Avalo Therapeutics, Inc. AVTX
We are a clinical stage biotechnology company fully dedicated to developing IL-1β-based treatments for immune-mediated inflammatory diseases. Our lead product candidate, abdakibart (AVTX-009), an anti-IL-1β monoclonal antibody ("mAb") is in a Phase 2 clinical trial for hidradenitis suppurativa ("HS"). We are also exploring additional opportunities to make an impact in prevalent indications that have significant remaining unmet needs.
Our current focus is on completing the Phase 2 ("LOTUS") trial evaluating abdakibart (AVTX-009) in HS, preparing for the anticipated topline data readout in the second quarter of 2026, and planning for our Phase 3 trial(s).
•Advancing our pipeline through development to regulatory approval—notably and in the near term, by completing our Phase 2 LOTUS trial in HS, preparing to initiate our pivotal trial(s) pending the readout of the Phase 2 LOTUS trial results and considering further indication expansion for abdakibart (AVTX-009);
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $59.0K | $441.0K | $1.9M | $18.1M | $5.4M | $6.7M | $6.8M | $7.0M | $27.8M | $1.2M |
| Cost of revenue | — | — | $1.3M | $3.4M | $1.5M | $300.0K | -$566.5K | $3.3M | $635.6K | $0 |
| Gross profit | — | — | $640.0K | $14.6M | $3.9M | $6.4M | $7.3M | $3.8M | $27.2M | $1.2M |
| R&D | — | — | — | — | — | — | — | $5.8M | $4.4M | $10.1M |
| SG&A | $22.9M | $17.2M | $10.3M | $20.7M | $24.7M | $17.4M | $10.1M | $10.5M | $7.9M | $7.1M |
| Total operating expenses | $73.0M | $69.0M | $29.3M | $55.5M | $87.5M | $79.5M | $22.9M | $42.4M | $13.9M | $17.2M |
| Operating income | -$72.9M | -$68.5M | -$27.4M | -$37.4M | -$82.1M | -$72.8M | -$16.1M | -$35.4M | $13.9M | -$16.1M |
| Pre-tax income | -$78.1M | -$35.0M | -$31.5M | -$41.6M | -$84.2M | -$60.7M | -$15.8M | -$40.0M | $13.8M | -$16.5M |
| Income tax | $165.0K | $114.0K | $14.0K | $28.0K | $196.0K | $2.8M | $280.3K | $49.5K | $2.0M | $0 |
| Net income | -$78.3M | -$35.1M | -$31.5M | -$41.7M | -$84.4M | -$63.5M | -$16.1M | -$40.1M | $11.9M | -$16.5M |
| EPS, basic | -5.84 | -7.94 | -113.58 | -1,063.00 | — | — | — | -1.20 | 0.42 | -1.87 |
| EPS, diluted | -5.84 | -20.91 | -113.58 | -1,063.00 | — | — | — | -1.20 | 0.42 | -1.87 |
| Shares, diluted (wtd. avg.) | $13.4M | $7.5M | $277.7K | $39.2K | — | — | — | $34.8M | $18.8M | $8.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $15.9M | $134.5M | $7.5M | $13.3M | $54.9M | $19.1M | $3.7M | $10.7M | $2.6M | $5.2M |
| Short-term investments | $82.5M | $0 | — | — | — | — | — | — | — | — |
| Inventory | — | — | $0 | $20.0K | $38.0K | $3.0K | $21.3K | $317.9K | $382.2K | $0 |
| Total current assets | $105.3M | $138.9M | $8.4M | $16.4M | $61.8M | $26.0M | $17.7M | $21.9M | $10.7M | $5.7M |
| Property, plant and equipment | — | — | — | — | — | — | — | $586.5K | $44.6K | $43.2K |
| Goodwill | $10.5M | $10.5M | $10.5M | $14.4M | $14.4M | $14.4M | $14.4M | $14.4M | $12.3M | $0 |
| Other intangibles | — | — | — | $0 | $38.0K | $1.6M | $2.4M | $3.8M | $17.7M | $0 |
| Total assets | $116.5M | $150.7M | $21.0M | $33.4M | $80.2M | $43.8M | $36.1M | $70.3M | $42.8M | $5.8M |
| Accounts payable | $137.0K | $283.0K | $446.0K | $2.9M | $3.4M | $2.6M | $2.1M | $1.4M | $1.3M | $1.0M |
| Short-term debt | — | — | — | — | — | — | — | $1.1M | $0 | $2.4M |
| Total current liabilities | $12.9M | $7.0M | $4.6M | $22.1M | $19.9M | $15.2M | $12.2M | $26.2M | $11.1M | $4.3M |
| Long-term debt | — | — | — | — | — | — | — | $14.3M | $0 | $0 |
| Total liabilities | $33.4M | $17.7M | $13.7M | $44.3M | $57.1M | $19.2M | $15.1M | $49.3M | $14.9M | $5.6M |
| Retained earnings | -$448.5M | -$370.3M | -$335.1M | -$303.8M | -$262.2M | -$177.8M | -$114.3M | -$98.2M | -$58.2M | -$70.0M |
| Total equity | $83.0M | $133.0M | $7.3M | -$10.9M | $23.1M | $24.6M | $21.0M | $20.9M | $27.9M | $207.0K |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$51.5M | -$49.1M | -$30.7M | -$26.8M | -$70.9M | -$40.5M | -$19.1M | -$3.1M | $12.6M | -$14.6M |
| Depreciation and amortisation | $344.0K | $169.0K | $158.0K | $166.0K | $1.7M | $1.8M | $3.9M | $4.6M | $425.5K | $26.9K |
| Stock-based compensation | $13.6M | $5.9M | $3.5M | $7.6M | $8.2M | $6.8M | $2.5M | $2.4M | $1.2M | $1.7M |
| Capital expenditure | — | $0 | $158.0K | $0 | $113.0K | $63.0K | $262.0K | $564.4K | $23.3K | $34.9K |
| Investing cash flow | -$81.7M | $356.0K | -$133.0K | -$95.0K | -$113.0K | $11.1M | -$443.0K | $865.5K | -$18.9M | -$34.9K |
| Financing cash flow | $14.6M | $175.8M | $25.0M | -$14.7M | $106.8M | $44.8M | $12.6M | $10.4M | $3.7M | -$1.4M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001534120-26-000022.
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