$AVTX
Avalo Therapeutics, Inc.

2024 Q3 Form 10-Q Financial Statement

#000162828024036591 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2 2023 Q2
Revenue $249.0K $0.00 $643.0K
YoY Change 5.51% -100.0% -37.75%
Cost Of Revenue -$714.0K $343.0K $708.0K
YoY Change -389.07% -51.55% -54.82%
Gross Profit $963.0K -$343.0K -$65.00K
YoY Change -8854.55% 427.69% -87.83%
Gross Profit Margin 386.75% -10.11%
Selling, General & Admin $4.286M $4.528M $2.427M
YoY Change 72.13% 86.57% -12.82%
% of Gross Profit 445.07%
Research & Development $9.538M $4.601M $4.658M
YoY Change 663.65% -1.22% -45.26%
% of Gross Profit 990.45%
Depreciation & Amortization $34.00K $33.00K $41.00K
YoY Change -32.0% -19.51% 36.67%
% of Gross Profit 3.53%
Operating Expenses $9.538M $4.601M $7.085M
YoY Change 155.09% -35.06% -37.27%
Operating Profit -$12.86M -$9.575M -$7.150M
YoY Change 242.96% 33.92% -39.55%
Interest Expense $964.0K $1.039M -$1.036M
YoY Change -162.07% -200.29% -10.23%
% of Operating Profit
Other Income/Expense, Net $35.88M $108.0M $0.00
YoY Change -2541.09% -100.0%
Pretax Income $23.02M $98.47M -$8.186M
YoY Change -541.05% -1302.91% -36.94%
Income Tax -$14.00K $7.000K $7.000K
% Of Pretax Income -0.06% 0.01%
Net Earnings $23.04M $98.46M -$8.193M
YoY Change -540.65% -1301.79% -36.91%
Net Earnings / Revenue 9251.81% -1274.18%
Basic Earnings Per Share $0.98 $4.21 -$0.59
Diluted Earnings Per Share -$2.83 -$14.07 -$0.59
COMMON SHARES
Basic Shares Outstanding 1.034M shares 1.034M shares 13.20M shares
Diluted Shares Outstanding 10.78M shares 7.653M shares 13.97M shares

Balance Sheet

Concept 2024 Q3 2024 Q2 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.86M $93.43M $6.307M
YoY Change 704.11% 1381.31% -43.93%
Cash & Equivalents $81.90M $93.40M $6.307M
Short-Term Investments
Other Short-Term Assets $3.292M $2.435M $1.150M
YoY Change 250.21% 111.74% -39.44%
Inventory $18.00K
Prepaid Expenses
Receivables $38.00K
Other Receivables $998.0K $33.00K $6.000K
Total Short-Term Assets $86.15M $95.89M $7.519M
YoY Change 580.53% 1175.36% -49.94%
LONG-TERM ASSETS
Property, Plant & Equipment $1.674M $1.780M $2.176M
YoY Change -19.13% -18.2% -15.23%
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 0.77% 0.0% -42.29%
Total Long-Term Assets $12.31M $12.41M $16.72M
YoY Change -25.91% -25.74% -2.83%
TOTAL ASSETS
Total Short-Term Assets $86.15M $95.89M $7.519M
Total Long-Term Assets $12.31M $12.41M $16.72M
Total Assets $98.46M $108.3M $24.24M
YoY Change 236.37% 346.9% -24.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.811M $654.0K $751.0K
YoY Change 129.53% -12.92% -65.3%
Accrued Expenses $6.792M $7.888M $6.981M
YoY Change 35.84% 12.99% -46.09%
Deferred Revenue $0.00
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $14.12M
YoY Change
Total Short-Term Liabilities $60.67M $96.40M $22.45M
YoY Change 910.39% 329.31% 45.85%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.083M $1.183M $8.594M
YoY Change -25.62% -86.23% 343.22%
Total Long-Term Liabilities $1.083M $1.183M $8.594M
YoY Change -25.62% -86.23% 343.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.67M $96.40M $22.45M
Total Long-Term Liabilities $1.083M $1.183M $8.594M
Total Liabilities $75.72M $110.5M $31.20M
YoY Change 419.53% 253.99% -18.26%
SHAREHOLDERS EQUITY
Retained Earnings -$334.9M -$358.0M -$321.7M
YoY Change 2.43% 11.26% 8.26%
Common Stock $10.00K $1.000K $14.00K
YoY Change -94.79% -92.86% 55.56%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.08M -$13.61M -$6.969M
YoY Change
Total Liabilities & Shareholders Equity $98.46M $108.3M $24.24M
YoY Change 236.37% 346.9% -24.79%

Cashflow Statement

Concept 2024 Q3 2024 Q2 2023 Q2
OPERATING ACTIVITIES
Net Income $23.04M $98.46M -$8.193M
YoY Change -540.65% -1301.79% -36.91%
Depreciation, Depletion And Amortization $34.00K $33.00K $41.00K
YoY Change -32.0% -19.51% 36.67%
Cash From Operating Activities -$11.53M -$16.28M -$11.03M
YoY Change 68.77% 47.68% -11.58%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -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 0.000 -472.0K 598.0K
YoY Change -100.0% -178.93% -104.05%
NET CHANGE
Cash From Operating Activities -11.53M -16.28M -11.03M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 0.000 -472.0K 598.0K
Net Change In Cash -11.53M -16.75M -10.43M
YoY Change -398.63% 60.67% -61.81%
FREE CASH FLOW
Cash From Operating Activities -$11.53M -$16.28M -$11.03M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$11.53M -$16.28M -$11.03M
YoY Change 68.77% 47.68% -11.18%

Facts In Submission

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avtx Transaction Costs Upon Exercise Of Warrants In Private Placement
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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avtx Excess Of Initial Warrant Fair Value Over Private Placement Proceeds
ExcessOfInitialWarrantFairValueOverPrivatePlacementProceeds
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avtx Excess Of Initial Warrant Fair Value Over Private Placement Proceeds
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avtx Transaction Costs Upon Exercise Of Warrants In Private Placement
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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us-gaap Amortization Of Debt Discount Premium
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avtx Excess Of Initial Warrant Fair Value Over Private Placement Proceeds
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avtx Excess Of Initial Warrant Fair Value Over Private Placement Proceeds
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avtx Transaction Costs From Private Placement
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us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
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us-gaap Fair Value Net Derivative Asset Liability Measured On Recurring Basis Unobservable Inputs Reconciliation Gain Loss Included In Earnings
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us-gaap Increase Decrease In Accounts Payable
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Cash Acquired From Acquisition
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Proceeds From Issuance Of Private Placement
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us-gaap Payments For Repurchase Of Private Placement
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us-gaap Payments For Repurchase Of Private Placement
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avtx Proceeds From Issuance Of Common Stock And Warrants
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avtx Proceeds From Issuance Of Common Stock And Warrants
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us-gaap Repayments Of Debt
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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86011000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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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,” “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 also has two additional drug candidates, which include 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-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 six months ended June 30, 2024, Avalo generated a net loss of $22.8 million and negative cash flows from operations of $22.5 million. As of June 30, 2024, Avalo had $93.4 million in cash and cash equivalents. In the first quarter of 2024, the Company closed a private placement investment consisting of an initial upfront gross investment of $115.6 million (net proceeds were $108.1 million after deducting transaction costs) and potentially 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 satisfy any future cash needs through sales of equity securities under the Company’s at-the-market program or other equity financings, 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. 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. 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.</span></div>
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