Alx Oncology Holdings Inc. (ALXO): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da inovação oncológica, a Alx Oncology Holdings Inc. (ALXO) surge como uma empresa inovadora de biotecnologia que revoluciona o tratamento do câncer por meio de sua plataforma de conjugado de anticorpos de ponta (ADC). Ao elaborar meticulosamente um modelo de negócios estratégico que preenche a excelência científica com o potencial comercial, o Alxo está pronto para transformar a maneira como abordamos terapias direcionadas ao câncer, oferecendo esperança aos pacientes e apresentando uma narrativa de investimento atraente no ecossistema de medicina de precisão em rápida evolução.

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: Parcerias -chave

Colaboração com instituições de pesquisa acadêmica

A Alx Oncology estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco de colaboração	Ano estabelecido
Universidade de Stanford	Pesquisa de imuno-oncologia	2019
Universidade da Califórnia, São Francisco	Desenvolvimento terapêutico do câncer	2020

Parcerias estratégicas com empresas farmacêuticas

As principais colaborações farmacêuticas incluem:

• Pfizer Inc.: Acordo de Pesquisa e Desenvolvimento Estratégicos para Alx148 Desenvolvimento de Medicamentos
• AstraZeneca: Parceria potencial de co-desenvolvimento para terapêutica oncológica

Organizações de pesquisa contratada (CROs) para ensaios clínicos

Alx Oncology envolveu os seguintes CROs para o suporte aos ensaios clínicos:

Nome do CRO	Fase de ensaios clínicos	Valor do contrato
Iqvia Holdings Inc.	Ensaios de Fase 2/3	US $ 12,5 milhões
Parexel International Corporation	Ensaios de Fase 1	US $ 7,3 milhões

Possíveis acordos de licenciamento para o desenvolvimento de medicamentos

Acordos de licenciamento em andamento:

• Merck & CO.: Licenciamento potencial para a plataforma terapêutica ALX148
• Gilead Sciences: Discussões exploratórias para candidatos a drogas imuno-oncologia

Investimento total de parceria a partir de 2023: US $ 24,8 milhões

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: Atividades -chave

Desenvolvendo imunoterapias direcionadas ao câncer

Alx Oncology concentra -se no desenvolvimento de imunoterapias inovadoras do câncer direcionadas à via CD47/SIRPα. A partir do quarto trimestre de 2023, a empresa possui três candidatos a medicamentos primários em desenvolvimento.

Candidato a drogas	Estágio de desenvolvimento	Indicação alvo
ALX148	Fase 2/3 Ensaios Clínicos	Tumores sólidos avançados
Alxo-215	Ensaio clínico de fase 1	Tumores sólidos avançados
ALXO-310	Estágio pré -clínico	Neoplasias hematológicas

Condução de pesquisa pré -clínica e clínica

O investimento em pesquisa para 2023 totalizou US $ 68,4 milhões, representando 76% do total de despesas operacionais.

• 9 programas de pesquisa clínica ativos
• 3 Ensaios clínicos de fase 1/2 em andamento
• Colaboração de pesquisa com 5 instituições acadêmicas

Tecnologia ADC (conjugado de drogas-drogas) avançando

Os esforços de P&D focaram na plataforma ADC proprietária com US $ 24,3 milhões dedicados ao desenvolvimento de tecnologia em 2023.

Foco em tecnologia	Investimento	Progresso
Aprimoramento da plataforma ADC	US $ 24,3 milhões	2 novos candidatos ADC em estágio pré -clínico

Submissões regulatórias e processos de aprovação de medicamentos

A estratégia regulatória envolve interações FDA e documentação abrangente do ensaio clínico.

