ALX Oncology reports annual meeting results

On Wednesday, ALX Oncology Holdings Inc. reported the outcomes of its Annual Meeting of stockholders, which took place on June 11, 2025. The micro-cap pharmaceutical company, currently valued at $29 million, has seen its stock decline over 93% in the past year. According to InvestingPro analysis, the company maintains a strong liquidity position with a current ratio of 5.47, though it faces profitability challenges.

The first proposal concerned the election of two Class II Directors. Scott Garland received 23,602,975 votes for, 8,662,965 withheld, and there were 11,796,795 broker non-votes. Barbara Klencke, M.D., received a higher number of votes for, totaling 30,835,565, with fewer votes withheld at 1,430,375, and the same number of broker non-votes.

The second proposal was an advisory vote on the compensation of the company’s named executive officers. The compensation was approved with 22,147,884 votes for, 8,736,683 against, and 1,381,373 abstentions. There were also 11,796,795 broker non-votes for this proposal.

The third and final proposal on the ballot was the ratification of the appointment of KPMG LLP as the company’s independent registered public accounting firm for the fiscal year ending December 31, 2025. This proposal passed with overwhelming support, having 41,776,769 votes for, 59,969 against, and 2,225,997 abstentions.

The results indicate that all the proposals were passed according to the preferences of the majority of the voting stockholders. The company’s management and board of directors are expected to proceed with the implementation of the approved proposals, including the executive compensation package and the appointment of their accounting firm for the upcoming fiscal year. With analysts setting price targets between $1 and $3, InvestingPro data suggests the stock is currently undervalued, though investors should note that the company is rapidly burning through cash. InvestingPro subscribers have access to 11 additional key insights about ALX Oncology’s financial health and growth prospects.

This report is based on the company’s SEC filing and reflects the official records of the annual meeting as disclosed by ALX Oncology Holdings Inc. Looking ahead, the company faces significant challenges, with analysts not expecting profitability this year and an EBITDA of -$136 million in the last twelve months. The next earnings report is scheduled for August 7, 2025.

In other recent news, ALX Oncology has announced promising results from a Phase 1/2 trial of evorpacept in combination with rituximab and lenalidomide for treating B-cell non-Hodgkin lymphoma. The trial achieved an 83% complete response rate, significantly surpassing the historical rate for R2 alone. However, in separate trials, evorpacept did not meet primary endpoints in combination with Merck (NSE:PROR)’s KEYTRUDA® for head and neck squamous cell carcinoma, leading the company to discontinue this combination. Despite this setback, ALX Oncology remains committed to exploring evorpacept’s potential in other cancer treatments.

The company is also advancing its novel antibody-drug conjugate, ALX2004, into Phase 1 trials following FDA clearance. ALX2004 is designed to target solid tumors expressing the epidermal growth factor receptor. Meanwhile, ALX Oncology faces a Nasdaq delisting notice due to non-compliance with the minimum bid price requirement, with a 180-day period to regain compliance. In analyst updates, H.C. Wainwright has maintained a Buy rating for ALX Oncology, reflecting confidence in the company’s drug development strategy. These developments highlight the ongoing efforts and challenges ALX Oncology faces in its pursuit of innovative cancer therapies.

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