ALX Oncology to Cut 30% of Workforce, Names New CFO

Dow Jones03-06

By Josée Rose

ALX Oncology is cutting about 30% of its workforce and realigning its focus.

The clinical-stage biotechnology company named Harish Shantharam as chief financial officer and Alan Sandler as chief medical officer.

ALX said its "strategic prioritization and resource optimization" plan, which primarily will affect its preclinical research department, is expected to extend its cash runway into the fourth quarter of 2026. As of Dec. 31, ALX had cash, cash equivalents and investments of $131.3 million.

The company expects results from several Phase 2 trials related to head and neck squamous cell carcinoma in the second quarter.

ALX said its loss for the three months ended Dec. 31 was 55 cents a share, compared with a loss of 93 cents in the year-earlier period, due to lower research and development expenses.

ALX also named Barbara Klencke and Chris Takimoto to its board of directors.

Write to Josée Rose at josee.rose@wsj.com

(END) Dow Jones Newswires

March 06, 2025 17:07 ET (22:07 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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