ALX Oncology's Evorpacept Shows Durable Responses in HER2-Positive Breast Cancer
Event summary
- Phase 1b/2 trial data showed evorpacept + zanidatamab achieved 60% cORR in HER2-positive breast cancer patients with high CD47 expression.
- ASPEN-09-Breast Phase 2 trial on track for topline data in mid-2027.
- ALX2004 Phase 1 trial safety data expected in 2H 2026.
- Company raised $150M in equity offering in February 2026.
- Jeff Knight appointed as Chief Development and Operating Officer.
The big picture
ALX Oncology's positive Phase 1b/2 data for evorpacept in HER2-positive breast cancer strengthens its biomarker-driven approach, potentially derisking its path forward in a competitive oncology landscape. The company's strategic focus on CD47 inhibition and EGFR-targeted therapies aligns with the industry's shift toward precision oncology, while its recent leadership appointment and funding bolster its execution capabilities.
What we're watching
- Clinical Validation
- Whether the CD47-selection hypothesis will continue to validate evorpacept's efficacy across multiple HER2-positive indications.
- Execution Risk
- The pace at which ALX Oncology can deliver topline data from the ASPEN-09-Breast trial and advance ALX2004 through Phase 1.
- Financial Runway
- How the $150M equity raise will support ALX Oncology's operational and clinical milestones through mid-2028.
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