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ALXO on Nasdaq

ALX ONCOLOGY HOLDINGS INC

In its 2026 annual report the company says: “We are a clinical-stage biotechnology company advancing a pipeline of novel therapies designed to treat cancer and extend patients’ lives. Our lead product candidate, evorpacept, has demonstrated potential to serve as a cornerstone therapy upon which the future of immuno-oncology can be built for patients whose cancer over-expresses CD47.”4 It is headquartered in South San Francisco, California.1 Its shares trade on Nasdaq under the symbol ALXO.1

$0.95 up 0.06 (6.48%)Price as of Oct 15, 2026 at 17:33 UTC

Last updated Oct 21, 2026.

Overview

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  • TickerALXO on Nasdaq1
  • IndustryPharmaceutical Preparations1
  • HeadquartersSouth San Francisco, California1
  • Incorporated inDE3
  • Business address323 Allerton Avenue, South San Francisco, Ca 940803
  • Filer categoryNon-accelerated filer, Smaller reporting company3

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We are a clinical-stage biotechnology company advancing a pipeline of novel therapies designed to treat cancer and extend patients’ lives. Our clinical pipeline includes two clinical-stage product candidates, the CD47 blocker evorpacept and an epidermal growth factor receptor (EGFR)-targeted antibody drug candidate (ADC) ALX2004. Our lead product candidate, evorpacept, has demonstrated potential to serve as a cornerstone therapy upon which the future of immuno-oncology can be built for patients whose cancer over-expresses CD47. Evorpacept is currently being evaluated in combination with trastuzumab and chemotherapy in patients with metastatic HER2-positive breast cancer in the Phase 2 ASPEN-09-Breast clinical trial and is also being studied in clinical trials with other targeted anti-cancer antibodies. Cancer cells leverage CD47, a cell surface protein, as a “don’t eat me” signal to evad…4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2022

-46.9%Return on equity5
0.04×Debt to equity6
-$90.7MFree cash flow7

Financial statements

Revenue89$0 in 2022
0$2.0M$4.0M$6.0M2019: $4.8M$4.8M20192020: $1.2M$1.2M2020−75%2021: $0$020212022: $0$02022
Operating income8967-$127.4M in 2022+564% since 2019
-$150.0M-$100.0M-$50.0M02019: -$19.2M-$19.2M20192020: -$43.7M-$43.7M2020+128%2021: -$83.6M-$83.6M2021+91%2022: -$127.4M-$127.4M2022+53%
Net income8967-$123.5M in 2022+542% since 2019
-$150.0M-$100.0M-$50.0M02019: -$19.2M-$19.2M20192020: -$45.7M-$45.7M2020+138%2021: -$83.5M-$83.5M2021+82%2022: -$123.5M-$123.5M2022+48%

Every line of the income statement as filed: the last 3 fiscal years, latest first.5

Period ending2025-12-312024-12-312023-12-31
Research and development$77.0M$116.4M$141.8M
General and administrative$23.9M$26.1M$28.5M
Impairment charge$3.2M
Total operating expenses$104.0M$142.5M$170.3M
Loss from operations-$104.0M-$142.5M-$170.3M
Interest income$4.0M$9.4M$10.6M
Interest expense-$1.6M-$1.7M-$1.6M
Other income (expense), net-$36.0K-$20.0K$389.0K
Loss before income taxes-$101.7M-$134.8M-$160.8M
Income tax provision$0$0$0
Net loss-$101.7M-$134.8M-$160.8M
Net loss per share, basic-$1.90-$2.58-$3.74
Net loss per share, diluted-$1.90-$2.58-$3.74
Weighted-average shares of common stock used to compute net loss per share, basic53.7M shares52.2M shares43.0M shares
Weighted-average shares of common stock used to compute net loss per share, diluted53.7M shares52.2M shares43.0M shares

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Corporate structure

ALX ONCOLOGY HOLDINGS INC sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of ALX ONCOLOGY HOLDINGS INC

