ALX Oncology Holdings
ALXO on Nasdaq. ALX Oncology develops cancer drugs that help the immune system attack tumors, for patients. Market value $167m.
Price checks use the past 12 months to June 2026. Quality checks use five annual reports, the latest for the year to December 2025.
Should I look at this?
Not a fit for our list right now
Why it could be worth it
See Health care stocks that passed both tests
This is not advice. Check the numbers below.
For every $100 of what the whole company costs, it produced $-46.23 of spare cash in the past 12 months. A savings account pays about $4.
The filings do not give us enough to work this out.
Each dollar kept in the business earns -89 cents a year. Above 10 is good.
Quality score: 40 of 100. Price score: 0 of 100. Our list needs 70 on quality and 60 on price.
$1.11 a share, 6% above its 1-year low
Over the past year the price has ranged from $1.05 to $2.66.
Pays no dividend
Prices from Tuesday’s close (6 October).
Five years of cash, in billions
| Revenue | |||||
| Revenue | $0 | $0 | n/a | n/a | n/a |
| Operating margin | |||||
| Operating margin | n/a | n/a | n/a | n/a | n/a |
| Debt to equity | |||||
| Debt to equity | n/a | 0.04 | 0.07 | 0.12 | 0.45 |
| Shares outstanding | |||||
| Shares outstanding | 0.04bn | 0.05bn | 0.05bn | 0.05bn | 0.14bn |
Health checks
- Free cash flow positive0 of 5 years
- Accounting looks honest (Beneish)Not enough data
- Financial strength (Piotroski)Not enough data
- Profit backed by cash (accruals)No
- Debt0.45× equity
- Revenue growth, five yearsUnknown
- Buying back its own sharesNo, 239% more shares since 2021
The quarter to June 2026
How the business did, compared with the same quarter a year earlier.
- A loss of $18 million, compared with a loss of $26 million a year ago.
- Over the past 12 months it spent $71 million more cash than it brought in, compared with $106 million a year earlier.
- 154% more shares than a year ago. Each share owns a bit less of the company.
- It has $11 million more cash than debt, up from $7 million a year ago.
| Quarter to | Amount |
|---|---|
| September 2024 | -$31m |
| December 2024 | -$29m |
| March 2025 | -$31m |
| June 2025 | -$26m |
| September 2025 | -$22m |
| December 2025 | -$23m |
| March 2026 | -$18m |
| June 2026 | -$18m |
From the company's quarterly reports to the SEC.
Dates
- Next results (estimated)
- n/a
- Last annual report (10-K)
- 9 March 2026
- Next quarterly (estimated, 10-Q)
- 5 November 2026
Who owns it
None of the long-term investors we follow own it. 94 funds in all.
Largest holders overall
- RA Capital Management, L.P.$27m
- venBio Partners$27m
- BlackRock$15mAdded
- Redmile Group$15mCut
- Blackstone$14mAdded
- Driehaus Capital Management$12mAdded
- Silverarc Capital Management$12mNew
- TCG Crossover Management$12mCut
- Vanguard Capital Management$10mAdded
- Vivo Capital$7m
From 13F filings for the quarter ended 30 June 2026.
Big holders and activists
9 investors own more than 5%.
- GOODMAN COREY Sat least 10.0%(filed with 7 related holders)Since 2 February 2026
What they said
Item 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 3 of this Amendment No. 1 is incorporated by reference herein.
Read the filing - RA Capital Management, L.P.Passive investorat least 9.9%(filed with 3 related holders)Since 2 February 2026
- Redmile Group, LLCPassive investorat least 6.8%−1.7 pts(filed with 2 related holders)Since 31 March 2026
- HBM Healthcare Investments (Cayman) Ltd.Passive investor6.5%−1.9 ptsSince 31 March 2026
- TANG CAPITAL MANAGEMENT, LLCPassive investorat least 6.3%(filed with 1 related holder)Since 31 December 2024
- BlackRock, Inc.Passive investor5.4%Since 30 June 2026
- Chen YuPassive investorat least 4.2%−5.7 pts(filed with 4 related holders)Since 30 June 2026
- Michael A CarusiPassive investorat least 2.2%(filed with 8 related holders)Since 27 May 2026
- Millennium Management LLCPassive investorat least 1.5%−4.5 pts(filed with 3 related holders)Since 31 March 2026
- TANG CAPITAL MANAGEMENT, LLCPassive investorSold down below 5%Since 30 September 2025
| Holder | Stake | Since | |
|---|---|---|---|
GOODMAN COREY S | at least 10.0% (filed with 7 related holders) | 2 February 2026 | What they saidItem 4 of the Schedule 13D is hereby amended and supplemented as follows: The response to Item 3 of this Amendment No. 1 is incorporated by reference herein. Read the filing |
RA Capital Management, L.P. Passive investor | at least 9.9% (filed with 3 related holders) | 2 February 2026 | |
Redmile Group, LLC Passive investor | at least 6.8%−1.7 pts (filed with 2 related holders) | 31 March 2026 | |
HBM Healthcare Investments (Cayman) Ltd. Passive investor | 6.5%−1.9 pts | 31 March 2026 | |
TANG CAPITAL MANAGEMENT, LLC Passive investor | at least 6.3% (filed with 1 related holder) | 31 December 2024 | |
BlackRock, Inc. Passive investor | 5.4% | 30 June 2026 | |
Chen Yu Passive investor | at least 4.2%−5.7 pts (filed with 4 related holders) | 30 June 2026 | |
Michael A Carusi Passive investor | at least 2.2% (filed with 8 related holders) | 27 May 2026 | |
Millennium Management LLC Passive investor | at least 1.5%−4.5 pts (filed with 3 related holders) | 31 March 2026 | |
TANG CAPITAL MANAGEMENT, LLC Passive investor | Sold down below 5% | 30 September 2025 |
From Schedule 13D and 13G filings: anyone owning more than 5% must file one.
