2022 Q1 Form 10-K Financial Statement

#000162828022004671 Filed on March 02, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 2020 Q4
Revenue $1.173M $5.398M $1.496M
YoY Change 147.99% -19.42% 157.96%
Cost Of Revenue $720.0K $1.491M $79.42K
YoY Change 835.06% 397.0% 58.84%
Gross Profit $453.0K $3.907M $1.417M
YoY Change 14.39% -38.94% 162.36%
Gross Profit Margin 38.62% 72.38% 94.69%
Selling, General & Admin $11.68M $24.66M $4.618M
YoY Change 118.56% 24.79% 52.92%
% of Gross Profit 2579.25% 631.12% 325.96%
Research & Development $9.584M $59.84M $12.64M
YoY Change 283.36% 85.86% 334.36%
% of Gross Profit 2115.67% 1531.48% 892.17%
Depreciation & Amortization $67.00K $1.657M $538.3K
YoY Change -85.14% -10.09% -11.75%
% of Gross Profit 14.79% 42.41% 37.99%
Operating Expenses $21.27M $84.49M $17.76M
YoY Change 171.07% 62.64% 184.09%
Operating Profit -$20.85M -$82.13M -$16.34M
YoY Change -31.81% 12.75% 186.15%
Interest Expense -$1.169M -$2.391M $48.87K
YoY Change -6976.47% -4979.59% -62.41%
% of Operating Profit
Other Income/Expense, Net -$1.189M -$2.411M -$37.04K
YoY Change -7094.12% -142.55% -47.09%
Pretax Income -$22.04M -$84.55M -$16.33M
YoY Change -27.88% 25.86% 188.47%
Income Tax $9.000K -$196.0K -$185.4K
% Of Pretax Income
Net Earnings -$22.10M -$84.40M -$15.64M
YoY Change -27.97% 32.91% -1065.6%
Net Earnings / Revenue -1884.06% -1563.54% -1045.5%
Basic Earnings Per Share -$2.35
Diluted Earnings Per Share -$2.346M -$10.14M -$208.6K
COMMON SHARES
Basic Shares Outstanding 112.8M shares 74.91M shares
Diluted Shares Outstanding 9.400M shares

Balance Sheet

Concept 2022 Q1 2021 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $38.47M $54.59M $18.92M
YoY Change 0.46% 188.51% 68.32%
Cash & Equivalents $38.50M $54.59M $18.92M
Short-Term Investments $0.00
Other Short-Term Assets $2.782M $2.423M $2.697M
YoY Change 6.26% -10.17% 119.3%
Inventory $25.00K $38.00K $3.000K
Prepaid Expenses
Receivables $938.0K $1.060M $2.177M
Other Receivables $1.445M $3.739M $2.208M
Total Short-Term Assets $43.66M $61.85M $26.01M
YoY Change -5.29% 137.82% 46.72%
LONG-TERM ASSETS
Property, Plant & Equipment $2.604M $2.695M $1.607M
YoY Change 70.2% 67.7% 11.01%
Goodwill $14.41M $14.41M
YoY Change 0.0% 0.0%
Intangibles $0.00 $1.585M
YoY Change -100.0% -34.67%
Long-Term Investments
YoY Change
Other Assets $1.227M $1.227M $148.6K
YoY Change 723.49% 725.48% 48.64%
Total Long-Term Assets $18.24M $18.37M $17.75M
YoY Change 5.75% 3.49% -3.45%
TOTAL ASSETS
Total Short-Term Assets $43.66M $61.85M $26.01M
Total Long-Term Assets $18.24M $18.37M $17.75M
Total Assets $61.90M $80.21M $43.76M
YoY Change -2.28% 83.32% 21.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.757M $3.369M $2.574M
YoY Change -68.46% 30.91% 23.9%
Accrued Expenses $13.70M $16.14M $11.31M
YoY Change -3.81% 42.74% 103.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.89M $19.89M $15.23M
YoY Change -32.12% 30.63% 25.2%
LONG-TERM LIABILITIES
Long-Term Debt $33.18M $32.83M $0.00
YoY Change
Other Long-Term Liabilities $2.358M $4.298M $1.878M
YoY Change 37.17% 10.82% 68.89%
Total Long-Term Liabilities $2.358M $37.13M $1.878M
YoY Change 37.17% 857.38% 68.89%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.89M $19.89M $15.23M
Total Long-Term Liabilities $2.358M $37.13M $1.878M
Total Liabilities $55.56M $57.13M $19.19M
YoY Change 84.02% 197.66% 26.99%
SHAREHOLDERS EQUITY
Retained Earnings -$284.2M -$177.8M
YoY Change 36.31% 55.56%
Common Stock $113.0K $75.00K
YoY Change 26.97% 68.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $6.342M $23.08M $24.56M
YoY Change
Total Liabilities & Shareholders Equity $61.90M $80.21M $43.76M
YoY Change -2.28% 83.32% 21.17%

