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Mar 31, 2024
ALX Oncology Q1 2024 Earnings Report
Reported financial results for the first quarter ended March 31, 2024 and provided a corporate update.
Key Takeaways
ALX Oncology reported its Q1 2024 financial results, highlighting the progress of its lead product candidate, evorpacept, and its clinical trials. The company's cash, cash equivalents, and investments totaled $184.5 million as of March 31, 2024. R&D expenses were $31.7 million, and G&A expenses were $6.0 million. The GAAP net loss was $35.6 million, or ($0.71) per share, while the non-GAAP net loss was $28.5 million.
Reported positive data from an ongoing investigator-sponsored trial of evorpacept in combination with standard-of-care in patients with relapsed or refractory B-cell non-Hodgkin lymphoma.
Received acceptance of two evorpacept abstracts from the 2024 American Society of Cancer Oncology Annual Meeting.
Announced initiation of a Phase 2 IST of neoadjuvant radiation and evorpacept in combination with KEYTRUDA in patients with previously untreated and early-stage locally advanced, resectable, human papillomavirus-mediated oropharyngeal cancer.
Cash, cash equivalents and investments as of March 31, 2024, were $184.5 million.
Forward Guidance
ALX Oncology anticipates several clinical milestones for Evorpacept's development pipeline.
Positive Outlook
- Urothelial Carcinoma – Data from a Phase 1b ASPEN-07 clinical trial with PADCEV® (enfortumab vedotin-ejfv) (ASCO: Embargo to lift on full abstract May 23,2024; Poster to be presented on June 2, 2024)
- Gastric/Gastroesophageal Junction (“GEJ”) Cancer – Top line results from all 122 subjects in a Phase 2 randomized clinical trial of ASPEN-06 (July 2024)
- Breast Cancer – Top line results from a Phase 1b I-SPY TRIAL with ENHERTU® (fam-trastuzumab deruxtecan-nxki) (Q4 2024)
- Head and Neck Squamous Cell Carcinoma – Top line results from a Phase 2 randomized clinical trial of ASPEN-03 with KEYTRUDA (Q4 2024/Q1 2025)
- Head and Neck Squamous Cell Carcinoma – Top line results from a Phase 2 randomized clinical trial of ASPEN-04 with KEYTRUDA and chemotherapy (Q4 2024/Q1 2025)
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