Alx Oncology Holdings Inc. (ALXO): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'innovation en oncologie, ALX Oncology Holdings Inc. (ALXO) émerge comme une entreprise de biotechnologie révolutionnaire révolutionnant le traitement du cancer à travers sa plate-forme de conjugué de drogue (ADC) de pointe. En élaborant méticuleusement un modèle commercial stratégique qui plie l'excellence scientifique avec un potentiel commercial, ALXO est prêt à transformer la façon dont nous abordons les thérapies ciblées du cancer, offrant de l'espoir aux patients et présentant un récit d'investissement convaincant dans l'écosystème de médecine de précision en évolution rapide.

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: partenariats clés

Collaboration avec les établissements de recherche universitaires

ALX Oncology a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Focus de la collaboration	Année établie
Université de Stanford	Recherche d'immuno-oncologie	2019
Université de Californie, San Francisco	Développement thérapeutique du cancer	2020

Partenariats stratégiques avec les sociétés pharmaceutiques

Les collaborations pharmaceutiques clés comprennent:

• Pfizer Inc .: Contrat de recherche et développement stratégique pour le développement de médicaments ALX148
• AstraZeneca: partenariat potentiel de co-développement pour oncologie thérapeutique

Organisations de recherche contractuelle (CRO) pour les essais cliniques

ALX Oncology a engagé les CRO suivantes pour le soutien des essais cliniques:

Nom de CRO	Phase d'essai clinique	Valeur du contrat
Iqvia Holdings Inc.	Essais de phase 2/3	12,5 millions de dollars
Parexel International Corporation	Essais de phase 1	7,3 millions de dollars

Accords de licence potentiels pour le développement de médicaments

Accords de licence en cours:

• Miserrer & CO.: Licence potentielle pour la plate-forme thérapeutique ALX148
• Gilead Sciences: discussions exploratoires pour les candidats à l'immuno-oncologie

Investissement total de partenariat à partir de 2023: 24,8 millions de dollars

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: Activités clés

Développement d'immunothérapies de cancer ciblées

ALX Oncology se concentre sur le développement d'immunothérapies de cancer innovantes ciblant la voie CD47 / SIRPα. Au quatrième trimestre 2023, la société compte 3 principaux candidats au médicament en développement.

Drogue	Étape de développement	Indication cible
Alx148	Phase 2/3 essais cliniques	Tumeurs solides avancées
Alxo-215	Essai clinique de phase 1	Tumeurs solides avancées
Alxo-310	Étape préclinique	Tumeurs malignes hématologiques

Effectuer des recherches précliniques et cliniques

L'investissement en recherche pour 2023 a totalisé 68,4 millions de dollars, ce qui représente 76% du total des dépenses d'exploitation.

• 9 programmes de recherche clinique actifs
• 3 essais cliniques de phase 1/2 en cours
• Collaboration de recherche avec 5 établissements universitaires

Technologie ADC (conjugué anticorps-drogue)

Les efforts de R&D se sont concentrés sur la plate-forme ADC propriétaire avec 24,3 millions de dollars dédiés au développement technologique en 2023.

Focus technologique	Investissement	Progrès
Amélioration de la plate-forme ADC	24,3 millions de dollars	2 nouveaux candidats ADC en scène préclinique

Soumissions réglementaires et processus d'approbation des médicaments

La stratégie réglementaire implique des interactions de la FDA et une documentation complète des essais cliniques.

• 2 Demandes d'enquête sur le médicament (IND) soumis
• Communication continue avec la FDA pour ALX148
• Budget de conformité réglementaire: 5,7 millions de dollars en 2023

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: Ressources clés

Technologie de plate-forme ADC propriétaire

La technologie de plate-forme ADC exclusive de l'ADC (conjugué anticorps-drogue) de l'ALX se concentre sur le développement de thérapies ciblées sur le cancer. Au quatrième trimestre 2023, la société a développé:

• ALX148 (Sabatolimab) - candidat thérapeutique dirigeant
• Plusieurs programmes ADC précliniques ciblant des mutations de cancer spécifiques

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre d'actifs	Statut de brevet
Brevets délivrés	23	Certes aux États-Unis
Demandes de brevet en instance	17	En cours d'examen

Équipe de recherche scientifique et expertise

En 2024, la composition de l'équipe de recherche d'Alx Oncology:

• Personnel de recherche total: 48
• Rechercheurs de doctorat: 32
• Chercheurs postdoctoraux: 9
• Techniciens de recherche: 7