  • ALX ONCOLOGY HOLDINGS INC South San Francisco, California

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What ALX ONCOLOGY HOLDINGS INC reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$3.2M5 Dec 31, 2025$5.0M5 Dec 31, 2024−36.2%
Accumulated depreciation$2.0M5 Dec 31, 2025$2.1M5 Dec 31, 2024−4.7%
Property and equipment, net$1.2M5 Dec 31, 2025$2.9M5 Dec 31, 2024−58.7%
Finance-lease assets$1.5M5 Dec 31, 2025$2.7M5 Dec 31, 2024−44.0%
Operating-lease assets (leased space)$1.2M5 Dec 31, 2025$4.0M5 Dec 31, 2024−71.2%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$16.4M5 Dec 31, 2025$17.6M5 Dec 31, 2024−6.8%
Marketable securities, current$28.4M5 Dec 31, 2025$110.2M5 Dec 31, 2024−74.2%
Debt securities available for sale$46.6M5 Dec 31, 2025$129.2M5 Dec 31, 2024−63.9%
Long-term investments$3.5M5 Dec 31, 2025$3.5M5 Dec 31, 2024−0.9%

Properties, in its own words

Our principal executive office is located in South San Francisco, California. We currently lease 10,000 square feet of office space in South San Francisco, California, under a lease that expires in 2026, and 11,074 square feet of office and laboratory space in Palo Alto, California, under a lease that expires in 2030. We believe that we have sufficient space to meet our needs for the foreseeable future and that any additional space we may require will be available on commercially reasonable terms.

Item 2 of the 10-K filed Mar 9, 2026.4

Leadership

Who has led ALX ONCOLOGY HOLDINGS INC, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Jason Lettmann2023–now

Chief financial officer

  1. Peter S. Garcia2020–2024
  2. Shelly Pinto2024–2025
  3. Harish Shantharam2025–now
2025
Board members and other officers (19)

Timeline

  1. Oct 15, 20268-K Entered a material agreement; Unregistered sale of shares36
  2. Aug 6, 20268-K Results of operations37
  3. Jun 30, 20268-K Executive or director change; Regulation FD disclosure; Other events38
  4. Jun 26, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation39
  5. Jun 11, 20268-K Shareholder vote40
  6. May 8, 20268-K Results of operations41
  7. Apr 13, 20268-K Executive or director change; Regulation FD disclosure42
  8. Feb 27, 20268-K Results of operations43
  9. Jan 30, 20268-K Other events44
  10. Jan 30, 20268-K Entered a material agreement; Other events45
  11. Jan 21, 20268-K Executive or director change46
  12. Nov 7, 20258-K Results of operations47
  13. Sep 12, 2023New chief executive Jason Lettmann becomes CEO13

Calendar

Coming up

  1. Nov 6, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.41) a share, on Nov 7, 2025.48

When it reported results

  1. Aug 6, 2026Reported quarterly or annual results37
  2. May 8, 2026Reported quarterly or annual results41
  3. Feb 27, 2026Reported quarterly or annual results43
  4. Nov 7, 2025Reported quarterly or annual results47
  5. Aug 12, 2025Reported quarterly or annual results49
  6. May 8, 2025Reported quarterly or annual results50
  7. Mar 6, 2025Reported quarterly or annual results51
  8. Nov 7, 2024Reported quarterly or annual results52

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

301 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 52 major events, 146 insider forms, 39 large holders, 44 other. The latest 20:

