ALX Oncology Holdings (ALXO) 2025 Conference Transcript

Summary of Conference Call Company and Industry - The conference call discusses ALX Oncology, focusing on their drug development programs, particularly in the oncology sector, including anti-CD47 antibodies and antibody-drug conjugates (ADCs) targeting EGFR. Core Points and Arguments 1. Current Drug Development: ALX Oncology is developing an anti-CD47 antibody, aboricept, which is unique due to its dead Fc mechanism, showing no on-target related issues that have affected similar drugs in the past [6][10][12]. 2. Clinical Studies: The company has five positive clinical studies supporting their initial hypothesis from 2015, with ongoing studies in breast and colorectal cancers [9][17]. 3. New ADC Program: ALX is working on a new ADC targeting EGFR, which is still in early stages but shows promise. The company aims to be first and best in class against this validated target [3][10]. 4. Breast Cancer Study: A randomized study is being launched for patients post-HER2 treatment, showing a 55% overall response rate (ORR) in previous studies. The study will compare the combination of vorprecept and Herceptin with chemotherapy [19][33]. 5. Colorectal Cancer Study: The company is initiating a study combining their drug with cetuximab in colorectal cancer, addressing a significant unmet need in this area [60][61]. 6. EGFR ADC Development: ALX is innovating in the ADC space by optimizing the payload, linker, and antibody to minimize on-target toxicity, particularly skin toxicity, which has plagued previous EGFR ADCs [82][84]. 7. Preclinical Success: In non-human primate studies, ALX has dosed up to 10 mg/kg without observing skin toxicity, indicating a potential therapeutic window for their ADC [86][102]. 8. Financial Position: The company reported approximately $100 million in cash at the end of Q1, with plans to manage expenses effectively while executing their studies [110][111]. Other Important Content 1. Patient Selection: The company emphasizes the importance of selecting HER2 positive patients for their studies, utilizing ctDNA as a surrogate marker for patient eligibility [51][53]. 2. Market Strategy: ALX is focused on executing their studies while exploring potential partnerships for their drugs, particularly after positive data presentations at ASCO [117][118]. 3. Future Data Readouts: Interim data for the breast cancer study is expected in the second half of 2026, while colorectal study data may be available in the first half of 2026 [80][115]. This summary encapsulates the key points discussed during the conference call, highlighting ALX Oncology's strategic focus on innovative cancer therapies and their clinical development pipeline.