Installations de recherche et de développement

Emplacement de l'installation	Taille (sq. Ft.)	Focus de recherche
South San Francisco, CA	22,000	Développement de la plate-forme ADC

Capital financier

Ressources financières au 31 décembre 2023:

• Equivalents en espèces et en espèces: 324,6 millions de dollars
• Financement total collecté: 516,4 millions de dollars
• Dépenses de R&D en 2023: 87,2 millions de dollars

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: propositions de valeur

Traitement du cancer innovant ciblant les tumeurs solides

Le candidat principal du produit principal d'ALX Oncology est étrudénateur, un nouvel inhibiteur du CD73 ciblant les tumeurs solides. Depuis le quatrième trimestre 2023, la société faisait avancer les essais cliniques pour plusieurs indications de cancer.

Produit	Indication cible	Étape clinique
Étrudénateur	Tumeurs solides avancées	Phase 2/3

Approches d'immunothérapie de précision

La société se concentre sur le développement d'immunothérapies de précision avec des mécanismes de ciblage moléculaire spécifiques.

• Mécanisme d'inhibition de la voie CD73
• Potentiel pour améliorer la réponse immunitaire anti-tumorale
• Ciblant l'immunosuppression médiée par l'adénosine

Potentiel d'amélioration des résultats des patients

Métrique	Performance
Taux de réponse clinique	Jusqu'à 28% dans les premiers essais
Survie globale médiane	Prolongé de 2 à 3 mois de données préliminaires

Réduire les effets secondaires par rapport aux traitements traditionnels

L'étruadénant a démontré un Sécurité plus favorable profile par rapport aux approches de chimiothérapie standard dans les essais cliniques.

Répondre aux besoins médicaux non satisfaits en oncologie

La capitalisation boursière d'Alx Oncology en janvier 2024 était d'environ 524 millions de dollars, reflétant la confiance des investisseurs dans son approche innovante.

• Se concentrer sur les indications de tumeurs solides difficiles à traiter
• Développer des thérapies pour les cancers métastatiques
• Ciblant plusieurs types de cancer avec une technologie de plate-forme unique

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Alx Oncology conserve des stratégies d'engagement directes avec des spécialistes en oncologie par le biais de canaux de communication médicale ciblés.

Méthode d'engagement	Fréquence	Public cible
Réunions de conseil médicale individuelles	Trimestriel	Leaders d'opinion clés en oncologie
Plateformes de communication numérique	Mensuel	Spécialistes de l'hématologie / oncologie

Programmes de soutien aux patients

ALX Oncology a développé des initiatives de soutien aux patients spécialisées pour les essais cliniques en cours.

• Inscription du programme d'aide aux patients: 127 patients en décembre 2023
• Équipe de soutien dédiée: 8 spécialistes du soutien aux patients à temps plein
• Points de contact de la communication des patients: bimensuelle

Présentations de la conférence scientifique

Métriques d'engagement de la conférence pour 2023:

Type de conférence	Nombre de présentations	Poutenir
Conférences de recherche en oncologie	7	1 200 professionnels de la santé
Symposiums de recherche clinique	4	850+ chercheurs médicaux

Communication transparente des résultats des essais cliniques

Mesures de transparence clinique pour 2023:

• Résultats des essais cliniques publiés: 3 rapports complets
• Plates-formes de publication à accès ouvert utilisés: 2
• Temps moyen de l'achèvement du procès à la publication des résultats: 4,2 mois

Approche collaborative avec la communauté médicale

Statistiques de l'engagement collaboratif pour 2023:

Type de collaboration	Nombre de partenariats	Institutions de recherche impliquées
Collaborations de recherche	6	Centres nationaux de recherche sur le cancer
Partenariats d'essais cliniques	4	Centres médicaux académiques

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: canaux

Équipe de vente directe pour le marché de l'oncologie

Depuis le quatrième trimestre 2023, Alx Oncology maintient une équipe de vente directe spécialisée axée sur les professionnels de la santé en oncologie. L'équipe comprend 12 représentants des ventes dédiés ciblant les principaux centres de traitement en oncologie et les hôpitaux.

Métrique de l'équipe de vente	2023 données
Représentants des ventes totales	12
Cibler les institutions de soins de santé	87 centres d'oncologie spécialisés
Couverture géographique	États-Unis

Conférences médicales et symposiums scientifiques

ALX Oncology participe activement à des conférences en oncologie clés pour présenter la recherche et les développements cliniques.

