$AVTX
Avalo Therapeutics, Inc.

2024 Q2 Form 10-Q Financial Statement

#000162828024022763 Filed on May 13, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q1
Revenue $0.00 $0.00 $475.0K
YoY Change -100.0% -100.0% -59.51%
Cost Of Revenue $343.0K -$80.00K $551.0K
YoY Change -51.55% -114.52% -23.47%
Gross Profit -$343.0K $80.00K -$76.00K
YoY Change 427.69% -205.26% -116.78%
Gross Profit Margin -16.0%
Selling, General & Admin $4.528M $3.193M $2.708M
YoY Change 86.57% 17.91% -76.82%
% of Gross Profit 3991.25%
Research & Development $4.601M $2.116M $6.008M
YoY Change -1.22% -64.78% -37.31%
% of Gross Profit 2645.0%
Depreciation & Amortization $33.00K $34.00K $33.00K
YoY Change -19.51% 3.03% -50.75%
% of Gross Profit 42.5%
Operating Expenses $4.601M $2.116M $8.716M
YoY Change -35.06% -75.72% -59.02%
Operating Profit -$9.575M -$32.77M -$8.792M
YoY Change 33.92% 272.69% -57.84%
Interest Expense $1.039M $100.0K -$949.0K
YoY Change -200.29% -110.54% -18.82%
% of Operating Profit
Other Income/Expense, Net $108.0M -$88.52M -$1.155M
YoY Change 7563.72% -2.86%
Pretax Income $98.47M -$121.3M -$9.947M
YoY Change -1302.91% 1119.46% -54.87%
Income Tax $7.000K $7.000K $8.000K
% Of Pretax Income 0.01%
Net Earnings $98.46M -$121.3M -$9.955M
YoY Change -1301.79% 1118.38% -54.95%
Net Earnings / Revenue -2095.79%
Basic Earnings Per Share $4.21 -$141.00 -$0.85
Diluted Earnings Per Share -$14.07 -$141.00 -$0.85
COMMON SHARES
Basic Shares Outstanding 1.034M shares 1.034M shares 13.20M shares
Diluted Shares Outstanding 7.653M shares 11.72M shares

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.43M $110.2M $16.69M
YoY Change 1381.31% 560.26% -56.62%
Cash & Equivalents $93.40M $110.2M $16.70M
Short-Term Investments
Other Short-Term Assets $2.435M $1.001M $1.690M
YoY Change 111.74% -40.77% -39.25%
Inventory $19.00K
Prepaid Expenses
Receivables
Other Receivables $33.00K $35.00K $857.0K
Total Short-Term Assets $95.89M $111.2M $19.25M
YoY Change 1175.36% 477.64% -55.9%
LONG-TERM ASSETS
Property, Plant & Equipment $1.780M $1.882M $2.442M
YoY Change -18.2% -22.93% -6.22%
Goodwill $10.50M $10.50M $14.41M
YoY Change -27.11% -27.11% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $131.0K $131.0K $131.0K
YoY Change 0.0% 0.0% -89.32%
Total Long-Term Assets $12.41M $12.52M $16.98M
YoY Change -25.74% -26.3% -6.9%
TOTAL ASSETS
Total Short-Term Assets $95.89M $111.2M $19.25M
Total Long-Term Assets $12.41M $12.52M $16.98M
Total Assets $108.3M $123.7M $36.24M
YoY Change 346.9% 241.46% -41.46%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $654.0K $916.0K $5.565M
YoY Change -12.92% -83.54% 48.12%
Accrued Expenses $7.888M $7.383M $7.828M
YoY Change 12.99% -5.68% -42.84%
Deferred Revenue $111.0K
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $9.296M
YoY Change
Total Short-Term Liabilities $96.40M $215.7M $23.25M
YoY Change 329.31% 827.94% 29.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $10.47M
YoY Change -100.0% -68.45%
Other Long-Term Liabilities $1.183M $1.281M $1.629M
YoY Change -86.23% -21.36% -30.92%
Total Long-Term Liabilities $1.183M $1.281M $1.629M
YoY Change -86.23% -21.36% -30.92%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.40M $215.7M $23.25M
Total Long-Term Liabilities $1.183M $1.281M $1.629M
Total Liabilities $110.5M $224.8M $42.50M
YoY Change 253.99% 428.95% -23.5%
SHAREHOLDERS EQUITY
Retained Earnings -$358.0M -$456.4M -$313.8M
YoY Change 11.26% 45.45% 10.42%
Common Stock $1.000K $1.000K $13.00K
YoY Change -92.86% -92.31% -88.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$13.61M -$112.5M -$6.267M
YoY Change
Total Liabilities & Shareholders Equity $108.3M $123.7M $36.24M
YoY Change 346.9% 241.46% -41.46%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q1
OPERATING ACTIVITIES
Net Income $98.46M -$121.3M -$9.955M
YoY Change -1301.79% 1118.38% -54.95%
Depreciation, Depletion And Amortization $33.00K $34.00K $33.00K
YoY Change -19.51% 3.03% -50.75%
Cash From Operating Activities -$16.28M -$6.200M -$10.10M
YoY Change 47.68% -38.61% -37.27%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $158.0K
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $356.0K $25.00K
YoY Change 1324.0%
Cash From Investing Activities $0.00 $356.0K -$133.0K
YoY Change -367.67%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -472.0K $108.6M $13.75M
YoY Change -178.93% 690.02%
NET CHANGE
Cash From Operating Activities -16.28M -$6.200M -$10.10M
Cash From Investing Activities 0.000 $356.0K -$133.0K
Cash From Financing Activities -472.0K $108.6M $13.75M
Net Change In Cash -16.75M $102.8M $3.563M
YoY Change 60.67% 2784.25% -122.18%
FREE CASH FLOW
Cash From Operating Activities -$16.28M -$6.200M -$10.10M
Capital Expenditures $0.00 $0.00 $158.0K
Free Cash Flow -$16.28M -$6.200M -$10.26M
YoY Change 47.68% -39.56% -36.29%

Facts In Submission

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CY2023Q1 us-gaap Depreciation Depletion And Amortization
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CY2024Q1 us-gaap Share Based Compensation
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CY2023Q1 us-gaap Share Based Compensation
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CY2024Q1 avtx Acquired In Process Research And Development
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27538000 usd
CY2023Q1 avtx Acquired In Process Research And Development
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CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
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79276000 usd
CY2024Q1 avtx Transaction Costs Upon Exercise Of Warrants In Private Placement
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1734000 usd
CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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CY2024Q1 us-gaap Amortization Of Debt Discount Premium
