2022 Q2 Form 10-Q Financial Statement
#000162828022012436 Filed on May 05, 2022
Income Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
---|---|---|---|
Revenue | $1.033M | $1.173M | $473.0K |
YoY Change | -69.21% | 147.99% | -82.82% |
Cost Of Revenue | $1.567M | $720.0K | $77.00K |
YoY Change | 1787.95% | 835.06% | 16.67% |
Gross Profit | -$534.0K | $453.0K | $396.0K |
YoY Change | -116.32% | 14.39% | -85.27% |
Gross Profit Margin | -51.69% | 38.62% | 83.72% |
Selling, General & Admin | $2.784M | $11.68M | $5.346M |
YoY Change | -62.4% | 118.56% | 59.44% |
% of Gross Profit | 2579.25% | 1350.0% | |
Research & Development | $8.510M | $9.584M | $2.500M |
YoY Change | -32.29% | 283.36% | -47.57% |
% of Gross Profit | 2115.67% | 631.31% | |
Depreciation & Amortization | $30.00K | $67.00K | $451.0K |
YoY Change | -93.42% | -85.14% | -0.44% |
% of Gross Profit | 14.79% | 113.89% | |
Operating Expenses | $11.29M | $21.27M | $7.846M |
YoY Change | -43.45% | 171.07% | -3.39% |
Operating Profit | -$11.83M | -$20.85M | -$30.58M |
YoY Change | -30.95% | -31.81% | -2.65% |
Interest Expense | -$1.154M | -$1.169M | $17.00K |
YoY Change | 382.85% | -6976.47% | 70.0% |
% of Operating Profit | |||
Other Income/Expense, Net | -$1.154M | -$1.189M | $17.00K |
YoY Change | 372.95% | -7094.12% | -99.76% |
Pretax Income | -$12.98M | -$22.04M | -$30.56M |
YoY Change | -25.27% | -27.88% | 25.71% |
Income Tax | $5.000K | $9.000K | $11.00K |
% Of Pretax Income | |||
Net Earnings | -$12.99M | -$22.10M | -$30.68M |
YoY Change | -24.07% | -27.97% | 45.29% |
Net Earnings / Revenue | -1257.21% | -1884.06% | -6486.26% |
Basic Earnings Per Share | -$1.38 | -$2.35 | |
Diluted Earnings Per Share | -$1.381M | -$2.346M | -$4.157M |
COMMON SHARES | |||
Basic Shares Outstanding | 112.8M shares | 112.8M shares | 89.10M shares |
Diluted Shares Outstanding | 9.401M shares | 9.400M shares |
Balance Sheet
Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $11.25M | $38.47M | $38.29M |
YoY Change | -72.18% | 0.46% | 87.98% |
Cash & Equivalents | $11.20M | $38.50M | $38.29M |
Short-Term Investments | |||
Other Short-Term Assets | $1.899M | $2.782M | $2.618M |
YoY Change | 6.03% | 6.26% | 211.67% |
Inventory | $23.00K | $25.00K | $0.00 |
Prepaid Expenses | |||
Receivables | $544.0K | $938.0K | $3.130M |
Other Receivables | $1.306M | $1.445M | $2.056M |
Total Short-Term Assets | $15.02M | $43.66M | $46.10M |
YoY Change | -68.29% | -5.29% | 80.87% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $2.567M | $2.604M | $1.530M |
YoY Change | 79.39% | 70.2% | 7.99% |
Goodwill | $14.41M | $14.41M | $14.41M |
YoY Change | 0.0% | 0.0% | 0.0% |
Intangibles | $0.00 | $0.00 | $1.161M |
YoY Change | -100.0% | -100.0% | -56.93% |
Long-Term Investments | |||
YoY Change | |||
Other Assets | $227.0K | $1.227M | $149.0K |
YoY Change | 52.35% | 723.49% | 35.45% |
Total Long-Term Assets | $17.20M | $18.24M | $17.25M |
YoY Change | 2.88% | 5.75% | -7.43% |
TOTAL ASSETS | |||
Total Short-Term Assets | $15.02M | $43.66M | $46.10M |
Total Long-Term Assets | $17.20M | $18.24M | $17.25M |
Total Assets | $32.22M | $61.90M | $63.35M |
YoY Change | -49.72% | -2.28% | 43.58% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.164M | $3.757M | $11.91M |
YoY Change | -45.42% | -68.46% | 337.01% |
Accrued Expenses | $12.95M | $13.70M | $14.24M |
YoY Change | -26.47% | -3.81% | 130.02% |
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 | $15.40M | $17.89M | $26.36M |
YoY Change | -28.97% | -32.12% | 71.95% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $18.71M | $33.18M | $0.00 |
YoY Change | 9.16% | ||
Other Long-Term Liabilities | $1.939M | $2.358M | $1.719M |
YoY Change | 24.45% | 37.17% | 57.09% |
Total Long-Term Liabilities | $1.939M | $2.358M | $1.719M |
YoY Change | 24.45% | 37.17% | 57.09% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $15.40M | $17.89M | $26.36M |
Total Long-Term Liabilities | $1.939M | $2.358M | $1.719M |
Total Liabilities | $38.18M | $55.56M | $30.19M |
YoY Change | -10.17% | 84.02% | 62.92% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$297.2M | -$284.2M | -$208.5M |
YoY Change | 31.74% | 36.31% | 53.98% |
Common Stock | $9.000K | $113.0K | $89.00K |
YoY Change | -90.63% | 26.97% | 49.43% |
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | -$5.951M | $6.342M | $33.16M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $32.22M | $61.90M | $63.35M |
YoY Change | -49.72% | -2.28% | 43.58% |
Cashflow Statement
Concept | 2022 Q2 | 2022 Q1 | 2021 Q1 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$12.99M | -$22.10M | -$30.68M |
YoY Change | -24.07% | -27.97% | 45.29% |
Depreciation, Depletion And Amortization | $30.00K | $67.00K | $451.0K |
YoY Change | -93.42% | -85.14% | -0.44% |
Cash From Operating Activities | -$12.47M | -$16.10M | -$18.32M |
YoY Change | -35.01% | -12.1% | 219.15% |