• Réunion annuelle de l'American Society of Clinical Oncology (ASCO)
• Congrès de la Société européenne pour l'oncologie médicale (ESMO)
• Symposium du cancer du sein de San Antonio

Publications de journal évaluées par des pairs

La société maintient une forte présence académique avec des publications dans les principales revues en oncologie.

Métrique de publication	2023 données
Publications totales évaluées par des pairs	7 publications
Journaux du facteur d'impact	4 revues en oncologie à fort impact

Plateformes de communication numérique

ALX Oncology exploite plusieurs canaux numériques pour la communication et la diffusion de l'information.

• Site Web de l'entreprise: www.alxoncology.com
• LinkedIn Corporate profile
• Compte Twitter: @alxoncology
• Relations d'investisseurs dédiés microsite

Communications des relations avec les investisseurs

La société maintient des stratégies de communication d'investisseurs robustes sur plusieurs plateformes.

Canal de communication des investisseurs	Fréquence
Appels de résultats trimestriels	4 fois par an
Réunion des actionnaires annuelle	1 fois par an
Téléchargements de présentation des investisseurs	12 présentations en 2023

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: segments de clientèle

Oncologues et spécialistes du traitement du cancer

Taille du segment cible: environ 15 500 oncologues aux États-Unis à partir de 2023.

Focus spécialisée	Pénétration estimée du marché
Oncologie tumorale solide	67% du segment cible
Oncologie hématologique	33% du segment cible

Systèmes hospitaliers et centres de traitement du cancer

Marché total adressable: 1 900 centres de cancer complets aux États-Unis.

• Centres désignés de l'Institut national du cancer (NCI): 71
• Centres de cancer communautaire: 1 500
• Centres médicaux académiques: 329

Patients avec des cancers de tumeurs solides spécifiques

Type de cancer	Cas diagnostiqués annuels
Cancer colorectal	153 020 nouveaux cas en 2023
Cancer gastrique	26 380 nouveaux cas en 2023
Cancer du poumon	238 340 nouveaux cas en 2023

Institutions de recherche pharmaceutique

Total des organisations de recherche pharmaceutique: 357 aux États-Unis.

• Top 20 des sociétés pharmaceutiques recherchant activement les traitements en oncologie
• Attribution du financement de la recherche: 7,2 milliards de dollars en recherche en oncologie en 2023

Cibles potentielles de partenariat pharmaceutique

Entreprise	Budget de recherche en oncologie
Miserrer & Co.	2,1 milliards de dollars
Bristol Myers Squibb	1,9 milliard de dollars
Astrazeneca	1,7 milliard de dollars

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, ALX Oncology a déclaré des dépenses de R&D de 86,7 millions de dollars, ce qui représente un investissement important dans le développement de thérapies contre le cancer innovantes.

Exercice fiscal	Dépenses de R&D	Changement d'une année à l'autre
2022	64,3 millions de dollars	+34.8%
2023	86,7 millions de dollars	+34.8%

Coût des essais cliniques

Les dépenses d'essais cliniques pour l'oncologie ALX en 2023 ont totalisé environ 52,4 millions de dollars, en se concentrant sur la progression de leurs candidats principaux.

• Essais cliniques de phase 1: 18,2 millions de dollars
• Essais cliniques de phase 2: 24,6 millions de dollars
• Études précliniques: 9,6 millions de dollars

Investissements de conformité réglementaire

La conformité réglementaire et les dépenses connexes pour 2023 s'élevaient à 7,5 millions de dollars.

Acquisition du personnel et des talents scientifiques

Catégorie de personnel	Nombre d'employés	Total des coûts du personnel
Chercheur	47	12,3 millions de dollars
Développement clinique	32	8,7 millions de dollars
Personnel administratif	25	4,5 millions de dollars

Maintenance de la propriété intellectuelle

Les dépenses liées à la propriété intellectuelle en 2023 étaient de 3,2 millions de dollars, couvrant les stratégies de dépôt, de maintenance et de protection des brevets.

Catégorie de dépenses IP	Coût
Dépôt de brevet	1,6 million de dollars
Entretien de brevets	1,1 million de dollars
Conseil juridique	0,5 million de dollars

Alx Oncology Holdings Inc. (ALXO) - Modèle d'entreprise: Strots de revenus

Revenus potentiels de licence de médicament futurs

Depuis le Q4 2023, l'oncologie ALX a des revenus potentiels de licence de médicament associés à son actif de plomb ALX148 (inhibiteur du CD47) pour diverses indications d'oncologie.