  1. Oct 15, 20268-K EDGAR
  2. Aug 18, 20264 EDGAR
  3. Aug 18, 20264 EDGAR
  4. Aug 14, 2026SCHEDULE 13G/A EDGAR
  5. Aug 6, 202610-Q EDGAR
  6. Aug 6, 20268-K EDGAR
  7. Jul 27, 2026SCHEDULE 13G EDGAR
  8. Jul 6, 20264 EDGAR
  9. Jun 30, 20268-K EDGAR
  10. Jun 26, 20268-K EDGAR
  11. Jun 11, 20268-K EDGAR
  12. May 27, 2026SCHEDULE 13D/A EDGAR
  13. May 15, 2026SCHEDULE 13G/A EDGAR
  14. May 15, 2026SCHEDULE 13G/A EDGAR
  15. May 8, 202610-Q EDGAR
  16. May 8, 20268-K EDGAR
  17. Apr 28, 2026SCHEDULE 13G/A EDGAR
  18. Apr 20, 2026ARS EDGAR
  19. Apr 20, 2026DEF 14A EDGAR
  20. Apr 17, 20264 EDGAR

The 301 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

65 open-market trades by officers, directors and large owners since October 2021: 8 buys and 57 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Aug 17, 2026Lettmann JasonCHIEF EXECUTIVE OFFICERSale2,230$1.93$4.3KForm 4
Aug 17, 2026Wong ShellySVP, FINANCE AND CAOSale573$1.93$1.1KForm 4
Jul 1, 2026Wong ShellySVP, FINANCE AND CAOSale1,404$2.04$2.9KForm 4
Mar 19, 2026Lettmann JasonCHIEF EXECUTIVE OFFICERSale12,311$2.17$26.7KForm 4
Mar 19, 2026Pinto ShellySVP, FINANCE AND CAOSale903$2.17$2.0KForm 4
Feb 18, 2026Pinto ShellySVP, FINANCE AND CAOSale565$2.27$1.3KForm 4
Feb 2, 2026GOODMAN COREY SDirectorBuy3,184,713$1.57$5.0MForm 4
Jan 6, 2026Pinto ShellySVP, FINANCE AND CAOSale3,925$1.11$4.4KForm 4
Sep 17, 2025Lettmann JasonCHIEF EXECUTIVE OFFICERBuy71,163$1.08$76.9KForm 4
Sep 16, 2025Lettmann JasonCHIEF EXECUTIVE OFFICERBuy21,070$1.07$22.5KForm 4
Aug 18, 2025Shantharam HarishChief Financial OfficerBuy75,000$0.78$58.5KForm 4
Aug 15, 2025Pinto ShellySVP, FINANCE AND CAOSale611$0.64$391Form 4
Aug 15, 2025Lettmann JasonCHIEF EXECUTIVE OFFICERSale2,382$0.64$1.5KForm 4
Jul 7, 2025Pinto ShellySVP, FINANCE AND CAOSale2,011$0.45$905Form 4
Jun 30, 2025Pinto ShellySVP, FINANCE AND CAOSale1,532$0.43$659Form 4
Feb 19, 2025Pinto ShellySVP, FINANCE AND CAOSale550$1.15$632Form 4
Feb 19, 2025Pons JaumePRESIDENT & CSOSale1,326$1.15$1.5KForm 4
Feb 19, 2025Lettmann JasonCHIEF EXECUTIVE OFFICERSale2,159$1.15$2.5KForm 4
Jan 6, 2025Pinto ShellySVP, FINANCE AND CAOSale2,221$1.80$4.0KForm 4
Dec 30, 2024Pinto ShellySVP, FINANCE AND CAOSale1,426$1.58$2.3KForm 4

All 65 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Jason Lettmann48$724.5K$2.5M68
2025Harish Shantharam46$464.5K$1.7M68
2025Jaume PonsPh.D.$259.2K$973.7K68
2025Shelly Wong50$435.6K$940.4K68
2024Chief Executive Officer$700.0K$6.6M68
2024Former President and Chief Scientific Officer$650.0K$3.0M68
2024Senior Vice PresidentFinance and Chief Accounting Officer$378.8K$1.5M68