INVESTING ACTIVITIES | |||
Capital Expenditures | -$56.00K | $0.00 | $21.00K |
YoY Change | -100.0% | ||
Acquisitions | |||
YoY Change | |||
Other Investing Activities | |||
YoY Change | |||
Cash From Investing Activities | -$56.00K | $0.00 | -$21.00K |
YoY Change | -100.0% | -98.32% | |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | |||
YoY Change | |||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | -14.78M | $0.00 | $37.83M |
YoY Change | -169.66% | -100.0% | 315.75% |
NET CHANGE | |||
Cash From Operating Activities | -12.47M | -$16.10M | -$18.32M |
Cash From Investing Activities | -56.00K | $0.00 | -$21.00K |
Cash From Financing Activities | -14.78M | $0.00 | $37.83M |
Net Change In Cash | -27.31M | -$16.07M | $19.49M |
YoY Change | -1444.51% | -182.45% | 824.48% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$12.47M | -$16.10M | -$18.32M |
Capital Expenditures | -$56.00K | $0.00 | $21.00K |
Free Cash Flow | -$12.41M | -$16.10M | -$18.34M |
YoY Change | -35.3% | -12.2% | 219.52% |
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1448000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-30680000 | USD |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
|
-30563000 | USD |
CY2022Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
9000 | USD |
CY2021Q1 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
11000 | USD |
CY2022Q1 | us-gaap |
Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
-22051000 | USD |
CY2021Q1 | us-gaap |
Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
|
-30574000 | USD |
CY2022Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
|
0 | USD |
CY2021Q1 | us-gaap |
Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
|
-106000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22051000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-30680000 | USD |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
23082000 | USD |
CY2022Q1 | us-gaap |
Adjustments To Additional Paid In Capital Share Based Compensation Stock Options Requisite Service Period Recognition
AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition
|
5312000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22051000 | USD |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
6343000 | USD |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
24562000 | USD |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Other
StockIssuedDuringPeriodValueOther
|
37653000 | USD |
CY2021Q1 | avtx |
Stock Issued During Period Value Stock Options And Warrants Exercised
StockIssuedDuringPeriodValueStockOptionsAndWarrantsExercised
|
172000 | USD |
CY2022Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
67000 | USD |
CY2021Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1448000 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
33155000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22051000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-30680000 | USD |
CY2021Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
451000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
5312000 | USD |
CY2022Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
350000 | USD |
CY2021Q1 | us-gaap |
Amortization Of Debt Discount Premium
AmortizationOfDebtDiscountPremium
|
0 | USD |
CY2022Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
9000 | USD |
CY2021Q1 | us-gaap |
Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
|
21000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-123000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
953000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-2294000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Other Receivables
IncreaseDecreaseInOtherReceivables
|
-152000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-13000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
388000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
9339000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
-2287000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Inventories
IncreaseDecreaseInInventories
|
-3000 | USD |
CY2022Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
310000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
|
-195000 | USD |
CY2021Q1 | us-gaap |
Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
|
1724000 | USD |
CY2022Q1 | avtx |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
25000 | USD |
CY2021Q1 | avtx |
Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
|
-16000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16067000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18316000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
0 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
21000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
0 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-21000 | USD |