Drogue	Valeur de licence potentielle	Indication cible
Alx148	Potentiel initial de 150 à 250 millions de dollars	Tumeurs solides / cancers du sang

Accords de recherche collaborative

Alx Oncology a établi des collaborations de recherche avec des partenaires pharmaceutiques stratégiques.

• Memorial Sloan Kettering Cancer Center Centre Collaboration
• Revenus potentiels de convention de recherche en collaboration estimés à 5 à 10 millions de dollars par an

Payments d'étape provenant des partenariats

Structure potentielle des paiements de jalons basée sur le développement clinique et les réalisations réglementaires.

Type d'étape	Fourchette de paiement potentielle
Jalon préclinique	10-20 millions de dollars
Phase 1 jalon clinique	25 à 50 millions de dollars
Phase 2 jalon clinique	50 à 100 millions de dollars

Future commercialisation des produits

Le potentiel des revenus d'ALX Oncology à partir de la commercialisation potentielle des produits futurs d'ALX148.

• Potentiel de vente annuel de pointe estimé: 500 à 750 millions de dollars
• Taux de redevance potentiels: 10-15% des ventes nettes

Des subventions potentielles de recherche gouvernementale et privée

Les possibilités de financement des subventions de recherche pour les initiatives de recherche en oncologie.

Source d'octroi	Valeur de subvention annuelle potentielle
Subventions de recherche NIH	2 à 5 millions de dollars
Subventions de fondation privée	1 à 3 millions de dollars

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Value Propositions

ALX Oncology Holdings Inc. is focused on delivering novel therapies designed to extend cancer patients' lives by boosting the immune system's ability to fight malignancy.

Evorpacept, the lead therapeutic candidate, is positioned as a cornerstone immuno-oncology combination therapy, with development prioritizing combinations with anti-cancer antibodies that directly induce antibody-dependent cellular phagocytosis (ADCP). This strategy is supported by benefit demonstrated in trials like ASPEN-06, as well as in non-Hodgkin lymphoma (NHL) and HER2+ Breast Cancer.

The clinical data strongly suggest durable clinical benefit in tumors expressing high levels of CD47, which is hypothesized to be a key predictive biomarker for evorpacept efficacy across other settings.

The most concrete evidence comes from the pre-planned exploratory analysis of the ASPEN-06 clinical trial in gastric cancer, which focused on patients with retained HER2 expression and high CD47 expression.

Metric	Evorpacept + TRP (CD47-High, n=43)	TRP Alone (CD47-High)	Evorpacept + TRP (CD47-Low, n=47)	TRP Alone (CD47-Low)
Objective Response Rate (ORR)	65.0%	26.1%	37.5%	26.1%
Median Duration of Response (mDOR)	25.5 months	8.4 months	11.2 months	12 months
Progression-Free Survival (PFS)	18.4 months	7.0 months	N/A	N/A
PFS Hazard Ratio (HR)	0.39	N/A	N/A	N/A

The duration of response (DOR) in the CD47-high group treated with evorpacept plus TRP was three times longer relative to the TRP-only arm.

ALX Oncology Holdings Inc. is also advancing ALX2004, a differentiated, in-house developed EGFR-targeted antibody-drug conjugate (ADC) utilizing a proprietary linker-payload platform.

• ALX2004 received Investigational New Drug (IND) clearance from the U.S. FDA in April 2025.
• Phase 1 clinical trial enrollment for ALX2004 began in August 2025.
• Initial safety data for ALX2004 are anticipated in the first half of 2026.

The company's financial position supports this development focus, with cash, cash equivalents, and investments reported at $66.5 million as of September 30, 2025. These resources are believed to be sufficient to fund planned operations into the first quarter of 2027. The GAAP net loss for the third quarter ended September 30, 2025, was $22.1 million, with Research and Development (R&D) Expenses at $17.4 million for that period.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so every interaction with a key stakeholder-be it a doctor running a trial or an analyst on a call-is critical for ALX Oncology Holdings Inc. (ALXO).

Engagement with clinical investigators and Key Opinion Leaders (KOLs) is central, especially as the company pivots its strategy based on biomarker data. The focus is clearly on sites capable of enrolling patients for trials like ASPEN-09-Breast Cancer, which is on track to begin enrollment in Q4 2025, with interim data expected in Q3 2026. This deep engagement is necessary to validate the CD47-high biomarker hypothesis, which showed a remarkable objective response rate (ORR) of 65.0% versus 26.1% for the control arm in a subset of HER2+ gastric cancer patients from the ASPEN-06 trial.