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 94. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Ra Capital Management, L.P.13,011,849$26.9M0.2%No change
venBio Partners LLC12,884,638$26.7M5.1%No change
BlackRock, Inc.7,399,530$15.3M0.0%+6,951,731
Redmile Group, LLC7,392,504$15.3M1.0%−571,684
Blackstone Inc.6,593,543$13.6M0.0%+766,999
Driehaus Capital Management LLC6,025,240$12.5M0.1%+290,620
Silverarc Capital Management, LLC5,744,757$11.9M1.3%New
TCG Crossover Management, LLC5,655,487$11.7M0.3%−7,356,362
Vanguard Capital Management LLC4,973,436$10.3M0.0%+793,700
Vivo Capital, LLC3,184,713$6.6M0.6%No change
Marshall Wace, Llp3,071,496$6.4M0.0%−685,720
5AM Venture Management, LLC3,057,325$6.3M2.2%No change
Almitas Capital LLC2,938,431$6.1M1.5%−235,403
Orbimed Advisors LLC2,866,256$5.9M0.1%No change
Geode Capital Management, LLC2,787,809$5.8M0.0%+2,294,372
Two Sigma Investments, LP2,178,176$4.5M0.0%+590,343
Millennium Management LLC1,543,594$3.2M0.0%−444,965
Nantahala Capital Management, LLC1,500,000$3.1M0.1%New
State Street Corp1,498,905$3.1M0.0%+1,323,077
Jpmorgan Chase & Co1,044,728$2.3M0.0%+1,044,629
Northern Trust Corp935,669$1.9M0.0%+798,705
Ensign Peak Advisors, Inc810,297$1.7M0.0%−140,253
Vanguard Portfolio Management LLC749,229$1.6M0.0%+651,348
Vanguard Fiduciary Trust Co743,491$1.5M0.0%+449,013
Goldman Sachs Group Inc742,331$1.5M0.0%+603,738

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How ALX ONCOLOGY HOLDINGS INC is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARALX ONCOLOGY HOLDINGS INC1
  • CIK0001810182
  • Employer ID (EIN)85-06425774
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2834 Pharmaceutical Preparations1
  • SEC reviewing officeOffice of Life Sciences, Division of Corporation Finance1
  • Business address323 Allerton Avenue, South San Francisco, CA 940801
  • Phone650-466-71251
  • Shares outstanding138,276,997 as of Jul 30, 202611
  • Public float$18.0M as of Jun 30, 20254
  • AuditorKPMG LLP, San Francisco, California PCAOB ID 185; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceMay 5, 20201
  • Filings420 in all: 4 (187), 8-K (64), 3 (23), 10-Q (19), SC 13G/A (12), SCHEDULE 13G/A (12), CORRESP (9), SC 13G (8)1
    All 39 form types

    S-8 (7), 10-K (6), 144 (6), DEF 14A (6), EFFECT (6), UPLOAD (6), 424B5 (5), SCHEDULE 13G (5), ARS (4), S-3 (3), SC 13D (3), SC 13D/A (3), 4/A (2), 424B4 (2), DRS (2), DRSLTR (2), S-1 (2), S-1MEF (2), SCHEDULE 13D/A (2), 3/A (1), 424B3 (1), 8-A12B (1), CERT (1), DEFA14A (1), DRS/A (1), POS AM (1), S-1/A (1), S-3/A (1), S-3ASR (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Mar 9, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Apr 20, 2026
    Latest 8-K (8-K) Oct 15, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareALXOThe Nasdaq Global Select Market

From the cover page of the 10-K filed Mar 9, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks ALX ONCOLOGY HOLDINGS INC names in Item 1A of its 10-K filed Mar 9, 2026: 75 risks under these headings, as written.4

