Avalo Therapeutics, Inc.

Listed Company

AVTXCIK 0001534120NasdaqNon-AcceleratedSmaller ReportingPharmaceutical PreparationsDelawareFY ends Dec 31

Period

FY 2025

Revenue

$59.0K

Net Income

$-78.30M

Total Assets

$116.46M

Equity

$83.05M

Shares Out

22.79M

Op. Cash Flow

$-51.50M

Business

Avalo Therapeutics, Inc. is a clinical‑stage biotechnology company focused on treating immune dysregulation, principally developing anti‑inflammatory biologics. Its main product candidate is AVTX‑009, a humanized anti‑IL‑1β monoclonal antibody being evaluated in Phase 2 for hidradenitis suppurativa and planned for other chronic inflammatory indications, alongside several legacy and preclinical assets. The company’s activities are organized around clinical development, licensing/acquisition of assets, intellectual property management and potential out‑licensing. Clinical trials and potential commercialization efforts span the United States, Canada, multiple European countries, Australia and other international markets, with manufacturing and commercialization conducted via contract manufacturers and third‑party or partner arrangements.

Summary from filing dated 2025-03-20

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues, net	59,000	441,000	2	18	5
Cost of product sales	0	−366,000	1	—	—
Research and development	50	24	14	31	60
Acquired in-process research and development	0	28	0	—	—
General and administrative	23	17	10	21	25
Total operating expenses	73	69	29	55	88
Loss from operations	−73	−69	−27	−37	−82
Change in fair value of derivative liability	−10	−3	−720,000	—	—
Interest income, net	4	3	−3	−4	−2
Excess of initial warrant fair value over private placement proceeds	0	−79	0	—	—
Change in fair value of warrant liability	0	122	0	—	—
Private placement transaction costs	0	−9	0	—	—
Total other (expense) income, net	−5	33	−4	−4	−2
Loss before income taxes	−78	−35	−32	−42	—
Income tax expense	165,000	114,000	14,000	28,000	−196,000
Net loss	−78	−35	−32	−42	−84
Net loss per share of common stock - basic (in dollars per share)	−5.84	−7.94	−113.58	−1,063	—
Net loss per share of common stock - diluted (in dollars per share)	−5.84	−20.91	−113.58	−1,063	—
Weighted average common shares outstanding - basic (in shares)	13	4	—	—	—
Weighted average common shares outstanding - diluted (in shares)	13	7	—	—	—
Unrealized income on investments, net	68,000	0	—	—	—
Comprehensive loss	−78	−35	—	—	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	16	135	7	13	55
Short-term investments	82	0	—	—	—
Prepaid expenses and other current assets	7	4	843,000	1	2
Restricted cash, current portion	37,000	19,000	1,000	15,000	51,000
Total current assets	105	139	8	16	62
Property and equipment, net	460,000	1	2	2	3
Goodwill	11	11	11	14	14
Restricted cash, net of current portion	210,000	131,000	131,000	131,000	227,000
Total assets	116	151	21	33	80
Accounts payable	137,000	283,000	446,000	3	3
Accrued expenses and other current liabilities	13	6	4	13	17
Derivative liability, current	0	360,000	0	—	—
Total current liabilities	13	7	5	22	20
Royalty obligation	2	2	2	2	2
Deferred tax liability, net	434,000	270,000	155,000	141,000	113,000
Derivative liability, non-current	18	8	6	5	0
Other long-term liabilities	35,000	350,000	1	2	2
Total liabilities	33	18	14	44	57
Temporary equity, values issued	0	0	0	0	—
Common stock$0.001 par value; 200,000,000 shares authorized at December 31, 2025 and December 31, 2024; 18,512,757 and 10,471,934 shares issued and outstanding at December 31, 2025 and December 31, 2024, respectively	18,000	10,000	1,000	0	9,000
Additional paid-in capital	531	503	342	293	285
Accumulated other comprehensive income	68,000	0	—	—	—
Accumulated deficit	−449	−370	−335	−304	−262
Total stockholders equity	83	133	7	−11	23
Total liabilities, mezzanine equity and stockholders equity	116	151	21	33	80

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	344,000	169,000	158,000	166,000	2
Stock-based compensation	14	6	3	8	8
Accretion of available-for-sale investments, net	−690,000	0	—	—	—
Transaction costs paid pursuant to private placement	0	7	0	—	—
Transaction costs paid upon exercise of warrants issued in private placement	0	2	0	—	—
Contingent consideration paid pursuant to AlmataBio Transaction	0	−13	0	—	—
Lease early termination fee	0	−309,000	0	—	—
Deferred taxes	165,000	114,000	14,000	28,000	—
Other receivables	0	−475,000	2	2	−2
Prepaid expenses and other assets	−3	−3	447,000	1	287,000
Accounts payable	−146,000	−163,000	−2	−487,000	796,000
Accrued expenses and other liabilities, excluding lease liability	7	−1	−9	−4	3
Lease liability, net	−87,000	−88,000	−76,000	−9,000	−45,000
Net cash used in operating activities	−52	−49	−31	−27	−71
Purchase of investments	−114	0	—	—	—
Maturities of investments	32	0	—	—	—
Cash assumed from AlmataBio Transaction	0	356,000	0	—	—
Net cash (used in) provided by investing activities	−82	356,000	−133,000	−95,000	−113,000
Proceeds from sale of common stock pursuant to ATM Program	15	0	32	0	29
Transaction costs paid pursuant to ATM Program	−462,000	0	—	—	—
Proceeds from exercise of stock options	774,000	0	—	—	—
Proceeds from issuance of common stock under employee stock purchase plan, net of cash paid related to withholding shares to satisfy tax withholding obligations	23,000	68,000	67,000	73,000	366,000
Cash paid related to withholding shares to satisfy RSU tax withholding obligations	−510,000	0	—	—	0
Proceeds from private placement investment, gross	0	116	0	—	0
Transaction costs paid pursuant to private placement	0	−7	—	—	—
Proceeds from exercise of warrants issued in private placement, gross	0	69	0	—	—
Transaction costs paid upon exercise of warrants issued in private placement	0	−2	—	—	—
Net cash provided by financing activities	15	176	25	−15	107
(Decrease) increase in cash, cash equivalents, and restricted cash	−119	127	−6	−42	36
Issuance of common stock and Series C Preferred Stock pursuant to AlmataBio Transaction	0	12	0	—	—
Remeasurement of lease	0	−312,000	0	—	—

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro