ALX Oncology Holdings (ALXO)
NASDAQ:ALXO
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ALX Oncology Holdings
(NASDAQ:ALXO)
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Rating:54Neutral
Price Target:
$2.00
▲(1.52% Upside)
Action:ReiteratedDate:03/10/26
The score is held back primarily by weak financial performance (no revenue, ongoing losses and cash burn, reduced equity cushion). This is partly offset by a constructive earnings-call outlook driven by the large financing (runway through 2028) and clear clinical catalysts, while technicals are modestly supportive and valuation remains constrained by negative earnings and no dividend.
Positive Factors
Biomarker-driven efficacy
Repeated independent datasets showing CD47 as a predictive biomarker create a structural clinical development advantage: a validated companion biomarker can focus patient selection, improve trial success odds, and support differentiated regulatory or commercial positioning across indications.
Negative Factors
Persistent cash burn
Consistent, large negative operating and free cash flow reflect a pre‑commercial model that will remain reliant on external capital until product revenues emerge; sustained cash burn constrains strategic optionality and increases dilution risk absent product de‑risking.
Read all positive and negative factors
Positive Factors
Negative Factors
Biomarker-driven efficacy
Repeated independent datasets showing CD47 as a predictive biomarker create a structural clinical development advantage: a validated companion biomarker can focus patient selection, improve trial success odds, and support differentiated regulatory or commercial positioning across indications.
Read all positive factors
ALX Oncology Holdings (ALXO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$259.27M
Dividend YieldN/A
Average Volume (3M)670.12K
Price to Earnings (P/E)―
Beta (1Y)1.23
Revenue GrowthN/A
EPS Growth31.98%
CountryUS
Employees65
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)-0.42
Shares Outstanding131,608,280
10 Day Avg. Volume555,214
30 Day Avg. Volume670,121
Financial Highlights & Ratios
PEG Ratio0.02
Price to Book (P/B)2.33
Price to Sales (P/S)0.00
P/FCF Ratio-0.72
Enterprise Value/Market Cap0.37
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/Ebitda-0.96
Forecast
1Y Price Target
$4.75Price Target Upside141.12% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)-0.72
Revenue Forecast (FY)N/A
ALX Oncology Holdings Business Overview & Revenue Model
Company Description
ALX Oncology Holdings Inc., a clinical-stage immuno-oncology company, focuses on developing therapies for patients fighting cancer. Its lead product candidate is ALX148, a CD47 blocking therapeutic that is in Phase 1b/2 clinical trial used for the...
How the Company Makes Money
ALX Oncology is a clinical-stage biopharmaceutical company and does not have commercialized products; as a result, its revenue (when reported) is generally not derived from product sales. The company historically funds operations primarily through...
ALX Oncology Holdings Earnings Call Summary
Earnings Call Date:Feb 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Positive
The call emphasizes multiple encouraging clinical signals for evorpocept (EVO) — including biomarker‑driven responses across gastric, breast and NHL settings — and steady clinical progress for the ALX 2004 ADC. The company materially strengthened its balance sheet with a recent equity financing providing runway through 2028 and reduced quarterly operating losses year‑over‑year. Key risks remain: several datasets are early and small, biomarker cut‑point and prevalence uncertainty prompted an upsizing of ASPEN, safety and therapeutic window for the ADC must be confirmed clinically, and several important readouts are still 12–18 months away. Overall, positive clinical validation and a strong financing event outweigh the staging‑related uncertainties.Positive Updates
Robust clinical data validating CD47 biomarker
Multiple independent datasets (gastric, breast, NHL) demonstrate CD47 as a predictive biomarker for evorpocept (EVO). In HER2-positive gastric cancer CD47-high subgroup, response rate was 65% vs 26% control (delta ~39%), median PFS 18.4 vs 7.0 months (HR 0.39), median OS 17 vs ~10 months (HR 0.7), and median duration of response >2 years (>3x control). In a small HER2-positive breast combo cohort (n=9 confirmed HER2), response rate was 56% with median PFS 7.4 months; responders were predominantly CD47 overexpressors.
Negative Updates
Early‑stage data in small cohorts
Key supportive datasets include small sample sizes (e.g., n=9 in the late‑line HER2 breast cohort), which increases uncertainty and requires larger, confirmatory data to validate signal sizes and biomarker cut points.
Read all updates
Q4-2025 Updates
Positive
Negative
Robust clinical data validating CD47 biomarker
Multiple independent datasets (gastric, breast, NHL) demonstrate CD47 as a predictive biomarker for evorpocept (EVO). In HER2-positive gastric cancer CD47-high subgroup, response rate was 65% vs 26% control (delta ~39%), median PFS 18.4 vs 7.0 months (HR 0.39), median OS 17 vs ~10 months (HR 0.7), and median duration of response >2 years (>3x control). In a small HER2-positive breast combo cohort (n=9 confirmed HER2), response rate was 56% with median PFS 7.4 months; responders were predominantly CD47 overexpressors.
