Avalo Therapeutics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 09, 2023 at 07:21 am EST
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Avalo Therapeutics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 0.236 million compared to USD 14.95 million a year ago. Net loss was USD 5.23 million compared to net income of USD 3.19 million a year ago. Basic loss per share from continuing operations was USD 26.3998 compared to basic earnings per share from continuing operations of USD 81.5993 a year ago. Diluted loss per share from continuing operations was USD 26.3998 compared to diluted earnings per share from continuing operations of USD 81.5993 a year ago.
For the nine months, revenue was USD 1.35 million compared to USD 17.16 million a year ago. Net loss was USD 23.38 million compared to USD 31.85 million a year ago. Basic loss per share from continuing operations was USD 230.3982 compared to USD 813.5935 a year ago. Diluted loss per share from continuing operations was USD 230.3982 compared to USD 813.5935 a year ago.
Avalo Therapeutics, Inc. is a clinical-stage biotechnology company focused on the treatment of immune dysregulation. The Company's lead asset is AVTX-009, an anti-IL-1β mAb, targeting inflammatory diseases. Its pipeline also includes quisovalimab (AVTX-002) (anti-LIGHT monoclonal antibody (mAb)) and AVTX-008 (BTLA agonist fusion protein). AVTX-009 is a humanized monoclonal antibody (IgG4) that binds to interleukin-1β (IL-1β) with high affinity and neutralizes its activity. IL-1β is a central driver in the inflammatory process. Quisovalimab shows reduction of Lymphotoxin-like, exhibits Inducible expression, and competes with HSV Glycoprotein D for Herpesvirus Entry Mediator (HVEM), a receptor expressed by T lymphocytes (LIGHT) levels, as well as a favorable safety and tolerability profile, in all indications studied including COVID-19 acute respiratory distress syndrome (ARDS), Crohn's Disease, and non-eosinophilic asthma (NEA).
AVALO THERAPEUTICS, INC. 