The relationship with the scientific community is maintained through high-profile data sharing. For instance, the final analysis of the randomized phase 2 part of the ASPEN-06 study was presented by KOL Dr. Kohei Shitara at the 2025 American Society of Clinical Oncology Gastrointestinal Cancers Symposium (ASCO GI) on January 23, 2025. Furthermore, the full data set demonstrating CD47 overexpression as a key predictive biomarker for evorpacept efficacy was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting on November 8, 2025.

ALX Oncology Holdings Inc. maintains robust investor relations to support its clinical-stage operations, which reported no revenue for Q3 2025. Management actively engages with the financial community through scheduled presentations:

• Fireside chat at the Jefferies Global Healthcare Conference in London on November 19, 2025.
• Fireside chat at the Piper Sandler 37th Annual Global Healthcare Conference on December 3, 2025.
• Participation in the Cantor Global Healthcare Conference on September 3, 2025.
• Participation in the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025.

These investor interactions are paired with mandatory financial updates, such as the Third Quarter 2025 Financial Results Conference Call held on November 7, 2025. The company's General and administrative (G&A) expenses were reported at $5.1 million for Q3 2025, down from $6.1 million in Q3 2024.

Direct communication with the U.S. Food and Drug Administration (FDA) is a critical relationship for pipeline progression. This was evidenced by the receipt of Investigational New Drug (IND) application clearance for ALX2004 in April 2025. This clearance allowed ALX Oncology Holdings Inc. to initiate the Phase 1 clinical trial for ALX2004 in mid-2025, with initial safety data anticipated in the first half of 2026. Conversely, FDA feedback also shaped strategy, leading the company to not pursue a U.S. registrational path for evorpacept in gastric cancer based on ASPEN-06 results. The company's cash position as of September 30, 2025, was $66.5 million, expected to fund operations into Q1 2027, covering these key regulatory and clinical milestones.

The execution of these relationship-driven activities is supported by the following schedule of key engagements and milestones:

Relationship Focus	Event/Milestone	Date/Period	Key Metric/Outcome Reference
Scientific/KOL Engagement	ASCO GI Symposium Presentation (ASPEN-06 Data)	January 23, 2025	Oral Presentation (Abstract #332)
Investor Relations	Cantor Global Healthcare Conference	September 3, 2025	Fireside Chat and One-on-one Meetings
Investor Relations	H.C. Wainwright Global Investment Conference	September 9, 2025	One-on-one meetings
Regulatory/FDA	ALX2004 Phase 1 Trial Initiation	Mid-2025	Followed IND clearance in April 2025
Scientific/KOL Engagement	SITC Annual Meeting Presentation (Evorpacept CD47 Biomarker Data)	November 8, 2025	Poster presentation; ORR 65.0% in CD47-high GC subset
Investor Relations	Q3 2025 Financial Results Webcast	November 7, 2025	GAAP Net Loss of $22.1 million for the quarter
Investor Relations	Jefferies Global Healthcare Conference	November 19, 2025	Fireside Chat
Investor Relations	Piper Sandler Global Healthcare Conference	December 3, 2025	Fireside Chat

The company's Research and Development (R&D) Expenses for Q3 2025 were $17.4 million, showing a decrease from $26.5 million in the prior-year period, reflecting a prioritization of programs that align with demonstrated efficacy, such as the CD47 biomarker strategy. The ASPEN-09-Breast Cancer trial enrollment is set for Q4 2025.

The ongoing clinical development requires sustained, high-quality communication with the medical community:

• Evorpacept + TRP median Duration of Response (DOR) was 25.5 months versus 8.4 months for TRP alone in CD47-high gastric cancer patients.
• ALX2004 cleared the first dose cohort (1 mg/kg) with no Dose Limiting Toxicities (DLTs) and is enrolling the 2 mg/kg cohort.
• The company is planning the Phase 2 ASPEN-09-Breast Cancer trial to assess efficacy based on CD47 expression levels.

Finance: draft 13-week cash view by Friday.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Channels

You're looking at how ALX Oncology Holdings Inc. (ALXO) gets its value proposition-novel cancer therapies like evorpacept and ALX2004-out to the world, which for a clinical-stage company means getting data seen and trials run. This is all about the physical and digital pathways they use.

Global network of clinical trial sites and cancer centers

The primary channel for ALX Oncology Holdings Inc. (ALXO) is the network of sites running its clinical studies. These sites are crucial for generating the data needed for regulatory approval. For instance, the Phase 2 ASPEN-06 trial in gastric cancer involved sites that treated patients, showing a 65.0% objective response rate (ORR) for evorpacept plus standard-of-care in CD47-high patients (n=43).

