ALX Oncology Holdings Inc. (ALXO): Business Model Canvas [Dec-2025 Updated]

You're digging into the engine of ALX Oncology Holdings Inc., a clinical-stage play betting big on its CD47 blocker, evorpacept, especially in CD47-high tumors where they've seen a 65.0% objective response rate. Honestly, like most biotechs at this stage, the model shows a heavy Research and Development focus-think $17.4 million spent in Q3 2025-while revenue sits at $0.0 million for that same period, meaning the $66.5 million in cash as of Q3 2025 is the lifeblood funding trials with partners like Lilly and Merck. This canvas lays out exactly how they are managing that cash burn through key partnerships and clinical execution to push their pipeline toward a potential future payoff; check out the details below to see the full strategic map.

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

You're looking at the core relationships that fuel ALX Oncology Holdings Inc.'s (ALXO) clinical engine as of late 2025. These aren't just handshake deals; they represent critical supply chains and shared risk in advancing evorpacept across multiple indications. Honestly, these partnerships are defintely how a company of this size gets complex trials executed.

The collaboration with Lilly centers on the ASPEN-06 program, which is testing evorpacept in combination with trastuzumab, CYRAMZA®, and paclitaxel for HER2-positive gastric/GEJ adenocarcinoma. Lilly supplies the CYRAMZA® (ramucirumab) component for this study. The Phase 2 portion of ASPEN-06 enrolled 127 adult patients. Recent data presented in November 2025 highlighted strong activity, showing an Objective Response Rate (ORR) of 48.9% and a median Duration of Response (mDOR) of 15.7 months among patients with confirmed HER2-positive disease.

With Merck, the focus was on the use of KEYTRUDA® (pembrolizumab) in the ASPEN-03 and ASPEN-04 trials for head and neck squamous cell carcinoma. Merck supplies the KEYTRUDA®. To be fair, these trials didn't hit their primary endpoints back in April 2025, which was a setback. ASPEN-03 involved 189 patients, and ASPEN-04 involved 172 patients. ALX Oncology is now pivoting away from this specific combination in HNSCC, but the framework for using KEYTRUDA® remains a key part of their past operational history.

For hematologic malignancies, ALX Oncology Holdings Inc. has a clinical trial collaboration with Sanofi to evaluate evorpacept alongside SARCLISA® (isatuximab-irfc) in relapsed/refractory multiple myeloma (RRMM). Sanofi conducts this Phase 1/2 study, supplying the SARCLISA®. This is important because SARCLISA® itself is an established therapy; for instance, it's approved in the U.S. for patients who have received 2 or more prior therapies. Furthermore, in the IMROZ Phase 3 trial for transplant-ineligible NDMM, SARCLISA-VRd achieved an MRD negativity rate of 58.1% compared to 43.6% for the control arm.

The commitment to early-stage breast cancer research is evident through the partnership with Quantum Leap Healthcare Collaborative, which sponsors the I-SPY master protocols. ALX Oncology's evorpacept was selected for a treatment arm in the I-SPY-P1 TRIAL in combination with ENHERTU®. This trial is a significant undertaking, involving a consortium that includes the FDA and clinicians from 16 major U.S. cancer research centers.

Clinical trial execution at this scale requires deep academic ties. You see this reflected in the presentation teams:

• Dr. Zev A. Wainberg from the University of California, Los Angeles, served as the First Author for the updated ASPEN-06 data presented at SITC in November 2025.
• Breast Cancer Expert Dr. Peter Schmid was slated to provide perspective on a corporate webcast in November 2025.
• The I-SPY trials themselves are rooted in collaborations with academic institutions like the University of California San Francisco.

Here's a quick map of these critical external relationships and associated trial metrics:

Finance: draft 13-week cash view by Friday.

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

You're looking at the core engine of ALX Oncology Holdings Inc. (ALXO), the activities that consume capital but are designed to create future value through clinical proof. This is where the science meets the spreadsheet.

Conducting Phase 1/2 Clinical Trials for evorpacept and ALX2004

ALX Oncology Holdings Inc. (ALXO) is actively running multiple trials for its lead candidate, evorpacept, and its second candidate, ALX2004. The focus is on combination therapies and biomarker selection, which is a key operational decision to maximize trial success probability.

Here are the key trial timelines as of the third quarter of 2025:

• Phase 2 ASPEN-Breast dosing initiated mid-year 2025.
• Phase 1b ASPEN-CRC dosing initiated mid-year 2025.
• Phase 1 trial for ALX2004 entered the clinic in August 2025.
• Phase 2 ASPEN-09-Breast Cancer trial on track for First Patient In (FPI) in Q4 2025.

