ALX Oncology Secures $150M Financing, Eyes Evorpacept and ALX2004 Data
ALX Oncology raised $150 million, extending cash runway through mid-2028 and advancing CD47 inhibitor evorpacept and EGFR-targeted ADC ALX2004 toward multiple data readouts over 12–18 months. Phase 2 ASPEN-09 breast cancer trial is enrolling with topline data due mid-2027, and ALX2004’s Phase 1 safety readout is expected in 2H 2026.
1. Financing and Cash Position
ALX Oncology completed a $150 million registered offering of common stock and pre-funded warrants, strengthening its balance sheet and extending cash runway through the first half of 2028. The company reported fourth-quarter and full-year 2025 results and emphasized readiness to fund key clinical milestones for evorpacept and ALX2004.
2. Evorpacept Biomarker Strategy and Trials
Phase 2 ASPEN-06 gastric cancer data demonstrated a 65.0% ORR and a median duration of response of 25.5 months in HER2-positive, CD47-high patients treated with evorpacept plus trastuzumab, ramucirumab and paclitaxel versus 26.1% ORR and 8.4 months mDOR for control. The full biomarker analysis from the Phase 1b/2 evorpacept-zanidatamab trial will be presented at a May 2026 congress, and the Phase 2 ASPEN-09 breast cancer trial is enrolling with topline data due mid-2027.
3. ALX2004 Phase 1 Progress
ALX2004 has successfully cleared the first two dose cohorts in its ongoing Phase 1 trial, with safety data from the dose-escalation phase expected in the second half of 2026. Continued enrollment will inform optimal dosing and potential expansion cohorts.
4. Leadership and Upcoming Events
Barbara Klencke, M.D., was appointed permanent Chief Medical Officer to oversee clinical development programs, and the company will host a webcast on February 27 at 8:30 a.m. ET to discuss results and strategic plans. Investors can access the live presentation for insights into upcoming catalysts.