- Data to be presented at AACR 2025 Annual Meeting suggest the combination of ALX Oncology's investigational CD47-blocker, evorpacept, plus rituximab and lenalidomide (R2) was well-tolerated and demonstrated promising anti-tumor activity - Combination generated complete responses (CR) in 83% of patients with indolent relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) comparing favorably to 34% historical CR rate with R2 alone - Phase 2 portion of trial in patients with previously untreated indolent ...

- Data to be presented at AACR 2025 Annual Meeting suggest the combination of ALX Oncology’s investigational CD47-blocker, evorpacept, plus rituximab and lenalidomide (R2) was well-tolerated and demonstrated promising anti-tumor activity - Combination generated complete responses (CR) in 83% of patients with indolent relapsed or refractory B-cell non-Hodgkin lymphoma (B-NHL) comparing favorably to 34% historical CR rate with R2 alone - Phase 2 portion of trial in patients with previously untreated indolent ...

In ASPEN-03 and ASPEN-04 trials, efficacy data do not support advancing evorpacept in combination with Merck's anti-PD-1 therapy, KEYTRUDA® (pembrolizumab), into a registrational studyCompany remains confident in continuing to pursue evorpacept in multiple clinical trials, based on the different mechanism of evorpacept in combination with anti-cancer antibodies, as evidenced by durable clinical response and consistent safety data in prior clinical trials SOUTH SAN FRANCISCO, April 25, 2025 (GLOBE NEWSWIRE) ...

Core Viewpoint - ALX Oncology has received FDA clearance for its Investigational New Drug (IND) application for ALX2004, a potential first-in-class antibody-drug conjugate (ADC) targeting EGFR-expressing solid tumors, with plans to initiate a Phase 1 clinical trial in mid-2025 [1][7]. Group 1: Product Development - ALX2004 is designed to optimize the delivery of a chemotherapy payload to tumor cells while minimizing systemic toxicity, demonstrating potent anti-tumor activity in preclinical models [2][3]. - The ADC was developed using the company's proprietary linker-payload platform, which includes a topoisomerase I inhibitor payload that enhances anti-tumor activity [3][7]. - Initial safety data from the Phase 1 clinical trial of ALX2004 is expected to be available in the first half of 2026 [7]. Group 2: Market Context - EGFR is a clinically validated therapeutic target, with overexpression found in various tumor types such as breast cancer and non-small cell lung cancer; however, there are currently no approved EGFR-targeted ADCs [2][3]. - Previous attempts to develop EGFR-targeted ADCs faced challenges due to drug design and toxicity issues, which ALX2004 aims to overcome [2][3]. Group 3: Company Overview - ALX Oncology is a clinical-stage biotechnology company focused on advancing therapies that enhance the immune system to treat cancer [5]. - The company's lead therapeutic candidate, evorpacept, is being evaluated in multiple ongoing clinical trials across various cancer indications [5].

Core Viewpoint - ALX Oncology Holdings Inc. (ALXO) has experienced a bearish trend, losing 19.6% over the past week, but the formation of a hammer chart pattern suggests a potential trend reversal as buying interest may be increasing [1][2]. Technical Analysis - The hammer chart pattern indicates a possible bottoming out, with reduced selling pressure, suggesting that bulls may be gaining control [2][4]. - A hammer pattern forms when there is a small candle body with a long lower wick, typically occurring during a downtrend, signaling a potential reversal if it appears at the bottom of the trend [3][4]. Fundamental Analysis - There has been a notable upward trend in earnings estimate revisions for ALXO, with a 28.5% increase in the consensus EPS estimate over the last 30 days, indicating analysts expect better earnings than previously predicted [6][7]. - ALXO holds a Zacks Rank of 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks, which historically outperforms the market [8].

