Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%

Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.

Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -170%

Not profitable at operating income level
Op 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 multiples
P/SPrice/Sales ratio is 5,010x

Stock price has recently run up significantly
12M Rtn12 month market price return is 217%

Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -87%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -83%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23653%

Not cash flow generative
CFO/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 negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33%

Significant short interest
Short 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 risks
AVTX key risks include [1] its heavy dependence on the clinical success of its single lead asset, Show more.

0 Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -28%
1 Megatrend and thematic drivers
Megatrends include Precision Medicine. Themes include Targeted Therapies, and Biopharmaceutical R&D.
2 Weak multi-year price returns
2Y Excs Rtn is -12%, 3Y Excs Rtn is -170%
3 Not profitable at operating income level
Op 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%
4 Expensive valuation multiples
P/SPrice/Sales ratio is 5,010x
5 Stock price has recently run up significantly
12M Rtn12 month market price return is 217%
6 Weak revenue growth
Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -87%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -83%
7 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 23653%
8 Not cash flow generative
CFO/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%
9 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -33%
10 Significant short interest
Short 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%
11 Key risks
AVTX key risks include [1] its heavy dependence on the clinical success of its single lead asset, Show more.

AVTX in ETFs

Weight = AVTX's share of each fund

VTI0.00%
ITOT0.00%
DFAS0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 6/12/2026

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.

Show more
Updated on 6/12/2026

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)22820266212026Change
Stock Price ($)17.5014.70-16.0%
Change Contribution By: 
Total Revenues ($ Mil)00-69.3%
P/S Multiple1,276.15,009.7292.6%
Shares Outstanding (Mil)1420-30.4%
Cumulative Contribution-16.0%

LTM = Last Twelve Months as of date shown

Market Drivers

2/28/2026 to 6/21/2026
ReturnCorrelation
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)113020256212026Change
Stock Price ($)19.0014.70-22.6%
Change Contribution By: 
Total Revenues ($ Mil)00-69.3%
P/S Multiple1,385.55,009.7261.6%
Shares Outstanding (Mil)1420-30.4%
Cumulative Contribution-22.6%

LTM = Last Twelve Months as of date shown

Market Drivers

11/30/2025 to 6/21/2026
ReturnCorrelation
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)53120256212026Change
Stock Price ($)4.0014.70267.5%
Change Contribution By: 
Total Revenues ($ Mil)00-86.6%
P/S Multiple95.45,009.75152.7%
Shares Outstanding (Mil)1120-47.7%
Cumulative Contribution267.5%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2025 to 6/21/2026
ReturnCorrelation
AVTX267.5% 
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)53120236212026Change
Stock Price ($)688.8014.70-97.9%
Change Contribution By: 
Total Revenues ($ Mil)170-99.7%
P/S Multiple1.95,009.7258288.0%
Shares Outstanding (Mil)020-99.8%
Cumulative Contribution-97.9%

LTM = Last Twelve Months as of date shown

Market Drivers

5/31/2023 to 6/21/2026
ReturnCorrelation
AVTX-97.9% 
Market (SPY)85.7%6.4%
Sector (XLV)22.9%6.5%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
AVTX Return-36%-75%-99%-18%144%-15%-100%
Peers Return19%5%82%-1%53%13%292%
S&P 500 Return27%-19%24%23%16%8%98%

Monthly Win Rates [3]
AVTX Win Rate50%25%17%33%67%33% 
Peers Win Rate58%58%47%53%65%63% 
S&P 500 Win Rate75%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

EventAVTXS&P 500
2025 US Tariff Shock
  % Loss-48.6%-18.8%
  % Gain to Breakeven94.7%23.1%
  Time to Breakeven64 days79 days
2024 Yen Carry Trade Unwind
  % Loss-27.7%-7.8%
  % Gain to Breakeven38.3%8.5%
  Time to Breakeven69 days18 days
2020 COVID-19 Crash
  % Loss-57.7%-33.7%
  % Gain to Breakeven136.5%50.9%
  Time to Breakeven337 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-32.0%-19.2%
  % Gain to Breakeven47.0%23.8%
  Time to Breakeven20 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-90.3%-3.7%
  % Gain to Breakeven933.9%3.9%
  Time to Breakeven304 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-27.5%-12.2%
  % Gain to Breakeven37.9%13.9%
  Time to Breakeven42 days62 days

Compare to ABBV, UCB, INCY, MLTX, ANAB

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.

