ALX Oncology Holdings (NASDAQ:ALXO) reported fourth-quarter and full-year 2025 results on Friday, highlighting a fundamental shift toward a biomarker-driven strategy that could redefine patient selection for its immuno-oncology pipeline.
The South San Francisco-based biotech posted a narrowed full-year GAAP net loss of $101.7 million, or $1.90 per share, compared to $134.9 million in 2024.
The company’s lead candidate, evorpacept, reached a critical proof-of-concept milestone as exploratory data from multiple trials confirmed that CD47 overexpression significantly predicts the drug's activity.
In HER2-positive metastatic breast cancer patients, those with high CD47 expression levels showed a 56% objective response rate when treated with an evorpacept-Ziihera combination.
This validation allows ALX to transition to a precision-medicine approach, potentially increasing the probability of success in its ongoing ASPEN-09 Phase 2 trial.
Financially, the company significantly bolstered its balance sheet in February 2026 by completing a $150 million registered offering, yielding net proceeds of $140.4 million.
This capital infusion, combined with its year-end cash balance of $48.3 million, extends ALX’s operational runway through the first half of 2028.
The company also announced that Dr. Barbara Klencke, who has overseen the clinical validation of the CD47 biomarker, has been appointed as permanent Chief Medical Officer.