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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

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Cost of Financing Services

Other Cost

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Operating Expenses

Selling, General and Administrative Expenses

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Net Income

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Total Comprehensive Income Attributable to Owners of the Company

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ALXO

ALXO fundamentals

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