Avalo Q1 net loss narrows to $9.955M; cash $16.7M; AVTX-002 topline due Q2 2023

Avalo Therapeutics, Inc.

2023-Q1 EPS reported -$0.85 revenue$475,000

Net loss $9.955M ($0.85/share) vs $22.051M ($2.35) in Q1 2022; revenue $475K down from $1.173M.
Cash and equivalents $16.687M at March 31, 2023, up $3.515M from Dec 31, 2022 due to $13.7M equity financing.
Phase 2 PEAK trial of AVTX-002 in non-eosinophilic asthma completed enrollment (91 patients); topline data expected Q2 2023.
Operating expenses cut to $9.267M from $22.026M, driven by cost savings initiatives implemented in Q1 2022.
AVTX-008 lead molecule identified; IND submission planned for 2024. AVTX-803 LADDER trial timing under evaluation.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Avalo Therapeutics, Inc. reported quarter ended March 31, 2023 results: revenue $475, net income $(9,955), EPS $(0.85).

Period: quarter ended March 31, 2023
Revenue: $475
Net income: $(9,955)
EPS: $(0.85)
Result: reported results

Exact text from the filing

Product revenue, net $ 475 $ 1,173 Total revenues, net 475 1,173 Operating expenses: Cost of product sales 551 720 Research and development 6,008 9,584 Selling, general and administrative 2,708 11,684 Amortization expense — 38 Total operating expenses 9,267 22,026 (8,792) (20,853) Other expense: Interest expense, net (949) (1,169) Change in fair value of derivative liability (180) — Other expense, net (26) (20) Total other expense, net (1,155) (1,189) Loss before taxes (9,947) (22,042) Income tax expense 8 9 Net loss and comprehensive loss $ (9,955) $ (22,051) Net loss per share of common stock, basic and diluted 1 $ (0.85) $ (2.35)

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Source: SEC EDGAR

accession 0001628280-23-015695

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