Read all positive updates
Company Guidance
Management gave specific financial and clinical guidance: as of 12/31/2025 cash, cash equivalents and investments totaled $48.3M pre‑financing and the company closed a $150.0M equity financing (net proceeds $140.4M), which management says provides runway through 2028; GAAP net loss for Q4 2025 was $22.8M ($0.42/share) versus $29.2M ($0.55/share) in Q4 2024. Key clinical milestones and timelines include the full biomarker analysis from the phase 1/2 danitatumab+EVO study at ESMO Breast in May 2026, ALX‑2004 dose‑escalation safety data (after clearing 1 mg/kg and 2 mg/kg and currently dosing 4 mg/kg) anticipated in 2026 with dose‑escalation readout in 2H‑2026, and top‑line data from 80 patients in the phase 2 ASPEN breast trial expected mid‑2027 (trial expanded from 80 to up to 120 patients and primary endpoint updated to response rate in CD47‑high patients); management noted >750 patients treated with EVO to date and reiterated the objective to have both programs ready for pivotal studies by the end of 2026 and to deliver meaningful readouts over the next 12–18 months.ALX Oncology Holdings Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
38
Negative
Cash Flow
18
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 0.00 | -872.00K | -836.00K | 0.00 | -736.00K |
| EBITDA | -100.85M | -132.25M | -158.40M | -122.84M | -83.42M |
| Net Income | -101.69M | -134.85M | -160.81M | -123.48M | -83.46M |
Balance Sheet | |||||
| Total Assets | 59.05M | 147.78M | 242.55M | 306.49M | 380.18M |
| Cash, Cash Equivalents and Short-Term Investments | 44.79M | 127.76M | 182.74M | 266.21M | 363.67M |
| Total Debt | 5.22M | 16.98M | 17.20M | 10.43M | 742.00K |
| Total Liabilities | 33.06M | 34.16M | 52.84M | 43.02M | 17.13M |
| Stockholders Equity | 25.98M | 113.62M | 189.71M | 263.46M | 363.05M |
Cash Flow | |||||
| Free Cash Flow | -84.35M | -122.36M | -131.64M | -90.65M | -73.02M |
| Operating Cash Flow | -84.14M | -121.91M | -130.36M | -89.22M | -68.10M |
| Investing Cash Flow | 82.59M | 86.26M | 44.66M | -235.42M | -4.92M |
| Financing Cash Flow | 362.00K | 30.82M | 59.29M | 9.86M | 2.47M |
ALX Oncology Holdings Technical Analysis
Negative
1.97
Price Trends
2.07
Negative
1.72
Positive
1.38
Positive
Market Momentum
-0.03
Positive
44.28
Neutral
39.60
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ALXO, the sentiment is Negative. The current price of 1.97 is below the 20-day moving average (MA) of 2.08, below the 50-day MA of 2.07, and above the 200-day MA of 1.38, indicating a neutral trend. The MACD of -0.03 indicates Positive momentum. The RSI at 44.28 is Neutral, neither overbought nor oversold. The STOCH value of 39.60 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for ALXO.
ALX Oncology Holdings Risk Analysis
ALX Oncology Holdings disclosed 82 risk factors in its most recent earnings report. ALX Oncology Holdings reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
ALX Oncology Holdings Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
54 Neutral | $259.27M | -0.60 | -118.95% | ― | ― | 31.98% | |
53 Neutral | $189.07M | -1.36 | -86.91% | ― | -87.59% | 11.53% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
50 Neutral | $249.91M | -3.87 | -47.04% | ― | ― | 69.30% | |
46 Neutral | $65.96M | -1.32 | -81.77% | ― | ― | ― | |
40 Underperform | $5.51M | -1.64 | -370.46% | ― | ― | 2.26% |
* Healthcare Sector Average
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ALX Oncology Holdings Corporate Events
Business Operations and StrategyPrivate Placements and Financing
ALX Oncology announces major underwritten public equity offering
Positive
Jan 30, 2026
On January 30, 2026, ALX Oncology priced an underwritten public offering of 76,979,112 shares of common stock at $1.57 per share and pre-funded warrants to purchase 18,574,120 shares at $1.569 per warrant, for expected gross proceeds of approximat...
Business Operations and StrategyFinancial Disclosures
ALX Oncology Highlights Biomarker Data and Cash Position
Positive
Jan 30, 2026
On January 30, 2026, ALX Oncology reported new data from a Phase 1b/2 trial of its CD47 inhibitor evorpacept in combination with Jazz Pharmaceuticals’ Ziihera (zanidatamab-hrii) in heavily pretreated patients with metastatic HER2-positive br...
Business Operations and StrategyRegulatory Filings and Compliance
ALX Oncology Expands Inducement Equity Plan for Hiring
Positive
Jan 21, 2026
Effective January 21, 2026, ALX Oncology Holdings Inc.’s board amended its 2025 Inducement Equity Incentive Plan to increase the total number of shares of common stock reserved for issuance under the plan to 2,800,000, including an additiona...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.