EventAVTXS&P 500
2025 US Tariff Shock
  % Loss-48.6%-18.8%
  % Gain to Breakeven94.7%23.1%
  Time to Breakeven64 days79 days
2024 Yen Carry Trade Unwind
  % Loss-27.7%-7.8%
  % Gain to Breakeven38.3%8.5%
  Time to Breakeven69 days18 days
2020 COVID-19 Crash
  % Loss-57.7%-33.7%
  % Gain to Breakeven136.5%50.9%
  Time to Breakeven337 days140 days
Q4 2018 Fed Policy Error / Growth Scare
  % Loss-32.0%-19.2%
  % Gain to Breakeven47.0%23.8%
  Time to Breakeven20 days105 days
2016-2017 Trump Reflation Bond Selloff
  % Loss-90.3%-3.7%
  % Gain to Breakeven933.9%3.9%
  Time to Breakeven304 days6 days
2015-2016 China Devaluation / Global Growth Scare
  % Loss-27.5%-12.2%
  % Gain to Breakeven37.9%13.9%
  Time to Breakeven42 days62 days
2014-2016 Oil Price Collapse
  % Loss-27.5%-6.8%
  % Gain to Breakeven37.9%7.3%
  Time to Breakeven42 days15 days

Compare to ABBV, UCB, INCY, MLTX, ANAB

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:

  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.

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Avalo Therapeutics (AVTX) is developing targeted therapeutics for several indications with the following addressable market sizes:
  • 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

AI Analysis | Feedback

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.

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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.

Better Bets vs. Avalo Therapeutics (AVTX)

Latest Trefis Analyses

Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

AVTXABBVUCBINCYMLTXANABMedian
NameAvalo Th.AbbVie United C.Incyte MoonLake.AnaptysB. 
Mkt Price14.70216.4932.8598.2219.2157.5145.18
Mkt Cap0.3383.24.019.61.41.72.8
Rev LTM062,8191,0685,3610232650
Op Inc LTM-7920,844-1,450-2674141
FCF LTM-6019,9803241,421-2244164
FCF 3Y Avg-4619,085292833-138-80123
CFO LTM-6021,2243551,517-2244180
CFO 3Y Avg-4620,104336907-138-79145

Growth & Margins

AVTXABBVUCBINCYMLTXANABMedian
NameAvalo Th.AbbVie United C.Incyte MoonLake.AnaptysB. 
Rev Chg LTM-86.6%9.5%13.8%21.5%-107.7%13.8%
Rev Chg 3Y Avg-82.6%3.6%5.9%15.7%-203.2%5.9%
Rev Chg Q-12.4%11.3%20.9%--8.0%11.9%
QoQ Delta Rev Chg LTM0.0%2.7%2.6%4.3%--0.9%2.6%
Op Inc Chg LTM-57.3%61.4%-540.1%-56.6%140.7%61.4%
Op Inc Chg 3Y Avg-62.9%12.1%-171.7%-78.3%51.6%12.1%
Op Mgn LTM-134,164.4%33.2%-27.1%-17.6%22.3%
Op Mgn 3Y Avg-48,981.4%26.9%-17.1%--248.9%-115.9%
QoQ Delta Op Mgn LTM-10,562.7%0.3%-0.9%--2.9%-1.3%
CFO/Rev LTM-101,172.9%33.8%33.2%28.3%-1.9%28.3%
CFO/Rev 3Y Avg-38,295.0%34.7%35.0%19.6%--225.5%19.6%
FCF/Rev LTM-101,172.9%31.8%30.4%26.5%-1.9%26.5%
FCF/Rev 3Y Avg-38,295.0%33.0%30.3%18.0%--226.6%18.0%

Valuation

AVTXABBVUCBINCYMLTXANABMedian
NameAvalo Th.AbbVie United C.Incyte MoonLake.AnaptysB. 
Mkt Cap0.3383.24.019.61.41.72.8
P/S5,009.76.13.73.7-7.16.1
P/Op Inc-3.718.4-13.5-5.140.413.5
P/EBIT-3.743.1-11.0-5.529.411.0
P/E-3.5105.411.613.7-5.3-61.64.1
P/CFO-5.018.111.212.9-6.1368.512.0
Total Yield-28.7%4.0%11.6%7.3%-18.8%-1.6%1.2%
Dividend Yield0.0%3.1%3.0%0.0%0.0%0.0%0.0%
FCF Yield 3Y Avg-75.2%5.4%8.5%5.4%-8.0%-13.7%-1.3%
D/E0.00.20.00.00.10.00.0
Net D/E-0.30.2-1.0-0.2-0.2-0.2-0.2