CY2022Q1 | avtx |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
0 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
37825000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-16067000 | USD |
CY2021Q1 | avtx |
Proceeds From Issuance Of Common Stock And Warrants
ProceedsFromIssuanceOfCommonStockAndWarrants
|
37653000 | USD |
CY2022Q1 | avtx |
Proceeds From Option Or Warrant Exercises
ProceedsFromOptionOrWarrantExercises
|
0 | USD |
CY2021Q1 | avtx |
Proceeds From Option Or Warrant Exercises
ProceedsFromOptionOrWarrantExercises
|
172000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
0 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
19488000 | USD |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
54863000 | USD |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
19106000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38796000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38594000 | USD |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
831000 | USD |
CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
0 | USD |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
38469000 | USD |
CY2021Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
38292000 | USD |
CY2022Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
100000 | USD |
CY2021Q1 | us-gaap |
Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
|
153000 | USD |
CY2022Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
227000 | USD |
CY2021Q1 | us-gaap |
Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
|
149000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38796000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
38594000 | USD |
CY2022Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
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:107%">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:107%">Avalo was incorporated in Delaware 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"><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 order to meet its cash flow needs, the Company applies a disciplined decision-making methodology as it evaluates the optimal allocation of the Company’s resources between investing in the Company’s existing pipeline assets and acquisitions or in-licensing of new assets. As of March 31, 2022, Avalo had $38.5 million in cash and cash equivalents. For the three months ended March 31, 2022, Avalo generated a net loss of $22.1 million and negative cash flows from operations of $16.1 million. As of March 31, 2022, Avalo had an accumulated deficit of $284.2 million.</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%">The accompanying condensed 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 condensed consolidated 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"><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. Additionally, our venture debt financing 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 defined in Note 9). As of the filing date of this Quarterly Report on Form 10-Q, the Company was not aware of any breach of covenants or occurrence of material adverse change, nor had it received any notice of event of default from the Lenders (refer to Note 9 for more information).</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%">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 Quarterly Report on Form 10-Q were issued. </span></div>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. | |
CY2022Q1 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
38500000 | USD |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-22100000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-16100000 | USD |
CY2022Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-284200000 | USD |
CY2022Q1 | avtx |
Class Of Stock Number Of Classes Of Stock Outstanding
ClassOfStockNumberOfClassesOfStockOutstanding
|
2 | class_of_stock |
CY2022Q1 | us-gaap |
Weighted Average Number Of Shares Contingently Issuable
WeightedAverageNumberOfSharesContingentlyIssuable
|
1676923 | shares |
CY2021Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.001 | |
CY2022Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
116000 | USD |
CY2021Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
95000 | USD |
CY2021Q1 | avtx |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Exercised
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsExercised
|
308880 | shares |
CY2022Q1 | avtx |
Lessee Operating Lease Number Of Leased Properties
LesseeOperatingLeaseNumberOfLeasedProperties
|
2 | property |
CY2022Q1 | avtx |
Lessee Operating Lease Remaining Lease Team
LesseeOperatingLeaseRemainingLeaseTeam
|
P6Y2M12D | |
CY2022Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
1940000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
2001000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
