2023 Q2 Form 10-Q Financial Statement

#000162828023015703 Filed on May 04, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q4
Revenue $643.0K $475.0K $896.0K
YoY Change -37.75% -59.51% 309.13%
Cost Of Revenue $708.0K $551.0K $620.0K
YoY Change -54.82% -23.47% 46.23%
Gross Profit -$65.00K -$76.00K $276.0K
YoY Change -87.83% -116.78% -234.63%
Gross Profit Margin -10.11% -16.0% 30.8%
Selling, General & Admin $2.427M $2.708M $2.959M
YoY Change -12.82% -76.82% -50.53%
% of Gross Profit 1072.1%
Research & Development $4.658M $6.008M $6.172M
YoY Change -45.26% -37.31% -46.38%
% of Gross Profit 2236.23%
Depreciation & Amortization $41.00K $33.00K $35.00K
YoY Change 36.67% -50.75% -88.14%
% of Gross Profit 12.68%
Operating Expenses $7.085M $8.716M $9.131M
YoY Change -37.27% -59.02% -48.58%
Operating Profit -$7.150M -$8.792M -$8.855M
YoY Change -39.55% -57.84% -50.7%
Interest Expense -$1.036M -$949.0K -$949.0K
YoY Change -10.23% -18.82% -19.85%
% of Operating Profit
Other Income/Expense, Net $0.00 -$1.155M $0.00
YoY Change -100.0% -2.86%
Pretax Income -$8.186M -$9.947M -$9.804M
YoY Change -36.94% -54.87% -48.8%
Income Tax $7.000K $8.000K $8.000K
% Of Pretax Income
Net Earnings -$8.193M -$9.955M -$9.812M
YoY Change -36.91% -54.95% -48.89%
Net Earnings / Revenue -1274.18% -2095.79% -1095.09%
Basic Earnings Per Share -$0.59 -$0.85
Diluted Earnings Per Share -$0.59 -$0.85 -$1.04
COMMON SHARES
Basic Shares Outstanding 13.20M shares 13.20M shares 9.414M shares
Diluted Shares Outstanding 13.97M shares 11.72M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.307M $16.69M $13.17M
YoY Change -43.93% -56.62% -75.87%
Cash & Equivalents $6.307M $16.70M $13.17M
Short-Term Investments
Other Short-Term Assets $1.150M $1.690M $1.305M
YoY Change -39.44% -39.25% -46.14%
Inventory $18.00K $19.00K $20.00K
Prepaid Expenses
Receivables $38.00K $0.00
Other Receivables $6.000K $857.0K $1.919M
Total Short-Term Assets $7.519M $19.25M $16.42M
YoY Change -49.94% -55.9% -73.46%
LONG-TERM ASSETS
Property, Plant & Equipment $2.176M $2.442M $2.411M
YoY Change -15.23% -6.22% -10.54%
Goodwill $14.41M $14.41M $14.41M
YoY Change 0.0% 0.0% 0.0%
Intangibles $0.00
YoY Change -100.0%
Long-Term Investments
YoY Change
Other Assets $131.0K $131.0K $131.0K
YoY Change -42.29% -89.32% -89.32%
Total Long-Term Assets $16.72M $16.98M $16.95M
YoY Change -2.83% -6.9% -7.72%
TOTAL ASSETS
Total Short-Term Assets $7.519M $19.25M $16.42M
Total Long-Term Assets $16.72M $16.98M $16.95M
Total Assets $24.24M $36.24M $33.37M
YoY Change -24.79% -41.46% -58.4%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $751.0K $5.565M $2.882M
YoY Change -65.3% 48.12% -14.46%
Accrued Expenses $6.981M $7.828M $12.71M
YoY Change -46.09% -42.84% -21.3%
Deferred Revenue $0.00 $111.0K $88.00K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.12M $9.296M $5.930M
YoY Change
Total Short-Term Liabilities $22.45M $23.25M $22.11M
YoY Change 45.85% 29.91% 11.19%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $10.47M $13.49M
YoY Change -100.0% -68.45% -58.93%
Other Long-Term Liabilities $8.594M $1.629M $1.711M
YoY Change 343.22% -30.92% -25.54%
Total Long-Term Liabilities $8.594M $1.629M $1.711M
YoY Change 343.22% -30.92% -25.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.45M $23.25M $22.11M
Total Long-Term Liabilities $8.594M $1.629M $1.711M
Total Liabilities $31.20M $42.50M $44.28M
YoY Change -18.26% -23.5% -22.49%
SHAREHOLDERS EQUITY
Retained Earnings -$321.7M -$313.8M -$303.8M
YoY Change 8.26% 10.42% 15.89%
Common Stock $14.00K $13.00K $9.000K
YoY Change 55.56% -88.5% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$6.969M -$6.267M -$10.92M
YoY Change
Total Liabilities & Shareholders Equity $24.24M $36.24M $33.37M
YoY Change -24.79% -41.46% -58.4%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q4
OPERATING ACTIVITIES
Net Income -$8.193M -$9.955M -$9.812M
YoY Change -36.91% -54.95% -48.89%
Depreciation, Depletion And Amortization $41.00K $33.00K $35.00K
YoY Change 36.67% -50.75% -88.14%
Cash From Operating Activities -$11.03M -$10.10M -$3.940M
YoY Change -11.58% -37.27% -76.96%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $158.0K $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $25.00K
YoY Change
Cash From Investing Activities $0.00 -$133.0K $0.00
YoY Change -100.0% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 598.0K $13.75M 82.00K
YoY Change -104.05% 7.89%
NET CHANGE
Cash From Operating Activities -11.03M -$10.10M -3.940M
Cash From Investing Activities 0.000 -$133.0K 0.000
Cash From Financing Activities 598.0K $13.75M 82.00K
Net Change In Cash -10.43M $3.563M -3.858M
YoY Change -61.81% -122.18% -77.35%
FREE CASH FLOW
Cash From Operating Activities -$11.03M -$10.10M -$3.940M
Capital Expenditures $0.00 $158.0K $0.00
Free Cash Flow -$11.03M -$10.26M -$3.940M
