ALX ONCOLOGY HOLDINGS INC
ALXO evidence brief
What we can confirm
What it means
What to watch
Prepared research question
What matters most for ALXO—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · ALXO
ALX Oncology Holdings Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for cancer, with its lead product candidate evorpacept in multiple clinical trials and a pipeline that includes ALX2004.
Key risk: Need for additional capital
BioSniper Score
Based on 6 of 6 signals
Market Cap
$276.6M
Cash Runway
25.1 moLead Asset
ALX2004 (Phase 1)
Next Catalyst
Phase2_Topline · Sep 30, 2026Financial data as of Jun 30, 2026.
Tracking 2 pipeline candidates · 2 clinical trials · 1 catalyst for ALX ONCOLOGY HOLDINGS INC.
ALX Oncology Holdings Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for cancer, with its lead product candidate evorpacept in multiple clinical trials and a pipeline that includes ALX2004.
- Lead product candidate evorpacept is being advanced through multiple clinical trials in multiple indications [sec_mda · as of 2026-08-06].
- As of June 30, 2026, the company had an accumulated deficit of $758.7 million, with operating losses primarily driven by research and development programs [sec_mda · as of 2026-08-06].
- Cash and equivalents were $23.0 million as of June 30, 2026, with shareholders' equity of $64.4 million and total debt of $10.2 million [sec].
- Management recognizes the need to raise additional capital to fully implement its business plan [sec_mda · as of 2026-08-06].
- The company expects expenses to increase substantially as it advances evorpacept, pursues regulatory approval, and advances ALX2004 [sec_mda · as of 2026-05-08].
What works
- Evorpacept is the lead candidate and is being evaluated in multiple clinical trials across solid tumors and hematological malignancies, indicating a broad potential therapeutic scope [sec_mda · as of 2026-08-06].
- The company has a defined pipeline with a second candidate, ALX2004, which has entered clinical trials, diversifying its development efforts [sec_mda · as of 2025-11-07].
What to weigh
- The company has a significant accumulated deficit of $758.7 million as of June 30, 2026, reflecting ongoing operating losses [sec_mda · as of 2026-08-06].
- Management acknowledges the need for additional capital to fund operations, with the timing and amount of future capital requirements uncertain [sec_mda · as of 2026-08-06].
- The company expects to continue incurring significant expenses and increasing operating losses for the foreseeable future [sec_mda · as of 2026-08-06].
From the filings
Quoted directly from source documents.
The company's lead product candidate is evorpacept.
“Substantially all of our operating losses are a result of expenses incurred in connection with our research and development programs, primarily evorpacept”
SEC MD&A · August 6, 2026
The company has a significant accumulated deficit.
“As of June 30, 2026, we had an accumulated deficit of $758.7 million.”
SEC MD&A · August 6, 2026
Management recognizes the need for additional capital.
“Management recognizes the need to raise additional capital to fully implement its business plan.”
SEC MD&A · August 6, 2026
The company expects expenses to increase.
“We expect our expenses will increase substantially in connection with our ongoing activities, as we: • advance evorpacept through multiple clinical trials in multiple indications; • pursue regulatory approval of evorpacept in solid tumors and hematological malignancies; • advance ALX2004”
SEC MD&A · May 8, 2026
Catalyst timeline
- 2026-09-30 · Phase2_Topline · evorpacept — Phase 2 Readout: evorpacept — Topline data from a Phase 2 trial of evorpacept is expected, which could inform the drug's efficacy and future development path.
Risks & what to watch (3)›
Key risks
- Need for additional capital — Management recognizes the need to raise additional capital to fully implement its business plan, with uncertain timing and amount [sec_mda · as of 2026-08-06].
- Significant accumulated deficit — As of June 30, 2026, accumulated deficit was $758.7 million, reflecting sustained operating losses [sec_mda · as of 2026-08-06].
- Clinical development uncertainty — Successful development of product candidates is highly uncertain, and clinical trials are costly and time-consuming [sec_mda · as of 2025-11-07].
What to watch
- Phase 2 topline data for evorpacept expected on September 30, 2026 [catalyst].
- Progress in advancing evorpacept through multiple clinical trials and regulatory approval pathways [sec_mda · as of 2026-08-06].
- Ability to secure additional financing to support ongoing operations and development programs [sec_mda · as of 2026-08-06].
Sources: SEC MD&A · Generated August 29, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 6 of 6 signals · derived from public data
25.1 months
D/E 0.18 · 0% dilution
Lead: Phase 2
2 candidates
1 upcoming, next in ~31d
0 buys · 5 sells (180d)
Runway
Catalysts
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
65
Total value held
$114.6M
| Holder | Shares | Value |
|---|---|---|
| ra capital management, l.p. | 13,011,849 | $26.1M |
| vanguard capital management llc | 8,359,472 | $16.8M |
| blackstone inc. | 5,826,544 | $11.7M |
| driehaus capital management llc | 5,734,620 | $11.5M |
| marshall wace, llp | 3,757,216 | $7.5M |
| 5am venture management, llc | 3,057,325 | $6.1M |
| orbimed advisors llc | 2,866,256 | $5.7M |
| adage capital partners gp, l.l.c. | 2,000,000 | $4.0M |
| millennium management llc | 1,988,559 | $4.0M |
| two sigma investments, lp | 1,587,833 | $3.2M |
Showing top 10 of 65 institutional holders of ALX ONCOLOGY HOLDINGS INC. Open the full 13F history after sign-in.
Short Interest
as of Apr 28, 2026- % of float
- 1.7%
- Days to cover
- 2.1
- Shares short
- 2,045,874
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
ALXO short interestGovernance
Frequently asked questions
What is the AI investment thesis for ALX ONCOLOGY HOLDINGS INC?
ALX Oncology Holdings Inc. is a clinical-stage biopharmaceutical company focused on developing therapies for cancer, with its lead product candidate evorpacept in multiple clinical trials and a pipeline that includes ALX2004.
What is ALX ONCOLOGY HOLDINGS INC's lead drug candidate?
ALX ONCOLOGY HOLDINGS INC's most advanced tracked candidate is ALX2004 (Phase 1) for NSCLC (Advanced Non-small Cell Lung Cancer).
What is ALX ONCOLOGY HOLDINGS INC's next catalyst?
ALX ONCOLOGY HOLDINGS INC's next tracked catalyst is a Phase2_Topline event — "Phase 2 Readout: evorpacept" — expected September 30, 2026.
Who is the CEO of ALX ONCOLOGY HOLDINGS INC?
Mr. Jason W. Lettmann is the chief executive officer of ALX ONCOLOGY HOLDINGS INC (ALXO).
Where is ALX ONCOLOGY HOLDINGS INC headquartered?
ALX ONCOLOGY HOLDINGS INC (ALXO) is headquartered in South San Francisco, CA, United States.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.