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Avalo Therapeutics | 10-K: Annual report

SEC announcement ·  Mar 29 16:08
Summary by Moomoo AI
Avalo Therapeutics, a clinical-stage biotechnology company, reported a net loss of $31.5 million for the year ended December 31, 2023, a decrease of $10.1 million from the previous year. This reduction was primarily due to a $26.2 million decrease in operating expenses, offset by a $14.2 million decrease in license and other revenue. The company's research and development expenses decreased by $17.5 million, attributed to fewer development programs and the completion of the AVTX-002 PEAK Trial. Selling, general and administrative expenses also saw a reduction of $10.4 million due to lower infrastructure costs and headcount. Avalo ended the year with $7.4 million in cash and cash equivalents after raising approximately $46.2 million from equity financings and retiring $35 million of debt. The company's lead asset, AVTX-009, an anti...Show More
Avalo Therapeutics, a clinical-stage biotechnology company, reported a net loss of $31.5 million for the year ended December 31, 2023, a decrease of $10.1 million from the previous year. This reduction was primarily due to a $26.2 million decrease in operating expenses, offset by a $14.2 million decrease in license and other revenue. The company's research and development expenses decreased by $17.5 million, attributed to fewer development programs and the completion of the AVTX-002 PEAK Trial. Selling, general and administrative expenses also saw a reduction of $10.4 million due to lower infrastructure costs and headcount. Avalo ended the year with $7.4 million in cash and cash equivalents after raising approximately $46.2 million from equity financings and retiring $35 million of debt. The company's lead asset, AVTX-009, an anti-IL-1β monoclonal antibody, is expected to enter Phase 2 trials for the treatment of hidradenitis suppurativa (HS) with topline data anticipated in 2026. Avalo acquired the asset through the purchase of AlmataBio in March 2024 and secured $185 million in private placement financing, estimating net proceeds of approximately $105 million. The company's strategy focuses on progressing its immunology drug candidates towards commercialization or out-licensing, with an increase in research and development expenses expected in 2024.

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