ALX Oncology Q2 net loss narrows on lower R&D costs
ALXO•Cash runway and analyst coverage
ALX Oncology said its cash reserves are sufficient to fund operations through the first half of 2028.
The current average analyst rating on the shares is buy, with 6 strong buy or buy recommendations, 1 hold and no sell or strong sell ratings. The average consensus recommendation for the biotechnology and medical research peer group is buy.
Wall Street's median 12-month price target for ALX Oncology Holdings Inc is $4.00, about 108.3% above its August 5 closing price of $1.92.
Q2 loss narrows as R&D spending falls
ALX Oncology's second-quarter net loss narrowed year over year, helped by lower research and development expenses.
The company said Q2 R&D expenses fell due to reduced costs for legacy clinical trials, partially offset by continued investment in lead programs. Q2 general and administrative expenses also declined mainly because of lower corporate legal and patent costs.
The absence of a prior-year lease impairment charge also contributed to the lower net loss.
Debt refinancing improves financial flexibility
The company said it refinanced debt, lowering its cost of capital and enhancing financial flexibility.
