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Avalo Therapeutics(AVTX) - 2024 Q3 - Quarterly Results
AVTXAvalo Therapeutics(AVTX)2024-11-07 12:02

Clinical Trials - The first patient was dosed in the Phase 2 LOTUS trial of AVTX-009 for hidradenitis suppurativa, with topline data expected in 2026[1] - The LOTUS trial will evaluate AVTX-009 in approximately 180 adults with HS, comparing two dosing regimens against placebo[3][16] - The company continues to explore AVTX-009's applications in other immune-mediated diseases while working towards selecting a second indication[3] Financial Performance - Net income for Q3 2024 was 23.0million,asignificantincreasefromanetlossof23.0 million, a significant increase from a net loss of 5.2 million in Q3 2023, largely due to a 37.4millionincreaseinotherincome[6]−Basicnetincomepersharewas37.4 million increase in other income[6] - Basic net income per share was 0.98 for Q3 2024, compared to a basic net loss per share of 26.83forQ32023[6]−TotalrevenuesforQ32024were26.83 for Q3 2023[6] - Total revenues for Q3 2024 were 249,000, slightly up from 236,000inQ32023[12]−OperatingexpensesforQ32024totaled236,000 in Q3 2023[12] - Operating expenses for Q3 2024 totaled 13.1 million, compared to 3.99millioninQ32023[12]Expenses−Researchanddevelopmentexpensesincreasedto3.99 million in Q3 2023[12] Expenses - Research and development expenses increased to 9.5 million for Q3 2024, up from 1.2millioninQ32023,primarilyduetoLOTUStrialinitiationcosts[5]−Generalandadministrativeexpensesroseto1.2 million in Q3 2023, primarily due to LOTUS trial initiation costs[5] - General and administrative expenses rose to 4.3 million in Q3 2024, compared to 2.5millioninQ32023,drivenbyincreasedemployeecompensationandprofessionalexpenses[5]CashPosition−Cashpositionwasapproximately2.5 million in Q3 2023, driven by increased employee compensation and professional expenses[5] Cash Position - Cash position was approximately 82 million as of September 30, 2024, with an additional $58.1 million received from warrant exercises, providing a runway into at least 2027[1][4] Risks and Uncertainties - Avalo's forward-looking statements are subject to significant risks and uncertainties, which could cause actual results to differ from projections[18] - The company emphasizes reliance on key personnel and regulatory risks as critical factors affecting future performance[18] - Economic uncertainties, including geopolitical tensions such as the war in Ukraine and the Middle East, may impact Avalo's operations[18]