ALX Oncology is a clinical-stage biotech with no approved products or commercial revenue, focused on developing cancer immunotherapies. Its lead asset, evorpacept, is a CD47-blocking fusion protein. CD47 is a protein overexpressed on cancer cells that sends a "don't eat me" signal to macrophages, shielding tumors from immune attack. Evorpacept blocks this signal, allowing macrophages to destroy cancer cells when combined with a companion anti-cancer antibody that provides the complementary "eat me" signal. ALX Oncology argues evorpacept's key differentiator is its inactivated Fc domain, which avoids destroying healthy blood cells — a toxicity problem that has constrained competing CD47 blockers. Evorpacept's lead program is ASPEN-09-Breast, a Phase 2 trial in HER2-positive metastatic breast cancer patients who have progressed after Enhertu, evaluating evorpacept combined with trastuzumab and chemotherapy. The company is targeting CD47-high patients, a biomarker-defined subgroup estimated at roughly half of HER2-positive breast cancer patients. ALX Oncology's second asset, ALX2004, is a novel EGFR-targeted antibody-drug conjugate in Phase 1 dose escalation for EGFR-expressing solid tumors. The company funds operations through equity issuances and outsources all manufacturing to CMOs. Stanford University holds licensed IP underlying evorpacept and is entitled to tiered royalties on net sales.