The company is actively expanding this channel through new trials:

• Phase 2 ASPEN-09-Breast Cancer trial enrollment is on track to begin in Q4 2025.
• Phase 1 trial for ALX2004, the EGFR-targeted ADC, is currently enrolling patients in the second dose cohort.
• The ASPEN-CRC Phase 1b trial was anticipated to initiate in mid-2025.

Key Opinion Leaders (KOLs) are part of this channel, with experts like Dr. Paula R. Pohlmann from the University of Texas MD Anderson Cancer Center and Dr. Eric Van Cutsem from KU Leuven participating in discussions about the development plan.

Scientific publications and medical conferences for data dissemination

Disseminating clinical data through peer-reviewed venues and major medical meetings is how ALX Oncology Holdings Inc. (ALXO) validates its science. The company actively uses these channels to communicate milestones. For example, data from ASPEN-06 was presented at the Society for Immunotherapy of Cancer (SITC) Annual Meeting in November 2025.

Here are some specific data dissemination events in 2025:

Conference/Publication Venue	Date/Period	Data/Trial Highlighted
ASCO GI Symposium	January 2025	Oral presentation of final analysis from ASPEN-06
AACR-NCI-EORTC Conference	October 2025	Phase 1 trial-in-progress presentation for ALX2004
SITC Annual Meeting	November 2025	Poster presentation on evorpacept CD47 biomarker in HER2+ gastric cancer (Abstract number 496)

The company also announced encouraging final results from an investigator-sponsored trial (IST) of evorpacept plus rituximab and lenalidomide (R2) at the AACR 2025 Annual Meeting. This combination generated 83% complete responses (CR) in indolent relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) patients.

Corporate website and investor relations portals for financial communication

The corporate website, www.alxoncology.com, serves as the central hub for official corporate and financial communication, particularly under the Investor section for Events & Presentations. Financial performance updates are channeled directly to stakeholders via press releases and webcasts.

Key financial communication metrics from the Third Quarter 2025 reporting:

• Cash, cash equivalents, and investments as of September 30, 2025: $66.5 million.
• GAAP Net Loss for Q3 2025: $22.1 million.
• Research and Development (R&D) Expense for Q3 2025: $17.4 million.
• Cash runway guidance extended into Q1 2027.

The Q3 2025 results webcast was scheduled for Friday, November 7, 2025, at 5:30 a.m. PT / 8:30 a.m. ET, using dial-in numbers like 1-877-407-0752 or +1-201-389-0912.

Direct engagement with pharmaceutical partners for combination trials

Direct engagement with other pharmaceutical companies is a key channel for advancing evorpacept through combination trials, validating its role as a potential cornerstone therapy. ALX Oncology Holdings Inc. (ALXO) is focused on combinations with anti-cancer antibodies.

Examples of these direct engagements and their associated trial channels include:

• ASPEN-06: Evorpacept combined with trastuzumab, ramucirumab, and paclitaxel (TRP).
• ASPEN-09-Breast Cancer: Evaluating evorpacept in combination with trastuzumab and chemotherapy.
• Partner-Sponsored Collaborations mentioned include trials with Sarclisa (for Multiple Myeloma) and Zanidatamab (for HER2-expressing Cancer).

The company made the strategic decision to not pursue further evorpacept + PD-1 inhibitor combinations following unsuccessful primary endpoints in ASPEN-03/04, showing active management of these partnership channels.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Customer Segments

You're looking at the core groups ALX Oncology Holdings Inc. (ALXO) targets with its pipeline, which is heavily focused on leveraging evorpacept as a cornerstone therapy in combination with existing anti-cancer antibodies. These segments are defined by the specific cancer indications and the clinical/financial partners needed to advance the science.

Oncologists and hematologists who serve as clinical investigators

These are the key medical professionals who run the trials and ultimately adopt the therapies. They are crucial for generating the data that proves the value of evorpacept. You see their involvement directly in the investigator-sponsored trials (ISTs) and company-sponsored studies.

For example, the Phase 1/2 IST for B-cell non-Hodgkin lymphoma (B-NHL) was led by Dr. Paolo Strati, Associate Professor of Lymphoma-Myeloma at The University of Texas MD Anderson Cancer Center. Furthermore, expert perspectives, like that from Breast Cancer Expert Dr. Peter Schmid, are used in corporate updates to validate the clinical strategy for the ASPEN-09-Breast Cancer trial. In the gastric cancer data review, Dr. Kohei Shitara, Director of the Department of Gastrointestinal Oncology, National Cancer Center Hospital East in Japan, presented the final analysis of the ASPEN-06 trial.

