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.