Avalo Reports 2024 Financial Results and Recent Business Updates

Core Insights - Avalo Therapeutics, Inc. reported significant advancements in 2024, including the acquisition of AVTX-009, a monoclonal antibody targeting interleukin-1β, and the initiation of the Phase 2 LOTUS trial for hidradenitis suppurativa [2][5][9] Business Updates - The company acquired AVTX-009 in March 2024 and filed an IND application with the FDA, launching the Phase 2 LOTUS trial, with the first patient enrolled in October 2024 [2][5] - The primary focus for 2025 is executing the LOTUS trial, with topline data expected in 2026, while also exploring broader applications for AVTX-009 [2][5][6] - Jennifer Riley was appointed as Chief Strategy Officer to guide strategy and pipeline planning for HS and other inflammatory market opportunities [5][6] Financial Performance - As of December 31, 2024, Avalo had approximately $135 million in cash, expected to fund operations into at least 2027 [5][6] - Research and development expenses increased to$24.4 million in 2024, up from $13.8 million in 2023, primarily due to costs associated with the Phase 2 LOTUS trial [6][8] - The net loss for 2024 was$35.1 million, an increase from $31.5 million in 2023, driven by higher operating expenses [6][8] Key Financial Metrics - Cash and cash equivalents were$134.5 million as of December 31, 2024, compared to $7.4 million in 2023 [7] - Total revenues for 2024 were$441,000, down from $1.9 million in 2023 [8] - Basic net loss per share was$7.94 for 2024, compared to $113.58 for 2023 [8]