Avalo Therapeutics (AVTX)
Market Price (6/22/2026): $14.91 | Market Cap: $299.8 MilSector: Health Care | Industry: Biotechnology
Avalo Therapeutics (AVTX)
Market Price (6/22/2026): $14.91Market Cap: $299.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. | Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -170% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -79 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -134164% Expensive valuation multiplesP/SPrice/Sales ratio is 5,010x Stock price has recently run up significantly12M Rtn12 month market price return is 217% Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -87%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -83% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23653% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -101173%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101173% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 32% Key risksAVTX key risks include [1] its heavy dependence on the clinical success of its single lead asset, Show more. |
| Cash is significant % of market capNet D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28% |
| Megatrend and thematic driversMegatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D. |
| Weak multi-year price returns2Y Excs Rtn is -12%, 3Y Excs Rtn is -170% |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -79 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -134164% |
| Expensive valuation multiplesP/SPrice/Sales ratio is 5,010x |
| Stock price has recently run up significantly12M Rtn12 month market price return is 217% |
| Weak revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is -87%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -83% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23653% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -101173%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -101173% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33% |
| Significant short interestShort Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 32% |
| Key risksAVTX key risks include [1] its heavy dependence on the clinical success of its single lead asset, Show more. |
Qualitative Assessment
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Avalo Therapeutics (AVTX) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Significant Share Dilution from Public Offering.
Avalo Therapeutics executed a substantial underwritten public offering in May 2026, pricing 19,730,000 shares of common stock and pre-funded warrants for 1,400,000 shares, which generated gross proceeds of $431.3 million. This capital raise, intended to fund the advancement of abdakibart into a registrational Phase 3 program, significantly increased the number of outstanding shares, thereby diluting the value of existing shareholder equity.
2. Cautious Investor Reaction to Fiscal Q1 2026 Financial Results.
Despite reporting a narrower net loss of $19.6 million, or $0.98 per share, in fiscal Q1 2026 (ended March 31, 2026), which surpassed analyst consensus estimates of a $1.0461 loss, Avalo's stock experienced a modest decline of approximately 1.12% to 1.51% following the announcement. This muted response reflects continued investor caution regarding the company's pre-revenue stage, its reliance on capital markets, and increased operating expenses, including a $4.9 million rise in research and development costs driven by the Phase 2 LOTUS trial.
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Avalo Therapeutics (AVTX) stock has lost about 15% since 2/28/2026 because of the following key factors:
1. Significant Share Dilution from Public Offering.
Avalo Therapeutics executed a substantial underwritten public offering in May 2026, pricing 19,730,000 shares of common stock and pre-funded warrants for 1,400,000 shares, which generated gross proceeds of $431.3 million. This capital raise, intended to fund the advancement of abdakibart into a registrational Phase 3 program, significantly increased the number of outstanding shares, thereby diluting the value of existing shareholder equity.
2. Cautious Investor Reaction to Fiscal Q1 2026 Financial Results.
Despite reporting a narrower net loss of $19.6 million, or $0.98 per share, in fiscal Q1 2026 (ended March 31, 2026), which surpassed analyst consensus estimates of a $1.0461 loss, Avalo's stock experienced a modest decline of approximately 1.12% to 1.51% following the announcement. This muted response reflects continued investor caution regarding the company's pre-revenue stage, its reliance on capital markets, and increased operating expenses, including a $4.9 million rise in research and development costs driven by the Phase 2 LOTUS trial.
3. Underlying Valuation Concerns Amidst Pre-Revenue Status.
While Avalo announced positive topline Phase 2 LOTUS trial results for abdakibart in hidradenitis suppurativa, validating the drug's potential, the company remains in a clinical-stage, pre-revenue phase. This status leads to ongoing losses, with net cash used in operating activities reaching $17.7 million in fiscal Q1 2026. External analyses also highlight significant valuation disparities, with one report indicating the stock was "astonishingly 45500.0% overvalued" compared to its intrinsic value and possessing a low GF Score™ of 24/100, suggesting weaknesses in financial health and growth prospects. The capital-intensive nature of drug development, despite clinical progress, likely contributes to a conservative market valuation.
