Start here if you're new
what it is
ALX Oncology is a small cancer biotech trying to turn one lead drug candidate into a real business.
how it gets paid
Last year Alx Oncology Hldgs made n/a in revenue. other collaboration and research revenue was the main engine at $47M est., or 100% of sales.
what just happened
The clean takeaway is loss improvement: Q4 FY2024 EPS came in at -$0.55 versus -$0.93 a year earlier.
At a glance
C+ balance sheet — struggling to keep the lights on
55/100 earnings predictability — expect surprises
-$2.58 fy2024 eps est
$47M fy2024 rev est
n/a operating margin
xvary composite: 30/100 — weak
What they do
ALX Oncology is a small cancer biotech trying to turn one lead drug candidate into a real business.
The moat is focus, not scale. ALX has one lead candidate, evorpacept, and it has been dosed in over 700 subjects, which gives you more real human data than a slide-deck biotech with zero clinical depth. That said, your edge here is proof of activity, not a commercial machine, because the company had just 80 employees as of December 31, 2024.
How they make money
n/a
annual revenue
evorpacept + anti-cancer antibodies
N/A
evorpacept + ADC combinations
N/A
evorpacept + PD-1/PD-L1 inhibitors
N/A
other collaboration and research revenue
$47M est.
The products that matter
clinical-stage cancer drug development
CD47 checkpoint pathway therapies
pipeline · pre-revenue
it is the entire story. the company has a $261M market cap and $0 reported revenue, so your upside or downside lives in whether this pipeline becomes clinically credible.
single asset story
Key numbers
700+
subjects dosed
Clinical-stage biotech lives on human data. Over 700 dosed subjects means ALX is past the purely theoretical stage.
$47M
FY24 revenue est.
That is Value Line's 2024 revenue estimate. It is real revenue, but tiny against the risk of a one-drug company.
$2.58
FY24 EPS est.
EPS means profit per share. Plain English: ALX still loses money on every share you own.
$9M
long-term debt
Debt is low at 3% of capital. So the balance sheet problem is not leverage, it is the business model still needing proof.
Financial health
C+
strength
- balance sheet grade C+ — weak — may struggle to fund operations
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $9M (3% of capital)
C+ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for ALXO right now.
source: institutional data · return history unavailable
What just happened
beat estimates
The clean takeaway is loss improvement: Q4 FY2024 EPS came in at -$0.55 versus -$0.93 a year earlier.
Quarterly EPS improved through 2024, moving from -$0.71 in Q1 to -$0.55 in Q4, according to. Full-year EPS was -$2.58 in 2024 versus -$3.74 in 2023, so the burn rate eased even though the company remained deeply unprofitable.
$0.55
Q4 EPS
$2.58
FY24 EPS est.
n/a
operating margin
the number that mattered
The number that mattered was -$0.55 in Q4 EPS, because it was better than -$0.93 a year earlier and showed losses moving in the right direction.
source: quarterly EPS history, fiscal 2024
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What could go wrong
the #1 risk is clinical failure in the CD47 program. if the lead science breaks, this page loses its only real source of upside.
med
clinical trial failure
the company shows $0 reported revenue and one core pipeline story. if a key readout disappoints, the market does not have another operating engine to fall back on.
impact: it would directly attack the asset supporting the current $261M valuation.
med
cash burn and dilution
a -60.95% return on assets and $0 reported revenue mean outside capital still matters. the jan 30, 2026 underwritten offering is proof, not theory.
impact: every new raise can shrink your ownership before the science is de-risked.
med
execution credibility
ALXO missed EPS estimates in each of the last four quarters. biotech investors can forgive losses. they are less forgiving when forecasts keep missing anyway.
impact: another miss without a stronger clinical narrative keeps the stock in the penalty box.
a forced financing cycle before the CD47 program is clinically de-risked would pressure a stock already priced around one unproven pipeline.
source: institutional data · regulatory filings · risk analysis
Pay attention to
calendar
feb 27 results
this is the next clean read on cash runway, operating loss cadence, and whether the post-offering balance sheet bought real time.
risk
offering follow-through
the jan 30 underwritten offering matters because it confirms ALXO still has to finance science before it can monetize it.
trend
eps estimate direction
2026 loss-per-share estimates moved from -$1.21 to -$0.90 over the past 60 days. the market wants losses narrowing even before revenue arrives.
metric
four-quarter miss streak
a fifth miss would tell you operating expectations are still too generous for a business with $0 quarterly revenue.
Analyst rankings
earnings predictability
55 / 100
in human-speak, analysts do not have a stable operating model to lean on yet, so surprises are part of the package.
risk rank
5
safer than 5% of stocks means almost the entire market scores better on risk.
source: institutional data
Institutional activity
institutional ownership data for ALXO is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$1
current price
n/a
target midpoint · n/a from current
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