ALX Oncology Holdings Inc. (ALXO) Earnings Call Transcript & Summary

Good afternoon, everyone. My name is Dr. Corey Goodman. I'm the Executive Chairman of the Board of Directors of ALX Oncology Holdings. And as the chairperson of this meeting, it's my pleasure to welcome all of you to ALX's First Annual Meeting of Stockholders as a public company. Now I've asked Peter Garcia, our Chief Financial Officer, to act as the secretary of this meeting and record the minutes. As I'm sure all of you are aware, we're holding this as a virtual annual meeting of stockholders this year because of the public health risk associated with gathering management, directors and all of you together in person during the COVID-19 pandemic. We believe in engaging with our stockholders, maximizing their ability to meaningfully engage with us. We're pleased that all of you, many of our stockholders, no matter where you're located in the world today can participate in this meeting in a virtual format, and we look forward to seeing you in the future. Now before proceeding further, let me introduce you to the other Directors and the Director nominees of the company who are in attendance today. In attendance is Jason Lettmann, Dr. Sophia Randolph, who's also our Chief Medical Officer; Dr. Jaume Pons, who's also the President and CEO; Dr. Graham Walmsley and Rekha Hemrajani. I'd also like to introduce 2 additional members of the company's management team who are in attendance today, Jeanne Jew, our Chief Business Officer; and Shelly Pinto, our Vice President of Finance and Chief Accounting Officer. Also with us today are a number of people who help advise us and are involved in this meeting. Jason Trimborn, who represents KPMG, our independent public accounting firm; Michael Coke, representing Wilson Sonsini Goodrich & Rosati, our outside Corporate Counsel; and Trish Hodson, representing Broadridge Financial Solutions, they are also serving as our inspector of election. It's now a pleasure for me to turn the meeting over to Pete, who is going to conduct the formal part of the meeting. Pete?

Thank you, Corey. Good afternoon, and again, welcome to our 2021 annual meeting, our first as a publicly traded company. This meeting is being held virtually in accordance with the company's bylaws and Delaware law. The annual meeting is being held for the following purposes: number one, to elect 3 Class I Directors from the nominees named in the accompanying proxy statement to hold office until our 2024 Annual Meeting of Stockholders and until their successors are duly elected and qualified subject to early resignation or removal; number two, to ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ended December 31, 2021; and number three, to transact such other business as may properly come before the annual meeting or any adjournments or postponements thereof. In order to ensure that the business of the meeting proceeds in an orderly fashion, we ask that you please observe the rules described in the proxy statement, which was first made available to all stockholders on or about April 29, 2021, and is available on our website and at the SEC's website. We will notify you when the voting polls are open. After the voting polls are open, you may vote your shares online anytime during this meeting prior to the closing of the polls. If you've already submitted a proxy to vote your shares, you do not need to submit an online ballot unless you want to change your vote. Your vote will be counted. Once the polls have closed, we will announce the preliminary results of the meeting -- of the voting, and then the formal meeting will be adjourned. There is a text box on your screen where you can submit your question regarding voting at any time during the meeting and prior to the end of the formal meeting. After we complete the formal meeting, there will be an opportunity for stockholders to ask questions regarding the company using the text box. We will try to answer as many questions as we have time for, but we may not be able to answer all your questions as submitted. I have proof by affidavit that notice of this meeting has been duly given and that the Notice of Annual Meeting of Stockholders, proxy statement and proxy were mailed on or about April 29, 2021, to stockholders of record on April 23, 2021, the record date for the meeting. We have appointed Trish Hodson, a representative of Broadridge Financial Solutions to act as inspector of election for this annual meeting. The inspector of election has signed an oath of office, which will be filed with the minutes of this meeting. The inspector of election has advised me that we have present, virtually or by proxy, a sufficient number of shares to constitute a quorum. Therefore, the meeting is duly constituted, and we may proceed with business. It is now 3:06 p.m. Pacific Time on June 10, 2021, and the polls for each matter to be voted on this meeting are now open. Proposal #1, the election -- the first item of business is proposal #1, the election of Directors. Our Board of Directors presently has 7 members as indicated in our proxy statement, Dr. Corey Goodman, Jason Lettmann and Dr. Sophia Randolph are nominated by the Board of Directors to serve as Class I Directors until the annual meeting of stockholders in 2024. Each of these nominees is currently serving as a member of our Board of Directors. The Board of Directors recommends that the stockholders vote in favor of these nominees, and the proxy solicited by the Board will be voted in favor of these nominees. The second item of business is proposal #2, which is to ratify the appointment of KPMG LLP as our independent registered public accounting firm for the fiscal year ended December 31, 2021. If the stockholders do not ratify the selection of KPMG LLP as our independent auditor, the Board may reconsider the appointment. The Board of Directors recommends that the stockholders vote in favor of this proposal, and the proxy solicited by the Board will be voted in favor of this proposal. It is now 3:07 p.m. Pacific Time on June 10, 2021, and the polls for each matter to be voted on at this meeting are now closed. No additional ballots, proxies or votes and no changes or revocations will be accepted. The proxies and any ballots previously submitted have been tabulated by the inspector of election and I have preliminary voting results. Any votes cast today, including those submitted electronically during the meeting, will be counted in the final tally. Regarding proposal #1, the election of Directors, all 3 nominees were elected to the Board. Regarding proposal #2, the appointment of KPMG LLP to serve as our independent auditor for the fiscal year ended December 31, 2021, has been ratified. These are the preliminary results of voting. The final vote count may vary following final examination of the proxies and ballots. The final results of voting, including any ballots and proxies recorded during this meeting, will be set forth in the report of the inspector of election. The final results will also be reported in our filings with the Securities and Exchange Commission. This annual meeting of stockholders is now adjourned. Thank you for your attendance. We will now proceed with the question-and-answer period from our stockholders. As a reminder, we may make forward-looking statements during this meeting and in the comments and Q&A that follow. Actual results may differ from these statements, and I refer you to the documents that we file from time to time with the Securities and Exchange Commission. And in particular, our last filed quarterly report on Form 10-Q as filed with the SEC on May 17, 2021. These documents contain and identify important factors that could cause actual results to differ materially from those contained in our projections or forward-looking statements.

So it looks like we don't have any questions from our stockholders today. With that, I'll turn the call over to Corey Goodman for closing remarks.

Good. Thanks very much, Pete. On behalf of the ALX Board and the senior management team, I want to thank all of you for attending today's meeting, our first annual meeting, and for the interest you've shown in the progress of ALX Oncology. We very much appreciate your interest, your attendance. We look forward to working with you in the future, and we thank you for your support. Thanks very much, everyone.

This now concludes the meeting. Thank you for joining, and have a pleasant day.