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Sep 30, 2024
ALX Oncology Q3 2024 Earnings Report
ALX Oncology reported financial results for the third quarter ended September 30, 2024, and provided a corporate update.
Key Takeaways
ALX Oncology announced topline data from its ASPEN-06 Phase 2 trial, showcasing evorpacept as the first CD47-blocking agent with durable clinical benefit and a well-tolerated safety profile in a randomized clinical trial. The company reported cash, cash equivalents, and investments of $162.6 million as of September 30, 2024, sufficient to fund planned operations well into Q1 2026.
Reported topline data from the ASPEN-06 Phase 2 clinical trial, demonstrating evorpacept's durable clinical benefit and safety profile in HER2-positive gastric/GEJ cancer patients.
Commenced patient dosing in the Sanofi-partnered arm of the UMBRELLA phase 1/2 clinical study, investigating evorpacept plus SARCLISA and dexamethasone in relapsed or refractory multiple myeloma patients.
Appointed Alan Sandler, M.D. to Board of Directors, bringing over 30 years of oncology and drug development experience.
Cash, cash equivalents and investments as of September 30, 2024, were $162.6 million.
Forward Guidance
Upcoming clinical milestones for Evorpacept's development pipeline include data presentations and trial initiations across various cancer indications.
Positive Outlook
- Breast Cancer – Results from a Phase 1b/2 combination trial evaluating evorpacept in combination with Jazz Pharmaceuticals’ zanidatamab in HER2-positive and HER2-low metastatic breast cancer will be presented at a poster spotlight presentation at the San Antonio Breast Cancer Symposium on December 12, 2024
- Gastric/GEJ Cancer – Updated results of ASPEN-06 Phase 2 clinical trial (1H 2025)
- Head and Neck Squamous Cell Carcinoma – Topline results from a Phase 2 randomized clinical trial of ASPEN-03 with KEYTRUDA® (pembrolizumab) (1H 2025)
- Urothelial Cancer – Updated results from a Phase 1 clinical trial of ASPEN-07 in combination with PADCEV® (enfortumab vedotin) (1H 2025)
- Gastric/GEJ Cancer – Initiation of Phase 3 registrational randomized clinical trial for evorpacept (mid-2025)
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