Avalo Therapeutics, Inc.
AVTX · Pharmaceutical Preparations · 52.6M shares · -7%/yr ↓ buyback · EDGAR filings ↗
Reference price $18.00 · est. market cap ~$946M — last insider sale, 2026-06-23 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D50Well-funded single-asset clinical biotech (abdakibart in HS) with cash into 2028 but a binary Phase 2 readout pending.
Strengths
- Cash $98.3M funds operations into 2028 (no going concern) with current ratio 8.1 (74th pct)
- Lead IL-1β antibody completed enrollment in Phase 2 LOTUS; validated target class in HS
Risks
- Essentially pre-revenue: net/operating margins in low single-digit percentiles; ROE -0.94 (29th pct)
- Concentrated reliance on one asset with a binary Q2 2026 topline; composition-of-matter patent expired Feb 2026
Notable findings
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Net lossNet loss (net margin -132642.4%)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Buying back stockNet buyback — share count -7%/yr over 3y
- Trial resultPositive trial readout — primary endpoint met (8-K) 8-K ↗
- Notable holderHeld by 5 notable fund(s): FMR LLC, CITADEL ADVISORS LLC, RENAISSANCE TECHNOLOGIES LLC +2 more (as of 2026-03-31)
- Insider sellingInsider selling — 30 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$6M, last 6mo) Form 4 ↗
- Revenue declineRevenue -69.3% YoY
- AccumulatingInstitutional holders rose 9→10 QoQ (2025-12-31→2026-03-31)
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
-123601.7%
Net margin
-132642.4%
Return on equity
-94.2%
Return on assets
-67.2%
Revenue growth (QoQ)
-69.3%
Current ratio
8.1×
EBITDA
-$73M
Tangible book value
$73M
Cash & investments
$98M
Stock comp / revenue
23086.4%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-23 | Doyle Mittie | Option exercise | 1.4K | $8.04 |
| 2026-06-23 | Doyle Mittie | Sell | 1.4K | $18.00 |
| 2026-06-10 | Riley Jennifer | Tax withheld | 588 | $13.10 |
| 2026-06-10 | Doyle Mittie | Tax withheld | 1.1K | $13.10 |
| 2026-06-10 | Sullivan Christopher Ryan | Tax withheld | 138 | $13.10 |
| 2026-06-10 | VARKI PAUL | Tax withheld | 1.1K | $13.10 |
| 2026-05-28 | Doyle Mittie | Option exercise | 679 | $8.04 |
| 2026-05-28 | Doyle Mittie | Sell | 679 | $16.00 |
| 2026-05-21 | Riley Jennifer | Grant | 34K | — |
| 2026-05-21 | Doyle Mittie | Grant | 44K | — |
| 2026-05-21 | Sullivan Christopher Ryan | Grant | 40K | — |
| 2026-05-21 | VARKI PAUL | Grant | 24K | — |
| 2026-05-21 | NEIL GARRY ARTHUR | Grant | 100K | — |
| 2026-05-15 | Doyle Mittie | Option exercise | 3.0K | $12.65 |
| 2026-05-15 | Doyle Mittie | Sell | 3.0K | $18.76 |
| 2026-05-07 | Sullivan Christopher Ryan | Option exercise | 19K | $9.88 |
| 2026-05-07 | Sullivan Christopher Ryan | Sell | 19K | $24.12 |
| 2026-05-06 | Sullivan Christopher Ryan | Sell | 2.7K | $20.76 |
| 2026-05-06 | Doyle Mittie | Option exercise | 78K | $12.65 |
| 2026-05-06 | Doyle Mittie | Option exercise | 29K | $8.04 |
| 2026-05-06 | Doyle Mittie | Sell | 28K | $18.03 |
| 2026-05-06 | Doyle Mittie | Sell | 5.0K | $19.65 |
| 2026-05-06 | Doyle Mittie | Sell | 45K | $21.20 |
| 2026-05-06 | Doyle Mittie | Sell | 19K | $22.41 |
| 2026-05-06 | Doyle Mittie | Sell | 10K | $22.88 |
| 2026-05-06 | Sullivan Christopher Ryan | Option exercise | 47K | $8.04 |
