Alx Oncology narrows first-quarter loss on reduced spending
The biotechnology company reported a GAAP net loss of $17.9 million for the first quarter ended March 31, 2026.
Alx Oncology Holdings (ALXO), the biotechnology company, reported a narrowed first-quarter net loss.
The result followed a period of cost containment and a strategic shift in pipeline prioritization. The company reduced its GAAP net loss to $17.9 million for the quarter ended March 31, 2026, compared to a $30.8 million loss in the same period a year earlier.
Lower spending drove the improved bottom line. Research and development expenses fell to $13.6 million from $23.9 million in the prior-year period, a decline the company attributed to workforce reductions in early 2025 and changes in clinical development strategy. General and administrative expenses also decreased to $5.4 million from $7.9 million.
Liquidity improved significantly following a capital raise. Cash, cash equivalents, and investments rose to $169.1 million as of March 31, 2026, up from $48.3 million at the end of 2025. The increase followed a $150 million registered equity offering completed in February 2026.
Clinical activity continued across its lead programs. The company expanded planned enrollment for the Phase 2 ASPEN-09-Breast trial from 80 to 120 patients to increase the number of participants whose cancer overexpresses the CD47 biomarker. Meanwhile, the ALX2004 Phase 1 trial progressed to the third dose cohort in January 2026.
Management underwent several changes during the period. The company appointed Jeff Knight as Chief Development and Operating Officer in April 2026. Effective June 30, 2026, Scott Garland succeeded Co-Founder Corey Goodman as Chairman of the Board, and Michael Listgarten was appointed General Counsel.