ALX Oncology Cash Reaches $153.4 Million After Refinancing

The Tip Desk · August 6, 2026 · 3 min read

The clinical-stage biotech said cash, cash equivalents and investments of $153.4 million as of June 30, 2026, are sufficient to fund planned operations through the first half of 2028.

ALX Oncology Holdings Inc. (ALXO), a clinical-stage biotechnology company advancing evorpacept and ALX2004, reported cash, cash equivalents and investments of $153.4 million as of June 30, 2026, and said that balance is sufficient to fund planned operations through the first half of 2028.

The cash position compared with $48.3 million at December 31, 2025, after the company completed a $150 million registered offering of common stock and pre-funded warrants. In June, ALX Oncology refinanced its existing $10 million loan with HSBC Ventures USA Inc. and added the ability to draw up to an additional $20 million at its discretion through the end of June 2028. The new secured multi-tranche term loan facility totals up to $50 million, of which $10 million is uncommitted, and replaces a prior loan with Oxford Finance LLC and Silicon Valley Bank. The company said the refinancing significantly lowers its cost of capital.

GAAP net loss for the three months ended June 30, 2026, was $18.0 million, or $0.13 a share, versus a net loss of $25.9 million, or $0.49 a share, a year earlier. Non-GAAP net loss was $14.3 million. The company attributed the narrower GAAP loss primarily to lower research and development spending and the absence of a $3.2 million lease impairment charge recorded in the year-ago quarter after a March 2025 workforce reduction in preclinical research. Weighted-average shares used to compute net loss were 135.6 million.

Research and development expenses were $13.1 million, down from $18.0 million a year earlier. The company said the $4.9 million decrease was primarily a $4.8 million drop in clinical and development costs from lower legacy-trial spend, partly offset by continued investment in the evorpacept ASPEN-09 Phase 2 trial and the ALX2004 Phase 1 study. General and administrative expenses were $5.1 million. The company recorded a $0.2 million lease termination gain in the quarter, versus a $3.2 million lease impairment charge a year earlier. Interest income was $1.5 million and interest expense was $0.3 million. A $0.9 million loss on debt extinguishment appeared in the quarter.

Clinical programs remained the company’s near-term catalysts. Enrollment in the ASPEN-09-Breast Phase 2 trial of evorpacept in combination with trastuzumab and chemotherapy in HER2-positive metastatic breast cancer is on track for a topline data readout from 80 patients in mid-2027. In May, ALX Oncology presented exploratory Phase 1b/2 data at ESMO Breast Cancer 2026 on evorpacept plus Jazz Pharmaceuticals’ zanidatamab, which the company said showed promising and durable responses in heavily pretreated metastatic breast cancer patients previously treated with ENHERTU, particularly among those with centrally confirmed HER2-positive disease and high CD47 expression. Chief Executive Officer Jason Lettmann said the data strengthened the company’s confidence in evorpacept’s biomarker-driven strategy.

Enrollment continues in the dose-escalation portion of the Phase 1 trial of ALX2004, a novel EGFR-targeted antibody-drug conjugate for EGFR-expressing solid tumors, with initial safety data expected in the second half of 2026.

In June, the company also named Scott Garland, a board member since 2022, as Chairman of the Board and Michael Listgarten as General Counsel. Garland brings more than three decades of biopharmaceutical commercial, operational and strategic leadership experience; Listgarten adds expertise in legal affairs, corporate governance and business development.

Lettmann said ALX Oncology is well-positioned to advance both programs toward value-creating milestones, citing the strengthened balance sheet, leadership team and upcoming catalysts. The company’s accumulated deficit was $758.7 million at June 30, 2026, and total stockholders’ equity was $136.2 million.