Interest Rates / Cost of Capital: As a clinical-stage biotech company, ALX Oncology heavily relies on funding for research and development, often through equity offerings. The Fed's stance on inflation and potential interest rate hikes, as revealed in FOMC Minutes, directly impacts the cost of capital, making it more expensive to raise funds and potentially slowing drug development programs.

Regulatory Environment / FDA Approvals: The success and timeline of ALX Oncology's drug candidates, such as evorpacept, are critically dependent on favorable clinical trial outcomes and regulatory approvals. The FDA's request for a Phase 3 study for the ASPEN-06 study, citing insufficient Phase 2 data for accelerated approval, highlights potential delays and increased costs in achieving regulatory milestones, directly impacting the company's valuation and operational trajectory.

Investor Sentiment Towards Biotech: While not directly from the provided macro context, clinical-stage biotech companies are highly sensitive to overall investor sentiment and risk appetite. Economic uncertainties or shifts in investment focus can significantly affect funding rounds and stock valuations, particularly for companies that are not yet revenue-generating and depend on capital raises to advance their pipeline.