Returns

AVTXABBVUCBINCYMLTXANABMedian
NameAvalo Th.AbbVie United C.Incyte MoonLake.AnaptysB. 
1M Rtn-10.1%0.4%-0.4%1.1%5.6%-3.7%-0.0%
3M Rtn9.5%6.4%9.9%8.2%18.1%-7.8%8.9%
6M Rtn-21.0%-3.0%3.4%-4.4%43.5%17.2%0.2%
12M Rtn216.8%20.6%21.7%43.5%-55.8%148.2%32.6%
3Y Rtn-98.6%75.4%46.4%58.6%-31.6%187.1%52.5%
1M Excs Rtn-11.6%-0.7%-0.1%0.7%15.4%-5.8%-0.4%
3M Excs Rtn-10.2%-7.7%-2.9%-7.9%1.6%-24.7%-7.8%
6M Excs Rtn-32.2%-11.9%-6.9%-9.1%14.9%17.4%-8.0%
12M Excs Rtn203.5%-4.8%-2.2%17.4%-80.7%116.1%7.6%
3Y Excs Rtn-170.0%2.6%-35.4%-13.1%-96.8%130.7%-24.3%

Comparison Analyses

null

Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Product revenue, net0  35
Single Segment 02  
License and other revenue   151
Total002185


Assets by Segment
$ Mil2024
Single Segment151
Total151


Price Behavior

Price Behavior
Market Price$14.70 
Market Cap ($ Bil)0.3 
First Trading Date11/13/2015 
Distance from 52W High-35.7% 
   50 Days200 Days
DMA Price$15.44$15.56
DMA Trendupindeterminate
Distance from DMA-4.8%-5.5%
 3M1YR
Volatility108.1%91.0%
Downside Capture145.7756.05
Upside Capture107.75175.94
Correlation (SPY)20.4%22.5%
AVTX Betas & Captures as of 5/31/2026

 1M2M3M6M1Y3Y
Beta7.332.171.801.601.741.06
Up Beta19.480.641.412.192.040.45
Down Beta1.753.280.730.801.922.70
Up Capture436%173%160%117%397%14%
Bmk +ve Days13283667141432
Stock +ve Days9202856123332
Down Capture452%497%250%176%82%113%
Bmk -ve Days7132757109318
Stock -ve Days11213366123410

[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
AVTX243.7%90.8%1.75-
Sector ETF (XLV)14.0%15.0%0.666.2%
Equity (SPY)26.5%12.4%1.6121.5%
Gold (GLD)24.2%27.5%0.778.9%
Commodities (DBC)19.8%18.8%0.83-16.4%
Real Estate (VNQ)11.0%13.7%0.528.7%
Bitcoin (BTCUSD)-40.0%42.4%-1.0819.2%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.196.8%
Equity (SPY)13.5%17.1%0.626.8%
Gold (GLD)17.1%18.3%0.764.9%
Commodities (DBC)7.5%19.4%0.292.8%
Real Estate (VNQ)1.9%18.9%0.007.4%
Bitcoin (BTCUSD)11.0%54.2%0.407.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
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%0.4610.3%
Equity (SPY)15.3%18.0%0.7311.3%
Gold (GLD)12.3%16.1%0.634.4%
Commodities (DBC)5.9%18.0%0.264.1%
Real Estate (VNQ)5.3%20.7%0.229.2%
Bitcoin (BTCUSD)60.0%66.8%1.004.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date5292026
Short Interest: Shares Quantity6.4 Mil
Short Interest: % Change Since 51520262.0%
Average Daily Volume1.5 Mil
Days-to-Cover Short Interest4.4 days
Basic Shares Quantity20.1 Mil
Short % of Basic Shares31.7%

