Why did ALXO's EPS remain flat throughout 2024?

ALX Oncology Holdings Inc. (ALXO) experienced a flat EPS throughout 2024 due to a combination of factors:

1. **No Revenue Generation**: ALXO did not report any revenue for several quarters, including Q1 and Q2 2024. The lack of revenue contributes significantly to the negative net income, which in turn affects the diluted EPS.
2. **Negative Net Income**: The company reported a net loss of $134.85 million for the year ending December 31, 2024. This net loss, coupled with no revenue to offset it, results in a negative EPS.
3. **Clinical Progress Costs**: The company's clinical progress and drug development likely incurred significant costs that did not translate into revenue. These costs are a major factor in the negative net income and flat EPS.
4. **Market Valuation Concerns**: There is a perception of an "elevated valuation" in the company, which may affect investor confidence and willingness to fund further development. This could limit the company's ability to raise capital to support operations and growth, thereby impacting EPS.

In summary, ALXO's flat EPS in 2024 is primarily due to the company's inability to generate revenue, coupled with negative net income and significant clinical progress costs. These factors combined create a challenging financial environment for the company.