Avalo Therapeutics, a clinical stage biotechnology company, reported a net loss of $22.8 million and negative cash flows from operations of $22.5 million for the six months ended June 30, 2024. Despite this, the company had $93.4 million in cash and cash equivalents as of June 30, 2024, and expects its current cash to fund operations into 2027. Avalo's lead asset, AVTX-009, an anti-IL-1β monoclonal antibody for inflammatory diseases, is progressing towards a Phase 2 clinical trial for the treatment of hidradenitis suppurativa, with the first patient expected to be enrolled in the second half of 2024. The company also announced the appointment of Paul Varki as Chief Legal Officer and Mittie Doyle, MD, FACR as Chief Medical Officer. Avalo's strategy includes advancing its pipeline through development...Show More

Avalo Therapeutics, a clinical stage biotechnology company, reported a net loss of $22.8 million and negative cash flows from operations of $22.5 million for the six months ended June 30, 2024. Despite this, the company had $93.4 million in cash and cash equivalents as of June 30, 2024, and expects its current cash to fund operations into 2027. Avalo's lead asset, AVTX-009, an anti-IL-1β monoclonal antibody for inflammatory diseases, is progressing towards a Phase 2 clinical trial for the treatment of hidradenitis suppurativa, with the first patient expected to be enrolled in the second half of 2024. The company also announced the appointment of Paul Varki as Chief Legal Officer and Mittie Doyle, MD, FACR as Chief Medical Officer. Avalo's strategy includes advancing its pipeline through development to regulatory approval, out-licensing rights, and acquiring or licensing complementary compounds. The company has funded its operations through equity sales, out-licensing transactions, and asset sales. Avalo's research and development expenses decreased slightly year-over-year, mainly due to the conclusion of the quisovalimab PEAK trial and timing of raw material orders. General and administrative expenses increased due to legal, consulting, and professional expenses following the Almata Transaction and private placement investment. Other income, net, saw a significant increase due to a gain recognized on the change of fair value of the warrant liability associated with the March 2024 financing.