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Stock Movement Drivers
Fundamental Drivers
The -16.0% change in AVTX stock from 2/28/2026 to 6/21/2026 was primarily driven by a -69.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 2282026 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 17.50 | 14.70 | -16.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -69.3% |
| P/S Multiple | 1,276.1 | 5,009.7 | 292.6% |
| Shares Outstanding (Mil) | 14 | 20 | -30.4% |
| Cumulative Contribution | -16.0% |
Market Drivers
2/28/2026 to 6/21/2026| Return | Correlation | |
|---|---|---|
| AVTX | -16.0% | |
| Market (SPY) | 9.2% | 21.0% |
| Sector (XLV) | -6.4% | 13.6% |
Fundamental Drivers
The -22.6% change in AVTX stock from 11/30/2025 to 6/21/2026 was primarily driven by a -69.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 11302025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 19.00 | 14.70 | -22.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -69.3% |
| P/S Multiple | 1,385.5 | 5,009.7 | 261.6% |
| Shares Outstanding (Mil) | 14 | 20 | -30.4% |
| Cumulative Contribution | -22.6% |
Market Drivers
11/30/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| AVTX | -22.6% | |
| Market (SPY) | 9.9% | 19.0% |
| Sector (XLV) | -4.4% | 8.4% |
Fundamental Drivers
The 267.5% change in AVTX stock from 5/31/2025 to 6/21/2026 was primarily driven by a 5152.7% change in the company's P/S Multiple.| (LTM values as of) | 5312025 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.00 | 14.70 | 267.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | -86.6% |
| P/S Multiple | 95.4 | 5,009.7 | 5152.7% |
| Shares Outstanding (Mil) | 11 | 20 | -47.7% |
| Cumulative Contribution | 267.5% |
Market Drivers
5/31/2025 to 6/21/2026| Return | Correlation | |
|---|---|---|
| AVTX | 267.5% | |
| Market (SPY) | 28.1% | 21.2% |
| Sector (XLV) | 14.6% | 7.0% |
Fundamental Drivers
The -97.9% change in AVTX stock from 5/31/2023 to 6/21/2026 was primarily driven by a -99.8% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 5312023 | 6212026 | Change |
|---|---|---|---|
| Stock Price ($) | 688.80 | 14.70 | -97.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 17 | 0 | -99.7% |
| P/S Multiple | 1.9 | 5,009.7 | 258288.0% |
| Shares Outstanding (Mil) | 0 | 20 | -99.8% |
| Cumulative Contribution | -97.9% |
Market Drivers
5/31/2023 to 6/21/2026| Return | Correlation | |
|---|---|---|
| AVTX | -97.9% | |
| Market (SPY) | 85.7% | 6.4% |
| Sector (XLV) | 22.9% | 6.5% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| AVTX Return | -36% | -75% | -99% | -18% | 144% | -15% | -100% |
| Peers Return | 19% | 5% | 82% | -1% | 53% | 13% | 292% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 8% | 98% |
Monthly Win Rates [3] | |||||||
| AVTX Win Rate | 50% | 25% | 17% | 33% | 67% | 33% | |
| Peers Win Rate | 58% | 58% | 47% | 53% | 65% | 63% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| AVTX Max Drawdown | -62% | -86% | -99% | -68% | -59% | -44% | |
| Peers Max Drawdown | -28% | -36% | -39% | -33% | -40% | -20% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: ABBV, UCB, INCY, MLTX, ANAB.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 6/18/2026 (YTD)
How Low Can It Go
| Event | AVTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.6% | -18.8% |
| % Gain to Breakeven | 94.7% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.7% | -7.8% |
| % Gain to Breakeven | 38.3% | 8.5% |
| Time to Breakeven | 69 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.7% | -33.7% |
| % Gain to Breakeven | 136.5% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.0% | -19.2% |
| % Gain to Breakeven | 47.0% | 23.8% |
| Time to Breakeven | 20 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -90.3% | -3.7% |
| % Gain to Breakeven | 933.9% | 3.9% |
| Time to Breakeven | 304 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.5% | -12.2% |
| % Gain to Breakeven | 37.9% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
In The Past
Avalo Therapeutics's stock fell -48.6% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.
