Financial Performance - Avalo Therapeutics reported a net loss of $35.1 million for 2024, an increase of 11.4% from the net loss of $31.5 million in 2023[8]. - Basic net loss per share was $7.94 for 2024, compared to $113.58 for 2023, reflecting a significant increase in the number of shares outstanding[8]. Cash Position - Cash and cash equivalents were approximately $134.5 million as of December 31, 2024, supported by $185 million in gross proceeds from a private placement in 2024[8]. - Total assets increased to $150.7 million as of December 31, 2024, compared to $21.0 million in 2023[9]. Research and Development - Research and development expenses increased to $24.4 million in 2024, up 78% from $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 $17.2 million in 2024, an increase of 67% from $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