Q1 results are a non-event for a pre-revenue biotech — the stock will trade on the evorpacept biomarker data and upcoming catalysts. The 100% response rate in the high-CD47 subgroup is encouraging but comes from a tiny sample (n=5). Watch for the ASPEN-09-Breast topline in mid-2027 and ALX2004 safety data in 2H 2026. The $169M cash runway through 1H 2028 removes near-term financing risk.
Price Chart
Executive Summary
ALX Oncology reported Q1 2026 GAAP net loss of ($17.9) million, or ($0.17) per share, narrowing from ($0.58) per share in Q1 2025, driven by lower R&D and G&A expenses after a workforce reduction. The company highlighted positive Phase 1b/2 evorpacept biomarker data presented at ESMO Breast Cancer 2026, reinforcing the CD47-selection hypothesis in HER2-positive breast cancer. Cash position strengthened to $169.1 million post the February 2026 $150M equity offering, extending runway through 1H 2028.
Key Financial Metrics
Key Facts
- GAAP net loss of ($17.9) million, or ($0.17) per share, vs ($30.8) million, or ($0.58) per share in Q1 2025
- Cash, cash equivalents and investments of $169.1 million as of March 31, 2026, up from $48.3 million at Dec 31, 2025
- R&D expenses decreased 43% YoY to $13.6 million, driven by workforce reduction and pipeline prioritization
- Phase 1b/2 evorpacept + zanidatamab data showed 100% response rate in ccHER2-positive, high CD47 patients (n=5/5) with mPFS of 22.1 months
- Phase 2 ASPEN-09-Breast trial enrollment on track; topline data for 80 patients expected mid-2027
- Phase 1 ALX2004 dose-escalation on track for safety data in 2H 2026
- Jeff Knight appointed Chief Development and Operating Officer in April 2026
Financial Impact
Net loss narrowed by $12.8 million YoY to ($17.9) million; cash position increased by $120.8 million from Q4 2025 due to $140.4M net equity offering proceeds
Risk Factors
- Evorpacept efficacy data based on small sample sizes (n=5 for high-CD47 subgroup); results may not replicate in larger Phase 2 trial
- No approved products or revenue; company entirely dependent on clinical trial success
- Accumulated deficit of ($740.7) million with no path to profitability in sight
- Heavy dilution from February 2026 offering (76.98M shares + 18.57M pre-funded warrants)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-213380 |
| Document: alxo-20260508.htm | 0001193125-26-213380 |
| Document: 0001193125-26-213380-index-headers.html | 0001193125-26-213380 |
| Document: 0001193125-26-213380-index.html | 0001193125-26-213380 |
| Document: 0001193125-26-213380.txt | 0001193125-26-213380 |
| 8-K Data (Synthetic) | 0001193125-26-213380 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 16, 2026 9d ago | SC 13D/A | $1.14 $1.13 | ▼ −0.88% | ▼ −0.73% | $1.13 (−0.88%) |
Oct 15, 2026 11d ago | 8-K | $1.06 $1.17 | ▲ +10.38% | ▲ +10.81% | $1.13 (+6.60%) |
Sep 28, 2026 28d ago | Press Release | $1.39 $1.21 | ▼ −12.95% | ▼ −14.15% | $1.13 (−18.71%) |
Aug 15, 2026 10w ago | Institutional Cluster | $1.97 $1.99 | ▲ +1.02% | ▲ +2.21% | $1.13 (−42.64%) |
Aug 6, 2026 11w ago | 8-K | $2.11 $1.94 | ▼ −8.06% | ▼ −9.27% | $1.13 (−46.45%) |
Jun 30, 2026 16w ago | 8-K | $2.06 $2.36 | ▲ +14.56% | ▲ +14.30% | $1.13 (−45.15%) |
Jun 26, 2026 17w ago | 8-K | $2.20 $2.19 | ▼ −0.45% | ▼ −1.84% | $1.13 (−48.64%) |
Jun 12, 2026 19w ago | Institutional Cluster | $1.58 $1.53 | ▲ +3.16% | ▲ +3.84% | $1.13 (+28.48%) |
May 8, 2026 24w ago | 8-K | $2.08 $2.04 | ▼ −1.92% | ▼ −3.39% | $1.13 (−45.67%) |
May 8, 2026 24w ago | Press Release | $2.08 $2.04 | ▲ +1.92% | ▲ +3.39% | $1.13 (+45.67%) |
US Market Status
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