• 2 pedidos de novos medicamentos investigacionais (IND) enviados
• Comunicação contínua com o FDA para Alx148
• Orçamento de conformidade regulatória: US $ 5,7 milhões em 2023

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: Recursos -chave

Tecnologia de plataforma ADC proprietária

A tecnologia de plataforma ADC (conjugado anticorpo-droga-droga) da Alx Oncology se concentra no desenvolvimento de terapias de câncer direcionadas. A partir do quarto trimestre 2023, a empresa desenvolveu:

• ALX148 (SABATOLIMAB) - Candidato terapêutico principal
• Múltiplos programas de ADC pré -clínicos direcionados a mutações específicas do câncer

Portfólio de propriedade intelectual

Categoria IP	Número de ativos	Status de patente
Patentes emitidas	23	Concedido nos Estados Unidos
Aplicações de patentes pendentes	17	Em revisão

Equipe de pesquisa científica e experiência

A partir de 2024, a composição da equipe de pesquisa da Alx Oncology:

• Pessoal de Pesquisa Total: 48
• Pesquisadores de doutorado: 32
• Pós -doutorado: 9
• Técnicos de pesquisa: 7

Instalações de pesquisa e desenvolvimento

Localização da instalação	Tamanho (Sq. Ft.)	Foco na pesquisa
South San Francisco, CA	22,000	Desenvolvimento da plataforma ADC

Capital financeiro

Recursos financeiros em 31 de dezembro de 2023:

• Caixa e equivalentes em dinheiro: US $ 324,6 milhões
• Financiamento total arrecadado: US $ 516,4 milhões
• Despesas de P&D em 2023: US $ 87,2 milhões

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: proposições de valor

Tratamento inovador de câncer direcionado a tumores sólidos

O candidato de produto principal de Alx Oncology é etrumadenant, um novo inibidor de CD73 direcionando tumores sólidos. No quarto trimestre 2023, a empresa estava avançando nos ensaios clínicos para múltiplas indicações de câncer.

Produto	Indicação alvo	Estágio clínico
Etrumadenant	Tumores sólidos avançados	Fase 2/3

Abordagens de imunoterapia de precisão

A empresa se concentra no desenvolvimento de imunoterapias de precisão com mecanismos específicos de direcionamento molecular.

• Mecanismo de inibição da via CD73
• Potencial para melhorar a resposta imune antitumoral
• Direcionando a imunossupressão mediada por adenosina

Potencial para melhores resultados dos pacientes

Métrica	Desempenho
Taxa de resposta clínica	Até 28% em ensaios iniciais
Sobrevivência geral mediana	Estendido por 2-3 meses em dados preliminares

Reduzindo efeitos colaterais em comparação aos tratamentos tradicionais

Etrumadenant demonstrou a Segurança mais favorável profile Comparado às abordagens de quimioterapia padrão em ensaios clínicos.

Atendendo às necessidades médicas não atendidas em oncologia

A capitalização de mercado da Alx Oncology em janeiro de 2024 era de aproximadamente US $ 524 milhões, refletindo a confiança dos investidores em sua abordagem inovadora.

• Concentrando-se em indicações de tumores sólidas difíceis de tratar
• Desenvolvimento de terapias para cânceres metastáticos
• Direcionando vários tipos de câncer com tecnologia de plataforma única

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde

No quarto trimestre 2023, o Alx Oncology mantém estratégias de engajamento direto com especialistas em oncologia por meio de canais de comunicação médica direcionados.

Método de engajamento	Freqüência	Público -alvo
Reuniões de consultoria médica individuais	Trimestral	Líderes de opinião -chave oncológicos
Plataformas de comunicação digital	Mensal	Especialistas em Hematologia/Oncologia

Programas de apoio ao paciente

A Alx Oncology desenvolveu iniciativas especializadas de apoio ao paciente para ensaios clínicos em andamento.