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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350000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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8000 usd
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CY2024Q1 us-gaap Increase Decrease In Inventories
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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154000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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337000 usd
CY2024Q1 avtx Increase Decrease In Lease Incentives
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470000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
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2683000 usd
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CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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22000 usd
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CY2024Q1 avtx Increase Decrease In Lease Liability
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CY2023Q1 avtx Increase Decrease In Lease Liability
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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-6202000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Cash Acquired From Acquisition
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356000 usd
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CY2023Q1 us-gaap Payments For Capital Improvements
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158000 usd
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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25000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
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115625000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
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CY2024Q1 us-gaap Payments For Repurchase Of Private Placement
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CY2023Q1 us-gaap Payments For Repurchase Of Private Placement
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CY2024Q1 avtx Proceeds From Issuance Of Common Stock And Warrants
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CY2023Q1 avtx Proceeds From Issuance Of Common Stock And Warrants
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13748000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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13748000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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102766000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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3563000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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7546000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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16881000 usd
CY2024Q1 us-gaap Depreciation Depletion And Amortization
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34000 usd
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
33000 usd
CY2024Q1 us-gaap Share Based Compensation
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629000 usd
CY2023Q1 us-gaap Share Based Compensation
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855000 usd
CY2024Q1 avtx Acquired In Process Research And Development
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27538000 usd
CY2024Q1 us-gaap Fair Value Adjustment Of Warrants
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79276000 usd
CY2023Q1 us-gaap Fair Value Adjustment Of Warrants
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CY2024Q1 avtx Transaction Costs From Private Placement
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7013000 usd
CY2023Q1 avtx Transaction Costs From Private Placement
TransactionCostsFromPrivatePlacement
0 usd
CY2024Q1 avtx Transaction Costs Upon Exercise Of Warrants In Private Placement
TransactionCostsUponExerciseOfWarrantsInPrivatePlacement
1734000 usd
CY2023Q1 avtx Transaction Costs Upon Exercise Of Warrants In Private Placement
TransactionCostsUponExerciseOfWarrantsInPrivatePlacement
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CY2024Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
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CY2023Q1 us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
FairValueNetDerivativeAssetLiabilityMeasuredOnRecurringBasisUnobservableInputsReconciliationGainLossIncludedInEarnings
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CY2024Q1 us-gaap Amortization Of Debt Discount Premium
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CY2023Q1 us-gaap Amortization Of Debt Discount Premium
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350000 usd
CY2024Q1 us-gaap Deferred Income Tax Expense Benefit
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7000 usd
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
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8000 usd
CY2024Q1 us-gaap Increase Decrease In Other Receivables
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CY2023Q1 us-gaap Increase Decrease In Other Receivables
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CY2024Q1 us-gaap Increase Decrease In Inventories
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CY2023Q1 us-gaap Increase Decrease In Inventories
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CY2024Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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154000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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337000 usd
CY2024Q1 avtx Increase Decrease In Lease Incentives
