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Dec 31, 2023
ALX Oncology Q4 2023 Earnings Report
ALX Oncology reported financial results for the fourth quarter and full year ended December 31, 2023 and provided a corporate update.
Key Takeaways
ALX Oncology reported a GAAP net loss of $45.5 million for Q4 2023, compared to a net loss of $30.7 million for Q4 2022. The company's cash, cash equivalents, and investments were $218.1 million as of December 31, 2023.
Jason Lettmann was appointed CEO.
Positive results were reported from the interim analysis of the ASPEN-06 Phase 2 clinical trial.
An oversubscribed underwritten public offering generated gross proceeds of approximately $63.2 million.
Cash, cash equivalents and investments as of December 31, 2023, were $218.1 million.
Forward Guidance
ALX Oncology anticipates multiple clinical milestones for Evorpacept's pipeline development in 2024.
Positive Outlook
- Non-Hodgkin Lymphoma – Data from a Phase 1b IST with rituximab + lenalidomide will be presented at the AACR Annual Meeting 2024 on April 9, 2024.
- Urothelial Carcinoma – Data from a Phase 1b ASPEN-07 clinical trial with PADCEV® (enfortumab vedotin-ejfv) (Q2 2024)
- Gastric/GEJ Cancer – Top line results from all 122 subjects in a Phase 2 randomized clinical trial of ASPEN-06 (June-July 2024)
- Breast Cancer – Top line results from a Phase 1b I-SPY TRIAL with ENHERTU (Q4 2024)
- Head and Neck Squamous Cell Carcinoma – Top line results from a Phase 2 randomized clinical trial of ASPEN-03 with KEYTRUDA® (pembrolizumab) (Q4 2024/Q1 2025)
Historical Earnings Impact
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