The company is managing the progression of these trials, with specific data readouts scheduled:

Research and Development (R&D) of Novel Immuno-Oncology Therapies

The R&D function is the primary cost driver, reflecting the investment in advancing the pipeline. You can see the burn rate fluctuate based on clinical stage and manufacturing needs. For the third quarter ended September 30, 2025, the R&D expenses were reported at $17.4 million.

This is a reduction from the $26.5 million reported in the prior-year period (Q3 2024). Also, for context, the R&D expenses for the first quarter of 2025 were $23.9 million.

ALX Oncology Holdings Inc. (ALXO) is focused on its science, exploring the potential of evorpacept to become a cornerstone therapy.

Strategic Pipeline Prioritization Based on Biomarker Data (e.g., CD47-high)

A critical activity is the continuous refinement of the development strategy based on emerging clinical insights. ALX Oncology Holdings Inc. (ALXO) has clearly pivoted its focus based on data from the ASPEN-06 trial in gastric cancer.

The key strategic decisions driving activity include:

• Identifying CD47 overexpression as a key predictive biomarker for evorpacept efficacy in HER2+ gastric cancer.
• Prioritizing evorpacept development in combination with anti-cancer antibodies that directly induce antibody-dependent cellular phagocytosis (ADCP).
• Amending the ASPEN-Breast study (now ASPEN-09-Breast Cancer) to a single-arm design evaluating efficacy specifically by CD47 expression levels in HER2+ breast cancer patients previously treated with ENHERTU®.

This biomarker-driven approach is central to how resources are allocated now.

Regulatory Filings and Managing Investigational New Drug (IND) Applications

Moving candidates from preclinical work into human trials requires successful navigation of regulatory pathways. A major recent activity was securing clearance for the novel Antibody-Drug Conjugate (ADC).

ALX Oncology Holdings Inc. (ALXO) received Investigational New Drug (IND) clearance from the U.S. Food and Drug Administration (FDA) for ALX2004 in April 2025. This clearance directly enabled the mid-2025 initiation of the Phase 1 clinical program for ALX2004.

Manufacturing Clinical Trial Material for evorpacept and ALX2004

The company must manage the supply chain to support ongoing and upcoming trials. This activity is directly reflected in the R&D spending fluctuations.

The financial reports indicate a deliberate adjustment in manufacturing activity:

• The decrease in Q1 2025 clinical and development costs was primarily attributable to less manufacturing of clinical trial materials to support active clinical trials for evorpacept.
• Specifically, the Q3 2025 R&D cost reduction included a $2.6 million decrease due to less manufacturing of clinical trial materials for evorpacept compared to the prior year.

The cash position as of September 30, 2025, was $66.5 million in cash, cash equivalents, and investments, which management believed extends the cash runway into Q1 2027, supporting these ongoing operational requirements.

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

You're looking at the core assets ALX Oncology Holdings Inc. (ALXO) is banking on as of late 2025. These aren't just ideas; they are tangible scientific and financial foundations supporting their next phase of clinical advancement.

The financial bedrock is critical for a clinical-stage company. As of September 30, 2025, ALX Oncology Holdings Inc. reported cash, cash equivalents, and investments totaling $66.5 million. This figure, down from $83.5 million in Q2 2025, is projected to fund operations into the first quarter of 2027 (Q1 2027). This runway is specifically positioned to cover key upcoming data readouts, including the initial safety data for ALX2004 in the first half of 2026 (1H 2026) and interim data for the ASPEN-09 breast cancer trial in the third quarter of 2026 (Q3 2026).

The operational burn rate reflects this focus. For the third quarter of 2025, Research and Development (R&D) expenses were reported at $17.4 million.

The pipeline itself represents the primary value-driving resource. Here's a quick look at the two main assets and where they stand:

The intellectual property (IP) portfolio secures the differentiation of these candidates. This is where the science gets locked down.

• Evorpacept's design, featuring a proprietary inactive Fc domain, aims for better tolerability compared to other CD47 blockers.
• ALX Oncology retains worldwide rights to evorpacept.
• ALX2004 utilizes the company's proprietary linker-payload platform.
• A granted U.S. Patent covering the composition of matter for ALX148 (a next-generation CD47 blocker) is not expected to expire before August 5, 2036.

Finally, the human capital is a definite resource. The leadership team includes CEO Jason Lettmann and the recent appointment of Barbara Klencke, M.D., as Chief Medical Officer, who brings over 30 years of experience in oncology drug development.

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.

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:

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:

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:

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:

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.

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:

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.