Detailed financial statements for ALX Oncology Holdings Inc. (ALXO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
ALX Oncology Holdings Inc., a clinical-stage immuno-oncology company, focuses on developing therapies for cancer patients in the United States. The company’s lead product candidate is Evorpacept, a CD47 blocking therapeutic biologic development as a combination therapy with other anti-cancer agents, including ASPEN-06, under phase 2 clinical study for treating Gastric/GEJ cancer.
Analysis Summary
Trailing-twelve-month margins: gross margin 0.0%, operating margin 0.0%, net margin 0.0%.
At the current price of $1.76, ALXO has negative trailing earnings (P/E not meaningful) and an ROE of -391.42%. Market capitalisation stands at $237M.
Balance sheet quality for ALXO: current ratio of 2.1, net cash position of $39.6M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.1M | $4.8M | $1.2M | 0 | 0 | 0 | 0 | 0 |
| Cost of Revenue | $1.9M | $4.4M | $1.1M | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $187000 | $436000 | $107000 | 0 | 0 | 0 | 0 | 0 |
| Research & Development | $11.3M | $16.3M | $29.0M | $60.2M | $98.4M | $141.8M | $116.4M | $77.0M |
| Selling, General & Admin | $2.6M | $3.3M | $14.8M | $23.4M | $29.0M | $28.5M | $26.1M | $23.9M |
| Operating Expenses | $13.9M | $19.6M | $43.8M | $83.6M | $127.4M | $170.3M | $142.5M | $104.0M |
| Operating Income | -$13.7M | -$19.2M | -$43.7M | -$83.6M | -$127.4M | -$170.3M | -$142.5M | -$104.0M |
| EBITDA | -$13.3M | -$18.8M | -$43.5M | -$83.4M | -$122.8M | -$158.4M | -$132.2M | -$99.4M |
| Interest Expense | 0 | $21000 | $811000 | $13000 | $238000 | $1.6M | $1.7M | $1.6M |
| Pre-tax Income | -$13.7M | -$19.2M | -$45.5M | -$83.5M | -$123.4M | -$160.8M | -$134.8M | -$101.7M |
| Income Tax | $45000 | $34000 | $241000 | -$21000 | $64000 | 0 | 0 | 0 |
| Net Income | -$13.7M | -$19.2M | -$45.7M | -$83.5M | -$123.5M | -$160.8M | -$134.8M | -$101.7M |
| EPS | $-0.79 | $-0.88 | $-1.28 | $-2.07 | $-3.03 | $-3.74 | $-2.58 | $-1.90 |
| EPS (Diluted) | $-0.79 | $-0.88 | $-1.28 | $-2.07 | $-3.03 | $-3.74 | $-2.58 | $-1.90 |
| Shares Outstanding (Diluted) | $22.0M | $22.0M | $39.8M | $40.3M | $40.7M | $43.0M | $52.2M | $53.7M |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $8.3M | $9.0M | $434.2M | $363.7M | $48.8M | $22.4M | $17.6M | $16.4M |
| Short-term Investments | 0 | 0 | 0 | 0 | $217.4M | $160.3M | $110.2M | $28.4M |
| Receivables | $932000 | $536000 | 0 | 0 | 0 | 0 | $892000 | $298000 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $10.2M | $9.8M | $436.0M | $367.0M | $271.0M | $188.7M | $134.4M | $50.7M |
| Property, Plant & Equipment | $956000 | $860000 | $52000 | $3.5M | $9.8M | $10.8M | $9.6M | $1.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $11.2M | $10.7M | $436.1M | $380.2M | $306.5M | $242.6M | $147.8M | $59.0M |
| Accounts Payable | $697000 | $3.7M | $4000 | $3.8M | $8.1M | $8.6M | $4.5M | $4.9M |
| Short-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | $435000 | $5.2M |
| Total Current Liabilities | $1.9M | $5.0M | $6.2M | $15.3M | $28.3M | $36.0M | $18.5M | $24.6M |
| Long-term Debt | 0 | $5.4M | 0 | 0 | $9.4M | $9.6M | $9.5M | 0 |
| Total Liabilities | $2.0M | $11.0M | $6.2M | $17.1M | $43.0M | $52.8M | $34.2M | $33.1M |
| Retained Earnings | -$53.5M | -$72.8M | -$118.5M | -$202.0M | -$325.5M | -$486.3M | -$621.1M | -$722.8M |