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| Event | AVTX | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -48.6% | -18.8% |
| % Gain to Breakeven | 94.7% | 23.1% |
| Time to Breakeven | 64 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -27.7% | -7.8% |
| % Gain to Breakeven | 38.3% | 8.5% |
| Time to Breakeven | 69 days | 18 days |
| 2020 COVID-19 Crash | ||
| % Loss | -57.7% | -33.7% |
| % Gain to Breakeven | 136.5% | 50.9% |
| Time to Breakeven | 337 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -32.0% | -19.2% |
| % Gain to Breakeven | 47.0% | 23.8% |
| Time to Breakeven | 20 days | 105 days |
| 2016-2017 Trump Reflation Bond Selloff | ||
| % Loss | -90.3% | -3.7% |
| % Gain to Breakeven | 933.9% | 3.9% |
| Time to Breakeven | 304 days | 6 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -27.5% | -12.2% |
| % Gain to Breakeven | 37.9% | 13.9% |
| Time to Breakeven | 42 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -27.5% | -6.8% |
| % Gain to Breakeven | 37.9% | 7.3% |
| Time to Breakeven | 42 days | 15 days |
In The Past
Avalo Therapeutics's stock fell -48.6% during the 2025 US Tariff Shock. Such a loss loss requires a 94.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Avalo Therapeutics (AVTX)
Avalo Therapeutics (AVTX) is a clinical-stage precision medicine company focused on discovering, developing, and commercializing targeted therapeutic treatments. The company's pipeline is designed to address significant unmet clinical needs in three primary therapeutic areas: immunology, immuno-oncology, and rare genetic diseases.
A significant portion of Avalo's product development centers on monoclonal antibodies for inflammatory conditions. Its lead candidate, AVTX-002, an anti-LIGHT monoclonal antibody, is currently in Phase II clinical trials for non-eosinophilic asthma and inflammatory bowel diseases (Crohn's disease and ulcerative colitis). Additionally, AVTX-002 is in Phase III development for COVID-19 acute respiratory distress syndrome. Another immunology asset, AVTX-007, an anti-IL-18 monoclonal antibody, is in Phase I for the treatment of Still's disease, including adult-onset Still's disease and systemic juvenile idiopathic arthritis.
Beyond immunology, Avalo Therapeutics is advancing two substrate replacement therapies for rare genetic disorders, both in Phase III clinical trials. These include AVTX-801 for phosphoglucomutase 1 deficiency (PGM1-CDG) and AVTX-803 for LADII (SLC35C1-CDG). The company's primary customers are patients afflicted with these specific inflammatory, autoimmune, and rare genetic diseases who are seeking novel and effective treatment options.
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A clinical-stage biotech similar to what Moderna was before its COVID-19 vaccine, but focused on immunology and rare genetic diseases.
An early-stage Regeneron, developing antibody and substrate replacement therapies for complex immune and rare genetic disorders.
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- AVTX-002: A fully human anti-LIGHT monoclonal antibody in clinical trials for non-eosinophilic asthma, inflammatory bowel disease, and COVID-19 acute respiratory distress syndrome.
- AVTX-007: A fully human Anti-IL-18 monoclonal antibody in clinical trial for Still's disease.
- AVTX-801: A D-galactose substrate replacement therapy in clinical trials for phosphoglucomutase 1 deficiency (PGM1-CDG).
- AVTX-803: A L-fucose substrate replacement therapy in clinical trials for LADII (SLC35C1-CDG).
AI Analysis | Feedback
Avalo Therapeutics, Inc. (AVTX) is a clinical-stage precision medicine company focused on the discovery, development, and commercialization of targeted therapeutics. Based on the provided background information, the company's drug candidates are currently in various phases of clinical trials (Phase I, Phase II, and Phase III) and have not yet received regulatory approval for commercial sale.
Therefore, Avalo Therapeutics does not currently have major customers that purchase its therapeutic products. As a clinical-stage company, its primary activities are research and development, funded through various means such as investments, grants, or potential collaboration agreements, rather than through commercial product sales to other companies or individuals.
