ALX Oncology reported clinical progress consistent with expectations, including updated biomarker data for evorpacept and ongoing dose escalation for ALX2004, but the lack of market movement suggests investors found no new material catalysts or surprises in the quarter.

• Evorpacept data reaffirm CD47 as a predictive biomarker, with high CD47 expression linked to improved outcomes in heavily pretreated HER2-positive patients.
• Updated survival metrics include median duration of response of 20 months and median progression-free survival of 22 months in this difficult patient population.
• ALX2004 EGFR-targeted ADC continues dose escalation on track, with initial safety readout expected in H2 2026.
• The company bolstered its balance sheet with a February financing and strengthened leadership with the addition of Jeff Knight as Chief Development and COO.
• Enrollment and timelines for ongoing trials, including Phase II breast cancer study, remain on plan with no changes to strategic outlook.