  • Risks Related to Our Financial Position and Need for Additional Capital
  • We have incurred significant net losses since our inception, and we expect to continue to incur significant net losses for the foreseeable future.
  • We will require substantial additional capital to finance our operations. If we are unable to raise such capital when needed, or on acceptable terms, we may be forced to delay, reduce and/or eliminate one or more of our research and drug development programs or future commercialization efforts.
  • We have a limited operating history and have no products approved for commercial sale, which may make it difficult for you to evaluate our current business and likelihood of success and viability.
  • Our ability to generate revenue and achieve profitability depends significantly on our ability to achieve several objectives relating to the discovery, development and commercialization of our product candidates.
  • The terms of our Loan Agreement require us to meet certain operating and financial covenants, place restrictions on our operating and financial flexibility, and may subject us to default.
  • Risks Related to the Discovery, Development and Commercialization of Our Product Candidates
  • We are substantially dependent on the success of our lead product candidate, evorpacept, or our second product candidate, ALX2004, which are both in clinical development and have not completed a pivotal trial. If we do not obtain regulatory approval for and successfully commercialize evorpacept or ALX2004 in one or more indications, or we experience significant delays in doing so, we may never generate any revenue or become profitable.
  • The outcome of preclinical testing and early clinical trials may not be predictive of the success of later clinical trials, and the results of our clinical trials may not satisfy the requirements of the FDA or other comparable foreign regulatory authorities. The clinical trials of our product candidates may not produce positive results or demonstrate adequate safety, purity and efficacy and potency to the satisfaction of regulatory authorities.
  • Clinical trials of our product candidates are expensive, time consuming and difficult to design and implement and may fail to demonstrate adequate safety, purity and efficacy and potency of our product candidates or provide the basis for marketing approval.
  • We have experienced and, if we continue to experience delays or difficulties in the enrollment of subjects in clinical trials and/or retention of subjects in clinical trials in the future, our regulatory submissions or receipt of necessary marketing approvals could be delayed or prevented.
  • Interim, topline and preliminary data from our clinical trials that we announce or publish from time to time may change as more subject data become available and are subject to audit and verification procedures that could result in material changes in the final data.
The other 64 risks
  • Our product candidates may cause significant adverse events, toxicities or other undesirable side effects when used alone or in combination with other approved products or investigational new drugs that may result in a safety profile that could prevent regulatory approval, prevent market acceptance, limit their commercial potential or result in significant negative consequences.
  • We face substantial competition which may result in others discovering, developing or commercializing products before or more successfully than we do.
  • Even if our product candidates receive regulatory approval, they will be subject to significant post-marketing regulatory requirements and oversight.
  • We contract with third parties for the manufacture of our product candidates for preclinical development and clinical trials, and we expect to continue to do so for commercialization. This reliance on third parties increases the risk that we will not have sufficient quantities of our product candidates or drugs or such quantities at an acceptable cost or quality, which could delay, prevent or impair our development or commercialization efforts.
  • Material modifications in the methods of product candidate manufacturing or formulation may result in additional costs or delay.
  • Development of product candidates in combination with other therapies could expose us to additional risks. Lack of third-party combination drugs may materially and adversely affect demand for our product candidates.
  • We may not be able to obtain regulatory approval for our product candidates or commercialize any product candidates that may result from our development efforts, or may miss expected deadlines, if we are not able to maintain or secure agreements with the third parties that conduct the activities related to our clinical trials on acceptable terms, if these third parties do not perform their services as contractually required, or if these third parties fail to timely transfer any regulatory information held by them to us.
  • Even if we receive marketing approval for any of our product candidates, we may not achieve market acceptance, which would limit the revenue that we can generate from sales of any of our approved product candidates.
  • We have never commercialized a product candidate and we may lack the necessary expertise, personnel and resources to successfully commercialize any of our products that receive regulatory approval.
  • The market opportunities for the product candidates we develop, if approved, may be limited to certain smaller patient subsets.
  • Our current and future product candidates may have undesirable side effects that may delay or prevent marketing approval or, if approval is received, require them to be taken off the market, require them to include new safety warnings, contraindications or precautions, or otherwise limit their sales. No regulatory agency has made a determination that any of our product candidates are safe, pure, potent or effective for use by the target patient population for any indication.
