Financial Performance - Avalo Therapeutics reported a net loss of 31.5 million in 2023[8]. - Basic net loss per share was 113.58 for 2023, reflecting a significant increase in the number of shares outstanding[8]. Cash Position - Cash and cash equivalents were approximately 185 million in gross proceeds from a private placement in 2024[8]. - Total assets increased to 21.0 million in 2023[9]. Research and Development - Research and development expenses increased to 13.7 million in 2023, primarily due to costs associated with the Phase 2 LOTUS trial[8]. - The Phase 2 LOTUS trial for AVTX-009 is expected to enroll approximately 180 adults, with topline data anticipated in 2026[5]. - The company plans to explore additional indications for AVTX-009 beyond hidradenitis suppurativa[5]. Administrative Expenses - General and administrative expenses rose to 10.3 million in 2023, driven by higher employee compensation and professional fees[8]. Strategic Appointments and Focus - The company appointed Jennifer Riley as Chief Strategy Officer, effective January 1, 2025, to guide strategy and pipeline planning[5]. - Avalo's primary focus for 2025 is executing the LOTUS trial and releasing data in 2026[2].
Avalo Therapeutics(AVTX) - 2024 Q4 - Annual Results