ALX Oncology(ALXO) - 2024 Q4 - Annual Results

Financial Performance - ALX Oncology reported a GAAP net loss of $29.2 million for Q4 2024, a decrease from a net loss of$45.5 million in Q4 2023, reflecting a reduction in R&D expenses[6] - Research and Development expenses for Q4 2024 were $23.5 million, down from$41.8 million in the same period last year, primarily due to decreased clinical trial material manufacturing[6] - ALX Oncology's total operating expenses for the year ended December 31, 2024, were $142.5 million, down from$170.3 million in 2023[12] - The accumulated deficit as of December 31, 2024, was $621.1 million, an increase from$486.3 million in the previous year[14] - The company utilizes non-GAAP financial measures to provide additional insights into its financial performance, which are not in accordance with GAAP[17] - Non-GAAP net loss excludes stock-based compensation expense and accretion of term loan discount and issuance costs, differing from GAAP net loss[18] - Non-GAAP financial measures may vary in calculation compared to those used by other companies, indicating potential lack of comparability[18] Cash Position - The company has cash, cash equivalents, and investments totaling $131.3 million as of December 31, 2024, which is expected to fund operations into Q4 2026[6] Clinical Trials and Results - The confirmed objective response rate (cORR) for evorpacept in HER2-positive gastric cancer was reported at 48.9%, compared to 24.5% in the control group, with a median duration of response of 15.7 months[4] - In the Phase 1b/2 trial for metastatic breast cancer, the cORR for HER2-positive patients was 55.6%, with a median progression-free survival of 7.4 months[4] - Upcoming clinical milestones include topline results from multiple Phase 2 trials anticipated in Q2 2025, focusing on head and neck squamous cell carcinoma and urothelial cancer[6] Strategic Initiatives - The company announced a strategic workforce reduction of approximately 30% to optimize resources and extend cash runway[4] - Key leadership additions include Allison Dillon as Chief Business Officer and Alan Sandler as Chief Medical Officer, enhancing the company's strategic capabilities[4]