Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $22.8 million for Q4 2025, or $0.42 per basic undiluted share, compared to a net loss of $29.2 million for Q4 2024, or $0.55 per basic and diluted share, indicating a decrease in year-over-year spending primarily due to lower stock compensation and personnel costs [27][25][26] - Cash equivalents and investments totaled $48.3 million before a recent equity financing that raised $140.4 million, providing sufficient funds to cover operating expenses through the first half of 2028 [25][26] Business Line Data and Key Metrics Changes - The company has made significant progress on its lead program, Evorpacept, and its first antibody-drug conjugate (ADC), ALX2004, with both programs expected to reach pivotal study readiness by the end of next year [4][10] - Evorpacept has treated over 750 patients, demonstrating its potential across various combinations and tumor types, particularly in HER2-positive gastric cancer, where a response rate of 65% was observed compared to 26% in the control arm [5][11] Market Data and Key Metrics Changes - The company is focusing on the unmet need in the post-ENHERTU treatment landscape for HER2-positive patients, with expectations that about half of the population will exhibit high CD47 expression [50][56] - The ongoing phase II trial for Evorpacept is being expanded to 120 patients to ensure robust data across various subpopulations, particularly those with CD47 overexpression [34][66] Company Strategy and Development Direction - The company aims to advance both Evorpacept and ALX2004 to pivotal study readiness by the end of next year, with a focus on execution and delivering meaningful data readouts [4][10] - A companion diagnostic for CD47 expression is being developed to enable targeted patient selection for future studies, enhancing the regulatory strategy [19][66] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing clinical trials and the potential of Evorpacept to provide substantial benefits in metastatic breast cancer patients, particularly in the context of CD47 expression [19][50] - The company is optimistic about the upcoming data readouts and the strategic prioritization of its clinical programs, which are expected to yield significant catalysts over the next 12-18 months [10][29] Other Important Information - The company has cleared the first two dose cohorts for ALX2004 and is currently in the phase I trial, with safety data expected in the second half of 2026 [9][20] - The clinical spend will be primarily driven by the ongoing trials for Evorpacept and ALX2004, with reduced spending in legacy trials [27][28] Q&A Session Summary Question: Update on ASPEN-09-Breast study and rationale for upsizing to 120 patients - Management confirmed the guidance towards an 80-patient readout in mid-next year, emphasizing the need for robust data across CD47-positive patients [31][32] Question: Feedback from investigators on the biomarker approach - Investigators are excited about the biomarker selection strategy, which aims to identify patients who will benefit most from the therapy [36][37] Question: Reasons for pushing out safety data for ALX2004 - The change was made to ensure that the data communicated is robust and meaningful, with a focus on providing comprehensive updates [40][41] Question: Expected ratio of CD47 high versus low expression in ASPEN-09 - Management anticipates that about half of the patients will exhibit high CD47 expression, based on previous studies [49][50] Question: Monitoring for interstitial lung disease and skin toxicity in ALX2004 - Patients will undergo regular CT scans to monitor for interstitial lung disease, and skin toxicity is expected to be minimal based on preclinical data [58][59]