Cashflow Statement

Concept 2022 Q1 2021 2020 Q4
OPERATING ACTIVITIES
Net Income -$22.10M -$84.40M -$15.64M
YoY Change -27.97% 32.91% -1065.6%
Depreciation, Depletion And Amortization $67.00K $1.657M $538.3K
YoY Change -85.14% -10.09% -11.75%
Cash From Operating Activities -$16.10M -$70.90M -$14.38M
YoY Change -12.1% 74.89% 755.7%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $113.0K $0.00
YoY Change -100.0% 79.37%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$391.2K
YoY Change -100.0% 117.32%
Cash From Investing Activities $0.00 -$113.0K -$391.2K
YoY Change -100.0% -101.02% 117.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $29.05M
YoY Change -18.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 $106.8M 201.0K
YoY Change -100.0% 138.39% 43.59%
NET CHANGE
Cash From Operating Activities -$16.10M -$70.90M -14.38M
Cash From Investing Activities $0.00 -$113.0K -391.2K
Cash From Financing Activities $0.00 $106.8M 201.0K
Net Change In Cash -$16.07M $35.76M -14.57M
YoY Change -182.45% 132.54% 746.85%
FREE CASH FLOW
Cash From Operating Activities -$16.10M -$70.90M -$14.38M
Capital Expenditures $0.00 $113.0K $0.00
Free Cash Flow -$16.10M -$71.01M -$14.38M
YoY Change -12.2% 74.9% 755.7%

