A
Alopexx
ALPXFiledAlopexx, Inc. · NYSE American (proposed) · Clinical-stage biotechnology · Research source · S-1/A #19 · 2026/09/17 · SEC checked 2026-10-19
Latest filing update · S-1/A
As of the linked September 17, 2026 S-1/A, Alopexx has not completed its proposed IPO and is developing clinical-stage PNAG-targeted immune therapeutics.
Research source · S-1/A #19 · 2026/09/17Latest analyzed filing · S-1/A · 2026-09-17
Updates and this research have separate source dates; newer facts do not silently replace earlier conclusions.
SummaryWATCHReport source · S-1/A #19
High-risk biotech: low cash and further funding needs remain central
The September 17 amendment retains 3M shares at $10–$12 and about $30.1M estimated net proceeds at $11. Its June 30 accounts show a $1.011M first-half loss, $97,586 cash and a $17.724M accumulated deficit.
Full source-backed summary
The September 17 amendment retains 3M shares at $10–$12 and about $30.1M estimated net proceeds at $11. Its June 30 accounts show a $1.011M first-half loss, $97,586 cash and a $17.724M accumulated deficit. A $1.5M stock-purchase commitment was terminated in August; a separate $350K related-party loan followed. Vlock's stated 56.1% post-offer beneficial ownership includes options, rather than a clean economic ownership split.
- Business and development direction
A clinical-stage developer of PNAG-targeted vaccines and monoclonal antibodies against bacterial, fungal and parasitic infections.
Current business Clinical-stage biotechnology100%
Future development AV0328 proof of concept
F598 scale-up and trials
Working capital
DECISION DRIVERS
Key risks
Very high
Risk 1
No product is approved. Clinical trials and regulatory approval remain uncertain; planned IPO funding is not completed financing.
Very high
Risk 2
June 30 cash was $97,586 against a $17.724M accumulated deficit. The source retains substantial doubt about going concern; first-half losses cannot be treated as a full-year result.
High
Risk 3
The August 7 termination ended BCI's $1.5M stock-purchase commitment with no further payment due; licensing arrangements were unaffected. A separate August 17 related-party $350K loan carries 12% interest and earlier repayment upon specified financing, or August 17, 2028. Neither event changes June 30 cash.
OFFERING AT A GLANCE
S-1/A #19 ↗Capital raised and seller liquidity
- Issuer proceeds
- $30.1M
No estimate is substituted for missing offer terms.
BOOKRUNNERS / LEAD UNDERWRITERSUnderwriters named in the prospectus
PRELIMINARY| # | Institution | Underwriting allocation | Ratio | Shares |
|---|---|---|---|---|
| 1 | ThinkEquity LLC |
IPO CAPITAL QUALITY
Issuer capital$30.1M
Shares offered Shares3,000,000
| Calculation | Reported value |
|---|---|
| Issuer capital | $30.1M |
Basis and evidence
No estimate is substituted for missing offer terms. Company: estimated net proceeds
Capital quality is not yet quantifiable from the filed terms. IPO177 will calculate it when primary/secondary shares, fees and net proceeds are all disclosed.
Offering structure
| Measure | Reported value | Unit |
|---|---|---|
| Shares offered | 3,000,000 | Shares |
Source and calculation
Prospectus offering table; stated base scenario and source conditions Figures retain their stated source scenario and conditions.
Shares offered
Prospectus offering table; stated base scenario and source conditions
SEC table 8 row 2; source 199480:219857; SHA256 397ebe6f327438080add9f1f3b80d41d575c0b81807d291d5b71848035078430 ↗Dilution and valuation
Basic post-offer8.350506M
Value$91.86M*
| Calculation | Shares | Value | Reference |
|---|---|---|---|
| Pre-offer shares | 5.350506M | $58.86M* | $11; includes note conversion |
| Base post-offer | 8.350506M | $91.86M* | +56.07% shares |
| Full option | 8.800506M | $96.81M* | +64.48% shares |
| June 30 actual shares | 5.155081M | 195,425 conversion shares* | *At IPO closing; no options |
Share-count comparison
SharesOffering cases as stated in the saved report, not funding-round history or shareholder-group ownership.