| Total Equity | $9.2M | -$276000 | $429.8M | $363.0M | $263.5M | $189.7M | $113.6M | $26.0M |
| Total Debt | 0 | $5.4M | 0 | $742000 | $10.4M | $17.2M | $17.0M | $5.2M |
| Net Debt | -$8.3M | -$3.6M | -$434.2M | -$362.9M | -$255.8M | -$165.5M | -$110.8M | -$39.6M |
| Working Capital | $8.3M | $4.8M | $429.8M | $351.7M | $242.6M | $152.7M | $115.9M | $26.2M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$13.7M | -$19.2M | -$45.7M | -$83.5M | -$123.5M | -$160.8M | -$134.8M | -$101.7M |
| Depreciation & Amortization | $431000 | $429000 | $202000 | $51000 | $342000 | $836000 | $872000 | $706000 |
| Stock-based Compensation | $269000 | $297000 | $5.4M | $13.9M | $23.8M | $26.3M | $27.1M | $12.6M |
| Change in Working Capital | -$159000 | $4.3M | $247000 | -$4.0M | $9.8M | $8.3M | -$12.4M | $336000 |
| Operating Cash Flow | -$13.2M | -$14.2M | -$38.3M | -$68.1M | -$89.2M | -$130.4M | -$121.9M | -$84.1M |
| Capital Expenditure | -$653000 | -$353000 | -$31000 | -$4.9M | -$1.4M | -$1.3M | -$447000 | -$212000 |
| Acquisitions | 0 | 0 | 0 | 0 | $233989 | 0 | 0 | 0 |
| Stock Repurchased | -$6000 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$13.8M | -$14.6M | -$38.3M | -$73.0M | -$90.7M | -$131.6M | -$122.4M | -$84.4M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +132.0% | -75.4% | -100.0% | |||||
| Net Income Growth (YoY) | -40.1% | -137.7% | -82.5% | -47.9% | -30.2% | +16.1% | +24.6% | |
| EPS Growth (YoY) | -11.4% | -45.5% | -61.7% | -46.4% | -23.4% | +31.0% | +26.4% | |
| Shares Change (YoY) | +0.0% | +81.5% | +1.2% | +1.0% | +5.6% | +21.4% | +2.8% | |
| FCF Growth (YoY) | -5.5% | -162.4% | -90.6% | -24.1% | -45.2% | +7.0% | +31.1% | |
| Gross Margin | 9.0% | 9.1% | 9.1% | |||||
| Operating Margin | -662.0% | -400.0% | -3694.0% | |||||
| EBITDA Margin | -641.3% | -391.1% | -3676.9% | |||||
| Net Margin | -664.3% | -401.2% | -3869.7% | |||||
| FCF Margin | -669.7% | -304.5% | -3242.0% | |||||
| Effective Tax Rate | -0.3% | -0.2% | -0.5% | 0.0% | -0.1% | -0.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.63 | $-0.67 | $-0.96 | $-1.81 | $-2.23 | $-3.06 | $-2.35 | $-1.57 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $22.0M | $22.0M | $39.8M | $40.3M | $40.7M | $43.0M | $52.2M | $53.7M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -391.42% |
| Return on Invested Capital | -261.95% |
| Return on Assets | -172.23% |
| Gross Margin | 0.00% |
| Operating Margin | 0.00% |
| Net Margin | 0.00% |
Financial Health
| Debt / Equity | 0.07 |
| Current Ratio | 9.71 |
| Piotroski F-Score | 2 |
| Altman Z-Score | -21.32 |
Key Ratios (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| P/E | -37.97 | -34.09 | -67.34 | -10.38 | -3.72 | -3.98 | -0.65 | -0.59 |
| P/B | 71.93 | -2386.02 | 7.99 | 2.39 | 1.74 | 3.37 | 0.77 | 2.33 |
| P/S | 318.60 | 137.31 | 2905.75 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Margin | 9.0% | 9.1% | 9.1% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Operating Margin | -662.0% | -400.0% | -3694.0% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
| Net Margin | -664.3% | -401.2% | -3869.7% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% |
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Explore sector: Healthcare · Biotechnology
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