  • Failure to obtain or maintain adequate coverage and reimbursement for our product candidates, if approved, could limit our ability to market those products and decrease our ability to generate revenue.
  • The FDA and other regulatory agencies actively enforce the laws and regulations prohibiting the promotion of off-label uses.
  • Risks Related to Government Regulation
  • Even if we receive regulatory approval to commercialize any of our product candidates, we will be subject to ongoing regulatory obligations and continued regulatory review with respect to our drugs, which will result in significant additional expense.
  • The regulatory approval processes of the FDA and comparable foreign regulatory authorities are lengthy, time-consuming and inherently unpredictable, which could lead to our inability to generate product revenue. Even if we obtain FDA approval of any of our product candidates, we may never obtain approval or commercialize such products outside of the United States, which would limit our ability to realize their full market potential.
  • While we have received certain FDA Fast Track designations, such Fast Track designations may not lead to a faster development or regulatory review or approval process, and do not increase the likelihood that the drug will receive marketing approval.
  • While we have received certain orphan drug designations from the FDA and the European Commission, we may be unable to maintain the benefits associated with such orphan drug designation. If we decide to seek orphan drug designation for additional indications for our product candidates in the future, we may be unsuccessful.
  • Current and future legislation may increase the difficulty and cost for us to commercialize our products, if approved, and affect the prices we may obtain. We may face difficulties from changes to current regulations and future legislation.
  • Our business operations and current and future relationships with investigators, health care professionals, consultants, third-party payors and customers will be subject, directly or indirectly, to federal and state healthcare fraud and abuse laws, false claims laws, health information privacy and security laws and other healthcare laws and regulations. If we are unable to comply, or have not fully complied, with such laws, we could face substantial penalties.
  • If we, our employees, independent contractors, principal investigators, consultants, vendors or agents acting on our behalf fail to comply with healthcare laws and regulatory requirements, we could be subject to fines, penalties or enforcement actions, or incur costs that could have a material adverse effect on our business.
  • If we do not comply with laws regulating the protection of the environment and health and human safety, our business could be adversely affected.
  • Disruptions at the FDA, SEC or other government agencies caused by funding shortages or global health concerns could hinder their ability to hire and retain key leadership and other personnel, prevent new products and services from being developed or commercialized in a timely manner or otherwise prevent those agencies from performing normal business functions on which the operation of our business may rely, which could negatively impact our business.
  • Our business activities may be subject to the Foreign Corrupt Practices Act and similar anti-bribery and anti-corruption laws, as well as U.S. and certain foreign export controls, trade sanctions and import laws and regulations, all of which can subject us to criminal liability and other serious consequences for violations.
  • Data collection under European and U.S. laws is governed by restrictive regulations addressing the collection, use, processing and, in the case of Europe, cross-border transfer, of personal information (i.e., information that relates to an identified or identifiable individual).
  • Risks Related to Intellectual Property
  • If we are unable to obtain, maintain and enforce patent protection for our product candidates and related technology, our business could be materially harmed.
  • We may not be able to protect our intellectual property rights throughout the world.
  • Obtaining and maintaining our patent protection depends on compliance with various procedural, documentary, fee payment and other requirements imposed by regulations and governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • Changes in patent laws or patent jurisprudence could diminish the value of patents in general, thereby impairing our ability to protect our product candidates.
  • Our patents covering one or more of our product candidates could be found invalid or unenforceable if challenged.
  • Patent terms may be inadequate to protect our competitive position on our product candidates for an adequate amount of time.
  • Patent protection, prosecution, assertion and defense for some of our product candidates may be dependent on third parties.
  • If we are unable to protect the confidentiality of our trade secrets and proprietary information or obtain proper assignment of such intellectual property, the value of our technology and products could be adversely affected.
  • We may become involved in lawsuits to protect or enforce our patents and trade secrets, which could be expensive, time-consuming and unsuccessful.
  • We may be subject to claims that we or our employees or consultants have wrongfully used or disclosed alleged trade secrets or other proprietary information of our employees’ or consultants’ former employers or their clients.
