ALX Oncology Reports $134.85 Million Net Loss for 2024, Highlights Evorpacept Clinical Trials

ALX Oncology Holdings Inc. reported a net loss of $134.85 million for the year ended December 31, 2024, compared to a net loss of $160.80 million in 2023. This improvement was primarily driven by a decrease in research and development expenses, which fell by $25.42 million (18%) year-over-year. The decrease in R&D expenses was largely due to a reduction in clinical and development costs, offset by increases in stock-based compensation, personnel costs, and preclinical costs. General and administrative expenses also decreased by $2.39 million (8%) in 2024.

The company's lead product candidate, evorpacept, is currently in multiple Phase 1 and 2 clinical trials. Positive interim Phase 2 data from the ASPEN-06 trial in HER2-positive gastric/gastroesophageal junction cancer were announced in October 2023, showing a confirmed overall response rate of 52% compared to 22% in the control arm. Updated results presented at the 2025 ASCO Gastrointestinal Cancers Symposium showed a confirmed overall response rate of 41.3% in the intent-to-treat population and 48.9% in patients with confirmed HER2-positive expression. In March 2025, ALX Oncology announced its intent to initiate Phase 2 studies evaluating evorpacept in combination with trastuzumab and chemotherapy for metastatic HER2-positive breast cancer and a Phase 1b study in metastatic colorectal cancer.

ALX Oncology also reported on several collaborations and investigator-sponsored trials involving evorpacept. These include a Phase 1 trial with Jazz Pharmaceuticals for breast cancer, a Phase 1 study with Sanofi for multiple myeloma, and an investigator-sponsored trial at MD Anderson Cancer Center for non-Hodgkin lymphoma. Interim data from the ASPEN-07 trial evaluating evorpacept in combination with enfortumab vedotin for urothelial cancer showed an unconfirmed overall response rate of 61%. The company also filed an Investigational New Drug application for ALTA-002, a second program in collaboration with Tallac Therapeutics, in February 2024.

As of December 31, 2024, ALX Oncology had 80 employees, 30 of whom hold Ph.D. or M.D. degrees. The company's cash, cash equivalents, and investments totaled $131.3 million. The company stated that its existing cash resources are expected to fund operations into the fourth quarter of 2026. However, the company also noted that this projection is based on assumptions that may prove incorrect and that additional funding may be required sooner than anticipated. The company's financial performance is heavily reliant on the success of evorpacept and the timely completion of its clinical trials.

The 10-K filing also included a detailed discussion of risk factors, including the inherent uncertainties in drug development, the need for substantial additional capital, competition from other companies, and the complexities of regulatory approvals and market access. The company highlighted its reliance on third-party manufacturers and the potential for delays or disruptions in clinical trials. The filing also disclosed the company's intellectual property portfolio and its ongoing efforts to protect its proprietary technology.