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Garry A. Neil, MD, Chief Executive Officer
Dr. Neil has served as Chief Executive Officer of Avalo Therapeutics since February 2022. He previously served as Avalo's Chief Scientific Officer following its merger with Aevi Genomic Medicine, where he was CSO from 2013 to 2020. Dr. Neil's prior experience includes senior leadership roles at major pharmaceutical companies, such as Corporate VP of Science & Technology and Group President at Johnson & Johnson, VP of R&D at Merck KGaA/EMD Pharmaceuticals, and VP of Clinical Research at AstraZeneca and Astra Merck. He was also a Partner at Apple Tree Partners. Dr. Neil is the Founding Chairman of TransCelerate Biopharma, Inc. He has served on the boards of publicly traded biotechnology companies, including Celldex Therapeutics, Arena Pharmaceuticals, GTx, Inc., and Zura Bio.
Chris Sullivan, Chief Financial Officer
Mr. Sullivan has served as Avalo Therapeutics' Chief Financial Officer since February 2022. Prior to this role, he was the Company's Chief Accounting Officer and Interim Chief Financial Officer. Before joining Avalo, Mr. Sullivan was the Corporate Controller for Sucampo Pharmaceuticals, a Nasdaq-listed specialty pharmaceuticals company, which was acquired by Mallinckrodt in a $1.2 billion transaction. He also held the position of Corporate Controller for OpGen, a Nasdaq-listed diagnostic company, and was a Senior Manager at Ernst & Young. He has extensive experience with equity and debt capital raises, acquisitions, and divestitures in public life science companies.
Mittie Doyle, MD, FACR, Chief Medical Officer
Dr. Doyle serves as the Chief Medical Officer of Avalo Therapeutics. She contributes to the company's collective expertise in discovery, development, and regulatory approvals, with a strong track record of advancing therapeutic programs.
Jennifer Riley, Chief Strategy Officer
Ms. Riley was appointed Chief Strategy Officer of Avalo Therapeutics effective January 1, 2025. She brings over 20 years of leadership experience in the biotechnology and pharmaceutical industries. Most recently, she founded Northbrook Consulting, where she provided advisory services to more than 30 companies on development strategies, commercialization, and portfolio optimization. Ms. Riley has a demonstrated history of advancing product pipelines and optimizing portfolios across various therapeutic areas, including immunology and rare diseases.
Taylor Boyd, Chief Business Officer
Mr. Boyd was named Chief Business Officer of Avalo Therapeutics on October 1, 2025. He possesses nearly 15 years of experience in biotech business development, corporate finance, and investment banking. Previously, he served as Executive Vice President & Chief Business Officer at Abzena, where he led strategic mergers and acquisitions, licensing, and portfolio expansion initiatives. Mr. Boyd also served as Vice President and Head of Business Development at Longboard Pharmaceuticals, which culminated in its $2.6 billion acquisition by Lundbeck. His career also includes investment banking roles where he executed over $40 billion in transactions.
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The key risks to Avalo Therapeutics (AVTX) are:
- Clinical Development and Regulatory Approval Risk: As a clinical-stage company, Avalo Therapeutics' business relies entirely on the successful outcome of its ongoing clinical trials for drug candidates such as AVTX-002, AVTX-007, AVTX-801, and AVTX-803, and subsequent regulatory approvals. There is a significant risk that these drug candidates may fail to demonstrate efficacy or safety in clinical trials, encounter delays, or not receive approval from regulatory authorities, which would severely impact the company's prospects.
- Competition Risk: Avalo Therapeutics operates in highly competitive therapeutic areas including immunology, immuno-oncology, and rare genetic diseases. Its potential future products, if approved, may face intense competition from existing therapies or other investigational drugs being developed by larger and more established pharmaceutical companies, potentially limiting market adoption and revenue generation.
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- AVTX-002 (anti-LIGHT monoclonal antibody) for Non-eosinophilic asthma: The global severe asthma treatment market, which includes non-eosinophilic asthma as a subtype, is valued at approximately USD 24.30 billion in 2025 and is projected to reach USD 39.96 billion by 2035.
-
AVTX-002 (anti-LIGHT monoclonal antibody) for Inflammatory Bowel Disease (Crohn's disease and ulcerative colitis):
- The global inflammatory bowel disease treatment market is projected to reach approximately USD 32.46 billion by 2035 from USD 22.38 billion in 2025.