Financial Data and Key Metrics Changes - The company reported a GAAP net loss of $22.8 million for Q4 2025, compared to a loss of $29.2 million in Q4 2024, indicating a year-over-year improvement in financial performance [28] - Cash equivalents and investments totaled $48.3 million at the end of Q4 2025, bolstered by a recent equity financing that raised $140.4 million in net proceeds [26][28] Business Line Data and Key Metrics Changes - The clinical development of Evorpacept (EVO) has shown significant progress, with over 750 patients treated and promising data from various tumor types [5][6] - ALX2004, the company's novel EGFR-targeted antibody-drug conjugate, is currently in a Phase I trial, with safety data expected in the second half of 2026 [10][21] Market Data and Key Metrics Changes - The company is focusing on the HER2-positive breast cancer market, with a notable response rate of 65% in gastric cancer patients treated with Evorpacept compared to 26% in the control group [12] - In the indolent non-Hodgkin's lymphoma setting, Evorpacept combined with RITUXAN and REVLIMID achieved a complete response rate of 92%, significantly higher than benchmark studies [17] Company Strategy and Development Direction - The company aims to advance both Evorpacept and ALX2004 to pivotal study readiness by the end of 2026, focusing on execution and robust data generation [5][11] - A CD47 biomarker-driven approach is being pursued to enhance patient selection for therapies, particularly in HER2-positive patients [20][36] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ongoing clinical trials and the potential of Evorpacept to provide substantial benefits in metastatic breast cancer settings [20][36] - The company acknowledges a significant unmet need for effective treatment options in the post-ENHERTU setting, indicating a strategic focus on addressing this gap [19][56] Other Important Information - The company has initiated work on developing a companion diagnostic for CD47 expression to support future registration studies [20] - The recent financing has strengthened the company's balance sheet, allowing for more robust data readouts in ongoing clinical programs [26][27] Q&A Session Summary Question: Update on ASPEN-09-Breast study and rationale for upsizing to 120 patients - Management confirmed the focus on 80 patients for full data readout in mid-next year, emphasizing the need for robust data across various patient segments [32][33] Question: Feedback from investigators on the biomarker approach - Investigators are excited about the biomarker selection strategy, which aims to identify patients who will benefit most from the therapy [36][37] Question: Safety data for ALX2004 and monitoring for interstitial lung disease - Safety data is expected in the second half of 2026, with regular CT scans to monitor for potential interstitial lung disease and skin toxicity [41][58] Question: Expected ratio of CD47 high versus low expression in ASPEN-09 - Approximately half of the population is expected to be CD47 high, based on previous studies [49] Question: Concerns about subsequent ADC use impacting CD47 expression - Literature suggests CD47 expression may rise post-ENHERTU, which aligns with the target patient population [56]

Corporate Overview February 2026 NASDAQ GS ALXO © ALX Oncology Inc. All rights reserved. This presentation shall not constitute an offer to sell or the solicitation of an offer to buy these securities, nor shall thereby any sale of these securities in any state or jurisdiction in which such offer, solicitation, or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. 2 Confidential Forward-looking Statements Certain information set forth i ...

Summary of ALX Oncology FY Conference Call Company Overview - **Company**: ALX Oncology (NasdaqGS:ALXO) - **Key Programs**: Evorpacept and ALX 2004, both in clinical stages and differentiated in their class [2][3] Core Industry Insights - **Focus on CD47**: Evorpacept targets CD47, a critical immune checkpoint in oncology, which has been challenging to target effectively [3][4] - **EGFR-targeted ADC**: ALX 2004 is a novel antibody-drug conjugate (ADC) targeting EGFR, designed to minimize on-target toxicity while maximizing efficacy [21][22] Key Data and Findings - **Evorpacept Data**: - Presented at SITC with promising results in gastric cancer (Aspen-06) showing a 65% response rate in CD47 overexpressing HER2-positive patients, a significant improvement over the control arm [12][14] - Combination studies with Rituxan and Evorpacept showed complete response rates of 83% and 92% in different settings [13] - **ALX 2004 Progress**: - Currently in phase one trials, with successful completion of initial dose cohorts and a focus on optimizing the linker payload for better delivery and efficacy [4][31] - Preclinical data indicates superior bystander effects and reduced toxicity compared to existing EGFR-targeted therapies [27][29] Market Opportunity - **HER2-positive Breast Cancer**: - Estimated addressable patient population of 20,000, with a market opportunity valued between $2 billion to $4 billion [20] - Current treatments show response rates of 15% to 20%, indicating a significant unmet need for effective therapies post-HER2 treatment [19] Strategic Collaborations - **Partnerships**: Collaborations with Sanofi for combination studies in multiple myeloma, leveraging the high expression of CD47 in hematologic malignancies [46][47] Future Catalysts - **Upcoming Data Releases**: - Interim data for Evorpacept expected in Q3 2026, which will be crucial for validating the biomarker-driven approach [33] - Continued dose escalation and data sharing for ALX 2004 to elucidate its safety profile [34] Conclusion - ALX Oncology is positioned to potentially lead in the CD47 and EGFR-targeted therapy spaces with differentiated mechanisms and promising clinical data, addressing significant unmet medical needs in oncology [35][36]