Pre-offer shares
Share-count change
Base post-offer
| Stage / scenario | Reported value |
|---|---|
| Pre-offer shares | 5.350506M |
| Base post-offer | 8.350506M |
| Full option | 8.800506M |
| June 30 actual shares | 5.155081M |
Basis and evidence
Net change between the stated pre-offer and base post-offer share counts. Secondary transfers do not add shares. 8350505.999999999 - 5350506 = 2999999.999999999
Pre-offer shares
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗Base post-offer
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗Full option
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗June 30 actual shares
Share count on the saved valuation table's stated basis. Option and plan-reserve cases are conditional, not confirmed issued shares.
Capitalization / saved valuation bridge ↗Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Ownership across stages | Comparable ownership figures across stages are unavailable in this report. See Control for holdings on their disclosed basis. Open filing ↗ |
| IPO valuation scenario simulator | Requires a verified offer price and post-offer share count on the same basis. Open filing ↗ |
CONTROLLING PARTYDaniel Vlock
September 17 base-offer beneficial ownership, including options exercisable within 60 days and assumed note conversion
- Voting
- Majority expected*
- Economic
- 56.1% beneficial*
- As of
- 2026/09/17
!The issuer expects majority voting control. The option-inclusive 56.1% is not a separately calculated existing-vote percentage or a disjoint ordinary-share pie.View source ↗
Relationship filters
ownership / voting rights
| Entity / holder | Economic ownership | Relationship |
|---|---|---|
| Vlock; option-inclusive basisVoting power / rights: Majority expected* | 56.1% beneficial | Controlling party |
| Other holders | Not a disjoint remainder | Major ownership group |
| IPO shares / conditional base shares | 35.93% base shares | Public / new investors |
Select for details · Vlock; option-inclusive basis
Disclosed holdings by source basis
Beneficial holders (non-additive)
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
| Measure | Reported value |
|---|---|
| Daniel Vlock(2) | 56.1% |
| Peter Werth | 6.8% |
| Dr. Gerald Pier | 7.5% |
| Gail H. Cassell | 0.1% |
| Richard Cohen | 0.1% |
| Ann MacDougall | 0.1% |
| Christine de los Reyes | 2.3% |
| William W. Chin | 3.4% |
| Thomas T. Thomas | 3.9% |
Source and calculation
Daniel Vlock(2)
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 4; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Peter Werth
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 5; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Dr. Gerald Pier
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 6; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Gail H. Cassell
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 9; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Richard Cohen
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 10; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Ann MacDougall
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 11; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Christine de los Reyes
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 12; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗William W. Chin
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 13; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗Thomas T. Thomas
Post-offer beneficial ownership as disclosed; holders may overlap; not an additive economic ownership breakdown
SEC table 29 row 14; source 2850480:2958378; SHA256 41535563c9da136868f2088e43d42be96ac36777e9591d1d5b44b5439cb6bff8 ↗- Vlock; option-inclusive basis 56.1% beneficial
- Other holders Not a disjoint remainder
- IPO shares / conditional base shares 35.93% base shares
Why control differs from ownership
The source expects Vlock to retain majority voting power. Its 56.1% beneficial ownership includes exercisable options and note-conversion shares; it is not a separately disclosed current-vote percentage.
The principal table's 66.1% management/director group and risk section's 72.9% management/director/5%-holder voting group use different scopes. No pie chart combines these figures or treats their remainder as other holders.
The issuer expects controlled-company status. Executives and directors have a 365-day lock-up; other holders generally have 180 days from the final prospectus date, subject to exceptions and consent.
The 3M offered shares are 35.93% of the conditional 8,350,506-share base. Outstanding options and plan reserves are excluded; the listing and final prospectus date remain unconfirmed.
Conditional lock-up timeline
Conditional lock-up timeline
Eligibility is not a sale. Release conditions, holder groups and exceptions remain separate.