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CY2021 us-gaap Nature Of Operations
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Business<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Avalo Therapeutics, Inc. (the “Company” or “Avalo”) is a leading clinical-stage precision medicine company that discovers, develops, and commercializes targeted therapeutics for patients with significant unmet clinical need in immunology and rare genetic diseases. The Company has built a diverse portfolio of innovative therapies to deliver meaningful medical impact for patients in urgent need. Avalo’s clinical candidates commonly have a proven mechanistic rationale, biomarkers and/or an established proof-of-concept to expedite and increase the probability of success.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%">In August 2021, the Company changed its corporate name change from Cerecor Inc. to Avalo Therapeutics, Inc. and merged certain wholly-owned subsidiaries into the Company to consolidate its corporate structure. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Avalo was incorporated and commenced operation in 2011 and completed its initial public offering in October 2015.</span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Liquidity </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of December 31, 2021, Avalo had $54.6 million in cash and cash equivalents. In 2021, the Company closed three equity offerings for net proceeds of approximately $72.0 million (see Note 12 to the consolidated financial statements for more information). In June 2021, the Company entered into a $35 million venture debt financing agreement (the “Loan Agreement”) with Horizon Technology Finance Corporation (“Horizon”) and Powerscourt Investments XXV, LP (“Powerscourt”, together with Horizon, the “Lenders”). As of December 31, 2021, the Company had received the full $35 million. The Loan Agreement contains certain covenants and certain other specified events that could result in an event of default, which if not cured or waived, could result in the immediate acceleration of all or a substantial portion of the notes. As of the filing date of this Annual Report on Form 10-K, the Company was not aware of any breach of covenants, occurrence of material adverse change, nor had it received any notice of event of default from the Lenders (see Note 11 to the consolidated financial statements for more information). </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">In order to meet its cash flow needs, the Company applies a disciplined decision-making methodology as it evaluates the optimal allocation of the Company’ resources between investing in the Company’s existing pipeline assets and acquisitions or in-licensing of new assets. For the year ended December 31, 2021, Avalo generated a net loss of $84.4 million and negative cash flows from operations of $70.9 million. As of December 31, 2021, Avalo had an accumulated deficit of $262.2 million. </span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern; however, losses are expected to continue as the Company continues to invest in its research and development pipeline assets. The Company will require additional financing to fund its operations and to continue to execute its business strategy at least one year after the date the financial statements included herein were issued. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.</span></div><div style="text-align:justify;text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">To mitigate these conditions and to meet the Company’s capital requirements, management plans to use its current cash on hand along with some combination of the following: (i) dilutive and/or non-dilutive financings, (ii) federal and/or private grants, (iii) other out-licensing or strategic alliances/collaborations of its current pipeline assets, and (iv) out-licensing or sale of its non-core assets. If the Company raises additional funds through collaborations, strategic alliances or licensing arrangements with third parties, the Company might have to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates. Subject to limited exceptions, our venture debt financing agreement prohibits us from incurring certain additional indebtedness, making certain asset dispositions, and entering into certain mergers, acquisitions or other business combination transactions without prior consent of the Lenders. If the Company requires but is unable to obtain additional funding, the Company may be forced to make reductions in spending, delay, suspend, reduce or eliminate some or all of its planned research and development programs, or liquidate assets where possible. Due to the uncertainty regarding future financing and other potential options to raise additional funds, management has concluded that substantial doubt exists with respect to the Company’s ability to continue as a going concern within one year after the date that the financial statements in this Annual Report on Form 10-K were issued.</span></div><div style="text-indent:36pt"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Over the long term, the Company’s ultimate ability to achieve and maintain profitability will depend on, among other things, the development, regulatory approval, and commercialization of its pipeline assets, and the potential receipt and sale of any priority review vouchers it receives.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">    </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses, and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to but not limited to, revenue recognition, cost of product sales, stock-based compensation, fair value measurements, cash flows used in management's going concern assessment, income taxes, goodwill, and clinical trial accruals. The Company bases its estimates on historical experience and other market‑specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.</span></div>
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<div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risk</span></div><div style="text-align:justify;text-indent:63pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Financial instruments that potentially subject the Company to concentrations of credit risk are primarily cash and cash equivalents. The Company maintains a portion of its cash and cash equivalent balances in the form of a money market account with a financial institution that management believes to be creditworthy. The Company has no financial instruments with off‑balance sheet risk of loss.</span></div>
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4521000 USD
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1275000 USD
CY2020Q4 avtx Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
771000 USD
CY2021Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
111000 USD
CY2020Q4 us-gaap Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
31000 USD
CY2021Q4 avtx Accrued Sales Returns And Allowances
AccruedSalesReturnsAndAllowances
1733000 USD
CY2020Q4 avtx Accrued Sales Returns And Allowances
AccruedSalesReturnsAndAllowances
1913000 USD
CY2021Q4 avtx Accrued Medicaid Rebates
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375000 USD
CY2020Q4 avtx Accrued Medicaid Rebates
AccruedMedicaidRebates
0 USD
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
485000 USD
CY2020Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
426000 USD
