ALX Oncology (ALXO) Q1 2026 earnings summary

Executive summary

• Presented new clinical data from a phase I-B/II trial of evorpacept plus zanidatamab in heavily pre-treated HER2-positive metastatic breast cancer, showing strong efficacy, especially in patients with high CD47 expression, with 100% response rate, median duration of response of 20.2 months, and median PFS of 22.1 months in CD47-high patients.

• Advanced both evorpacept and ALX2004 clinical programs on schedule, with ALX2004 phase I dose escalation ongoing and initial safety data expected in the second half of 2026.

• Strengthened leadership team with the appointment of Jeff Knight as Chief Development and Operating Officer.

• Net loss for Q1 2026 was $17.9 million, a significant improvement from $30.8 million in Q1 2025, driven by reduced R&D and G&A expenses following workforce reductions and pipeline prioritization.

• Raised $150 million gross ($140.4 million net) in a February 2026 equity offering, extending cash runway through the first half of 2028.

Financial highlights

• Cash, cash equivalents, and investments totaled $169.1 million as of March 31, 2026, following the February equity offering.

• Q1 2026 net loss was $17.9 million, down 42% year-over-year from $30.8 million, with R&D and G&A expenses decreasing to $13.6 million and $5.4 million, respectively.

• Weighted-average shares outstanding increased to 104.6 million from 53.4 million year-over-year due to equity offerings.

Outlook and guidance

• ASPEN-09 phase II breast cancer trial is on track for interim top-line data from 80 patients by mid-2027, with full enrollment up to 120 patients.

• ALX2004 phase I trial is on track for initial safety data in the second half of 2026.

• Cash runway projected through the first half of 2028, with further ATM program capacity available.