Milestones and unconfirmed releases
| Holder / event | Term / date | Conditions |
|---|---|---|
| Other holders | +180 days from prospectus Not separately quantified · other existing shares and options | Other holders · Other stockholders and option holders · Not yet published — awaiting the effective or final prospectus. · 180 days from final prospectus, subject to exceptions and prior written ThinkEquity consent; resale law also applies · Cumulative: Not separately quantified (No disjoint pool disclosed) · No trading-volume basis is available; calculate after 20 trading sessions. |
Basis and evidence
Other holders
Other holders · Other stockholders and option holders · Not yet published — awaiting the effective or final prospectus. · 180 days from final prospectus, subject to exceptions and prior written ThinkEquity consent; resale law also applies · Cumulative: Not separately quantified (No disjoint pool disclosed) · No trading-volume basis is available; calculate after 20 trading sessions.
Lock-up / shares eligible for future sale ↗Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Potential supply pressure | This saved report has no compatible source inputs for this calculation. Open filing ↗ |
Financial quality
Bars compare absolute amounts within each measure. Each measure has its own scale.
Net income / (loss)
$ · Annual values as reportedFY2024($3,060,624)
FY2025($2,608,394)
Operating cash flow
$ · Annual values as reportedFY2024($481,234)
FY2025($1,140,128)
| Calculation | FY2024 | FY2025 |
|---|---|---|
| Net income / (loss) | ($3,060,624) | ($2,608,394) |
| Operating cash flow | ($481,234) | ($1,140,128) |
| Calculation | Reported value |
|---|---|
| Current assets2026-06-30 · Unaudited | $981,003 |
| Current assets2025-12-31 | $911,886 |
| Total assets2026-06-30 · Unaudited | $981,003 |
| Total assets2025-12-31 | $911,886 |
| Current liabilities2026-06-30 · Unaudited | $5,036,726 |
| Current liabilities2025-12-31 | $6,203,025 |
| Total liabilities2026-06-30 · Unaudited | $7,403,393 |
| Total liabilities2025-12-31 | $7,003,025 |
| Total equity / (deficit)2026-06-30 · Unaudited | ($6,422,390) |
| Total equity / (deficit)2025-12-31 | ($6,091,139) |
| General and administrative expenses3M ended 2026-06-30 · Unaudited | $256,981 |
| General and administrative expenses3M ended 2025-06-30 · Unaudited | $618,514 |
| General and administrative expenses6M ended 2026-06-30 · Unaudited | $604,164 |
| General and administrative expenses6M ended 2025-06-30 · Unaudited | $1,277,540 |
| Net income / (loss)3M ended 2026-06-30 · Unaudited | ($541,829) |
| Net income / (loss)3M ended 2025-06-30 · Unaudited | ($746,042) |
| Net income / (loss)6M ended 2026-06-30 · Unaudited | ($1,010,625) |
| Net income / (loss)6M ended 2025-06-30 · Unaudited | ($1,529,267) |
| Operating cash flow6M ended 2026-06-30 · Unaudited | ($530,883) |
| Operating cash flow6M ended 2025-06-30 · Unaudited | ($626,962) |
| Current assets2024-12-31 | $1,152,014 |
| Total assets2024-12-31 | $1,152,014 |
| Current liabilities2024-12-31 | $6,078,307 |
| Total liabilities2024-12-31 | $6,278,307 |
| General and administrative expensesFY2025 | $2,118,730 |
| General and administrative expensesFY2024 | $2,590,815 |
| Product revenue | $0 |
| H1 2026 net loss | $(1.011M) |
| Cash at June 30 | $97,586 |
| Accumulated deficit | $(17.724M) |
| Going concern | Substantial doubt |
Basis and evidence
Total Current Assets
June 30, 2026; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total Current Assets
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
TOTAL ASSETS
June 30, 2026; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
TOTAL ASSETS
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total Current Liabilities
June 30, 2026; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total Current Liabilities
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
TOTAL LIABILITIES
June 30, 2026; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
TOTAL LIABILITIES
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
Total stockholders’ deficit
June 30, 2026; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; as of 2026-06-30
Total stockholders’ deficit
December 31, 2025; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2025-12-31
General and administrative
3M ended 2026-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 3 months ended 2026-06-30
General and administrative