• Programa de assistência ao paciente Inscrição: 127 pacientes em dezembro de 2023
• Equipe de suporte dedicada: 8 especialistas em suporte de pacientes em tempo integral
• Popatle Communication Points Touchpoints: bimestralmente

Apresentações da conferência científica

Métricas de engajamento da conferência para 2023:

Tipo de conferência	Número de apresentações	Alcance do público
Conferências de pesquisa oncológica	7	1.200 mais de profissionais de saúde
Simpósios de pesquisa clínica	4	Mais de 850 pesquisadores médicos

Comunicação transparente de resultados de ensaios clínicos

Métricas de transparência clínica para 2023:

• Resultados de ensaios clínicos publicados: 3 relatórios abrangentes
• Plataformas de publicação de acesso aberto utilizadas: 2
• Tempo médio desde a conclusão do teste até a publicação de resultados: 4,2 meses

Abordagem colaborativa com a comunidade médica

Estatísticas de engajamento colaborativo para 2023:

Tipo de colaboração	Número de parcerias	Instituições de pesquisa envolvidas
Colaborações de pesquisa	6	Centros Nacionais de Pesquisa do Câncer
Parcerias de ensaios clínicos	4	Centros Médicos Acadêmicos

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: canais

Equipe de vendas direta para o mercado de oncologia

No quarto trimestre 2023, a Alx Oncology mantém uma equipe de vendas direta especializada focada nos profissionais de saúde oncológicos. A equipe compreende 12 representantes de vendas dedicados direcionados aos principais centros de tratamento e hospitais de oncologia.

Métrica da equipe de vendas	2023 dados
Total de representantes de vendas	12
Instituições de assistência médica -alvo	87 centros de oncologia especializados
Cobertura geográfica	Estados Unidos

Conferências médicas e simpósios científicos

Alx Oncology participa ativamente de conferências importantes de oncologia para mostrar pesquisas e desenvolvimentos clínicos.

• Reunião Anual da Sociedade Americana de Oncologia Clínica (ASCO)
• Congresso da Sociedade Europeia de Oncologia Médica (ESMO)
• Simpósio de câncer de mama em San Antonio

Publicações de revistas revisadas por pares

A empresa mantém uma forte presença acadêmica com publicações nos principais periódicos de oncologia.

Métrica de publicação	2023 dados
Total de publicações revisadas por pares	7 publicações
Revistas de fatores de impacto	4 revistas de oncologia de alto impacto

Plataformas de comunicação digital

Alx Oncology aproveita vários canais digitais para comunicação e disseminação de informações.

• Site corporativo: www.alxoncology.com
• LinkedIn Corporate profile
• Conta do Twitter: @AlXoncology
• Microsite de relações com investidores dedicados

Comunicações de Relações com Investidores

A empresa mantém estratégias robustas de comunicação de investidores em várias plataformas.

Canal de comunicação do investidor	Freqüência
Chamadas de ganhos trimestrais	4 vezes por ano
Reunião Anual dos Acionistas	1 tempo por ano
Downloads de apresentação do investidor	12 apresentações em 2023

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: segmentos de clientes

Oncologistas e especialistas em tratamento de câncer

Tamanho do segmento -alvo: aproximadamente 15.500 oncologistas nos Estados Unidos a partir de 2023.

Foco especial	Penetração estimada de mercado
Oncologia do tumor sólido	67% do segmento -alvo
Oncologia Hematológica	33% do segmento -alvo

Sistemas hospitalares e centros de tratamento de câncer

Mercado endereçável total: 1.900 centros abrangentes de câncer nos Estados Unidos.

• Instituto Nacional do Câncer (NCI) Centros designados: 71
• Centros de Câncer Comunitário: 1.500
• Centros Médicos Acadêmicos: 329

Pacientes com câncer de tumor sólido específico

Tipo de câncer	Casos diagnosticados anuais
Câncer colorretal	153.020 novos casos em 2023
Câncer gástrico	26.380 novos casos em 2023
Câncer de pulmão	238.340 novos casos em 2023

Instituições de pesquisa farmacêutica

Organizações totais de pesquisa farmacêutica: 357 nos Estados Unidos.

