Here are two brief analogies to describe Alpex Acquisition (ALPX):

• Moderna or Pfizer for broad-spectrum immunity: Alpex Acquisition is like a Moderna or Pfizer, but instead of developing specific vaccines for individual viruses or specific strains, they are building a single, broad-spectrum immune therapeutic to fight a common vulnerability found across more than 75 different bacterial, fungal, and parasitic pathogens.

• A specialized Johnson & Johnson for infection defense: Think of Alpex Acquisition as a specialized Johnson & Johnson, but instead of a diverse range of health products, they are laser-focused on creating a 'master key' immune defense system for a vast array of infectious diseases.

• Vaccine AV0328: A synthetic PNAG vaccine candidate in Phase 1 trials, designed for the long-term prevention of a wide range of PNAG-expressing bacterial, fungal, and parasitic infections.
• Monoclonal Antibody F598: A fully human monoclonal antibody in Phase 1 and pilot Phase 2 trials, intended to provide immediate and temporary protection (2-3 months) against a broad spectrum of PNAG-expressing infections.

Alpex Acquisition (ALPX) is a clinical-stage biotechnology company. According to the provided description, its lead products, the vaccine AV0328 and the monoclonal antibody F598, are currently in various phases of clinical trials (Phase 1, pilot Phase 2). The company explicitly states that its vaccine has not yet been approved by the FDA and there is no guarantee of future approval.

As a clinical-stage company, Alpex Acquisition is focused on the research, development, and regulatory approval of its therapeutics rather than commercial sales. Therefore, Alpex Acquisition currently does not have major customers or categories of customers, as its products have not yet received regulatory approval for commercialization.

Key Risks to the Business

1. Regulatory Approval and Clinical Trial Success: The primary risk to Alpex Acquisition (Alopexx) is the inherent uncertainty and significant hurdles associated with securing regulatory approval for its lead product candidates, vaccine AV0328 and monoclonal antibody F598. The company is a clinical-stage biotechnology firm, and its future viability hinges on the successful completion of further clinical trials demonstrating both safety and efficacy, and ultimately obtaining approval from the FDA and other health authorities. The company explicitly states that there is no guarantee the FDA will ultimately approve the vaccine. While an accelerated approval pathway for AV0328 based on a surrogate endpoint is being pursued, this does not guarantee full clinical benefit or final market approval. Any setbacks, delays, or failures in these trials or in the regulatory process would severely impact the company's ability to commercialize its products and generate revenue.

2. Reliance on the PNAG Therapeutic Platform: Alpex Acquisition's entire therapeutic strategy and pipeline are predicated on targeting the poly N-acetyl glucosamine (PNAG) antigenic target. The company aims to develop the first broad-spectrum, anti-infective immune therapeutics based on this mechanism. Consequently, the company's long-term success and broad-spectrum potential are entirely dependent on the sustained efficacy, safety, and broad applicability of targeting PNAG across a diverse range of pathogens and patient populations. Any unforeseen limitations, complexities, or challenges that arise concerning the PNAG target, its role in various infections, or the immune responses generated by AV0328 and F598, could fundamentally undermine the company's foundational technology and its entire product development strategy.

Alpex Acquisition (ALPX) develops immune therapeutics for infections. The addressable markets for its main products are detailed below:

Vaccine AV0328 (for Streptococcus pneumoniae)

• The global pneumococcal vaccine market was valued at approximately USD 8.8 billion in 2025 and is projected to reach USD 14.76 billion by 2034.
• The U.S. pneumococcal vaccine market was valued at USD 3.7 billion in 2024.

Monoclonal Antibody F598 (for broad-spectrum infections in Intensive Care Units)

• The global market for hospital-acquired infections therapeutics was valued at USD 12.6 billion in 2023 and is expected to reach USD 16.4 billion by 2032. The U.S. market accounted for USD 4.3 billion in 2023.
• The global Gram-Negative Infections market was estimated at USD 12.4 billion in 2025 and is projected to reach USD 24.8 billion by 2035. North America accounted for over one-third of global demand in 2025.
• The global Gram-Positive Bacterial Infection market was estimated at USD 13.02 billion in 2024 and is projected to grow to USD 20.36 billion by 2035. North America is the largest market, holding approximately 45% of the global market share.
• The global Fungal Infections market was valued at USD 16.86 billion in 2025 and is projected to reach USD 23.07 billion by 2033. North America held the largest revenue share of 38.46% in 2025. The total Invasive Fungal Infections market size in the United States was approximately USD 352 million in 2024.

Expected drivers of future revenue growth for Alpex Acquisition (ALPX) over the next 2-3 years include:

1. Regulatory Approval and Commercialization of Vaccine AV0328: The company is pursuing accelerated FDA approval for its broad-spectrum vaccine candidate, AV0328, which targets numerous PNAG-expressing pathogens. Successful approval and subsequent launch of AV0328 as a complement to existing vaccines for conditions like *Streptococcus pneumoniae* could open a significant new revenue stream.
2. Regulatory Approval and Commercialization of Monoclonal Antibody F598: Alpex Acquisition anticipates F598, a fully human monoclonal antibody, will provide immediate, 2-3 month protection against bacterial and fungal infections in high-risk settings such as intensive care units (ICU). Demonstrating efficacy in reducing morbidity/mortality in ICU patients and achieving regulatory approval would allow F598 to become a standard of care, generating substantial revenue from its use in hospitals.
3. Expansion of Therapeutic Applications and Market Reach: Both AV0328 and F598 target poly N-acetyl glucosamine (PNAG), which is expressed by over 75 pathogens, including antimicrobial-resistant (AMR) microbes. Beyond the initial target indications, the broad-spectrum potential of these therapeutics allows for future expansion into a wide range of bacterial, fungal, and parasitic infections, as well as potential applicability in neurological conditions and cognitive decline due to inflammation, thereby broadening market opportunities and increasing revenue.

Share Issuance

• Alpex Acquisition Corp. completed its Initial Public Offering in November 2021, raising $150 million by offering 15 million units at $10 each.

Inbound Investments

• A $5 million PIPE (Private Investment in Public Equity) investment was secured in connection with the definitive merger agreement with Alopexx Inc. in June 2024.

Outbound Investments

• Alpex Acquisition Corp. entered into a definitive merger agreement with Alopexx Inc. in June 2024, valuing Alopexx at a pre-money equity value of $200 million.