Financial Performance - The company incurred net losses of $134.9 million, $160.8 million, and $123.5 million for the years ended December 31, 2024, 2023, and 2022, respectively, with an accumulated deficit of $621.1 million as of December 31, 2024[142]. - As of December 31, 2024, the company had cash, cash equivalents, and investments of $131.3 million, which are expected to fund operations into the fourth quarter of 2026[145]. - The company will require substantial additional capital to finance its operations and may need to raise funds through public or private equity offerings, debt financings, or collaborations[144]. - As of December 31, 2024, the company had net operating loss carryforwards of approximately $162.6 million for U.S. federal income tax purposes and $69.0 million for state income tax purposes, with federal losses carrying forward indefinitely but limited to offsetting 80% of future taxable income[315]. - The company also reported Irish net operating loss carryforwards of approximately $5.5 million, which do not expire but may not be fully utilized without sufficient income generation in Ireland[316]. Product Development and Regulatory Challenges - The company has no products approved for commercial sale and has not generated any revenue from product sales, licenses, or collaborations to date[142]. - The company has a limited operating history and has not yet demonstrated the ability to successfully complete large-scale clinical trials or obtain marketing approvals[149]. - The company's ability to generate revenue and achieve profitability depends significantly on the successful development and commercialization of its product candidates[150]. - The company is heavily dependent on the success of its lead product candidate, evorpacept, which is currently in clinical development and has not completed a pivotal trial[158]. - The company has not received regulatory approval for any products and may never be able to develop marketable product candidates[158]. - Clinical trials are expensive and time-consuming, with the potential for significant delays due to various factors, including recruitment challenges and regulatory requirements[161][165]. - The company must demonstrate substantial evidence of safety and efficacy through well-controlled clinical trials before seeking regulatory approvals[161]. - The company may incur unplanned costs and face challenges in obtaining favorable coverage and reimbursement from third-party payors for its product candidates[158]. - The company is focused on obtaining, maintaining, and expanding patent protection and regulatory exclusivity for its product candidates[158]. - The company may need to conduct additional clinical trials that could be costly and time-consuming to meet regulatory requirements[205]. - The FDA's approval process is lengthy and unpredictable, potentially delaying revenue generation from product candidates[217]. Competition and Market Dynamics - The company faces substantial competition from major pharmaceutical and biotechnology companies, including AstraZeneca, Bristol Myers Squibb, and Merck, which may impact the development and commercialization of evorpacept[171]. - Competitors are developing drugs targeting the CD47 pathway, which may affect the market potential of the company's product candidates[172]. - If approved, evorpacept is expected to be priced at a significant premium over competitive generic products, potentially complicating the company's business strategy[173]. - The company's market opportunities may be limited to smaller patient subsets, which could adversely affect its business if regulatory authorities require narrower indications[205]. Operational Risks and Challenges - The company may face challenges in attracting and retaining qualified personnel, which could impact its ability to implement its business strategy[142]. - The company relies on third-party manufacturers for the production of its product candidates, which increases the risk of supply delays and quality issues[184]. - The company previously relied on Tallac Therapeutics for preclinical research activities, and any disruptions in transitioning these activities in-house could delay the development pipeline[179]. - The company faces challenges in maintaining and expanding its organization, which could hinder the development and commercialization of evorpacept and other product candidates[294]. - The company is highly dependent on key personnel, and the loss of any executive officers or key employees could result in delays in product development[296]. Legal and Compliance Issues - The company is subject to various healthcare laws and regulations, including the Civil Monetary Penalty Act and HIPAA, which impose significant compliance costs and potential penalties for violations[237]. - Non-compliance with healthcare laws could result in civil, criminal, and administrative penalties, including exclusion from government-funded healthcare programs, which may adversely affect the company's operations and financial results[238]. - The company faces risks related to employee fraud and misconduct, which could lead to regulatory sanctions and reputational harm[239]. - Compliance with environmental, health, and safety laws is critical, as violations could result in substantial fines and impair research and development efforts[240]. Intellectual Property and Patent Risks - The company's patent portfolio is relatively small compared to larger competitors, and maintaining patent protection is critical for its strategy[255]. - Changes in patent laws and interpretations may diminish the value of patents, impacting the company's ability to protect its product candidates[265]. - The company may face litigation risks related to patent infringement claims, which could materially harm its business and financial condition[284]. - The company is aware of third-party patents in the immuno-oncology field that may cover its product candidates, including U.S. patent 10,907,209 and U.S. patent application 16/118,038, which could limit its ability to pursue evorpacept in certain indications and geographies[282]. Financial and Market Conditions - The company may experience significant volatility in its stock price, influenced by factors such as clinical trial results and market conditions for biotechnology stocks[320]. - Future sales of a substantial number of shares in the public market could lead to a significant decline in the company's stock price[330]. - The company incurred significant legal, accounting, and compliance costs as a public entity, impacting management resources[334]. - The company maintains an ERP system requiring substantial investment, which is crucial for managing operations and tracking performance[335]. Future Outlook and Strategic Considerations - The company may face challenges in attracting and retaining experienced personnel due to high living costs in the San Francisco Bay Area and competition from larger biotechnology firms[298]. - The anticipated benefits of acquisitions or joint ventures may not materialize, potentially harming the company's financial condition[314]. - The company may face difficulties in integrating acquired businesses or assets, which could delay the realization of expected benefits[313].

