Overview

• US biotechnology firm's Q1 net loss narrowed yr/yr on lower R&D and G&A expenses

• Company raised $150 mln in equity offering, ending Q1 with $169.1 mln in cash and investments

• Company highlighted positive trial data for evorpacept and continued progress in ALX2004 trial

Outlook

• Company expects topline data from Phase 2 ASPEN-09-Breast trial in mid-2027

• ALX Oncology expects safety data from Phase 1 ALX2004 trial in 2H 2026

• Company says cash position sufficient to fund planned operations through 1H 2028

Result Drivers

• LOWER R&D EXPENSES - Co said R&D expenses fell due to workforce reduction, fewer active clinical trials, and pipeline prioritization

• LOWER G&A EXPENSES - Co said G&A expenses declined due to workforce reduction, lower stock-based compensation, and reduced legal and corporate costs

Company press release: ID:nGNXYsGRG

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 EPS		-$0.17
Q1 Net Income		-$17.93 mln
Q1 Basic EPS		-$0.17
Q1 Income from Operations		-$18.97 mln
Q1 Operating Expenses		$18.97 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for ALX Oncology Holdings Inc is $4.00, about 113.9% above its May 7 closing price of $1.87

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