- For Crohn's disease, the global treatment market size was valued at USD 13.3 billion in 2023 and is projected to reach USD 18.7 billion by 2032.
- For ulcerative colitis, the global market was valued at USD 8.3 billion in 2025 and is estimated to reach USD 14.5 billion by 2035.
- AVTX-002 (anti-LIGHT monoclonal antibody) for COVID-19 Acute Respiratory Distress Syndrome: The global Acute Respiratory Distress Syndrome (ARDS) treatment market is valued at USD 6.2 billion in 2024 and is expected to reach USD 8.9 billion by 2030.
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AVTX-007 (Anti-IL-18 monoclonal antibody) for Still's disease (Adult-onset Still's disease and systemic juvenile idiopathic arthritis):
- The global Still's disease treatment market size was valued at USD 3.10 billion in 2024 and is expected to reach USD 4.58 billion by 2032.
- The global adult-onset Still's disease (AOSD) market was valued at approximately USD 323.1 million in 2024 and is projected to reach USD 455.2 million by 2035.
- The global systemic juvenile idiopathic arthritis (sJIA) market was valued at USD 1.83 billion in 2024 and is expected to reach USD 2.40 billion by 2030.
- AVTX-801 (D-galactose substrate replacement therapy) for Phosphoglucomutase 1 deficiency (PGM1-CDG): null
- AVTX-803 (L-fucose substrate replacement therapy) for LADII (SLC35C1-CDG): null
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Avalo Therapeutics, Inc. (AVTX) is a clinical-stage precision medicine company primarily focused on developing targeted therapeutics for immunology and rare genetic diseases. Over the next 2-3 years, several key drivers are expected to contribute to the company's future revenue growth, primarily stemming from its pipeline advancements and strategic partnerships.
- Advancement and Potential Commercialization of AVTX-009 for Hidradenitis Suppurativa (HS): Avalo's lead product candidate, AVTX-009, an anti-IL-1β monoclonal antibody, is a significant expected revenue driver. The company has completed enrollment in its Phase 2 LOTUS trial for the treatment of hidradenitis suppurativa, with topline data anticipated in the second quarter of 2026. Avalo is positioning AVTX-009 as a potential best-in-class therapy in the HS market, which is projected to exceed $10 billion by 2035. Positive clinical trial results and subsequent progression towards Phase 3 development, targeted for early 2027, would be a crucial step towards future commercialization and revenue generation.
- Expansion of AVTX-009 into Additional Immune-Mediated Inflammatory Diseases: Beyond HS, Avalo is actively exploring the potential for AVTX-009 in other IL-1β-validated indications across dermatology, rheumatology, and gastrointestinal diseases. Successful development and approval in these additional indications would significantly broaden the market opportunity for AVTX-009, contributing to sustained revenue growth.
- Milestone Payments from Out-Licensed AVTX-007 Program: Avalo Therapeutics entered into an exclusive license agreement with Apollo Therapeutics Group Limited in August 2022, granting Apollo the rights to develop and commercialize AVTX-007 (camoteskimab), an anti-IL-18 monoclonal antibody. Under this agreement, Avalo is eligible to receive up to $74 million in milestone payments, as well as a low single-digit percentage of annual net sales. These milestone payments, triggered by development and regulatory achievements by Apollo, could provide a valuable, non-dilutive revenue stream for Avalo.
- Contingent Milestone Payments from Divested AVTX-800 Series: In the fourth quarter of 2023, Avalo completed the divestiture of its AVTX-800 series rare disease assets (AVTX-801, AVTX-802, and AVTX-803) to AUG Therapeutics, LLC. As part of this agreement, Avalo is eligible for contingent milestone payments totaling up to $45 million if the first U.S. Food and Drug Administration approval for each compound is for an indication other than a Rare Pediatric Disease, or a percentage of any priority review voucher sale. These event-driven payments represent another potential source of future revenue.
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Share Issuance
- In January 2021, prior to its rebranding, Cerecor Inc. completed a public offering of common stock and pre-funded warrants, generating gross proceeds of approximately $36.4 million, with a potential to reach $41.9 million if the over-allotment option was fully exercised.
