ALX Oncology reports Q2 EPS (84c), consensus (88c)

Cash, cash equivalents and investments as of June 30 were $224.5M. “The second quarter proved to be an important period of progress as we advanced key programs and refined the development strategy for evorpacept, our platform asset,” commented Dr. Jaume Pons, founder, president and CEO of ALX Oncology. “While the efficacy results from ASPEN-02 do not warrant further sponsored clinical evaluation in MDS, we remain steadfast in our conviction that the primary mechanism of action of evorpacept is unique compared to other CD47 blockers when combined with anti-cancer antibodies, ADCs, or immune checkpoint inhibitors. Evorpacept was rationally designed with an inactive Fc domain for improved safety and synergies with anti-cancer antibody-based regimens like Herceptin, antibody-drug conjugates, as well as PD-1/PD-L1 immune checkpoint inhibitors like KEYTRUDA(R) (pembrolizumab). Moving forward the Company will conduct clinical trials where this mechanistic rationale is fulfilled. We move into the second half of 2023 with sufficient funding and with the momentum needed to advance our pipeline of therapeutic candidates led by ASPEN-06, a randomized Phase 2 trial combining Herceptin, CYRAMZA(R) and paclitaxel for the treatment of patients with HER2-positive gastric or gastroesophageal junction (“GEJ”) cancer.”