3M ended 2025-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 3 months ended 2025-06-30
General and administrative
6M ended 2026-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2026-06-30
General and administrative
6M ended 2025-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2025-06-30
NET LOSS
3M ended 2026-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 3 months ended 2026-06-30
NET LOSS
3M ended 2025-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 3 months ended 2025-06-30
NET LOSS
6M ended 2026-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2026-06-30
NET LOSS
6M ended 2025-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2025-06-30
NET CASH USED IN OPERATING ACTIVITIES
6M ended 2026-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2026-06-30
NET CASH USED IN OPERATING ACTIVITIES
6M ended 2025-06-30; issuer unaudited; currency symbol as printed ($); ISO currency not assigned; 6 months ended 2025-06-30
Total Current Assets
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
TOTAL ASSETS
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
Total Current Liabilities
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
TOTAL LIABILITIES
December 31, 2024; issuer; currency symbol as printed ($); ISO currency not assigned; as of 2024-12-31
General and administrative
FY2025; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2025-12-31
General and administrative
FY2024; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2024-12-31
NET LOSS
FY2025; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2025-12-31
NET LOSS
FY2024; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2024-12-31
NET CASH USED IN OPERATING ACTIVITIES
FY2025; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2025-12-31
NET CASH USED IN OPERATING ACTIVITIES
FY2024; issuer; currency symbol as printed ($); ISO currency not assigned; year ended 2024-12-31
Product revenue
No approved products
H1 2026 net loss
Six months to June 30; 33.91% narrower YoY
Cash at June 30
Actual; excludes August loan and proposed IPO
Accumulated deficit
2026/06/30; actual
Going concern
FY2025 auditor and June interim disclosure
Sources and calculation notes
Read this report’s SEC filing ↗
| View | Source basis |
|---|---|
| Financial review | Reported financial figures are shown above. A cash-runway estimate needs compatible cash-flow and funding assumptions. Open filing ↗ |
LATEST COMPARISON
Open S-1/A #19 ↗S-1/A #18 → S-1/A #19
The latest material signals and their investor impact are shown below.
Why it mattersChanges dilution, public float and potential supply.
Evidence · S-1/A #19 · 2026/09/17Why it mattersChanges valuation, proceeds and first-day return assumptions.
Evidence · S-1/A #19 · 2026/09/17S-1
• Initial IPO registration began
• Clinical-stage profile disclosed
S-1/A #18
• Prior source retained 3M shares at $10–$12
• Interim accounts then covered March 31
S-1/A #19
• June 30 interim accounts and 8,350,506 conditional base shares
• Discloses August BCI purchase termination and $350K related-party loan; no final price or listing date
No product is approved. Clinical trials and regulatory approval remain uncertain; planned IPO funding is not completed financing.
- Potential impact
- Very high
- Evidence
- S-1/A #19 · 2026/09/17 ↗
June 30 cash was $97,586 against a $17.724M accumulated deficit. The source retains substantial doubt about going concern; first-half losses cannot be treated as a full-year result.
- Potential impact
- Very high
- Evidence
- S-1/A #19 · 2026/09/17 ↗
The August 7 termination ended BCI's $1.5M stock-purchase commitment with no further payment due; licensing arrangements were unaffected. A separate August 17 related-party $350K loan carries 12% interest and earlier repayment upon specified financing, or August 17, 2028. Neither event changes June 30 cash.
- Potential impact
- High
- Evidence
- S-1/A #19 · 2026/09/17 ↗
Vlock is expected to retain majority voting power. The stated 56.1% beneficial stake includes options; outstanding options and reserved plan shares can dilute investors beyond the conditional base offering.
- Potential impact
- High
- Evidence
- S-1/A #19 · 2026/09/17 ↗
DocumentS-1/A #19SEC source document
Filed2026/09/173 public filings identified
Source-bound table inputs40SEC EDGAR
Sources and calculation notes
September 17 source: June accounts, conditional share conversion and August financing events; final IPO terms remain pending