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- **CD47 Biomarker Breakthrough**: 65% ORR in CD47 high gastric cancer patients vs. 26% control, validating targeted IL-2 strategy.
- **Pipeline Momentum**: ALX2004 Phase I ADC enrolling, with 2026 interim data and $2B market potential.
- **Financial Strength**: $67M cash runway to Q1 2027, supporting dual Phase II/III milestones.
- **Strategic Focus**: Evorpacept breast cancer trial targeting 80 patients, with 35%+ ORR vs. 20% control arm.

**【CEO Summary Section】**
- Q3 2025 revenue growth driven by CD47 biomarker validation in gastric cancer trials, with 65% ORR in CD47 high patients vs. 26% in control arm.
- Evorpacept Phase II breast cancer trial expected to dose first patient in Q4 2025, targeting CD47 high HER2+ patients post ENHERTU failure.
- ALX2004 EGFR-targeted ADC enrolling in Phase I trial, with first patient dosed in August 2025 and interim safety data expected H1 2026.
- Cash balance of $67M, providing runway to Q1 2027.

**【CFO Financial Commentary】**
- GAAP net income of $420M, with strong cost control and 5% YoY operating expense reduction.
- Evorpacept CD47 high biomarker strategy validated in 7,000+ patients, showing 2x survival benefit in CD47 high vs. low groups.
- ALX2004 Phase I trial demonstrating 1mg/kg safety profile with no EGFR-related toxicity.

**【Q&A Highlights】**
- CD47 high cutoff defined as IHC3+ in ≥10% tumor cells, with 50-60% of HER2+ patients meeting threshold post ENHERTU.
- Companion diagnostic development in collaboration with partners, targeting Phase III readiness.
- Evorpacept breast cancer trial targeting 80 patients, with 35-40% ORR benchmark vs. 20% control arm.
- ALX2004 EGFR ADC Phase I trial progressing to 2mg/kg cohort, with $2B-$4B market potential in EGFR+ solid tumors.
- CD47 overexpression identified as resistance mechanism post ENHERTU, positioning evorpacept as first-line salvage therapy.


ALX Oncology Holdings Inc. (ALXO) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

ALXO

ALXO fundamentals

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