| 2026-05-06 | Sullivan Christopher Ryan | Sell | 14K | $18.55 |
| 2026-05-06 | Sullivan Christopher Ryan | Sell | 12K | $19.28 |
| 2026-05-06 | Sullivan Christopher Ryan | Sell | 9.2K | $21.37 |
| 2026-05-06 | Sullivan Christopher Ryan | Sell | 8.9K | $22.57 |
| 2026-05-06 | Chan Mitchell | Sell | 3.2K | $22.88 |
| 2026-05-06 | VARKI PAUL | Option exercise | 62K | $13.43 |
| 2026-05-06 | VARKI PAUL | Option exercise | 13K | $8.04 |
| 2026-05-06 | VARKI PAUL | Sell | 37K | $18.91 |
| 2026-05-06 | VARKI PAUL | Sell | 5.2K | $19.78 |
| 2026-05-06 | VARKI PAUL | Sell | 23K | $21.22 |
| 2026-05-06 | VARKI PAUL | Sell | 9.3K | $22.70 |
| 2026-05-06 | VARKI PAUL | Sell | 400 | $23.71 |
| 2026-05-05 | Doyle Mittie | Sell | 1.7K | $16.00 |
| 2026-05-05 | Doyle Mittie | Option exercise | 1.0K | $12.65 |
| 2026-05-05 | Doyle Mittie | Option exercise | 679 | $8.04 |
| 2026-04-30 | Sullivan Christopher Ryan | Sell | 8.5K | $13.23 |
| 2026-04-29 | Sullivan Christopher Ryan | Sell | 8.5K | $13.09 |
| 2026-04-06 | Doyle Mittie | Sell | 4.0K | $18.01 |
| 2026-04-06 | Doyle Mittie | Option exercise | 4.0K | $12.65 |
| 2026-04-02 | Sullivan Christopher Ryan | Sell | 6.2K | $17.02 |
| 2026-04-02 | Sullivan Christopher Ryan | Sell | 1.8K | $17.57 |
| 2026-04-01 | Doyle Mittie | Option exercise | 679 | $8.04 |
| 2026-04-01 | Doyle Mittie | Sell | 679 | $16.00 |
| 2026-04-01 | Sullivan Christopher Ryan | Sell | 500 | $15.86 |
| 2026-04-01 | Sullivan Christopher Ryan | Sell | 7.5K | $16.83 |
| 2026-03-28 | Sullivan Christopher Ryan | Option exercise | 24K | — |
| 2026-03-28 | Truex Samantha | Option exercise | 3.2K | — |
| 2026-03-28 | Goldman Jonathan | Option exercise | 3.2K | — |
| 2026-03-28 | KANTOFF AARON | Option exercise | 3.2K | — |
| 2026-03-28 | Sullivan Christopher Ryan | Tax withheld | 8.2K | $13.89 |
| 2026-03-28 | Chan Mitchell | Option exercise | 3.2K | — |
| 2026-03-28 | NEIL GARRY ARTHUR | Option exercise | 65K | — |
| 2026-03-28 | NEIL GARRY ARTHUR | Tax withheld | 22K | $13.89 |
| 2026-03-28 | KAPLAN GILLA | Option exercise | 3.2K | — |
| 2026-03-16 | Doyle Mittie | Option exercise | 6.0K | $8.04 |
| 2026-03-16 | Doyle Mittie | Option exercise | 20K | $12.65 |
| 2026-03-16 | Doyle Mittie | Sell | 25K | $16.15 |
| 2025-12-10 | VARKI PAUL | Tax withheld | 1.0K | $4.10 |
| 2025-12-10 | Riley Jennifer | Tax withheld | 637 | $4.10 |
| 2025-12-10 | Sullivan Christopher Ryan | Tax withheld | 155 | $4.10 |
| 2025-12-10 | Doyle Mittie | Tax withheld | 1.0K | $4.10 |
| 2025-11-14 | Goldman Jonathan | Sell | 3.2K | $14.30 |
| 2025-11-14 | Goldman Jonathan | Sell | 8.2K | $14.35 |
| 2025-11-14 | Goldman Jonathan | Option exercise | 8.2K | $9.88 |
| 2025-03-28 | Sullivan Christopher Ryan | Option exercise | 24K | — |
| 2025-03-28 | NEIL GARRY ARTHUR | Tax withheld | 18K | $8.46 |
| 2025-03-28 | NEIL GARRY ARTHUR | Option exercise | 65K | — |
| 2025-03-28 | Chan Mitchell | Option exercise | 3.2K | — |
| 2025-03-28 | Goldman Jonathan | Option exercise | 3.2K | — |
| 2025-03-28 | Truex Samantha | Option exercise | 3.2K | — |
| 2025-03-28 | KANTOFF AARON | Option exercise | 3.2K | — |
| 2025-03-28 | KAPLAN GILLA | Option exercise | 3.2K | — |
| 2025-03-28 | Almenoff June Sherie | Option exercise | 3.2K | — |
