What ALX Oncology does

ALX Oncology is a clinical-stage biopharmaceutical company developing two investigational immuno-oncology therapies: evorpacept (ALX148), a CD47-blocking fusion protein engineered with an inactive Fc domain to minimize dose-limiting toxicities seen in earlier CD47 approaches, and ALX2004, an EGFR-targeted antibody-drug conjugate (ADC) built on a proprietary linker-payload platform. Evorpacept has been evaluated in more than 750 patients across multiple Phase 1 and Phase 2 trials spanning HER2-positive metastatic breast cancer, gastric/GEJ adenocarcinoma, head and neck squamous cell carcinoma, multiple myeloma, and non-Hodgkin lymphoma, with a well-tolerated safety profile and notable efficacy signals including 100% objective response rate in HER2+ breast cancer patients with high CD47 expression (when combined with zanidatamab) and 92% complete response rate in indolent NHL (when combined with rituximab and lenalidomide). ALX2004 targets EGFR-expressing solid tumors including NSCLC, colorectal, and head and neck cancers, and is built on technology acquired in the October 2021 ScalmiBio acquisition.

The company operates a pre-revenue business model with no commercialized products and no product pricing. Revenue mechanics are entirely prospective: future income would derive from commercialization of approved therapies or from partnership upfront/milestone economics. Currently, capital is raised via equity and debt financings, including a $150M equity offering in early 2026 (led by RA Capital and TCGX) and a $100M debt facility from Oxford Finance and Silicon Valley Bank in 2022, with $169.1M cash on hand at end of Q1 2026 providing runway into H1 2028. The go-to-market motion is partnership-driven: Jazz Pharmaceuticals, Sanofi, and Lilly each sponsor trials combining evorpacept with their own agents (zanidatamab, SARCLISA, CYRAMZA respectively), creating embedded clinical activity without full internal trial cost. End customers are oncology patients across multiple solid tumor and hematologic indications, served through clinical trial sites globally.

Founded in 2015 and headquartered in South San Francisco, California, ALX Oncology is publicly traded on NASDAQ (ALXO) and led by a management team and board with deep biopharmaceutical operating experience, including CEO Jason Lettmann (former Lightstone Ventures General Partner; CEO of Promedior through Roche acquisition), CFO Harish Shantharam (ex-CymaBay/Gilead), CMO Barbara Klencke (ex-Sierra Oncology/Onyx), and CDOO Jeff Knight (ex-Crinetics/Amgen/Genentech). The Scientific Advisory Board is chaired by Dr. Keith Flaherty (Harvard/MGH, co-founder of Loxo Oncology).

Name

ALX Oncology

Legal name

ALX Oncology Inc.

Website

https://alxoncology.com

Company type

Public

Founded year

2015

Operating status

Operating

Headcount range

51–100 employees

Short description

ALX Oncology is a clinical-stage biopharmaceutical company developing evorpacept, a CD47-blocking immuno-oncology therapy, and ALX2004, an EGFR-targeted antibody-drug conjugate, for solid tumor and hematologic cancer indications.

Ownership category

akta.pro rank

Product category

Immuno-oncology Therapeutics

NAICS

Pharmaceutical and Medicine Manufacturing (3254), Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Oncology Specialty Pharmaceuticals (HLAIACAA)

akta.pro secondary industry

Cell Therapy Developers (Autologous) (HLAAABAA)

Keywords

• CD47 immunotherapy
• Immuno-oncology therapeutics
• Antibody-drug conjugates
• Clinical-stage biopharmaceutical
• Cancer drug development

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Others

Revenue model

1. Pre-Revenue / Clinical Stage: ALX Oncology is a clinical-stage biotechnology company with no commercialized products and no revenue. The company is focused on developing its pipeline of cancer therapies through clinical trials. Future revenue would come from commercialization of evorpacept and ALX2004 upon regulatory approval.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

ALX Oncology is a clinical-stage biopharmaceutical company developing two investigational immuno-oncology therapies: evorpacept (ALX148), a CD47-blocking agent with an inactive Fc domain designed to enable innate immune destruction of cancer cells, and ALX2004, an EGFR-targeted antibody-drug conjugate using a topoisomerase I inhibitor payload for EGFR-expressing solid tumors. Both candidates are in clinical development and not yet approved for commercial sale.

Product overview

ALX Oncology is a clinical-stage biopharmaceutical company advancing a pipeline of two investigational cancer therapies: evorpacept (ALX148), a CD47-blocking agent being evaluated across multiple solid tumor and hematologic cancer indications in combination with anti-cancer antibodies, and ALX2004, an EGFR-targeted antibody-drug conjugate (ADC) for EGFR-expressing solid tumors. Both candidates are in clinical development stages and have not been approved by regulatory authorities.

