ALX Oncology (ALXO) said Wednesday that it has made certain strategic changes, including reducing its preclinical research budget and cutting its workforce by about 30%, to extend cash runway into Q4 2026.
The company said at its upcoming R&D Day event that it will present the reasons and clinical data supporting further development of evorpacept with anti-cancer antibodies. The company will also share plans for new studies combining evorpacept with trastuzumab for Human Epidermal Growth Factor Receptor 2-positive breast cancer and with cetuximab for colorectal cancer, both starting in H1.
ALX Oncology will also introduce ALX2004, a new antibody-drug conjugate targeting EGFR, which has shown strong anti-tumor activity in early models. The company plans to submit an investigational new drug application for ALX2004 to the Food and Drug Administration in Q1.
The company is making budget and workforce cuts primarily to support these newly planned clinical trial programs in breast cancer and colorectal cancer, it added.
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