SCHEDULE: RA Capital Discloses 9.9% Stake in ALX Oncology

RA Capital Management and its affiliates have disclosed a 9.9% beneficial ownership stake in ALX Oncology Holdings Inc., totaling 13,117,106 shares.

Summary

• RA Capital Management, L.P., along with Peter Kolchinsky, Rajeev Shah, and RA Capital Healthcare Fund, L.P., collectively reported beneficial ownership of 13,117,106 shares of ALX Oncology Holdings Inc. common stock.
• This represents 9.9% of the company's outstanding common stock, rounded down from 9.99% due to EDGAR filing system limitations.
• The ownership includes 13,011,849 directly held common shares and pre-funded warrants exercisable for up to 12,473,803 shares, subject to a 9.99% beneficial ownership blocker.
• The calculation of the percentage is based on 54,218,001 shares outstanding as of October 31, 2025, an additional 76,979,112 shares from a public offering on February 2, 2026, and 105,257 shares issuable from pre-funded warrants.
• The reporting persons expressly disclaim status as a "group" for Schedule 13G purposes and certify that the securities were not acquired to change or influence control of the issuer.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive development, as a reputable institutional investor taking a significant stake can be interpreted as a vote of confidence in ALX Oncology's future, despite the passive nature of the filing.

Positives

• A significant institutional investor, RA Capital Management, has taken a substantial 9.9% stake in ALX Oncology Holdings Inc., potentially signaling confidence in the company's long-term prospects.
• The investment includes pre-funded warrants, indicating a strategic entry point while managing immediate dilution impact.

Negatives

• The beneficial ownership blocker limits the immediate exercise of pre-funded warrants to maintain ownership below 9.99%, which could cap the reporting persons' influence or upside from warrant exercise in the short term.

Risks

• The beneficial ownership blocker in the pre-funded warrants limits the extent to which the Fund can exercise these warrants, potentially restricting their ability to increase their stake beyond 9.99% without further disclosures or actions.

Future Outlook

NA

Industry Context

StockSavvy.ai notes that significant stakes by specialized healthcare funds like RA Capital Management often indicate a thorough due diligence process and a belief in the long-term potential of the underlying biotechnology or pharmaceutical assets, which can be a positive signal within the competitive biotech industry.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional stake by RA Capital Management could be viewed positively, potentially increasing investor confidence and liquidity.

Key Dates

Recommendation

While the disclosure of a significant institutional stake by RA Capital Management is generally a positive signal, this Schedule 13G filing is a passive ownership disclosure and does not provide new operational or financial performance data for ALX Oncology Holdings Inc. A 'hold' recommendation is appropriate as it acknowledges the positive signal from institutional interest without suggesting immediate action based solely on this ownership update, pending further fundamental analysis of the company's business and financials.

Keywords

ALX Oncology Holdings Inc., ALXO, RA Capital Management, Schedule 13G, Beneficial Ownership, Institutional Investment, Biotechnology, Healthcare Fund, Equity Stake, Pre-Funded Warrants