YoY Change -11.18% -36.29% -76.94%

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CY2023Q1 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:112%">Avalo Therapeutics, Inc. (the “Company” or “Avalo” or “we”) is a clinical stage biotechnology company focused on the treatment of immune dysregulation by developing therapies that target the LIGHT network. </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:112%">LIGHT (Lymphotoxin-like, exhibits Inducible expression, and competes with HSV Glycoprotein D for Herpesvirus Entry Mediator (“HVEM”), a receptor expressed by T lymphocytes; also referred to as TNFSF14) is an immunoregulatory cytokine. LIGHT and its signaling receptors, HVEM (TNFRSF14), and lymphotoxin β receptor (TNFRSF3), form an immune regulatory network with two co-receptors of herpesvirus entry mediator, checkpoint inhibitor B and T Lymphocyte Attenuator (“BTLA”), and CD160 (collectively, the “LIGHT-signaling network” or the “LIGHT network”). Accumulating evidence points to the dysregulation of the LIGHT network as a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders.</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 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:115%">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, 2023, Avalo had $16.7 million in cash and cash equivalents. For the three months ended March 31, 2023, Avalo generated a net loss of $10.0 million and negative cash flows from operations of $10.1 million. As of March 31, 2023, Avalo had an accumulated deficit of $313.8 million. As of March 31, 2023, the future principal payments under the Company’s Loan Agreement (as defined in Note 9) were $21.2 million, $5.9 million of which are due in 2023 (beginning in the third quarter). </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%">On February 7, 2023, the Company closed an underwritten public offering of 3,770,000 shares of its common stock and warrants to purchase up to an aggregate 3,770,000 shares of common stock, resulting in net proceeds of approximately $13.7 million, after deducting the underwriting discounts and commissions and offering expenses paid by us. The warrants were immediately exercisable at an exercise price of $5.00 per share and are exercisable for one year from the issuance date.</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%">The accompanying unaudited 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 within one year after the date the unaudited 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) financings, (ii) out-licensing, strategic alliances/collaborations or sale of our pipeline assets, and (iii) federal and/or private grants. 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, the Loan Agreement (as defined in Note 9) prohibits the Company from incurring certain additional indebtedness, making certain asset dispositions, and entering into certain mergers, acquisitions or other business combination transactions without the prior consent of the lenders. Additionally, the Loan Agreement contains certain covenants and certain other specified events, including a material adverse change in the business, 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 outstanding Notes. If the AVTX-002 PEAK trial, for which we expect topline data in the second quarter of 2023, does not have a positive data readout, it may result in a material adverse change in the business. 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.
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2023Q1 avtx Lessee Operating Lease Number Of Leased Properties
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CY2023Q1 us-gaap Operating Lease Liability
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CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2022Q4 avtx Accrued Selling General And Administrative Expenses
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CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
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CY2023Q1 avtx Accrued Research And Development
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CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
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CY2023Q1 avtx Number Of Class Of Stock Authorized
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CY2023Q1 us-gaap Allocated Share Based Compensation Expense
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CY2019Q3 avtx Royalty Agreement Period After Public Launch To Terminate Agreement
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CY2019Q3 avtx Royalty Agreement Buyout Option Percentage Of Net Present Value Of Royalty Payments
RoyaltyAgreementBuyoutOptionPercentageOfNetPresentValueOfRoyaltyPayments
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