| 2025-03-28 | Sullivan Christopher Ryan | Tax withheld | 7.3K | $8.46 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT06603077 ↗ | A Study to Evaluate the Efficacy and Safety of AVTX-009 in Patients With Moderate to Severe Hidradenitis Suppurativa Hidradenitis Suppurativa | PHASE2 | Completed | 2026-02-23 |
| NCT05288504 ↗ | A Study to Evaluate the Safety and Efficacy of AVTX-002 for the Treatment of Poorly Controlled Non-Eosinophilic Asthma. Non-Eosinophilic Asthma | PHASE2 | Completed | 2023-05-11 |
| NCT04994002 ↗ | A Pharmacokinetic, Pharmacodynamic, Safety and Tolerability Study of CERC-006 in Adults With Complex Lymphatic Malformations Lymphatic Malformation | PHASE1 | Withdrawn | 2022-06-01 |
| NCT04671251 ↗ | Phase 1b Study of AEVI-007 in Subjects With Relapsed or Refractory Multiple Myeloma Multiple Myeloma | PHASE1 | Completed | 2022-03-30 |
| NCT03169894 ↗ | Evaluation of the Safety, Tolerability, and Efficacy of MDGN-002 in Adults With Moderate to Severe Active Crohn's Disease or Ulcerative Colitis Crohn Disease, Ulcerative Colitis | PHASE1 | Terminated | 2021-09-14 |
| NCT02459236 ↗ | A Study of Intermittent Doses of CERC-301 in MDD Major Depressive Disorder | PHASE2 | Completed | 2016-09-01 |
| NCT01941043 ↗ | A Randomized, Double-Blind, Placebo-Controlled, Sequential Parallel Study of CERC-301 in the Adjunctive Treatment of Subjects With Severe Depression and Recent Active Suicidal Ideation Despite Antidepressant Treatment Major Depressive Disorder | PHASE2 | Completed | 2014-09-01 |
| NCT01703923 ↗ | An Exploratory Study of FP01 Lozenges in Subjects With Chronic Refractory Cough Chronic Refractory Cough | PHASE2 | Completed | 2013-09-01 |
| NCT01597349 ↗ | Antitussive Effects of FP01 Lozenges in Subjects With Cough Due to Upper Respiratory Tract Infection Acute Cough | PHASE2 | Completed | 2012-09-01 |
| NCT01579526 ↗ | A Single Dose Study to Determine the Safety and Pharmacokinetics of FP01 Lozenges in Healthy Volunteers Healthy | PHASE1 | Completed | 2012-04-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Exec/director change | filing ↗ |
| 2026-06-16 | OtherExhibits | filing ↗ |
| 2026-06-12 | 3.023.03Exec/director change5.03Exhibits | filing ↗ |
| 2026-06-08 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-13 | ResultsExhibits | filing ↗ |
| 2026-05-07 | Material agreementResultsReg FDExhibits | filing ↗ |
| 2026-05-05 | OtherExhibits | filing ↗ |
| 2026-04-28 | Material agreementReg FDExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-23 | 0001534120-26-000044 ↗ |
| 8-K | 2026-06-16 | 2026-06-16 | 0001534120-26-000042 ↗ |
| 8-K | 2026-06-12 | 2026-06-11 | 0001534120-26-000040 ↗ |
| 8-K | 2026-06-08 | 2026-06-02 | 0001534120-26-000036 ↗ |
| 10-Q | 2026-05-13 | 2026-03-31 | 0001534120-26-000033 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001534120-26-000032 ↗ |
| 8-K | 2026-05-07 | 2026-05-05 | 0001104659-26-056482 ↗ |
| 8-K | 2026-05-05 | 2026-05-05 | 0001534120-26-000028 ↗ |
| 8-K | 2026-04-28 | 2026-04-26 | 0001534120-26-000026 ↗ |
| 8-K | 2026-03-27 | 2026-03-23 | 0001534120-26-000016 ↗ |
| 8-K | 2026-03-23 | 2026-03-23 | 0001534120-26-000010 ↗ |
| 10-K | 2026-03-23 | 2025-12-31 | 0001534120-26-000011 ↗ |