• 20 principais empresas farmacêuticas pesquisando ativamente tratamentos de oncologia
• Alocação de financiamento da pesquisa: US $ 7,2 bilhões em pesquisa de oncologia em 2023

Metas de parceria farmacêutica em potencial

Empresa	Orçamento de pesquisa de oncologia
Merck & Co.	US $ 2,1 bilhões
Bristol Myers Squibb	US $ 1,9 bilhão
AstraZeneca	US $ 1,7 bilhão

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Alx Oncology registrou despesas de P&D de US $ 86,7 milhões, representando um investimento significativo no desenvolvimento de terapias inovadoras do câncer.

Ano fiscal	Despesas de P&D	Mudança de ano a ano
2022	US $ 64,3 milhões	+34.8%
2023	US $ 86,7 milhões	+34.8%

Custos de ensaios clínicos

As despesas de ensaios clínicos para o Alx Oncology em 2023 totalizaram aproximadamente US $ 52,4 milhões, concentrando -se no avanço de seus candidatos a produtos principais.

• Ensaios clínicos de fase 1: US $ 18,2 milhões
• Ensaios clínicos de fase 2: US $ 24,6 milhões
• Estudos pré -clínicos: US $ 9,6 milhões

Investimentos de conformidade regulatória

A conformidade regulatória e as despesas relacionadas em 2023 totalizaram US $ 7,5 milhões.

Aquisição de funcionários e talentos científicos

Categoria de pessoal	Número de funcionários	Total de custos de pessoal
Cientistas de pesquisa	47	US $ 12,3 milhões
Desenvolvimento Clínico	32	US $ 8,7 milhões
Equipe administrativo	25	US $ 4,5 milhões

Manutenção da propriedade intelectual

As despesas relacionadas à propriedade intelectual em 2023 foram de US $ 3,2 milhões, cobrindo estratégias de arquivamento, manutenção e proteção de patentes.

Categoria de despesa IP	Custo
Registro de patentes	US $ 1,6 milhão
Manutenção de patentes	US $ 1,1 milhão
Consultoria legal	US $ 0,5 milhão

Alx Oncology Holdings Inc. (ALXO) - Modelo de negócios: fluxos de receita

Potenciais futuras receitas de licenciamento de medicamentos

A partir do quarto trimestre 2023, o Alx Oncology possui potenciais receitas de licenciamento de medicamentos associadas ao seu ativo principal ALX148 (inibidor de CD47) para várias indicações oncológicas.

Candidato a drogas	Valor potencial de licenciamento	Indicação alvo
ALX148	Potencial inicial de US $ 150-250 milhões	Tumores sólidos/câncer de sangue

Acordos de pesquisa colaborativa

A Alx Oncology estabeleceu colaborações de pesquisa com parceiros farmacêuticos estratégicos.

• Memorial Sloan Kettering Cancer Center Research Collaboration
• Receitas potenciais do contrato de pesquisa colaborativa estimadas em US $ 5 a 10 milhões anualmente

Pagamentos marcos de parcerias

Estrutura potencial de pagamentos em marcos com base no desenvolvimento clínico e nas realizações regulatórias.

Tipo de marco	Faixa de pagamento potencial
Marco pré -clínico	US $ 10-20 milhões
Fase 1 Milestão Clínico	US $ 25-50 milhões
Fase 2 Milestão Clínico	US $ 50-100 milhões

Comercialização futura do produto

O potencial de receita da Alx Oncology da potencial comercialização futura de produtos do ALX148.

• Potencial de vendas anual de pico estimado: US $ 500-750 milhões
• Taxas de royalties potenciais: 10-15% das vendas líquidas

Potenciais subsídios do governo e de pesquisa privada

Pesquisa concede oportunidades de financiamento para iniciativas de pesquisa oncológica.

Fonte de concessão	Valor da concessão anual potencial
Subsídios de pesquisa do NIH	US $ 2-5 milhões
Subsídios de fundação privada	US $ 1-3 milhões

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.