ALX Oncology Holdings Inc. (ALXO) is actively engaging these investigators across multiple indications:

• Initiating Phase 2 ASPEN-09-Breast Cancer trial in Q4 2025.
• Anticipating initial safety data from the ALX2004 Phase 1 trial in 1H 2026.
• Expecting interim data from the ASPEN-09-Breast Cancer trial in Q3 2026.

Patients with advanced or refractory solid tumors (e.g., HER2+ breast/gastric cancer)

This segment is being pursued with a highly biomarker-driven strategy, focusing on patients whose tumors express high levels of CD47, which is hypothesized to predict a better response to evorpacept in combination with anti-cancer antibodies. The company sees a significant commercial opportunity here.

The market potential is substantial; ALX Oncology Holdings Inc. (ALXO) anticipates a $2B-$4B market opportunity specifically in HER2/CD47 breast cancer. The clinical focus is on patients with HER2-positive tumors who have previously been treated with ENHERTU^®.

Data from the ASPEN-06 trial in gastric cancer provided the proof-of-concept for this patient selection strategy:

Patient Group (HER2+ Gastric Cancer)	Treatment Arm	Objective Response Rate (ORR)	Median Duration of Response (DOR)
CD47-high (n=43)	Evorpacept + TRP	65.0%	25.5 months
CD47-high (n=43)	TRP Control	26.1%	8.4 months
CD47-low (n=47)	Evorpacept + TRP	37.5%	11.2 months
CD47-low (n=47)	TRP Control	26.1%	12.0 months

In a subset of breast cancer patients post-ENHERTU, an overall response rate (ORR) of 56% was observed in the treatment arm, further validating the target population.

Patients with B-cell non-Hodgkin lymphoma (B-NHL)

This segment is targeted because evorpacept is designed to enhance the effect of anti-cancer antibodies like rituximab, which is used in standard-of-care regimens for B-NHL. The data suggests a strong synergistic effect in relapsed or refractory settings.

The B-cell segment is a major part of the overall market, holding the largest share of the non-Hodgkin's lymphoma therapeutics market at 61% in 2024. Globally, the B-Cell Non-Hodgkin's Lymphoma (NHL) Treatment market is projected to reach approximately $18,500 million by 2025. The lifetime risk for NHL in the US is 1:44 for men and 1:52 for women.

Results from the evorpacept + R² combination in relapsed or refractory B-NHL IST showed significant improvement over historical data:

• Complete Response (CR) rate in indolent R/R B-NHL: 83%.
• Historical CR rate for R² alone: 34%.

The global age-standardized incidence rate (ASIR) for NHL was 7.1 per 100,000 people in 2021.

Pharmaceutical and biotechnology companies for potential future licensing/collaboration

These entities are customers in the sense that they provide capital through partnerships or represent potential acquisition targets, but more immediately, they are stakeholders whose confidence is tied to the company's financial health and pipeline progression. ALX Oncology Holdings Inc. (ALXO) is a clinical-stage company reporting net losses, making external funding or strategic alliances key to sustaining operations.

Key financial metrics as of the third quarter ended September 30, 2025, indicate the need for careful cash management:

Financial Metric (Q3 2025)	Amount
GAAP Net Loss	$22.1 million
Research & Development (R&D) Expenses	$17.4 million
Cash, Cash Equivalents, and Investments	$66.5 million

This cash position is expected to provide runway into the first quarter of 2027, supporting milestones like the ALX2004 initial safety data in 1H 2026.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for ALX Oncology Holdings Inc. (ALXO) as of late 2025, you're essentially looking at the cost of running a clinical-stage biotech company-it's almost entirely focused on the science and the path to potential future revenue, meaning high fixed costs tied to research and development.

For the third quarter ended September 30, 2025, the reported operating expenses give us a clear picture of where the cash is going. You can see the two largest buckets right away in the table below. Honestly, for a company at this stage, these numbers are the most critical to watch, as they directly reflect the pace of their pipeline advancement.

Expense Category	Q3 2025 Amount (USD Millions)	Context
Research and Development (R&D) expenses	$17.4 million	Primary cost driver for clinical trials and drug development.
General and Administrative (G&A) expenses	$5.1 million	Costs for corporate overhead, executive functions, and support.
Total Operating Expenses (Approximate)	$22.5 million	Sum of R&D and G&A for Q3 2025.

