ALX Oncology Holdings Inc (NASDAQ: ALXO) is a clinical-stage biopharmaceutical company that develops immuno-oncology therapeutics. The company has generated no revenue from product sales, licenses, or collaborations as of the fiscal year ended December 31, 2025. Incorporated in 2015, ALX Oncology has concentrated its research and development on two product candidates: evorpacept, which has advanced through Phase 1 and Phase 2 clinical trials, and ALX2004, which is in Phase 1 clinical trials. The company funds operations through equity offerings, debt financing, and a loan agreement with Oxford Finance LLC and Silicon Valley Bank (now SVB-First Citizens), under which $25.0 million remained available at the lenders' sole discretion as of December 31, 2025. Net cash used in operating activities was $84.1 million in FY2025, against a net loss of $101.7 million. The company has no approved products and has not demonstrated the ability to complete large-scale pivotal clinical trials or manufacture at commercial scale. Jason Lettmann serves as CEO and Harish Shantharam serves as CFO, per the FY2025 10-K filed March 9, 2026.

Revenue model

No product revenue as of FY2025. Operations are funded entirely through capital markets activity, including an at-the-money equity offering program with aggregate gross proceeds of up to $150.0 million under a Sales Agreement with Cantor Fitzgerald and UBS Securities, and a term loan facility with Oxford Finance and SVB-First Citizens.

Products and services

Evorpacept (Phase 1 and Phase 2 clinical trials) and ALX2004 (Phase 1 clinical trials), both immuno-oncology product candidates. No products approved for commercial sale as of the filing date.

Customers and end markets

No commercial customers as of FY2025. End market is oncology therapeutics, subject to FDA and international regulatory approval processes.

Value-chain role

Clinical-stage drug developer. Operations to date limited to capital raising, candidate identification, and preclinical and clinical trial execution. Commercial manufacturing and sales capabilities have not been established.

Geographic exposure

Primary operations in the United States. Clinical trials conducted in regions including the European Economic Area, Switzerland, and the United Kingdom, based on data privacy compliance disclosures in the FY2025 10-K.

Source: SEC 10-K, filed 2026-03-09

Industry: Pharmaceutical Preparations Peers: Heron Therapeutics Inc Jade Biosciences Inc Organogenesis Holdings Inc bluebird bio, Inc. Celularity Inc Cytodyn Inc Ocugen Inc Kodiak Sciences Inc Protagonist Therapeutics Inc