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Avalo Therapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, highlighting a net income of $23,037,000 compared to a net loss of $5,228,000 in the same quarter the previous year.
Total revenues for the quarter were $249,000, with operating expenses totaling $13,110,000, leading to a loss from operations of $12,861,000.
Other income for the quarter was $35,884,000, primarily due to a gain of $36,025,000 from the change in fair value of warrant liability.
Net cash used in operating activities was $34,012,000, while cash provided by financing activities was $108,140,000, primarily from a private placement investment.
As of September 30, 2024, Avalo had $81,858,000 in cash and cash equivalents, with total assets amounting to $98,455,000.
Avalo reported a working capital of $25,474,000 as of September 30, 2024. The company expects its current cash on hand to fund operations into at least 2027.
The filing details Avalo's acquisition of AVTX-009 through a merger with AlmataBio, Inc., resulting in a $27,641,000 expense for acquired in-process research and development.
Avalo announced the dosing of the first patient in its Phase 2 trial of AVTX-009 in hidradenitis suppurativa in October 2024.
The filing also discusses Avalo's strategic focus on advancing its pipeline of compounds toward regulatory approval and commercialization.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Avalo Therapeutics Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.