SCHEDULE: TCG Crossover Funds Report 9.9% Stake in ALX Oncology

TCG Crossover Funds and Chen Yu have disclosed a combined 9.9% beneficial ownership stake in ALX Oncology Holdings Inc. following a recent underwritten offering.

Summary

• TCG Crossover Fund II, L.P., TCG Crossover GP II, LLC, TCG Crossover Fund III, L.P., TCG Crossover GP III, LLC, and Chen Yu collectively reported beneficial ownership in ALX Oncology Holdings Inc.
• Chen Yu, as the sole managing member of TCG Crossover GP II and TCG Crossover GP III, is deemed to beneficially own 13,011,849 shares, representing 9.9% of the common stock.
• TCG Crossover Fund II, L.P. and TCG Crossover GP II, LLC each beneficially own 6,505,925 shares, or 5.0% of the class.
• TCG Crossover Fund III, L.P. and TCG Crossover GP III, LLC each beneficially own 6,505,924 shares, or 5.0% of the class.
• The ownership percentages are calculated based on a total of 131,197,113 shares of Common Stock outstanding, which includes 54,218,001 shares as of October 31, 2025, and 76,979,112 shares issued in an underwritten offering on January 30, 2026.
• Excluded from these totals are 6,100,317 shares (3,050,159 for TCG Crossover II and 3,050,158 for TCG Crossover III) subject to Pre-Funded Warrants that are not exercisable within 60 days due to a 9.99% beneficial ownership limitation.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a significant institutional investor has taken a substantial stake, which can be interpreted as a vote of confidence, especially following a recent capital raise.

Positives

• A significant institutional investment firm, TCG Crossover, has taken a substantial stake in ALX Oncology, potentially signaling confidence in the company's future prospects.

Future Outlook

The filing does not provide forward-looking statements or guidance regarding ALX Oncology Holdings Inc.'s future performance or strategic direction.

Industry Context

StockSavvy.ai notes that Schedule 13G filings are routine disclosures by passive investors who acquire more than 5% of a company's stock. The disclosure of TCG Crossover's significant stake in ALX Oncology, a biotechnology company, indicates continued institutional interest in the life sciences sector, particularly in companies that have recently completed capital raises to fund their operations or development pipelines. This type of filing provides transparency regarding major shareholders but does not typically offer insights into operational performance or strategic shifts.

Stakeholder Impact

• Shareholders: The disclosure of a significant institutional investor may provide a degree of confidence and stability. The recent underwritten offering, which increased outstanding shares, could lead to dilution for existing shareholders.
• Company Management: The presence of a large institutional holder like TCG Crossover may influence strategic decisions or corporate governance, although the filing states the securities were not acquired for the purpose of changing or influencing control.

Key Dates

Recommendation

While the entry of a significant institutional investor like TCG Crossover is generally a positive signal, a Schedule 13G filing primarily reports ownership and does not provide operational or financial performance details. The recent underwritten offering, which increased the share count, suggests the company has raised capital, but the impact on valuation and future prospects requires further analysis beyond this ownership disclosure. Therefore, a 'hold' recommendation is appropriate until more comprehensive financial and operational data is available.

Keywords

ALX Oncology Holdings Inc., TCG Crossover, Chen Yu, Beneficial Ownership, Schedule 13G, Common Stock, Institutional Investor, Biotechnology, Pharmaceuticals, Investment