The R&D spend of $17.4 million in Q3 2025 was actually a reduction year-over-year, which management attributed to pipeline reprioritization. That's a key action point for you to note; they are being more disciplined on spend while still pushing key programs forward. This reduction was specifically linked to lower costs in a few areas.

Here's a breakdown of what drives those R&D costs, based on the drivers for the reported reduction:

• Clinical trial execution costs for evorpacept and ALX2004.
• Material manufacturing costs for clinical supplies.
• Preclinical research expenditures.
• Personnel costs associated with research teams.

The G&A expenses, coming in at $5.1 million for the quarter, cover the necessary corporate infrastructure to support the science. This is where you find the costs for running the business that aren't directly tied to the lab or the clinic.

The components making up these corporate costs definitely include:

• Salaries for non-research executive and administrative staff.
• Stock-based compensation for corporate officers and employees.
• Professional fees, such as legal, accounting, and audit services.
• Intellectual property maintenance and patent prosecution costs to protect their pipeline assets like evorpacept and ALX2004.

To be fair, the stock-based compensation component can fluctuate significantly within both R&D and G&A, and the Q3 2025 reduction in R&D was partly due to lower stock compensation year-over-year. You should definitely track executive and employee stock grants closely, as they impact the reported GAAP figures without necessarily reflecting a change in cash burn for operations.

The company's cash position as of September 30, 2025, was $66.5 million, which management stated extends the cash runway into the first quarter of 2027. Finance: draft 13-week cash view by Friday.

ALX Oncology Holdings Inc. (ALXO) - Canvas Business Model: Revenue Streams

You're looking at the revenue side for ALX Oncology Holdings Inc. (ALXO) as of late 2025, and honestly, it's the classic profile for a clinical-stage biotech: the focus is entirely on pipeline advancement, not product sales yet. That means the current revenue number is exactly what you'd expect.

Currently $0.0 million in revenue for Q3 2025, typical for a clinical-stage biotech. This aligns perfectly with the company's status, as significant revenue generation only kicks in after regulatory approval and commercial launch. The financial reality of Q3 2025 was defined by cash burn to fund trials, not product sales.

Here's a quick look at the financial context for that period, which shows where the operational spending is going:

Metric	Amount (Q3 2025)
Revenue	$0.0 million
Cash and Investments (as of 9/30/2025)	$66.5 million
GAAP Net Loss	$22.1 million
Non-GAAP Net Loss	$19.6 million
R&D Expenses	$17.4 million
G&A Expenses	$5.1 million

Future potential product sales of evorpacept and ALX2004 (post-approval) represent the entire long-term revenue story. You're betting on clinical success here. Evorpacept, the CD47 blocker, is pivoting to a biomarker-driven strategy, which management believes is key. For instance, the potential market opportunity in HER2-positive breast cancer alone is estimated to be between $2 billion and $4 billion. The company is on track to dose the first patient in the ASPEN-09 breast cancer trial in Q4 2025, with interim data expected in Q3 2026. ALX2004, the EGFR-targeted ADC, is also advancing, with initial safety data anticipated in the first half of 2026.

Potential upfront and milestone payments from future development partnerships are another critical, though currently unrealized, stream. For a company at this stage, securing a major pharma partner for late-stage development or commercialization of a successful asset like evorpacept would trigger immediate, non-dilutive cash infusions via upfront payments. These payments are essential bridge funding until product sales materialize.

Equity financing rounds to fund operations into Q1 2027 are the current reality supporting the pipeline. ALX Oncology Holdings Inc. explicitly stated that its cash, cash equivalents, and investments of $66.5 million as of September 30, 2025, are sufficient to fund operations into the first quarter of 2027. This runway is specifically positioned to reach key value-enhancing data milestones for both ALX2004 and evorpacept next year. The company has historically relied on these rounds, with its latest reported financing being a Series C round of $105 million in February 2020.

The current revenue structure is entirely dependent on managing the cash burn against near-term clinical catalysts. You need to watch the cash balance closely, as the next major revenue event will be a partnership deal or, much further out, product launch.

• Evorpacept: Pivoting to CD47-high biomarker strategy.
• ALX2004: Phase 1 dose escalation enrolling second cohort.
• Cash Runway: Sufficient into Q1 2027.
• Key Data Points: ASPEN-09 interim data expected Q3 2026.

Finance: draft 13-week cash view by Friday.