Earnings Returns History

Updated 6/16/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-0.5%-18.4%-31.4%
3/23/20260.6%3.5%6.5%
11/6/2025-6.3%-6.2%18.2%
8/7/20250.5%9.2%39.6%
5/12/2025-1.5%-3.7%18.7%
3/20/20252.9%4.6%-44.8%
11/7/2024-3.7%0.0%-24.3%
8/12/2024-7.3%-15.1%-24.2%
...
SUMMARY STATS   
# Positive71011
# Negative171413
Median Positive0.6%9.2%18.7%
Median Negative-4.6%-14.5%-24.2%
Max Positive11.0%45.2%46.6%
Max Negative-16.3%-36.6%-51.4%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/13/2026-0.5%-18.4%-31.4%
3/23/20260.6%3.5%6.5%
11/6/2025-6.3%-6.2%18.2%
8/7/20250.5%9.2%39.6%
5/12/2025-1.5%-3.7%18.7%
3/20/20252.9%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%
8/4/202211.0%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%
8/2/20210.0%12.3%15.2%
5/13/2021-4.7%9.7%46.6%
3/8/20218.5%9.2%-1.0%
1/7/2021-14.1%-5.5%24.7%
11/9/20200.0%10.4%28.6%
8/6/2020-6.2%-15.3%-28.3%
6/1/2020-1.4%8.8%-12.2%
SUMMARY STATS   
# Positive71011
# Negative171413
Median Positive0.6%9.2%18.7%
Median Negative-4.6%-14.5%-24.2%
Max Positive11.0%45.2%46.6%
Max Negative-16.3%-36.6%-51.4%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/23/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/20/202510-K
09/30/202411/07/202410-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202303/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202203/29/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/13/202610-Q
12/31/202503/23/202610-K
09/30/202511/06/202510-Q
06/30/202508/07/202510-Q
03/31/202505/12/202510-Q
12/31/202403/20/202510-K
09/30/202411/07/202410-Q
06/30/202408/12/202410-Q
03/31/202405/13/202410-Q
12/31/202303/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/03/202310-Q
03/31/202305/04/202310-Q
12/31/202203/29/202310-K
09/30/202211/07/202210-Q
06/30/202208/04/202210-Q
03/31/202205/05/202210-Q
12/31/202103/02/202210-K
09/30/202111/09/202110-Q
06/30/202108/02/202110-Q
03/31/202105/13/202110-Q
12/31/202003/08/202110-K
09/30/202011/09/202010-Q
06/30/202008/06/202010-Q
03/31/202005/07/202010-Q
12/31/201903/11/202010-K
09/30/201911/14/201910-Q
06/30/201908/08/201910-Q

Insider Activity

Updated 6/12/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Doyle, MittieChief Medical OfficerDirectSell601202616.0067910,864753,952Form
2Doyle, MittieChief Medical OfficerDirectSell519202618.763,00056,28067,949Form
3Sullivan, Christopher RyanChief Financial OfficerDirectSell511202624.1218,606448,81810,204Form
4Varki, PaulChief Legal OfficerDirectSell507202620.1775,0631,513,67373,281Form
5Sullivan, Christopher RyanChief Financial OfficerDirectSell507202620.1947,000948,7228,538Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Doyle, MittieChief Medical OfficerDirectSell601202616.0067910,864753,952Form
2Doyle, MittieChief Medical OfficerDirectSell519202618.763,00056,28067,949Form
3Sullivan, Christopher RyanChief Financial OfficerDirectSell511202624.1218,606448,81810,204Form
4Varki, PaulChief Legal OfficerDirectSell507202620.1775,0631,513,67373,281Form
5Sullivan, Christopher RyanChief Financial OfficerDirectSell507202620.1947,000948,7228,538Form
6Doyle, MittieChief Medical OfficerDirectSell507202620.68106,5552,203,50374,901Form
7Chan, MitchellDirectSell507202622.883,16772,46172,438Form
8Doyle, MittieChief Medical OfficerDirectSell507202616.001,67926,86457,952Form
9Sullivan, Christopher RyanChief Financial OfficerDirectSell501202613.238,457111,8535,595Form
10Sullivan, Christopher RyanChief Financial OfficerDirectSell501202613.098,458110,736116,261Form
11Doyle, MittieChief Medical OfficerDirectSell408202618.013,97071,50865,240Form
12Sullivan, Christopher RyanChief Financial OfficerDirectSell403202617.157,980136,823297,273Form
13Sullivan, Christopher RyanChief Financial OfficerDirectSell403202616.777,979133,770424,463Form
14Doyle, MittieChief Medical OfficerDirectSell403202616.0067910,86457,952Form
15Doyle, MittieChief Medical OfficerDirectSell318202616.1525,492411,60758,483Form
16Goldman, Jonathan DirectSell1117202514.3311,367  Form
Core Cache Last Updated: 6/21/2026