JP Morgan Healthcare Conference January 2026 NASDAQ GS ALXO This presentation concerns product candidates that are under clinical investigation, and which have not yet been approved for marketing by the U.S. Food and Drug Administration. These product candidates are currently limited by federal law to investigational use, and no representation is made as to their safety or effectiveness for the purposes for which they are being investigated. This presentation also contains estimates and other statistical da ...

Evorpacept Program - ALX Oncology's Evorpacept is a leading CD47 program with a unique design and inactive Fc region, showing activity in five combinations and targeting a CD47 biomarker[8] - In HER2+ Gastric Cancer, the Overall Response Rate (ORR) increased from 26% with Trastuzumab + Ramucirumab + Paclitaxel to 65% with Evorpacept + Trastuzumab + Ramucirumab + Paclitaxel in the ASPEN-06 subset, a randomized Phase 2 trial[31] - In HER2+ Breast Cancer, the ORR was 56% with Evorpacept + Zanidatamab compared to a benchmark of 22% with Margenza® + Chemo[32] - In indolent NHL, the complete response rate improved from a Rituximab benchmark of 18% to 54% with Evorpacept + Rituximab[35] - The addition of Evorpacept reduced the risk of disease progression or death by 61% for patients with retained HER2+ disease and high CD47 expression (Hazard Ratio = 0.39)[46] - The addition of Evorpacept led to improved overall survival for patients with retained HER2+ and high CD47 expression (Hazard Ratio = 0.63)[49] - Approximately 20,000 addressable patients are CD47-high in 2L+ HER2+ Breast Cancer, representing a $2-4 billion market opportunity[73] ALX2004 Program - ALX2004 is a highly differentiated EGFR ADC in Phase 1 dose escalation, targeting EGFR-expressing tumors including NSCLC, CRC, HNSCC, and ESCC, with initial safety data anticipated in 1H 2026[8, 99] - Preclinical data supports dose-dependent activity and a differentiated safety profile for ALX2004, with no evidence of payload-related ILD in NHP toxicity studies[8, 82] - ALX Oncology's projected cash runway extends into Q1 2027, driving key milestones for both Evorpacept and ALX2004 programs[10, 105]

Q3 2025 Results November 7, 2025 NASDAQ GS ALXO Certain information set forth in this presentation contains "forward-looking information", under applicable laws collectively referred to herein as forward-looking statements. Except for statements of historical fact, information contained herein constitutes forward-looking statements and includes, but is not limited to the (i) results and cost and timing of our product development activities and clinical trials; (ii) completion of the Company's clinical trial ...

