Here is a breakdown of the information Alx Oncology Holdings, Inc. presented to its investors.
ALX Oncology Holdings Inc., a clinical-stage biotechnology company, is focused on advancing therapies that enhance the immune system to treat cancer, with its lead candidate being evorpacept. In its third-quarter earnings report for 2024, ALX Oncology highlighted significant clinical progress, particularly the promising results from its ASPEN-06 Phase 2 trial, where evorpacept showed a durable clinical benefit in treating HER2-positive gastric and gastroesophageal junction cancers. The trial demonstrated a confirmed overall response rate of 40.3% compared to 26.6% in the control arm, showcasing evorpacept’s potential as a CD47-blocking agent with a well-tolerated safety profile. Additionally, ALX Oncology commenced patient dosing in a new trial for multiple myeloma and announced a significant leadership appointment, enhancing its strategic direction. Financially, the company reported a net loss of $30.7 million for the quarter, an improvement from the previous year’s $51 million, attributed to decreased R&D and G&A expenses. With $162.6 million in cash and investments, ALX Oncology is well-positioned to fund operations into early 2026. Looking ahead, the company anticipates reaching several clinical milestones that could propel evorpacept towards becoming a best-in-class therapy across various cancer types.