- Avalo Therapeutics closed a public offering of common stock in September 2021, including proceeds from the exercise of an option to purchase additional shares, raising approximately $31.5 million in gross proceeds.
- In February 2023, Avalo Therapeutics announced the pricing of a public offering of common stock and warrants, with expected gross proceeds of approximately $15 million.
- In March 2024, Avalo Therapeutics entered into a definitive agreement for a private placement financing of up to $185 million, including an initial upfront investment of $115.6 million, through the sale of preferred stock and warrants.
- Avalo Therapeutics received $69.4 million in gross proceeds in November 2024 from the full exercise of warrants that were issued as part of the March 2024 private placement.
Inbound Investments
- In March 2024, Avalo Therapeutics secured a private placement financing of up to $185 million, with an initial upfront investment of $115.6 million, led by Commodore Capital and TCGX, with participation from other institutional investors.
Outbound Investments
- In March 2021, the company, then known as Cerecor Inc., paid Kyowa Kirin Co., Ltd. (KKC) an upfront license fee of $10 million for exclusive worldwide rights to develop, manufacture, and commercialize AVTX-002.
- Avalo Therapeutics acquired privately held AlmataBio, Inc. in March 2024, gaining its Phase 2-ready anti-IL-1β mAb, AVTX-009.
Latest Trefis Analyses
| Title | Date | |
|---|---|---|
| DASHBOARDS | ||
| Avalo Therapeutics Earnings Notes | 12/16/2025 | |
| Would You Still Hold Avalo Therapeutics Stock If It Fell 30%? | 10/17/2025 |
| Title | |
|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 45.18 |
| Mkt Cap | 2.8 |
| Rev LTM | 650 |
| Op Inc LTM | 41 |
| FCF LTM | 164 |
| FCF 3Y Avg | 123 |
| CFO LTM | 180 |
| CFO 3Y Avg | 145 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 13.8% |
| Rev Chg 3Y Avg | 5.9% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.6% |
| Op Inc Chg LTM | 61.4% |
| Op Inc Chg 3Y Avg | 12.1% |
| Op Mgn LTM | 22.3% |
| Op Mgn 3Y Avg | -115.9% |
| QoQ Delta Op Mgn LTM | -1.3% |
| CFO/Rev LTM | 28.3% |
| CFO/Rev 3Y Avg | 19.6% |
| FCF/Rev LTM | 26.5% |
| FCF/Rev 3Y Avg | 18.0% |
Price Behavior
| Market Price | $14.70 | |
| Market Cap ($ Bil) | 0.3 | |
| First Trading Date | 11/13/2015 | |
| Distance from 52W High | -35.7% | |
| 50 Days | 200 Days | |
| DMA Price | $15.44 | $15.56 |
| DMA Trend | up | indeterminate |
| Distance from DMA | -4.8% | -5.5% |
| 3M | 1YR | |
| Volatility | 108.1% | 91.0% |
| Downside Capture | 145.77 | 56.05 |
| Upside Capture | 107.75 | 175.94 |
| Correlation (SPY) | 20.4% | 22.5% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 7.33 | 2.17 | 1.80 | 1.60 | 1.74 | 1.06 |
| Up Beta | 19.48 | 0.64 | 1.41 | 2.19 | 2.04 | 0.45 |
| Down Beta | 1.75 | 3.28 | 0.73 | 0.80 | 1.92 | 2.70 |
| Up Capture | 436% | 173% | 160% | 117% | 397% | 14% |
| Bmk +ve Days | 13 | 28 | 36 | 67 | 141 | 432 |
| Stock +ve Days | 9 | 20 | 28 | 56 | 123 | 332 |
| Down Capture | 452% | 497% | 250% | 176% | 82% | 113% |
| Bmk -ve Days | 7 | 13 | 27 | 57 | 109 | 318 |
| Stock -ve Days | 11 | 21 | 33 | 66 | 123 | 410 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVTX | |