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CY2023Q1 avtx Increase Decrease In Lease Incentives
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CY2024Q1 us-gaap Increase Decrease In Accounts Payable
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470000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
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2683000 usd
CY2024Q1 us-gaap Increase Decrease In Contract With Customer Liability
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CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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22000 usd
CY2024Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2023Q1 us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
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CY2024Q1 avtx Increase Decrease In Lease Liability
IncreaseDecreaseInLeaseLiability
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CY2023Q1 avtx Increase Decrease In Lease Liability
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CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2024Q1 us-gaap Cash Acquired From Acquisition
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356000 usd
CY2023Q1 us-gaap Cash Acquired From Acquisition
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CY2024Q1 us-gaap Payments For Capital Improvements
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CY2023Q1 us-gaap Payments For Capital Improvements
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158000 usd
CY2024Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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0 usd
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
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25000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Investing Activities
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356000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2024Q1 us-gaap Proceeds From Issuance Of Private Placement
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115625000 usd
CY2023Q1 us-gaap Proceeds From Issuance Of Private Placement
ProceedsFromIssuanceOfPrivatePlacement
0 usd
CY2024Q1 us-gaap Payments For Repurchase Of Private Placement
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CY2023Q1 us-gaap Payments For Repurchase Of Private Placement
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CY2024Q1 avtx Proceeds From Issuance Of Common Stock And Warrants
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0 usd
CY2023Q1 avtx Proceeds From Issuance Of Common Stock And Warrants
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13748000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
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108612000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13748000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
102766000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
3563000 usd
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7546000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110312000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
704000 usd
CY2024Q1 avtx Fair Value Of Common Stock Retired In Exchange For Issuance Of Prefunded Warrants
FairValueOfCommonStockRetiredInExchangeForIssuanceOfPrefundedWarrants
12727000 usd
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
0 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
704000 usd
CY2024Q1 avtx Fair Value Of Common Stock Retired In Exchange For Issuance Of Prefunded Warrants
FairValueOfCommonStockRetiredInExchangeForIssuanceOfPrefundedWarrants
12727000 usd
CY2023Q1 avtx Fair Value Of Common Stock Retired In Exchange For Issuance Of Prefunded Warrants
FairValueOfCommonStockRetiredInExchangeForIssuanceOfPrefundedWarrants
0 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110177000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16687000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
63000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
131000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
131000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110312000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16881000 usd
CY2024Q1 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:120%">Avalo Therapeutics, Inc. (the “Company,” “Avalo” or “we”) is a clinical stage biotechnology company focused on the treatment of immune dysregulation. Avalo’s lead asset is AVTX-009, an anti-IL-1β monoclonal antibody (“mAb”), targeting inflammatory diseases. Avalo’s pipeline also includes quisovalimab (anti-LIGHT mAb) and AVTX-008 (BTLA agonist fusion protein).</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-weight:400;line-height:120%">On March 27, 2024, the Company acquired AVTX-009, a Phase 2-ready anti-IL-1β mAb, through a merger with AlmataBio, Inc. (“AlmataBio”) with and into its wholly owned subsidiary (the “Almata Transaction”). Additionally, on March 28, 2024, the Company closed a private placement investment for up to $185 million in gross proceeds, including initial upfront gross investment of $115.6 million. The upfront net proceeds were approximately $108.1 million after deducting transaction costs. The Company could receive up to an additional $69.4 million of gross proceeds upon the exercise of warrants issued in the financing. </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:120%">Since inception, we have incurred significant operating and cash losses from operations. We have primarily funded our operations to date through sales of equity securities, out-licensing transactions and sales of assets.