Avalo Therapeutics : 2022 Investor Day Presentation

Innovation

Driven by Compassion

Avalo is a leading clinical-stage biopharmaceutical company that employs a precision medicine approach to discover, develop, and commercialize highly targeted therapeutics in areas of significant unmet clinical need.

Investor Day Presentation

January 2022

Forward-Looking Statements

This presentation may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond the control of Avalo Therapeutics, Inc. ("Avalo" or the "Company"), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to Avalo's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "might," "will," "could," "would," "should," "continue," "seeks," "aims," "predicts," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential," or similar expressions (including their use in the negative), or by discussions of future matters such as: the future financial and operational outlook; the development of product candidates or products; potential attributes and benefits of product candidates; timing and success of trial results and regulatory review; potential attributes and benefits of product candidates; and other statements that are not historical.

These statements are based upon the current beliefs and expectations of Avalo's management but are subject to significant risks and uncertainties, including: drug development costs, timing and other risks, including reliance on investigators and enrollment of subjects in clinical trials, which might be slowed by the COVID-19 pandemic; regulatory risks; Avalo's cash position and the need for it to raise additional capital; risks related to potential strategic alternatives for Millipred; general economic and market risks and uncertainties,

including those caused by the COVID-19 pandemic and those other risks detailed in Avalo's filings with the Securities and Exchange

Commission. Actual results may differ from those set forth in the forward-looking statements. Except as required by applicable law, Avalo expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Avalo's expectations with respect thereto or any change in events, conditions, or circumstances on which any statement is based.

2	© Copyright 2022. Avalo Therapeutics. All rights reserved.

Our Management Team Participating in Today's Presentation

Mike Cola	H. Jeffrey Wilkins, MD	Garry A. Neil, MD	Stephen Smolinski	Schond L. Greenway
	H. Jeff Wilkins, MD	Garry A. Neil, MD	Schond L. Greenway
Chief Executive Officer	Chief Medical Officer	Chief Scientific Officer	Chief Commercial Officer	Chief Financial Officer

3	© Copyright 2022. Avalo Therapeutics. All rights reserved.

Today's Agenda

Topic	Presenter
Introduction	Schond L. Greenway - CFO
Executive Summary	Mike Cola - CEO
AVTX-002
• Phase 1b preliminary data (cohorts 1 and 2) in Crohn's Disease (CD)	H. Jeffrey Wilkins, MD - CMO
• Scientific rationale for new target indication and study design - Non-eosinophilic Asthma
(NEA)
AVTX-007
• Multiple Myeloma and Adult-Onset Still's Disease (AOSD)	H. Jeffrey Wilkins, MD - CMO
‒ Unmet need; disease pathology; clinical rationale for therapeutic use
‒ Update for ongoing Phase 1b proof-of-concept (POC) studies
AVTX-803	H. Jeffrey Wilkins, MD - CMO
• Burden of illness and unmet need; status update
AVTX-006	H. Jeffrey Wilkins, MD - CMO
• Burden of illness and unmet need; status update
Corporate Goals for FY22 and Closing Remarks	Mike Cola - CEO
Q&A	Management
	(Mike, Jeff, Garry, Stephen, Schond)

4	© Copyright 2022. Avalo Therapeutics. All rights reserved.

Differentiating Features of Our Development Programs

✓

✓

✓

Precision medicines company with multiple clinical catalysts in FY22

Novel first-in class molecules

Targeted mechanisms of action with potential for enhanced benefit-risk profile

✓	Biomarker approach	has potential to increase trial efficiency and probability of
regulatory success

5	© Copyright 2022. Avalo Therapeutics. All rights reserved.