ALX Oncology reports Q3 EPS ($1.24), consensus (87c)

Cash, cash equivalents and investments as of September 30, were $196.4M. ALX Oncology believes its cash, cash equivalents, and investments along with the ability to draw down an additional $40M of its term loan and the net proceeds from its recent public offering are sufficient to fund planned operations into early 2026. “This past quarter proved to be an important growth milestone for the Company highlighted by the outstanding interim results from the ASPEN-06 phase 2 clinical trial which again demonstrated evorpacept’s best-in-class safety profile and unique mechanism of action,” commented Jason Lettmann, CEO of ALX Oncology. “With this additional clinical validation in gastric cancer and having completed an oversubscribed public offering, we are now accelerating our portfolio of clinical programs combining evorpacept with anti-cancer antibodies as well as with ADCs and PD-1/PD-L1 immune checkpoint inhibitors and are heading into the final months of 2023 with a great deal of momentum.”