ALX Oncology Holdings Inc. reported a net loss of $101.7 million for the year ended December 31, 2025, compared to a net loss of $134.9 million for the previous year. The company's operating expenses totaled $104.0 million, a decrease from $142.5 million in 2024. This decrease was primarily driven by reduced research and development spending, which fell from $116.4 million in 2024 to $77.0 million in 2025, and a decrease in general and administrative expenses from $26.1 million to $23.9 million. The company also recorded an impairment charge of $3.2 million in 2025, compared to no impairment charge in 2024.
The decrease in research and development expenses was mainly due to lower clinical and development costs, a reduction in stock-based compensation expense, decreased personnel-related costs following a reduction in workforce, and lower preclinical costs. These decreases were partially offset by an increase in other research costs due to a development milestone payment to ScalmiBio stockholders. Interest income decreased from $9.4 million in 2024 to $4.0 million in 2025, while interest expense decreased slightly from $1.7 million to $1.6 million.
Key operational developments included the progression of evorpacept into a Phase 2 clinical trial for HER2-positive breast cancer (ASPEN-09-Breast) and the dosing of the first patient in that trial in January 2026. The company also announced that an exploratory biomarker analysis of the zanidatamab trial showed responses were largely restricted to patients with higher CD47 expression. Additionally, the first patient was dosed in the Phase 1 clinical trial of ALX2004 in August 2025, with the trial enrolling patients in the third dose cohort by January 2026. The ASPEN-CRC study evaluating evorpacept in combination with cetuximab for colorectal cancer was paused to focus resources on the ASPEN-09-Breast trial.
As of December 31, 2025, ALX Oncology had cash, cash equivalents, and investments totaling $48.3 million. The company believes that its existing cash, cash equivalents, and investments, along with the net proceeds of $140.3 million from a registered offering completed in February 2026, will be sufficient to fund operations through the first half of 2028. The company is focused on advancing the clinical development of evorpacept and ALX2004, and is exploring development partnerships to advance the evorpacept program in gastric cancer. As of December 31, 2025, the company had 43 employees, with 29 engaged in research and development activities.
About ALX ONCOLOGY HOLDINGS INC
ALX Oncology Holdings Inc. is a clinical-stage immuno-oncology company dedicated to developing innovative cancer therapies. Its lead product, evorpacept, is a next-generation CD47 blocker designed to enhance immune response against tumors while minimizing hematologic toxicities. Targeting solid and hematologic malignancies, ALX is pursuing multiple clinical trials and strategic partnerships to expand treatment options. The company aims to transform cancer care through effective combination therapies and advanced immunotherapy solutions.
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