2024 Q4 Form 10-Q Financial Statement

#000162828024045965 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3 2023 Q3
Revenue $249.0K $236.0K
YoY Change 5.51% -98.42%
Cost Of Revenue -$714.0K $247.0K
YoY Change -389.07% -53.22%
Gross Profit $963.0K -$11.00K
YoY Change -8854.55% -100.08%
Gross Profit Margin 386.75% -4.66%
Selling, General & Admin $4.286M $2.490M
YoY Change 72.13% -24.18%
% of Gross Profit 445.07%
Research & Development $9.538M $1.249M
YoY Change 663.65% -82.26%
% of Gross Profit 990.45%
Depreciation & Amortization $34.00K $50.00K
YoY Change -32.0% 47.06%
% of Gross Profit 3.53%
Operating Expenses $9.538M $3.739M
YoY Change 155.09% -63.79%
Operating Profit -$12.86M -$3.750M
YoY Change 242.96% -191.58%
Interest Expense $964.0K -$1.553M
YoY Change -162.07% 72.94%
% of Operating Profit
Other Income/Expense, Net $35.88M -$1.470M
YoY Change -2541.09% 63.7%
Pretax Income $23.02M -$5.220M
YoY Change -541.05% -263.28%
Income Tax -$14.00K $8.000K
% Of Pretax Income -0.06%
Net Earnings $23.04M -$5.228M
YoY Change -540.65% -263.78%
Net Earnings / Revenue 9251.81% -2215.25%
Basic Earnings Per Share $0.98 -$0.11
Diluted Earnings Per Share -$2.83 -$0.11
COMMON SHARES
Basic Shares Outstanding 10.39M shares 1.034M shares 20.25M shares
Diluted Shares Outstanding 10.78M shares 46.76M shares

Balance Sheet

Concept 2024 Q4 2024 Q3 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $81.86M $10.18M
YoY Change 704.11% -39.92%
Cash & Equivalents $81.90M $10.20M
Short-Term Investments
Other Short-Term Assets $3.292M $940.0K
YoY Change 250.21% -19.73%
Inventory $0.00
Prepaid Expenses
Receivables
Other Receivables $998.0K $1.538M
Total Short-Term Assets $86.15M $12.66M
YoY Change 580.53% -34.92%
LONG-TERM ASSETS
Property, Plant & Equipment $1.674M $2.070M
YoY Change -19.13% -17.43%
Goodwill $10.50M $14.41M
YoY Change -27.11% 0.0%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $131.0K $130.0K
YoY Change 0.77% -28.18%
Total Long-Term Assets $12.31M $16.61M
YoY Change -25.91% -2.84%
TOTAL ASSETS
Total Short-Term Assets $86.15M $12.66M
Total Long-Term Assets $12.31M $16.61M
Total Assets $98.46M $29.27M
YoY Change 236.37% -19.91%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.811M $789.0K
YoY Change 129.53% -45.47%
Accrued Expenses $6.792M $5.000M
YoY Change 35.84% -62.4%
Deferred Revenue $0.00
YoY Change -100.0%
Short-Term Debt $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $0.00
YoY Change -100.0%
Total Short-Term Liabilities $60.67M $6.005M
YoY Change 910.39% -66.91%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0%
Other Long-Term Liabilities $1.083M $1.456M
YoY Change -25.62% -18.7%
Total Long-Term Liabilities $1.083M $1.456M
YoY Change -25.62% -18.7%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.67M $6.005M
Total Long-Term Liabilities $1.083M $1.456M
Total Liabilities $75.72M $14.58M
YoY Change 419.53% -62.22%
SHAREHOLDERS EQUITY
Retained Earnings -$334.9M -$327.0M
YoY Change 2.43% 11.21%
Common Stock $10.00K $192.0K
YoY Change -94.79% 2033.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $21.08M $14.70M
YoY Change
Total Liabilities & Shareholders Equity $98.46M $29.27M
YoY Change 236.37% -19.91%

Cashflow Statement

Concept 2024 Q4 2024 Q3 2023 Q3
OPERATING ACTIVITIES
Net Income $23.04M -$5.228M
YoY Change -540.65% -263.78%
Depreciation, Depletion And Amortization $34.00K $50.00K
YoY Change -32.0% 47.06%
Cash From Operating Activities -$11.53M -$6.830M
YoY Change 68.77% -219.28%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00
YoY Change
Cash From Investing Activities $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 10.69M
YoY Change -100.0%
NET CHANGE
Cash From Operating Activities -11.53M -6.830M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 0.000 10.69M
Net Change In Cash -11.53M 3.860M
YoY Change -398.63% -32.13%
FREE CASH FLOW
Cash From Operating Activities -$11.53M -$6.830M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$11.53M -$6.830M
YoY Change 68.77% -218.47%

Facts In Submission

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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 nine months ended September 30, 2024, Avalo generated net income of $0.2 million and negative cash flows from operations of $34.0 million. As of September 30, 2024, Avalo had $81.9 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 up to an additional $69.4 million of gross proceeds upon the exercise of 11,967,526 warrants issued in the financing, which expire on November 8, 2024. Subsequent to September 30, 2024 and through November 6, 2024, the Company received gross proceeds of $58.1 million from the exercise of the warrants issued in the private placement. </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 at least 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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0 shares
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1848000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
953000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2948000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2701000 usd
CY2024Q1 avtx Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized Increase
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorizedIncrease
174 shares
CY2024Q3 avtx Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized Increase
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorizedIncrease
233920 shares
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

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0001628280-24-045965.txt Edgar Link pending
0001628280-24-045965-xbrl.zip Edgar Link pending
avtx-20240930.htm Edgar Link pending
avtx-20240930_cal.xml Edgar Link unprocessable
avtx-20240930.xsd Edgar Link pending
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avtx-20240930_def.xml Edgar Link unprocessable
avtx-20240930_htm.xml Edgar Link completed
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avtx-20240930_pre.xml Edgar Link unprocessable
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report.css Edgar Link pending
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avtx-20240930_lab.xml Edgar Link unprocessable