What insiders did
In the last 12 months, 1 insider bought $5m of shares on the open market. 2 sold $42,588.
- Lettmann JasonCHIEF EXECUTIVE OFFICER, DirectorSold
- Date
- 17 August 2026
- Shares
- 2,230
- Price
- $1.93
- Value
- $4,304
- Wong ShellySVP, FINANCE AND CAOSold
- Date
- 17 August 2026
- Shares
- 573
- Price
- $1.93
- Value
- $1,106
- Wong ShellySVP, FINANCE AND CAOSold
- Date
- 1 July 2026
- Shares
- 1,404
- Price
- $2.04
- Value
- $2,864
- Lettmann JasonCHIEF EXECUTIVE OFFICER, DirectorSold
- Date
- 19 March 2026
- Shares
- 12,311
- Price
- $2.17
- Value
- $26,715
- Pinto ShellySVP, FINANCE AND CAOSold
- Date
- 19 March 2026
- Shares
- 903
- Price
- $2.17
- Value
- $1,960
- Pinto ShellySVP, FINANCE AND CAOSold
- Date
- 18 February 2026
- Shares
- 565
- Price
- $2.27
- Value
- $1,283
- GOODMAN COREY SDirectorBought
- Date
- 2 February 2026
- Shares
- 3,184,713
- Price
- $1.57
- Value
- $5m
- Pinto ShellySVP, FINANCE AND CAOSold
- Date
- 6 January 2026
- Shares
- 3,925
- Price
- $1.11
- Value
- $4,357
| Date | Who | Did | Shares | Price | Value |
|---|---|---|---|---|---|
| 17 August 2026 | Lettmann Jason CHIEF EXECUTIVE OFFICER, Director | Sold | 2,230 | $1.93 | $4,304 |
| 17 August 2026 | Wong Shelly SVP, FINANCE AND CAO | Sold | 573 | $1.93 | $1,106 |
| 1 July 2026 | Wong Shelly SVP, FINANCE AND CAO | Sold | 1,404 | $2.04 | $2,864 |
| 19 March 2026 | Lettmann Jason CHIEF EXECUTIVE OFFICER, Director | Sold | 12,311 | $2.17 | $26,715 |
| 19 March 2026 | Pinto Shelly SVP, FINANCE AND CAO | Sold | 903 | $2.17 | $1,960 |
| 18 February 2026 | Pinto Shelly SVP, FINANCE AND CAO | Sold | 565 | $2.27 | $1,283 |
| 2 February 2026 | GOODMAN COREY S Director | Bought | 3,184,713 | $1.57 | $5m |
| 6 January 2026 | Pinto Shelly SVP, FINANCE AND CAO | Sold | 3,925 | $1.11 | $4,357 |
From Form 4 filings: insiders must report trades in their own company's shares within two days.
Warning signs in its filings
Problems the company itself reported to the SEC, in its own words.
None of the warning signs we check for were found.
We look for five warning signs: doubt it can keep going, weak checks on its own accounts, a notice that its past accounts can't be relied on, a change of auditor, and one customer bringing in a big share of sales. We don't check lawsuits, investigations or debt yet.
We checked the auditor's report, internal controls, restatement notices, auditor changes and big customers in the 10-K filed 9 Mar 2026, plus the 10-Q filed 6 Aug 2026 and 6 later 8-Ks.
A 10-K is the yearly report every US company files with the SEC. An 8-K is a short notice of a big event.
What could go wrong
Cheap for a reason is the question the numbers cannot answer.
Whether the price already reflects the risks is what the deep dive is for.
The deep dive
Everything above is arithmetic on public filings. The deep dive reads the last ten years of annual reports, the proxy statements, and the earnings calls, then argues the case the way Buffett, Klarman, and Hohn would, and checks every claim against the source.
- What the business is worth, as a range, and the margin of safety at today’s price
- Prices to start buying, buy, and buy hard
- The three things that would make this a mistake
- Every number footnoted to the filing it came from
Your first deep dive is free.
Not advice. Numbers on this page come from SEC filings and are updated each night; prices are updated again after the US market closes. The five-year figures are rounded.