ALX Oncology Evorpacept Shows Durable Responses in HER2+ Breast Cancer
ALX Oncology reported Q1 2026 financial results and provided a corporate update, highlighting encouraging data from its Phase 1b/2 trial of evorpacept in combination with zanidatamab for HER2-positive metastatic breast cancer. All patients with confirmed HER2-positive disease and high CD47 expression experienced durable responses, reinforcing the CD47-selection hypothesis. The company also reported a reduced net loss of $(17.9) million for Q1 2026 and a strengthened balance sheet with $169.1 million in cash, sufficient to fund operations through the first half of 2028, following a $140.4 million equity offering. Additionally, ALX Oncology appointed Jeff Knight as Chief Development and Operating Officer and remains on track for key clinical milestones for evorpacept and ALX2004.
Key Highlights
- Evorpacept + zanidatamab showed 100% response rate (n=5/5) in HER2-positive mBC patients with high CD47 expression.
- Median duration of response for these patients was 20.2 months, with median PFS of 22.1 months.
- Confirmed objective response rate (cORR) among all 24 patients was 33%, with median PFS of 3.6 months.
- Q1 2026 R&D expenses decreased by $10.3 million to $13.6 million YoY.
- Q1 2026 G&A expenses decreased by $2.6 million to $5.4 million YoY.
- GAAP net loss for Q1 2026 was $(17.9) million, or $(0.17) per share, compared to $(30.8) million YoY.
- Cash, cash equivalents, and investments were $169.1 million as of March 31, 2026, sufficient through H1 2028.
- Completed a registered equity offering in February 2026, raising $140.4 million net proceeds.