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Why is the ALX Oncology Holdings Inc. (ALXO) stock going down?

ALX Oncology Holdings Inc. (ALXO) experienced a decrease of 7.24% in the aftermarket. However, the last trading session closed at $23.89 with an increase of 4.46%.

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New Appointment to Board of Directors – What’s up?

On 14th December 2021, ALXO announced that Peter Garca, a biopharmaceutical industry veteran with over 25 years of financial leadership expertise, has been appointed to the company’s board of directors. For more than 25 years, Peter Garca has worked as a Chief Financial Officer in the life sciences business. Not only this but he has also served as the company’s Chief Financial Officer.

In addition, Mr. Garca was the Chief Financial Officer of BioTime, Inc. Last but not the least, he formerly held the positions of Chief Financial Officer at Marina Biotech, Nanosys, Nuvelo, Novacept, IntraBiotics Pharmaceuticals, and Dendreon, and began his career in the life sciences at Amgen, where he held a variety of financial responsibilities of growing relevance.

What’s Next?

As ALXO progresses with the AHFIRM Phase 2b study testing larsucosterol, the key epigenetic regulator, in alcohol-associated hepatitis (AH), the company is thrilled to welcome Peter Garca to the board of directors. Moreover, as they look forward to a possibly successful AHFIRM trial, Pete’s significant industry expertise will be very important in continuing to improve DURECT.

Initial Data from ASPEN-02 – Latest Updates

ALXO reported the preliminary results from ASPEN-02 on 12th December 2021. The company reported that Evorpacept was well tolerated in combination with azacitidine (N=22), with no dose-limiting toxicities. Moreover, three patients had an objective response, two had a complete response, and one had a marrow CR in six previously untreated HR MDS response-evaluable patients. On the research, two of every four transfusion-dependent patients were able to become transfusion-free. Furthermore, three of the five previously untreated HR MDS patients with a TP53 mutation and complicated cytogenetic abnormalities had an OR of less than one (2 CR and 1 marrow CR). Lastly, five of nine patients with relapsed or refractory MDS who had progressed on earlier hypomethylating medications had a response-evaluable rate of remission.

Now what?

The early tolerability and efficacy of evorpacept demonstrated in ASPEN-02 further supports CD47 as a potential therapeutic target in patients with MDS. Moreover, the company is thrilled to have preliminary clinical evidence confirming evorpacept’s function in increasing the innate immune anti-cancer response in the myeloid malignancy program, which includes trials in both MDS and acute myeloid leukemia.

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