Exhibit 99.1 ALX Oncology Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update – Presented positive updated data from ASPEN-06 Phase 2 trial demonstrating evorpacept generates strong response and durable clinical benefit in patients with HER2-positive gastric cancer in an oral presentation at 2025 ASCO GI – Presented Phase 1b/2 data demonstrating evorpacept in combination with zanidatamab generates promising anti-tumor activity in advanced breast cancer at SABCS 2024 – A ...

Core Insights - ALX Oncology is advancing its clinical pipeline, focusing on the CD47-blocker evorpacept and the novel EGFR-directed ADC candidate ALX2004, with key updates provided during an R&D Day webcast event [1][8] Clinical Development Updates - The company is enhancing its evorpacept program, particularly in combination with existing anti-cancer therapies for HER2-positive cancers, with new trials planned for breast and colorectal cancers expected to start in the first half of 2025 [3][4] - ALX2004, a new ADC candidate, is set for an Investigational New Drug (IND) submission to the FDA in Q1 2025, aiming to optimize anti-tumor activity [6][8] Corporate Strategy and Financial Updates - ALX Oncology is implementing strategic prioritization and resource optimization, resulting in a workforce reduction of approximately 30% in preclinical research to extend its cash runway into Q4 2026 [9][8] - The company is focusing resources on high-priority programs to ensure successful execution of ongoing studies and to generate value from its cancer therapies [3][9]

Core Insights - ALX Oncology is advancing its clinical pipeline, focusing on the CD47-blocker evorpacept and the novel EGFR-directed ADC candidate ALX2004, with key updates provided during an R&D Day webcast event [1][8] Clinical Development Updates - The company is optimistic about evorpacept's potential, particularly for HER2-positive cancers, and plans to initiate new clinical trials combining evorpacept with trastuzumab and cetuximab in breast and colorectal cancers in the first half of 2025 [3][4] - Evorpacept is currently being evaluated in ongoing trials, with discussions on regulatory pathways for gastric cancer based on ASPEN-06 data [3][4] New Product Introduction - ALX2004, a new ADC candidate, is designed to enhance anti-tumor activity and is expected to have an IND application submitted to the FDA in Q1 2025 [6][8] Corporate Strategy and Financial Updates - The company is streamlining operations and prioritizing resources, resulting in a workforce reduction of approximately 30% in preclinical research to extend its cash runway into Q4 2026 [3][9] - The strategic prioritization aims to support new clinical trial programs while optimizing existing resources [9]

Core Viewpoint - ALX Oncology Holdings Inc. plans to report its fourth quarter and full year 2024 financial results on March 6th, 2025, before market open [1]. Company Overview - ALX Oncology is a clinical-stage biotechnology company focused on developing therapies that enhance the immune system to treat cancer and improve patient survival [3]. - The company's lead therapeutic candidate, evorpacept, is being evaluated in multiple ongoing clinical trials across various cancer indications, indicating its potential as a cornerstone therapy in immuno-oncology [3].