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.

• 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).

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.

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.

The key risks to Avalo Therapeutics (AVTX) are:

1. 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.
2. 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.

• 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.
• 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

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.

1. 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.
2. 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.
3. 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.
4. 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.

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.