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Jun 30, 2024
ALX Oncology Q2 2024 Earnings Report
ALX Oncology reported financial results for the second quarter ended June 30, 2024, and provided a corporate update.
Key Takeaways
ALX Oncology reported a GAAP net loss of $39.4 million for the second quarter of 2024, compared to a net loss of $34.2 million for the same period in 2023. Research and development expenses were $34.7 million, and general and administrative expenses were $6.9 million. Cash, cash equivalents, and investments totaled $186.2 million as of June 30, 2024.
Evorpacept improved tumor response in patients with HER2-positive gastric/GEJ cancer in the ASPEN-06 Phase 2 clinical trial.
Evo-TRP achieved a confirmed ORR of 40.3% compared to 26.6% for the TRP control arm and demonstrated a mDOR of 15.7 months compared to 7.6 months.
Presented evorpacept combination data with an antibody-drug conjugate (ADC) from the Phase 1 ASPEN-07 clinical trial in patients with advanced urothelial cancer at ASCO 2024.
The combination of evorpacept achieved promising initial activity with a best ORR of 94% and a complete response rate (“CRR”) of 83% in patients with indolent R/R B-NHL.
Forward Guidance
ALX Oncology is well-positioned to achieve numerous milestones across multiple oncology indications in its evorpacept clinical development program.
Positive Outlook
- Topline results from a Phase 2 randomized clinical trial of ASPEN-03 with KEYTRUDA (1H 2025)
- Topline results from a Phase 2 randomized clinical trial of ASPEN-04 with KEYTRUDA and chemotherapy (1H 2025)
- Updated results of ASPEN-06 Phase 2 clinical trial (1H 2025)
- Updated results from a Phase 1 clinical trial of ASPEN-07 in combination with PADCEV (1H 2025)
- Initiation of Phase 3 registrational randomized clinical trial for evorpacept (mid-2025)
Challenges Ahead
- Not applicable, no negative forward guidance provided in the report.
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