ALX Oncology Holdings Inc (ALXO)

NASDAQHealth CareBiotechnologySnapshot 2026-10-23

$1.17-1.68%

Close 2026-10-23 · 1-day change

Investment OutlookAs of Oct 24, 2026

What could strengthen or challenge ALX Oncology Holdings Inc’s outlook?

The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.

Higher potential upsideImproving expectations

Next-FY EPS estimate change · 30 days

Comparable estimates unavailable

+10% or more+5%0%−5%−10% or less

A matching fiscal period and sufficient coverage are required.

Higher risk of downsideWeakening expectations

One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.

How this is measured

The calculation requires same-period, same-provider snapshots, positive EPS, at least five analysts and a baseline within three days of the requested lookback.

Measure / period	Management expectations	Analyst expectations
Quarter ending 2026-12-30
Revenue	—	0
EPS	—	-0.131
Annual ending 2026-12-31
Revenue	—	4.6M
EPS	—	-0.559
Annual ending 2027-12-31
Revenue	—	5.35M
EPS	—	-0.547

Management figures unavailable.

What the Thesis Depends On

4 published thesis conditions, with dated milestones shown separately.

Key Factor	Why It Matters	Current Status	Break Condition	Latest Evidence
Maintain sufficient cash and manage debt	A supporting condition in ALX Oncology Holdings Inc's published investment case. The stated target is no liquidity crisis or debt default through FY27.	Intact	default on debt or liquidity runs out before FY27	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Advance key clinical readouts for CD47 and EGFR drug programs	ALX Oncology is advancing key cancer drug programs with important readouts.	Intact	miss key clinical readouts by mid-2026	Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Source date unavailableLast status assessment Oct 24, 2026Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Reduce losses and improve earnings trajectory	A primary condition in ALX Oncology Holdings Inc's published investment case. The stated target is EPS loss narrows from -$0.65 in FY26 to less negative in FY27.	Improving	EPS loss worsens or stays flat through FY27	Diluted EPS: $-0.13 per share FY2026-Q2; GAAP. Published target: EPS loss narrows from -$0.65 in FY26 to less negative in FY27. Target period ends 2027-12-31; this observation covers 2026-Q2. Source published Aug 6, 2026-0.13 USD/share · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: company_financial_results. Reference: 2c1b5a12-aa2e-4edb-9246-2d58808c3a80. Source status: eligible. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.
Start generating revenue from drug sales	A primary condition in ALX Oncology Holdings Inc's published investment case. The stated target is generate first meaningful revenue by FY27.	Intact	no revenue generated by end of FY27	Revenue: $0 FY2026-Q2; GAAP. Published target: generate first meaningful revenue by FY27. Target period ends 2027-12-31; this observation covers 2026-Q2. Source published Aug 6, 20260 USD · source valueSource reportLast status assessment Oct 24, 2026 Measurement source consolidated · GAAP FY2026-Q2 · Period ending Jun 30, 2026 Source: stock_quarterly_financials_fmp. Reference: 2026-Q2. Source status: unverified. Compare required operating outcomes Compare scope, accounting basis and period before treating this evidence as progress against an annual requirement.

Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.

Incoming Evidence

Compare these dated observations with the operating requirements above

Expectations trend

Same fiscal period

FY2027 · fiscal year ending 2027-12-31 · fmp

FY2027 EPS$-0.55

Unavailable → $-0.55 · observed estimates

FY2027 revenue$0.01B

$0.01B → $0.01B · observed estimates

Exact estimates & source dates

One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.