Differentiator

Problem solved

Functional benefit

Products and services

• Evorpacept (ALX148) Novel, highly differentiated CD47-blocking investigational therapy that blocks the 'don't eat me' signal transmitted by CD47 on the surface of cancer cells, enabling the innate immune system to recognize and destroy cancer cells. Features an inactive Fc domain that minimizes dose-limiting toxicities seen with previous CD47-blocking approaches. Being evaluated across HER2-positive metastatic breast cancer, gastric/GEJ adenocarcinoma, head and neck squamous cell carcinoma, multiple myeloma, non-Hodgkin lymphoma, and other indications.
• ALX2004 Novel EGFR-targeted antibody-drug conjugate (ADC) designed with a matuzumab-derived antibody stably linked to a topoisomerase I inhibitor (TOP1i) payload with a DAR of 8. Uses a proprietary linker-payload platform intended to minimize off-tumor skin toxicity and maximize the therapeutic window in EGFR-expressing solid tumors including non-small cell lung cancer, colorectal cancer, and head and neck cancers.

Quantifiable outcome

• 100% objective response rate in HER2+ metastatic breast cancer patients with high CD47 expression (>20%) treated with evorpacept plus zanidatamab, with 22.1 months median progression-free survival
• +2 more outcomes

Segments1 record

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Three partnerships are on record, tiered core and minor.

• Jazz PharmaceuticalscoreStrategic or Co-development PartnerJazz Pharmaceuticals and ALX Oncology are collaborating to conduct the zanidatamab/evorpacept clinical trial. This is a Phase 1b/2, 2-part open-label study to assess the safety and antitumor activity of zanidatamab in combination with evorpacept in patients with advanced HER2-expressing cancer. ALX Oncology retains worldwide rights to evorpacept in all indications.
• SanoficoreStrategic or Co-development PartnerSanofi conducts and sponsors SARCLISA clinical trials while ALX Oncology supplies evorpacept. This is a Phase 1/2 clinical study evaluating evorpacept in combination with Sarclisa (isatuximab) in relapsed refractory multiple myeloma.
• LillyminorStrategic or Co-development PartnerLilly supplies CYRAMZA (ramucirumab) for ALX Oncology's ASPEN-06 program which evaluates evorpacept in combination with trastuzumab, CYRAMZA, and paclitaxel in patients with advanced HER2-overexpressing gastric/GEJ adenocarcinoma.

Scale indicators8 records

Recent moves6 records

Expansion highlights6 records

Emerging players

• Bolt Biotherapeutics: Clinical-stage immuno-oncology company developing immune-stimulating antibody conjugates (ISACs), combining ADCs with innate immune agonism. Comparable to ALX Oncology's strategy of pairing tumor-targeting antibodies with immune activation.
• Compugen: Clinical-stage immuno-oncology company developing novel antibody therapeutics targeting myeloid and immune checkpoints. Comparable to ALX Oncology given shared focus on innate immune engagement and combination oncology approaches.
• Mersana Therapeutics: Clinical-stage ADC developer with proprietary linker-payload platforms (Dolasynthen, Immunosynthen) targeting oncology indications. Directly comparable to ALX's ADC strategy with ALX2004 given similar platform-driven ADC approach.
• Zymeworks: Clinical-stage biotech developing HER2-targeted bispecifics (zanidatamab), partnered with Jazz Pharmaceuticals — the same partner collaborating with ALX on zanidatamab + evorpacept. Directly comparable given overlapping clinical combination being tested.
• Pyxis Oncology: Clinical-stage oncology company developing antibody-drug conjugates and immunotherapies, including EGFR and HER2-targeted ADCs. Comparable to ALX Oncology given overlapping ADC target space (e.g., EGFR) and combination-therapy focus.
• Arcus Biosciences: Clinical-stage immuno-oncology company developing combination regimens including checkpoint inhibitors and adenosine-pathway antagonists. Comparable to ALX Oncology given parallel focus on combination oncology strategies and big-pharma co-development partnerships (Gilead).
• IGM Biosciences: Clinical-stage biotech developing engineered IgM antibodies for oncology, including CD47-targeting and DR5 programs. Connected to ALX Oncology via board member Chris Takimoto (former CMO of IGM) and shared oncology biologics focus.

Direct peers

• Trillium Therapeutics: Developed CD47-blocking therapeutics (SIRPαFc fusion proteins) for oncology before being acquired by Pfizer in 2022 for ~$2.3B. Directly comparable as a CD47-pathway oncology biotech at a similar clinical-development stage to ALX Oncology.
• Forty Seven, Inc. Pioneered CD47-targeting therapy with magrolimab and was acquired by Gilead Sciences for $4.9B in 2020. Most direct historical peer to ALX Oncology given shared CD47 mechanism and combination-development strategy in hematologic and solid tumors.

Broad incumbents

• ImmunoGen: Pioneer in ADC technology (developed trastuzumab deruxtecan with Daiichi Sankyo) acquired by AbbVie in 2024 for ~$10.1B. Relevant broad incumbent comparable to ALX Oncology's ADC ambitions given deep linker-payload expertise.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat3 records

Key risks6 records

Key highlights7 records

Customer concentration

• Instagraminstagram.com/alxoncology
• Xx.com/alxoncology

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Funding overview

Funding rounds8 records

Investors22 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about ALX Oncology