Core Insights - ALX Oncology presented positive data from the ASPEN-06 Phase 2 trial, showing that evorpacept provides strong responses and durable clinical benefits in HER2-positive gastric cancer patients [1] - The company announced a focused development plan for evorpacept, including clinical trials in breast and colorectal cancers, and a new EGFR-targeted antibody-drug conjugate [1][4] - ALX Oncology's strategic prioritization and resource optimization efforts are expected to extend its cash runway into Q4 2026 [1][4] Clinical Developments - Updated results from the ASPEN-06 trial indicated a confirmed objective response rate (cORR) of 48.9% and a median duration of response (mDOR) of 15.7 months for evorpacept compared to 24.5% cORR and 9.1 months mDOR in the control group [4] - At the SABCS 2024, evorpacept in combination with zanidatamab showed a cORR of 55.6% and a median progression-free survival (mPFS) of 7.4 months in HER2-positive metastatic breast cancer patients [4] Financial Performance - As of December 31, 2024, ALX Oncology reported cash, cash equivalents, and investments totaling 131.3 million, sufficient to fund operations into Q4 2026 [6][12] - R&D expenses for Q4 2024 were 23.5 million, a decrease from 29.2 million, down from $45.5 million in Q4 2023, attributed to lower R&D expenses [8][11] Leadership Changes - ALX Oncology announced key additions to its leadership team, including Dr. Allison Dillon as Chief Business Officer and Dr. Alan Sandler as Chief Medical Officer [2][7] - The company is streamlining its organization, resulting in approximately a 30% workforce reduction primarily in preclinical research [4]
ALX Oncology Reports Fourth Quarter and Full Year 2024 Financial Results and Provides Corporate Update