FY2027 estimate observations · fmp
Snapshot	EPS	Revenue	EPS / revenue analysts
2026-07-24	Unavailable	$5,350,000	3 / 5
2026-07-25	Unavailable	$5,350,000	3 / 5
2026-07-26	Unavailable	$5,350,000	3 / 5
2026-07-27	Unavailable	$5,350,000	3 / 5
2026-07-28	Unavailable	$0	1 / 5
2026-07-29	Unavailable	$0	1 / 5
2026-07-30	Unavailable	$0	1 / 5
2026-07-31	Unavailable	$0	1 / 5
2026-08-01	Unavailable	$0	1 / 5
2026-08-02	Unavailable	$0	1 / 5
2026-08-03	Unavailable	$0	1 / 5
2026-08-04	Unavailable	$0	1 / 5
2026-08-05	Unavailable	$0	1 / 5
2026-08-06	Unavailable	$0	1 / 5
2026-08-07	Unavailable	$5,350,000	3 / 5
2026-08-08	Unavailable	$0	1 / 5
2026-08-09	Unavailable	$0	1 / 5
2026-08-10	Unavailable	$0	1 / 5
2026-08-11	Unavailable	$5,350,000	3 / 5
2026-08-12	Unavailable	$0	1 / 5
2026-08-13	Unavailable	$0	1 / 5
2026-08-14	Unavailable	$5,350,000	3 / 5
2026-08-15	Unavailable	$5,350,000	3 / 5
2026-08-16	Unavailable	$5,350,000	3 / 5
2026-08-17	Unavailable	$5,350,000	3 / 5
2026-08-18	Unavailable	$5,350,000	3 / 5
2026-08-19	Unavailable	$5,350,000	3 / 5
2026-08-20	Unavailable	$5,350,000	3 / 5
2026-08-21	Unavailable	$5,350,000	3 / 5
2026-08-22	Unavailable	$5,350,000	3 / 5
2026-08-23	Unavailable	$5,350,000	3 / 5
2026-08-24	Unavailable	$5,350,000	3 / 5
2026-08-25	Unavailable	$5,350,000	3 / 5
2026-08-26	Unavailable	$5,350,000	3 / 5
2026-08-27	Unavailable	$5,350,000	3 / 5
2026-08-28	Unavailable	$5,350,000	3 / 5
2026-08-29	Unavailable	$5,350,000	3 / 5
2026-08-30	Unavailable	$5,350,000	3 / 5
2026-08-31	Unavailable	$5,350,000	3 / 5
2026-09-01	Unavailable	$5,350,000	3 / 5
2026-09-02	Unavailable	$5,350,000	3 / 5
2026-09-03	Unavailable	$5,350,000	3 / 5
2026-09-04	Unavailable	$5,350,000	3 / 5
2026-09-05	$-0.55	$5,350,000	5 / 5
2026-09-06	$-0.55	$5,350,000	5 / 5
2026-09-07	$-0.55	$5,350,000	5 / 5
2026-09-08	$-0.55	$5,350,000	5 / 5
2026-09-09	$-0.55	$5,350,000	5 / 5
2026-09-10	$-0.55	$5,350,000	5 / 5
2026-09-11	$-0.55	$5,350,000	5 / 5
2026-09-12	$-0.55	$5,350,000	5 / 5
2026-09-13	$-0.55	$5,350,000	5 / 5
2026-09-14	$-0.55	$5,350,000	5 / 5
2026-09-15	$-0.55	$5,350,000	5 / 5
2026-09-16	$-0.55	$5,350,000	5 / 5
2026-09-17	$-0.55	$5,350,000	5 / 5
2026-09-18	$-0.55	$5,350,000	5 / 5
2026-09-19	$-0.55	$5,350,000	5 / 5
2026-09-20	$-0.55	$5,350,000	5 / 5
2026-09-21	$-0.55	$5,350,000	5 / 5
2026-09-22	$-0.55	$5,350,000	5 / 5
2026-09-23	$-0.55	$5,350,000	5 / 5
2026-09-24	$-0.55	$5,350,000	5 / 5
2026-09-25	$-0.55	$5,350,000	5 / 5
2026-09-26	$-0.55	$5,350,000	5 / 5
2026-09-27	$-0.55	$5,350,000	5 / 5
2026-09-28	$-0.55	$5,350,000	5 / 5
2026-09-29	$-0.55	$5,350,000	5 / 5
2026-09-30	$-0.55	$5,350,000	5 / 5
2026-10-01	$-0.55	$5,350,000	5 / 5
2026-10-02	$-0.55	$5,350,000	5 / 5
2026-10-03	$-0.55	$5,350,000	5 / 5
2026-10-04	$-0.55	$5,350,000	5 / 5
2026-10-05	$-0.55	$5,350,000	5 / 5
2026-10-06	$-0.55	$5,350,000	5 / 5
2026-10-07	$-0.55	$5,350,000	5 / 5
2026-10-08	$-0.55	$5,350,000	5 / 5
2026-10-09	$-0.55	$5,350,000	5 / 5
2026-10-10	$-0.55	$5,350,000	5 / 5
2026-10-11	$-0.55	$5,350,000	5 / 5
2026-10-12	$-0.55	$5,350,000	5 / 5
2026-10-13	$-0.55	$5,350,000	5 / 5
2026-10-14	$-0.55	$5,350,000	5 / 5
2026-10-15	$-0.55	$5,350,000	5 / 5
2026-10-16	$-0.55	$5,350,000	5 / 5
2026-10-17	$-0.55	$5,350,000	5 / 5
2026-10-18	$-0.55	$5,350,000	5 / 5
2026-10-19	$-0.55	$5,350,000	5 / 5
2026-10-20	$-0.55	$5,350,000	5 / 5
2026-10-21	$-0.55	$5,350,000	5 / 5
2026-10-22	$-0.55	$5,350,000	5 / 5
2026-10-23	$-0.55	$5,350,000	5 / 5
2026-10-24	$-0.55	$5,350,000	5 / 5

Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.

Compare required revenue and earnings

Analyst view

Monthly observations

Buy / Strong BuyHoldSell / Strong Sell

Exact monthly counts

Monthly rating snapshots · fmp. Missing snapshots are not zero.
Date	Buy*	Hold
2026-05-01	6	1
2026-06-01	6	1
2026-07-01	6	1
2026-08-01	6	1
2026-09-01	6	1
2026-10-01	6	1

*Buy includes Strong Buy; Sell includes Strong Sell. Monthly counts describe the analyst mix, not the firms behind each recent action.

Latest: 6 Buy / Strong Buy · 1 Hold · 0 Sell / Strong Sell

0 upgrades0 downgrades0 maintains

Recent actions · Sep 25–Oct 24 · 0 recorded

Price-target changes

30 days

Individual price-target observations are unavailable.

0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior

How this is measured

Sep 25, 2026–Oct 24, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.

Outlook in Brief

The evidence, the remaining questions, and what comes next

What's improving

No recovery evidence is reported in the available driver assessments.

Still unresolved / key risks

Maintain sufficient cash and manage debtDirect metric needs a verified mapping
Advance key clinical readouts for CD47 and EGFR drug programsDirect metric needs a verified mapping
Reduce losses and improve earnings trajectoryDiluted EPS: $-0.13 per share
Start generating revenue from drug salesRevenue: $0

Next proof point

Nov 6, 2026

Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.

Review earnings

Bottom line

4 of 4 published conditions remain under pressure or need verification. The next results need to address those conditions.

The dated weekly assessment and its assumptions are available in Read detailed Outlook.

Historical risk context

Observed price history; separate from operating scenarios

Price sensitivity

2.9%Typical daily move · historical

Downside history

-65.6%Maximum drawdown · trailing year

Read detailed Outlook Company context, assumptions & risks

ALX Oncology Holdings Inc outlook in detail

The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.

Updated Oct 24, 2026

What kind of bet this is

This is a speculative clinical-development story, not an established earnings compounder. The thesis is currently intact, but confidence is low and the business remains loss-making with high risk.

What's priced into ALX Oncology Holdings Inc

The valuation model shows a premium versus peers, with optionality, or the possibility that clinical programs create future value, driving the gap. Model confidence is low, and the evidence does not specify what clinical success or future growth the market already assumes.

What the fundamentals likely do

Near term, results are mixed: ALXO reported an earnings beat in August, while the latest snapshot still classifies the company as loss-making and recent performance as neutral. Management says clinical milestones are on track, with breast-trial topline data expected in mid-2027 and ALX2004 safety data expected in the second half of 2026. Cash was $153.4 million in the second quarter, and management says funding reaches at least the first quarter of 2027; a guidance cut or weaker operating conditions could add near-term pressure.

What ALX Oncology Holdings Inc hinges on

The multi-year view depends on clinical programs producing useful data and management advancing them on schedule, while preserving enough funding to reach key milestones. Near-term guidance and sector conditions are swing factors; stronger results from sector bellwethers could support the backdrop, while weaker economic data may weigh on healthcare names. The evidence on valuation expectations and the latest clinical outcomes is limited.