  • Our commercial success depends in part on our ability to operate without infringing the patents and other proprietary rights of third parties.
  • Our intellectual property rights will not necessarily provide us with competitive advantages.
  • We will need to obtain FDA approval for any proposed product candidate names, and any failure or delay associated with product candidate name approval may adversely affect our business.
  • Our rights to develop and commercialize our product candidates may be subject, in part, to the terms and conditions of agreements with others.
  • If we fail to comply with our obligations in agreements under which we option or license intellectual property rights from collaborators or licensors or otherwise experience disruptions to our business relationships with future collaborators or licensors, we could lose intellectual property rights that are important to our business.
  • Risks Related to Our Operations
  • In order to successfully implement our plans and strategies, we will need to grow the size of our organization, and we may experience difficulties in managing this growth.
  • Our product candidates are based on a novel technology, which makes it difficult to predict the time and cost of product candidate development.
  • We are highly dependent on our key personnel, and if we are not successful in attracting, motivating and retaining highly qualified personnel, we may not be able to successfully implement our business strategy.
  • Our international operations may expose us to business, regulatory, political, operational, financial, pricing and reimbursement risks associated with doing business outside of the United States.
  • If any of the third parties that we rely on for various operational and administrative aspects of our business fail to provide timely, accurate and ongoing service or if the technology systems and infrastructure suffer outages that we are unable to mitigate, our business may be adversely affected.
  • We may become exposed to costly and damaging product liability claims, either when testing our product candidates in the clinic or at the commercial stage, and our product liability insurance may not cover all damages from such claims.
  • We may expend our limited resources to pursue a particular product candidate or indication and fail to capitalize on product candidates or indications that may be more profitable or for which there is a greater likelihood of success.
  • We may seek to enter into collaborations, including strategic collaborations, licenses and other similar arrangements related to our product candidates and may not be successful in doing so, and even if we are, we may not be able to maintain or realize the benefits of such relationships. If we are not able to establish future collaborations, we may have to alter some of our future development and commercialization plans and our business could be adversely affected.
  • We may acquire businesses or assets and we may not realize the benefits of such acquisitions.
  • Our ability to utilize our net operating loss carryforwards and certain other tax attributes may be limited.
  • Changes in tax laws or in their implementation or interpretation may adversely affect our business and financial condition.
  • Risks Related to Ownership of Our Common Stock
  • We do not know whether an active, liquid and orderly trading market will be sustained for our common stock.
  • If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price may decline.
  • The price of our stock may be volatile, and you could lose all or part of your investment.
  • If we are unable to maintain listing of our securities on the Nasdaq Global Select Market or another reputable stock exchange, it may be more difficult for our stockholders to sell their securities.
  • Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations or our guidance.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price to fall.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our share price and trading volume could decline.
  • We have incurred and will continue to incur significant increased costs and management resources as a result of operating as a public company.
  • While we were a large-accelerated filer for fiscal year 2022, we have been a “non-accelerated filer” since fiscal year 2023 and we anticipate we will continue to be one throughout fiscal year 2026. This status could make our common stock less attractive to investors.
  • Market conditions and changing circumstances could impair our ability to access our existing cash, cash equivalents and investments and to timely pay key vendors and others.
  • We do not anticipate paying cash dividends and, accordingly, stockholders must rely on share appreciation for any return on their investment.
  • Raising additional capital may cause dilution to our stockholders, restrict our operations or require us to relinquish substantial rights.
  • Delaware law and provisions in our amended and restated certificate of incorporation and bylaws might discourage, delay or prevent a change in control of our company or changes in our management and, therefore, depress the trading price of our common stock.
  • Our amended and restated bylaws provide that the Court of Chancery of the State of Delaware and the federal district courts of the United States will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or employees.

Legal proceedings

We are not currently a party to any material legal proceedings. From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. Regardless of outcome, litigation can have an adverse impact on us due to defense and settlement costs, diversion of management resources, negative publicity, reputational harm and other factors.

The opening of Item 3, Legal Proceedings.4

Sources

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