CY2021Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
9000 USD
CY2020Q4 us-gaap Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
110000 USD
CY2021Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
16519000 USD
CY2020Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11310000 USD
CY2021Q4 avtx Number Of Class Of Stock Authorized
NumberOfClassOfStockAuthorized
2 class_of_stock
CY2021Q4 avtx Capital Stock Shares Authorized
CapitalStockSharesAuthorized
205000000 shares
CY2021Q4 us-gaap Common Stock Shares Authorized
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200000000 shares
CY2021Q4 us-gaap Preferred Stock Shares Authorized
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5000000 shares
CY2021Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2021Q4 us-gaap Common Stock Par Or Stated Value Per Share
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0.001
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0.001
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4400000 USD
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ShareBasedCompensationArrangementByShareBasedPaymentAwardShareReserveIncreaseAsPercent
0.04
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AllocatedShareBasedCompensationExpense
8172000 USD
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AllocatedShareBasedCompensationExpense
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1000 USD
CY2020 us-gaap Current Federal State And Local Tax Expense Benefit
CurrentFederalStateAndLocalTaxExpenseBenefit
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 USD
CY2020Q4 us-gaap Income Tax Examination Penalties And Interest Accrued
IncomeTaxExaminationPenaltiesAndInterestAccrued
0 USD
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CurrentFederalTaxExpenseBenefit
-219000 USD
CY2020 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
-2158000 USD
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-218000 USD
CY2020 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2597000 USD
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
24000 USD
CY2020 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-147000 USD
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-2000 USD
CY2020 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
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CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
22000 USD
CY2020 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-196000 USD
CY2020 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-2793000 USD
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
31816000 USD
CY2020Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
14935000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
4871000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Credit Carryforwards
DeferredTaxAssetsTaxCreditCarryforwards
2748000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
3080000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
2849000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
965000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Employee Compensation
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsEmployeeCompensation
893000 USD
CY2021Q4 avtx Deferred Tax Assets Installment Sale
DeferredTaxAssetsInstallmentSale
445000 USD
CY2020Q4 avtx Deferred Tax Assets Installment Sale
DeferredTaxAssetsInstallmentSale
462000 USD
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
381000 USD
CY2020Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other
DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther
543000 USD
CY2021Q4 avtx Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
590000 USD
CY2020Q4 avtx Deferred Tax Assets Lease Liability
DeferredTaxAssetsLeaseLiability
358000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
353000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Prepaid Expenses
DeferredTaxLiabilitiesPrepaidExpenses
247000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
472000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities Leasing Arrangements
DeferredTaxLiabilitiesLeasingArrangements
224000 USD
CY2021Q4 avtx Deferred Tax Assets Tax Difference In Tangible And Intangible Assets
DeferredTaxAssetsTaxDifferenceInTangibleAndIntangibleAssets
2020000 USD
CY2020Q4 avtx Deferred Tax Assets Tax Difference In Tangible And Intangible Assets
DeferredTaxAssetsTaxDifferenceInTangibleAndIntangibleAssets
1935000 USD
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
43343000 USD
CY2020Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
24252000 USD
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
43456000 USD
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
24343000 USD
CY2021Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
113000 USD
CY2020Q4 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
91000 USD
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2020 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.2100
CY2021 avtx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0148
CY2020 avtx Effective Income Tax Rate Reconciliation Permanent Differences
EffectiveIncomeTaxRateReconciliationPermanentDifferences
-0.0047
CY2021 avtx Effective Income Tax Rate Reconciliation Built In Loss Percent
EffectiveIncomeTaxRateReconciliationBuiltInLossPercent
0
CY2019Q3 avtx Royalty Agreement Period After Public Launch To Terminate Agreement
RoyaltyAgreementPeriodAfterPublicLaunchToTerminateAgreement
P3Y
CY2020 avtx Effective Income Tax Rate Reconciliation Built In Loss Percent
EffectiveIncomeTaxRateReconciliationBuiltInLossPercent
0.0060
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0252
CY2020 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.0253
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0
CY2020 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
-0.0809
CY2021 avtx Effective Income Tax Rate Reconciliation Nol Carryback To Cares Act Percent
EffectiveIncomeTaxRateReconciliationNOLCarrybackToCARESActPercent
0.0026
CY2020 avtx Effective Income Tax Rate Reconciliation Nol Carryback To Cares Act Percent
EffectiveIncomeTaxRateReconciliationNOLCarrybackToCARESActPercent
0.0326
CY2021 avtx Effective Income Tax Rate Reconciliation Net Operating Loss Adjustment Per Section382 Percent
EffectiveIncomeTaxRateReconciliationNetOperatingLossAdjustmentPerSection382Percent
-0.0015
CY2020 avtx Effective Income Tax Rate Reconciliation Net Operating Loss Adjustment Per Section382 Percent
EffectiveIncomeTaxRateReconciliationNetOperatingLossAdjustmentPerSection382Percent
-0.0016
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
-0.2193
CY2020 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense Research And Development
EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment
-0.1446
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0022
CY2020 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.0421
CY2021Q1 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
-2600000 USD
CY2021Q4 us-gaap Income Tax Examination Liability Refund Adjustment From Settlement With Taxing Authority
IncomeTaxExaminationLiabilityRefundAdjustmentFromSettlementWithTaxingAuthority
200000 USD
CY2019Q3 avtx Royalty Agreement Payment Received
RoyaltyAgreementPaymentReceived
2000000 USD
CY2019Q3 avtx Royalty Agreement Buyout Option Percentage Of Net Present Value Of Royalty Payments
RoyaltyAgreementBuyoutOptionPercentageOfNetPresentValueOfRoyaltyPayments
0.75

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