Core Insights - Several small-cap stocks experienced significant gains in after-hours trading, driven by strategic updates, leadership changes, and pipeline developments, indicating renewed investor interest [1] Adaptimmune Therapeutics plc (ADAP) - ADAP's stock surged 30% in after-hours trading, reaching $0.2020 after a 98% gain during the regular session, closing at $0.16 [2] - The company reported a net loss of $30.3 million for Q2 2025, with total revenue of $13.7 million, primarily from product sales of TECELRA, which saw over 150% growth compared to Q1 [3] - In August, Adaptimmune sold several cell therapies to US WorldMeds for $55 million upfront, with potential future milestone payments of up to $30 million, allowing the company to repay its debt and restructure [4] Butterfly Network Inc. (BFLY) - BFLY's stock rose 10.58% in after-hours trading to $2.09, following a 15.95% increase during the regular session [4] - The company was recognized in TIME's list of the World's Top HealthTech Companies for 2025, and appointed a new Chief Technology Officer, enhancing its focus on innovation [5] - A recent study confirmed that Butterfly-enabled POCUS programs significantly reduce hospital stays and costs, validating its clinical impact [5] Aquestive Therapeutics Inc. (AQST) - AQST's stock increased 7.69% in after-hours trading to $5.32, continuing a year-to-date rise of nearly 39% [6] - The FDA confirmed it will not require an advisory committee meeting for AQST's NDA for Anaphylm, streamlining the regulatory process with a PDUFA date set for January 2026 [7] - The company secured a $75 million strategic funding agreement to support the potential launch of Anaphylm, reinforcing its commercial readiness [7] ALX Oncology Holdings Inc. (ALXO) - ALXO's stock rose 9.17% in after-hours trading to $1.19, following a 3.81% increase during the regular session [8] - Insider buying activity, particularly by CEO Jason Lettmann, who purchased 92,233 shares, has boosted investor confidence [9] - The company's lead candidate, Evorpacept, is in multiple Phase 1 and Phase 2 trials across various cancers, collaborating with major partners [9] Ekso Bionics Holdings Inc. (EKSO) - EKSO's stock increased 5.37% in after-hours trading to $4.51, following a 9.74% gain during the regular session [10] - The company's inclusion in the NVIDIA Connect Program has spotlighted its efforts to integrate AI into its technologies [11] - EKSO launched Virtual eksoUniversity to support continuing education for physical therapists, potentially broadening adoption of its rehabilitation devices [11] CEL-SCI Corp. (CVM) - CVM's stock rose 5.27% in after-hours trading to $9.39, after a 1.02% increase during the regular session [12] - The company completed a $10 million public offering to support ongoing clinical and regulatory efforts [13] - CEL-SCI filed for Breakthrough Medicine Designation in Saudi Arabia for its lead candidate, Multikine, which could expedite patient access and reimbursement [13]

ALX2004 Program Overview - ALX2004 is an EGFR-targeted ADC with a DAR of 8, utilizing a topoisomerase I inhibitor (Top1i) payload, with IND cleared in April 2025[13, 98] - ALX2004 is designed to maximize the therapeutic window and overcome toxicity challenges, with a focus on EGFR-expressing solid tumors[14, 99] - ALX2004's Phase 1a dose escalation trial is planned to start in mid-2025, targeting NSCLC, CRC, HNSCC, and ESCC[14, 99] ALX2004 Design and Preclinical Data - ALX2004's EGFR antibody binding epitope is selected to minimize off-tumor skin toxicities, and its affinity is tuned to maximize the therapeutic window[20] - The linker-payload is designed for lysosomal cleavage, similar to deruxtecan ADCs, with improved linker-antibody stability to minimize off-tumor payload release[20] - Preclinical data demonstrates dose-dependent activity across a range of tumors and EGFR expression levels, with a differentiated safety profile in NHP toxicity studies, showing no EGFR-related skin toxicity at clinically relevant doses[24] - In preclinical studies, ALX2004 demonstrated superior anti-tumor activity compared to DXd ADCs in CDX mouse models, showing improved bystander effect[47, 49] Clinical Development Plan - The Phase 1 trial is rationally designed around tumor types with established sensitivity to EGFR-directed therapies, including HNSCC, CRC, NSCLC, and ESCC, representing over 250,000 patient prevalence in the US[87] - The Phase 1 clinical development plan includes dose escalation (Phase 1a, up to 40 patients), dose exploration (up to 50 patients), and dose expansion (Phase 1b, up to 80 patients)[89, 90, 91] - ALX Oncology anticipates initial safety data for ALX2004 in EGFR-expressing solid tumors in the first half of 2026[101]