Avalo reports Q1 net loss $19.6M, Phase 2 HS trial meets endpoints, $431M offering

Avalo Therapeutics, Inc.

• Phase 2 LOTUS topline: HiSCR75 absolute improvement 42.2% (150mg) and 42.9% (300mg) vs placebo 25.6%; p=0.018 and 0.015.
• Q1 2026 net loss $19.6M ($0.98 loss/share) vs $13.1M prior year, driven by higher R&D costs.
• Cash $82.0M as of Mar 31, 2026; subsequent public offering raised gross $431.3M (net $405M), extending runway into 2029.
• Milestone Buyout Option: paid $2.25M for option to replace $15M milestone with $5.125M payment upon Phase 3 start.
• R&D expense $14.0M (+$4.9M YoY); G&A $6.9M (+$1.3M YoY).

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