|---|---|---|---|---|
| AVTX | 243.7% | 90.8% | 1.75 | - |
| Sector ETF (XLV) | 14.0% | 15.0% | 0.66 | 6.2% |
| Equity (SPY) | 26.5% | 12.4% | 1.61 | 21.5% |
| Gold (GLD) | 24.2% | 27.5% | 0.77 | 8.9% |
| Commodities (DBC) | 19.8% | 18.8% | 0.83 | -16.4% |
| Real Estate (VNQ) | 11.0% | 13.7% | 0.52 | 8.7% |
| Bitcoin (BTCUSD) | -40.0% | 42.4% | -1.08 | 19.2% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVTX | |
|---|---|---|---|---|
| AVTX | -72.7% | 202.5% | -0.01 | - |
| Sector ETF (XLV) | 5.4% | 14.7% | 0.19 | 6.8% |
| Equity (SPY) | 13.5% | 17.1% | 0.62 | 6.8% |
| Gold (GLD) | 17.1% | 18.3% | 0.76 | 4.9% |
| Commodities (DBC) | 7.5% | 19.4% | 0.29 | 2.8% |
| Real Estate (VNQ) | 1.9% | 18.9% | 0.00 | 7.4% |
| Bitcoin (BTCUSD) | 11.0% | 54.2% | 0.40 | 7.3% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with AVTX | |
|---|---|---|---|---|
| AVTX | -45.8% | 165.6% | 0.20 | - |
| Sector ETF (XLV) | 9.4% | 16.6% | 0.46 | 10.3% |
| Equity (SPY) | 15.3% | 18.0% | 0.73 | 11.3% |
| Gold (GLD) | 12.3% | 16.1% | 0.63 | 4.4% |
| Commodities (DBC) | 5.9% | 18.0% | 0.26 | 4.1% |
| Real Estate (VNQ) | 5.3% | 20.7% | 0.22 | 9.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.8% | 1.00 | 4.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 6/16/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -0.5% | -18.4% | -31.4% |
| 3/23/2026 | 0.6% | 3.5% | 6.5% |
| 11/6/2025 | -6.3% | -6.2% | 18.2% |
| 8/7/2025 | 0.5% | 9.2% | 39.6% |
| 5/12/2025 | -1.5% | -3.7% | 18.7% |
| 3/20/2025 | 2.9% | 4.6% | -44.8% |
| 11/7/2024 | -3.7% | 0.0% | -24.3% |
| 8/12/2024 | -7.3% | -15.1% | -24.2% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 17 | 14 | 13 |
| Median Positive | 0.6% | 9.2% | 18.7% |
| Median Negative | -4.6% | -14.5% | -24.2% |
| Max Positive | 11.0% | 45.2% | 46.6% |
| Max Negative | -16.3% | -36.6% | -51.4% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/13/2026 | -0.5% | -18.4% | -31.4% |
| 3/23/2026 | 0.6% | 3.5% | 6.5% |
| 11/6/2025 | -6.3% | -6.2% | 18.2% |
| 8/7/2025 | 0.5% | 9.2% | 39.6% |
| 5/12/2025 | -1.5% | -3.7% | 18.7% |
| 3/20/2025 | 2.9% | 4.6% | -44.8% |
| 11/7/2024 | -3.7% | 0.0% | -24.3% |
| 8/12/2024 | -7.3% | -15.1% | -24.2% |
| 5/13/2024 | -0.3% | -11.6% | 1.5% |
| 11/9/2023 | -10.1% | -9.4% | -51.4% |
| 8/3/2023 | -1.1% | -23.7% | -50.0% |
| 5/4/2023 | -7.8% | -14.9% | 9.9% |
| 11/7/2022 | -1.2% | -14.5% | -19.8% |
| 8/4/2022 | 11.0% | 45.2% | 28.8% |
| 5/5/2022 | -16.3% | -36.6% | -5.4% |
| 3/2/2022 | -4.6% | -14.5% | -18.9% |
| 11/9/2021 | -1.7% | -3.9% | -17.2% |
| 8/2/2021 | 0.0% | 12.3% | 15.2% |
| 5/13/2021 | -4.7% | 9.7% | 46.6% |
| 3/8/2021 | 8.5% | 9.2% | -1.0% |
| 1/7/2021 | -14.1% | -5.5% | 24.7% |
| 11/9/2020 | 0.0% | 10.4% | 28.6% |
| 8/6/2020 | -6.2% | -15.3% | -28.3% |
| 6/1/2020 | -1.4% | 8.8% | -12.2% |
| SUMMARY STATS | |||
| # Positive | 7 | 10 | 11 |
| # Negative | 17 | 14 | 13 |
| Median Positive | 0.6% | 9.2% | 18.7% |
| Median Negative | -4.6% | -14.5% | -24.2% |
| Max Positive | 11.0% | 45.2% | 46.6% |
| Max Negative | -16.3% | -36.6% | -51.4% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/13/2026 | 10-Q |
