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 | 277,727 | 39,202 | — | — | — | 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.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $27.8M | $7.0M | $6.8M | $6.7M | $5.4M | $18.1M | $1.9M | $441.0K | $59.0K |
| Gross profit | $1.2M | $27.2M | $3.8M | $7.3M | $6.4M | $3.9M | $14.6M | $640.0K | — | — |
| Net income | -$16.5M | $11.9M | -$40.1M | -$16.1M | -$63.5M | -$84.4M | -$41.7M | -$31.5M | -$35.1M | -$78.3M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Unregistered share sale Shares issued outside a registered offering. Dilution, and for a small company often the way it is funded. Item 3.02
- Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
- Officer or director change Item 5.02
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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