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ALXO

ALX Oncology Holdings Inc.

ALXO

ALX Oncology Holdings Inc. • NASDAQ
$1.37 ▼ -0.72% (-0.01)
Market Cap $74.28 M
52w High $2.27
52w Low $0.40
Dividend Yield 0%
P/E -0.68
Volume 42.78K
Outstanding Shares 54.22M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $22.532M ▼ $-22.144M ▲ 0% $-0.41 ▲ $-21.583M ▲
Q2-2025 $0 $26.648M ▼ $-25.949M ▲ 0% $-0.49 ▲ $-25.353M ▲
Q1-2025 $0 $31.82M ▲ $-30.754M ▼ 0% $-0.58 ▼ $-30.137M ▼
Q4-2024 $0 $30.613M ▼ $-29.163M ▲ 0% $-0.55 ▲ $-28.522M ▲
Q3-2024 $0 $32.567M $-30.707M 0% $-0.58 $-30.037M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $60.626M ▼ $82.723M ▼ $37.923M ▲ $44.8M ▼
Q2-2025 $79.314M ▼ $95.32M ▼ $30.905M ▼ $64.415M ▼
Q1-2025 $97.831M ▼ $120.9M ▼ $32.605M ▼ $88.295M ▼
Q4-2024 $127.757M ▼ $147.775M ▼ $34.157M ▼ $113.618M ▼
Q3-2024 $148.574M $185.715M $48.908M $136.807M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-22.144M ▲ $-17.093M ▲ $21.392M ▼ $-159K ▲ $4.14M ▲ $-17.149M ▲
Q2-2025 $-25.949M ▲ $-23.406M ▲ $22.316M ▼ $-222K ▼ $-1.312M ▼ $-23.453M ▲
Q1-2025 $-30.754M ▼ $-24.663M ▲ $27.645M ▼ $65K ▼ $3.047M ▲ $-24.723M ▲
Q4-2024 $-29.163M ▲ $-32.046M ▼ $33.183M ▲ $328K ▲ $1.465M ▲ $-32.106M ▼
Q3-2024 $-30.707M $-25.376M $25.693M $251K $568K $-25.525M

Five-Year Company Overview

Income Statement

Income Statement ALX Oncology is still a pure research-stage biotech with no product revenue so far. The income statement is driven almost entirely by R&D and overhead costs, which lead to steady, sizable losses each year. Losses widened after the IPO as the company ramped up clinical development, and more recently show a modest trend toward stabilizing but remain substantial. This pattern is typical for a clinical-stage biotech, but it also means the company’s path to profitability fully depends on successful trial outcomes and eventual approvals, which are still in the future.

Balance Sheet

Balance Sheet The balance sheet shows a shrinking resource base over time. Cash has come down sharply from early post-IPO levels, while total assets and shareholder equity have gradually eroded as losses pile up. Debt remains very low, which keeps financial risk from borrowing limited, but also means the company has relied mostly on equity and cash on hand to fund operations. With a smaller cash cushion than in prior years and no revenue, the company likely faces a need for additional funding over time if trials continue as planned.

Cash Flow

Cash Flow Cash flow is consistently negative, reflecting ongoing spending on clinical trials, staff, and supporting operations. There is essentially no capital spending, so nearly all cash use comes from day-to-day operating and R&D activities. The burn has been meaningful every year, and because there is no offsetting inflow from product sales, the company’s ability to keep funding its programs hinges on its remaining cash and future access to capital markets or partnerships. This dynamic is standard for a clinical-stage biotech but underscores financing and dilution risk if development timelines extend or trials become more complex and costly.

Competitive Edge

Competitive Edge ALX Oncology operates in a focused niche of immuno-oncology, targeting the CD47 “don’t eat me” pathway. Its lead asset, evorpacept, is designed with a safety-first approach that aims to avoid the blood-related toxicities that have troubled earlier CD47 drugs. Several competing programs from larger players have stumbled or been halted, which narrows the competitive field and highlights ALX’s differentiated design. At the same time, the company is small, pre-commercial, and highly dependent on one main platform in a crowded and rapidly evolving cancer market. Its competitive position will ultimately be defined by the quality of its clinical data, its ability to secure strong partners, and its success in carving out specific cancer indications where its safety and combination potential truly stand out.

Innovation and R&D

Innovation and R&D Innovation is the clear strength of ALX Oncology. Evorpacept reflects a thoughtful redesign of CD47 blockade with an inactive Fc region intended to improve safety and enable broader use in combination with other cancer drugs. The pipeline is being diversified with ALX2004, an internally developed antibody-drug conjugate against EGFR, suggesting the company is building a platform rather than a single-asset story. The team is also pursuing biomarker-driven strategies, which, if validated, could sharpen patient selection and improve outcomes. However, the programs are still in clinical development, with some prior setbacks in certain cancers, so scientific and regulatory risks remain high and timelines are long. R&D spending is heavy relative to the company’s size and cash, reflecting ambition but also adding pressure to show clear, positive data.

Summary

Overall, ALX Oncology is a classic high-risk, high-uncertainty clinical-stage biotech: no revenue yet, sizable and ongoing losses, and a diminishing but still positive equity base supported by a lean balance sheet with little debt. Its story rests on the scientific promise of a safer CD47 blocker and a growing pipeline, in a field where many competitors have struggled with toxicity and trial failures. The main opportunities lie in converting its safety edge and biomarker strategy into compelling clinical results, forging strong partnerships, and possibly establishing its lead drug as a key combination component in specific cancers. The main risks are financing needs, trial setbacks, regulatory uncertainty, and reliance on a small number of unproven assets. The company’s future will be determined less by current financials and more by upcoming clinical readouts and its ability to maintain funding through to decisive data milestones.

NEWS

November 18, 2025 · 11:00 AM UTC

ALX Oncology to Present at Upcoming Investor Conferences

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November 7, 2025 · 8:15 AM UTC

ALX Oncology Reports Third Quarter 2025 Financial Results and Provides Corporate Update

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October 30, 2025 · 8:30 AM UTC

ALX Oncology to Report Third Quarter 2025 Financial Results and Pipeline Progress Including Evorpacept CD47 Biomarker Data to be Presented at Upcoming SITC Annual Meeting

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October 23, 2025 · 12:30 PM UTC

ALX Oncology Announces Preclinical Data and Phase 1 Trial-in-Progress Presentations of ALX2004, a Novel EGFR-Targeted ADC, at 2025 AACR-NCI-EORTC Conference

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October 3, 2025 · 9:05 AM UTC

ALX Oncology to Present Updated Data from Phase 2 ASPEN-06 Trial, Highlighting CD47 Expression as a Predictive Biomarker in HER2+ Gastric Cancer, at 40th Society for Immunotherapy of Cancer (SITC) Annual Meeting

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