ALX Oncology Raises $150M in Stock and Warrant Offering — ALX Oncology Holdings Inc.

Event summary

ALX Oncology priced an underwritten offering of 76,979,112 shares of common stock and 18,574,120 pre-funded warrants at $1.57 and $1.569 per unit, respectively.
The offering is expected to raise approximately $150 million in gross proceeds before expenses.
The financing is led by new investors RA Capital Management and TCGX, with participation from additional new and existing investors.
Proceeds will fund the continued clinical development of evorpacept and ALX2004 programs, as well as working capital and other general corporate purposes.
The offering is expected to close on or about February 2, 2026, subject to customary closing conditions.

The big picture

ALX Oncology's $150 million offering reflects the ongoing need for clinical-stage biotech companies to secure substantial funding to advance their pipelines. The participation of prominent investors underscores confidence in the company's lead candidates, evorpacept and ALX2004, amid a competitive immuno-oncology landscape. The strategic anomaly here is the mix of common stock and pre-funded warrants, a tactic often used to attract a broader range of investors while maximizing capital raised.

What we're watching

Clinical Progress: How the pace of evorpacept and ALX2004 clinical trials will impact investor confidence and future funding rounds.
Market Conditions: Whether ALX Oncology can sustain its valuation in a volatile biotech financing environment.
Investor Dynamics: The strategic influence of new investors like RA Capital Management and TCGX on ALX Oncology's long-term direction.