ALX Oncology Posts 60% Response Rate in HER2 Trial, Secures $150M
Data show evorpacept plus zanidatamab achieved a 60% confirmed objective response rate and 8.3-month median PFS in centrally confirmed HER2-positive patients, with all five high CD47 expressors responding and a 22.1-month median PFS; ASPEN-09-Breast Phase 2 trial remains on track for mid-2027 topline. The company raised $150 million gross by selling 76,979,112 shares at $1.57 and 18,574,120 pre-funded warrants at $1.569, strengthening its balance sheet for ongoing studies.
1. Phase 1b/2 Evorpacept Clinical Data
In a 24-patient Phase 1b/2 trial of evorpacept plus zanidatamab in heavily pretreated metastatic breast cancer, the confirmed objective response rate was 33% overall. Among 10 centrally confirmed HER2-positive cases, cORR rose to 60% with median PFS of 8.3 months, and all five high CD47 expressors achieved response with 22.1-month PFS.
2. Pipeline Progress and Upcoming Milestones
The global Phase 2 ASPEN-09-Breast study combining evorpacept, trastuzumab and chemotherapy is enrolling toward 80 patients and is on schedule for mid-2027 topline results. Concurrently, the Phase 1 trial of ALX2004, an ADC targeting EGFR-expressing tumors, continues dose escalation and is expected to report safety data in the second half of 2026.
3. Financial Update and Equity Offering
In February, the company completed a registered equity offering, issuing 76,979,112 common shares at $1.57 and pre-funded warrants for 18,574,120 shares at $1.569. The transaction generated $150 million in gross proceeds, bolstering the balance sheet to support ongoing clinical programs.
4. Leadership and Corporate Strengthening
ALX Oncology appointed Jeff Knight as Chief Development and Operating Officer to enhance clinical development oversight and operational execution. This addition strengthens the senior leadership team ahead of key data readouts and strategic milestones.