| 12/31/2025 | 03/23/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/07/2025 | 10-Q |
| 03/31/2025 | 05/12/2025 | 10-Q |
| 12/31/2024 | 03/20/2025 | 10-K |
| 09/30/2024 | 11/07/2024 | 10-Q |
| 06/30/2024 | 08/12/2024 | 10-Q |
| 03/31/2024 | 05/13/2024 | 10-Q |
| 12/31/2023 | 03/29/2024 | 10-K |
| 09/30/2023 | 11/09/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/04/2023 | 10-Q |
| 12/31/2022 | 03/29/2023 | 10-K |
| 09/30/2022 | 11/07/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 03/02/2022 | 10-K |
| 09/30/2021 | 11/09/2021 | 10-Q |
| 06/30/2021 | 08/02/2021 | 10-Q |
| 03/31/2021 | 05/13/2021 | 10-Q |
| 12/31/2020 | 03/08/2021 | 10-K |
| 09/30/2020 | 11/09/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 03/11/2020 | 10-K |
| 09/30/2019 | 11/14/2019 | 10-Q |
| 06/30/2019 | 08/08/2019 | 10-Q |
Insider Activity
Updated 6/12/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 6012026 | 16.00 | 679 | 10,864 | 753,952 | Form |
| 2 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 5192026 | 18.76 | 3,000 | 56,280 | 67,949 | Form |
| 3 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5112026 | 24.12 | 18,606 | 448,818 | 10,204 | Form |
| 4 | Varki, Paul | Chief Legal Officer | Direct | Sell | 5072026 | 20.17 | 75,063 | 1,513,673 | 73,281 | Form |
| 5 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5072026 | 20.19 | 47,000 | 948,722 | 8,538 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 6012026 | 16.00 | 679 | 10,864 | 753,952 | Form |
| 2 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 5192026 | 18.76 | 3,000 | 56,280 | 67,949 | Form |
| 3 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5112026 | 24.12 | 18,606 | 448,818 | 10,204 | Form |
| 4 | Varki, Paul | Chief Legal Officer | Direct | Sell | 5072026 | 20.17 | 75,063 | 1,513,673 | 73,281 | Form |
| 5 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5072026 | 20.19 | 47,000 | 948,722 | 8,538 | Form |
| 6 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 5072026 | 20.68 | 106,555 | 2,203,503 | 74,901 | Form |
| 7 | Chan, Mitchell | Direct | Sell | 5072026 | 22.88 | 3,167 | 72,461 | 72,438 | Form | |
| 8 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 5072026 | 16.00 | 1,679 | 26,864 | 57,952 | Form |
| 9 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5012026 | 13.23 | 8,457 | 111,853 | 5,595 | Form |
| 10 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 5012026 | 13.09 | 8,458 | 110,736 | 116,261 | Form |
| 11 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 4082026 | 18.01 | 3,970 | 71,508 | 65,240 | Form |
| 12 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 4032026 | 17.15 | 7,980 | 136,823 | 297,273 | Form |
| 13 | Sullivan, Christopher Ryan | Chief Financial Officer | Direct | Sell | 4032026 | 16.77 | 7,979 | 133,770 | 424,463 | Form |
| 14 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 4032026 | 16.00 | 679 | 10,864 | 57,952 | Form |
| 15 | Doyle, Mittie | Chief Medical Officer | Direct | Sell | 3182026 | 16.15 | 25,492 | 411,607 | 58,483 | Form |
| 16 | Goldman, Jonathan | Direct | Sell | 11172025 | 14.33 | 11,367 | Form |
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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