522000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
485000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
1945000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
|
2018000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2467000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2503000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.092 | |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
391000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
|
528000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
537000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
547000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
557000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
258000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
426000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
3244000 | USD |
CY2022Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
777000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
2467000 | USD |
CY2022Q1 | avtx |
Accrued Research And Development
AccruedResearchAndDevelopment
|
5280000 | USD |
CY2021Q4 | avtx |
Accrued Research And Development
AccruedResearchAndDevelopment
|
8221000 | USD |
CY2022Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
4780000 | USD |
CY2021Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
4310000 | USD |
CY2022Q1 | avtx |
Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
|
1108000 | USD |
CY2021Q4 | avtx |
Accrued General And Administrative Expenses
AccruedGeneralAndAdministrativeExpenses
|
1275000 | USD |
CY2022Q1 | us-gaap |
Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
|
92000 | USD |
CY2021Q4 | us-gaap |
Accrued Marketing Costs Current
AccruedMarketingCostsCurrent
|
111000 | USD |
CY2022Q1 | avtx |
Commercial Operations Current
CommercialOperationsCurrent
|
1910000 | USD |
CY2021Q4 | avtx |
Commercial Operations Current
CommercialOperationsCurrent
|
1733000 | USD |
CY2022Q1 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
440000 | USD |
CY2021Q4 | us-gaap |
Accrued Royalties Current
AccruedRoyaltiesCurrent
|
375000 | USD |
CY2022Q1 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
522000 | USD |
CY2021Q4 | us-gaap |
Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
|
485000 | USD |
CY2022Q1 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
4000 | USD |
CY2021Q4 | us-gaap |
Other Accrued Liabilities Current And Noncurrent
OtherAccruedLiabilitiesCurrentAndNoncurrent
|
9000 | USD |
CY2022Q1 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
14136000 | USD |
CY2021Q4 | us-gaap |
Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
|
16519000 | USD |
CY2022Q1 | avtx |
Number Of Class Of Stock Authorized
NumberOfClassOfStockAuthorized
|
2 | class_of_stock |
CY2022Q1 | avtx |
Capital Stock Shares Authorized
CapitalStockSharesAuthorized
|
205000000 | shares |
CY2021Q1 | avtx |
Class Of Warrant Or Right Percent Ownership Threshold
ClassOfWarrantOrRightPercentOwnershipThreshold
|
0.0999 | |
CY2022Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.001 | |
CY2021Q1 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
0.001 | |
CY2022Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
200000000 | shares |
CY2022Q1 | us-gaap |
Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
|
5000000 | shares |
CY2022Q1 | us-gaap |
Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
|
0.001 | |
CY2021Q1 | us-gaap |
Proceeds From Issuance Of Warrants
ProceedsFromIssuanceOfWarrants
|
4400000 | USD |
CY2021Q1 | avtx |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights Exercised
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRightsExercised
|
308880 | shares |
CY2022Q1 | avtx |
Share Based Compensation Arrangement By Share Based Payment Award Share Reserve Increase As Percent
ShareBasedCompensationArrangementByShareBasedPaymentAwardShareReserveIncreaseAsPercent
|
0.04 | |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
|
2501823 | shares |
CY2022Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
5312000 | USD |
CY2021Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1448000 | USD |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
|
0 | shares |
CY2022Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
|
0 | shares |
CY2021Q3 | avtx |
Debt Instrument Remaining Contingent Consideration Liability
DebtInstrumentRemainingContingentConsiderationLiability
|
3000000 | USD |
CY2019Q3 | avtx |
Royalty Agreement Payment Received
RoyaltyAgreementPaymentReceived
|
2000000 | USD |
CY2019Q3 | avtx |
Royalty Agreement Period After Public Launch To Terminate Agreement
RoyaltyAgreementPeriodAfterPublicLaunchToTerminateAgreement
|
P3Y | |
CY2019Q3 | avtx |
Royalty Agreement Buyout Option Percentage Of Net Present Value Of Royalty Payments
RoyaltyAgreementBuyoutOptionPercentageOfNetPresentValueOfRoyaltyPayments
|
0.75 |