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Dec 31, 2021
ALX Oncology Q4 2021 Earnings Report
ALX Oncology reported financial results for Q4 and full year 2021 and provided clinical development and operational highlights.
Key Takeaways
ALX Oncology reported a GAAP net loss attributable to common stockholders of $28.4 million for the fourth quarter ended December 31, 2021, or $0.70 per basic and diluted share, as compared to a net loss of $18.8 million for the fourth quarter ended December 31, 2020, or $0.50 per basic and diluted share. Cash and cash equivalents as of December 31, 2021 were $363.7 million.
ALX Oncology achieved key milestones in 2021 to advance evorpacept through multiple clinical trials.
Initiated two Phase 2 trials in head and neck squamous cell carcinoma (“HNSCC”) and presented encouraging Phase 1b data from the ASPEN-01 trial in gastric/gastroesophageal junction (“GEJ”) cancer and HNSCC, along with early Phase 1a data from the ASPEN-02 trial in myelodysplastic syndromes (“MDS”).
Data from trials showed evorpacept to be well tolerated when combined with anti-cancer antibodies and multi-agent chemotherapy regimens in solid tumors and with azacitidine in MDS.
2022 is expected to be another productive year with the anticipated initiation of a randomized Phase 2/3 clinical trial of evorpacept in combination in patients with gastric/GEJ cancer and the expected completion of enrollment and dose optimization data readout from Phase 1b clinical trial of evorpacept in combination with azacitidine in patients with MDS.
Forward Guidance
ALX Oncology anticipates key clinical milestones for 2022, including initiating randomized Phase 2/3 clinical trials, dose optimization readouts, updates on investigator sponsored clinical trials, updates on collaboration with Zymeworks, and selecting development candidates from preclinical pipeline.
Positive Outlook
- Initiation of a randomized Phase 2/3 clinical trial of evorpacept in combination with Herceptin® (trastuzumab), Cyramza® (ramucirumab) and paclitaxel in patients with 2nd line or greater gastric/GEJ cancer (ASPEN-06).
- Dose optimization readout of a Phase 1b clinical trial of evorpacept in combination with azacitidine in patients with MDS (ASPEN-02).
- Initiate and provide updates on investigator sponsored clinical trials with evorpacept.
- Provide updates on ongoing collaboration with Zymeworks (NYSE: ZYME) in HER2-expressing breast cancer and other solid tumors.
- Select development candidate(s) from preclinical pipeline.
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