Avalo Therapeutics, a clinical stage biotechnology company, reported a net loss of $121.3 million for the quarter ended March 31, 2024, with negative cash flows from operations amounting to $6.2 million. Despite these losses, the company's liquidity position remains strong with $110.2 million in cash and cash equivalents as of March 31, 2024. This is bolstered by a recent private placement investment closed in March 2024, which provided $115.6 million in gross proceeds, with net proceeds of approximately $108.1 million after transaction costs. The company may receive an additional $69.4 million upon the exercise of warrants issued in the financing. Avalo's financial performance reflects a significant decrease in net product revenue, from $0.5 million in the first quarter of 2023 to none in the same period of 2024, due to the expiration...Show More

Avalo Therapeutics, a clinical stage biotechnology company, reported a net loss of $121.3 million for the quarter ended March 31, 2024, with negative cash flows from operations amounting to $6.2 million. Despite these losses, the company's liquidity position remains strong with $110.2 million in cash and cash equivalents as of March 31, 2024. This is bolstered by a recent private placement investment closed in March 2024, which provided $115.6 million in gross proceeds, with net proceeds of approximately $108.1 million after transaction costs. The company may receive an additional $69.4 million upon the exercise of warrants issued in the financing. Avalo's financial performance reflects a significant decrease in net product revenue, from $0.5 million in the first quarter of 2023 to none in the same period of 2024, due to the expiration of a license and supply agreement for Millipred. Research and development expenses decreased by $3.9 million, primarily due to reduced clinical and CMC expenses after the conclusion of the AVTX-002 PEAK trial. General and administrative expenses saw a modest increase of $0.5 million. Avalo's business development has been marked by the acquisition of AVTX-009, a Phase 2-ready anti-IL-1β monoclonal antibody, through a merger with AlmataBio Inc. The company's future plans include advancing its pipeline through development and regulatory approval, out-licensing rights to indications or geographies, and acquiring or licensing complementary preclinical and clinical stage compounds.