</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%">For the three months ended March 31, 2024, Avalo generated a net loss of $121.3 million and negative cash flows from operations of $6.2 million. As of March 31, 2024, Avalo had $110.2 million in cash and cash equivalents. In March 2024, the Company closed a private placement investment for up to $185 million in gross proceeds, including an initial upfront gross investment of $115.6 million. Net proceeds were $108.1 million after deducting transaction costs. The Company could receive up to an additional $69.4 million of gross proceeds upon the exercise of warrants issued in the financing. </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%">Based on our current operating plans, we expect that our existing cash and cash equivalents are sufficient to fund operations for at least twelve months from the filing date of this Quarterly Report on Form 10-Q and we expect current cash on hand to fund operations into 2027. The Company closely monitors its cash and cash equivalents and seeks to balance the level of cash and cash equivalents with our projected needs to allow us to withstand periods of uncertainty relative to the availability of funding on favorable terms. We may need to satisfy our future cash needs through sales of equity securities under the Company’s ATM program or otherwise, out-licensing transactions, strategic alliances/collaborations, sale of programs, and/or mergers and acquisitions. There can be no assurance that any financing or business development initiatives can be realized by the Company, or if realized, what the terms may be. Further, 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. To the extent that we raise capital through the sale of equity, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders.</span></div>
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
108100000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-121300000 usd
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6200000 usd
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
110200000 usd
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
16687000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
4000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
63000 usd
CY2024Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
131000 usd
CY2023Q1 us-gaap Restricted Cash And Cash Equivalents Noncurrent
RestrictedCashAndCashEquivalentsNoncurrent
131000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
110312000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16881000 usd
CY2024Q1 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:120%">Avalo Therapeutics, Inc. (the “Company,” “Avalo” or “we”) is a clinical stage biotechnology company focused on the treatment of immune dysregulation. Avalo’s lead asset is AVTX-009, an anti-IL-1β monoclonal antibody (“mAb”), targeting inflammatory diseases. Avalo’s pipeline also includes quisovalimab (anti-LIGHT mAb) and AVTX-008 (BTLA agonist fusion protein).</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-weight:400;line-height:120%">On March 27, 2024, the Company acquired AVTX-009, a Phase 2-ready anti-IL-1β mAb, through a merger with AlmataBio, Inc. (“AlmataBio”) with and into its wholly owned subsidiary (the “Almata Transaction”). Additionally, on March 28, 2024, the Company closed a private placement investment for up to $185 million in gross proceeds, including initial upfront gross investment of $115.6 million. The upfront net proceeds were approximately $108.1 million after deducting transaction costs. The Company could receive up to an additional $69.4 million of gross proceeds upon the exercise of warrants issued in the financing. </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:120%">Since inception, we have incurred significant operating and cash losses from operations. We have primarily funded our operations to date through sales of equity securities, out-licensing transactions and sales of assets.</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%">For the three months ended March 31, 2024, Avalo generated a net loss of $121.3 million and negative cash flows from operations of $6.2 million. As of March 31, 2024, Avalo had $110.2 million in cash and cash equivalents. In March 2024, the Company closed a private placement investment for up to $185 million in gross proceeds, including an initial upfront gross investment of $115.6 million. Net proceeds were $108.1 million after deducting transaction costs. The Company could receive up to an additional $69.4 million of gross proceeds upon the exercise of warrants issued in the financing. </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%">Based on our current operating plans, we expect that our existing cash and cash equivalents are sufficient to fund operations for at least twelve months from the filing date of this Quarterly Report on Form 10-Q and we expect current cash on hand to fund operations into 2027. The Company closely monitors its cash and cash equivalents and seeks to balance the level of cash and cash equivalents with our projected needs to allow us to withstand periods of uncertainty relative to the availability of funding on favorable terms. We may need to satisfy our future cash needs through sales of equity securities under the Company’s ATM program or otherwise, out-licensing transactions, strategic alliances/collaborations, sale of programs, and/or mergers and acquisitions. There can be no assurance that any financing or business development initiatives can be realized by the Company, or if realized, what the terms may be. Further, 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. To the extent that we raise capital through the sale of equity, the ownership interest of our existing stockholders will be diluted, and the terms may include liquidation or other preferences that adversely affect the rights of our stockholders.</span></div>
CY2024Q1 us-gaap Proceeds From Issuance Of Common Stock
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