Avalo Therapeutics, Inc. is a US-listed company in the biotechnology industry. Its financial year ends in December.
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Avalo Therapeutics, Inc. valuation: adjust assumptions and compare models →
What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.
Avalo Therapeutics has little or no product revenue yet; it used $68m of cash in the twelve months to June 2026. It passes 2 of our 2 financial-health checks.
Our model value for Avalo Therapeutics is under review, so past values are not shown until it is resolved.
Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation
Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.
Current signal Operating margin compressing: TTM operating margin fell to -15536.1%, down 14115.3pp year over year.
Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.
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Company announcements, filed results and changes that matter to shareholders.
| At fiscal year end | 2015 | 2016 | 2017 | 2018 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Share price | $9648.00 | $2534.40 | $9216.00 | $9302.40 | $1209.60 | $9.10 | $7.43 | $18.16 |
| Market value | $89.5bn | $93m | $720m | $1.3bn | $47m | $2.5bn | $56m | $243m |
| + Net debt (− = net cash) | −$15m | −$3m | −$2m | $5m | $6m | −$7m | −$135m | −$16m |
| Enterprise value | $89.5bn | $90m | $718m | $1.4bn | $54m | $2.5bn | −$79m | $228m |
| Multiples | ||||||||
| Price / sales | — | 80.9x | 25.9x | 191.8x | 2.6x | n/m | 126.3x | n/m |
| Price / earnings | — | — | 60.7x | — | — | — | — | — |
| Price / free cash flow | — | — | 57.4x | — | — | — | — | — |
| EV / EBITDA | — | — | 50.1x | — | — | — | — | — |
Weak moat
How hard Avalo Therapeutics's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.
Net income has been a median -63.3% of total assets over 10 years.
Gross margin has been a median 86.3%, moving by 31.6 percentage points (standard deviation) across 6 years.
Operating margin has been a median -795.3%; its worst year was -15536.1%.
Free cash flow was positive in 1 of 8 years, at a median -446.7% of revenue.
AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (29 before it).
Next results: November 12, 2026, before the open. Analysts expect revenue of $0 and EPS of −$0.55 (range −$0.66 to −$0.45) for the quarter.
| Fiscal year | EPS | Growth | Revenue | Growth |
|---|---|---|---|---|
| Current | −$2.72 | +53% | — | −100% |
| Next | −$2.78 | −2% | — | 0% |
The consensus EPS forecast for the current fiscal year is +6.5% on 90 days ago. In the last 30 days, 3 analysts raised Avalo Therapeutics, Inc.'s forecast and 4 cut it.
Average of analysts' published estimates (third-party data).
| Period | Current fiscal year | Next fiscal year |
|---|---|---|
| 90 days ago | −$2.56 | −$2.76 |
| 60 days ago | −$2.61 | −$2.63 |
| 30 days ago | −$2.72 | −$2.74 |
| 7 days ago | −$2.73 | −$2.71 |
| Now | −$2.72 | −$2.78 |
| Quarter to | Estimate | Actual | Surprise |
|---|---|---|---|
| Jun 2026 | −$0.62 | −$0.83 | −34.5% |
| Mar 2026 | −$1.07 | −$0.98 | +8.6% |
| Dec 2025 | −$1.50 | −$0.37 | +75.2% |
| Sept 2025 | −$1.64 | −$2.19 | −33.7% |
Adjusted EPS as companies report it, against the average analyst estimate.
| Calendar year | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 to date |
|---|---|---|---|---|---|---|
| Return | ||||||
| AVTX | −36% | −75% | −99% | −18% | +144% | −60% |
| Industry peers (median) | −35% | −56% | −17% | −29% | −5% | −26% |
| S&P 500 | +29% | −18% | +26% | +25% | +18% | +11% |
| Months that ended higher | ||||||
| AVTX | 50% | 25% | 17% | 33% | 67% | 46% |
| S&P 500 | 75% | 42% | 67% | 75% | 75% | 46% |
| Largest fall from a high during the year | ||||||
| AVTX | −62% | −86% | −99% | −68% | −59% | −71% |
| S&P 500 | −5% | −25% | −10% | −8% | −19% | −9% |
Worst fall since November 2, 2015: 100% from February 27, 2019 to May 28, 2025. Getting back needed a 579109% gain, and the shares have not yet recovered.
| Results released | Next day | S&P 500 next day | 5 days | 21 days |
|---|---|---|---|---|
| August 6, 2026 | −2.8% | +0.5% | +3.2% | +2.1% |
| May 13, 2026 | −4.7% | +1.4% | −18.3% | −26.0% |
| May 7, 2026 | −1.1% | +0.5% | −12.8% | −41.6% |
| March 23, 2026 | +0.2% | +0.7% | +3.8% | +8.0% |
| January 12, 2026 | +1.5% | 0.0% | −12.7% | −15.3% |
| November 6, 2025 | −8.5% | −1.0% | −10.5% | +18.2% |
| August 7, 2025 | +7.5% | +0.7% | +7.7% | +37.3% |
| May 12, 2025 | −9.4% | +4.0% | −1.5% | +16.0% |
| March 20, 2025 | −4.1% | −0.3% | +9.3% | −44.8% |
| November 7, 2024 | −0.7% | +1.2% | +0.6% | −21.6% |
| August 12, 2024 | −7.5% | +1.7% | −13.4% | −23.2% |
| May 13, 2024 | −2.3% | +0.5% | +2.3% | +5.9% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue (TTM) |
|---|---|
| FY22 Q1 | $6.1M |
| FY22 Q2 | $3.8M |
| FY22 Q3 | $17.4M |
| FY22 Q4 | $18.1M |
| FY23 Q1 | $17.4M |
| FY23 Q2 | $17M |
| FY23 Q3 | $2.3M |
| FY23 Q4 | $1.9M |
| FY24 Q1 | $1.5M |
| FY24 Q2 | $807K |
| FY24 Q3 | $820K |
| FY24 Q4 | $441K |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Revenue growth, TTM YoY |
|---|---|
| FY22 Q1 | 38.0% |
| FY22 Q2 | -41.3% |
| FY22 Q3 | 160.3% |
| FY22 Q4 | 234.5% |
| FY23 Q1 | 184.6% |
| FY23 Q2 | 349.4% |
| FY23 Q3 | -87.0% |
| FY23 Q4 | -89.3% |
| FY24 Q1 | -91.6% |
| FY24 Q2 | -95.2% |
| FY24 Q3 | -63.6% |
| FY24 Q4 | -77.1% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | Operating margin (TTM) |
|---|---|
| FY22 Q1 | -1187.6% |
| FY22 Q2 | -1777.7% |
| FY22 Q3 | -267.9% |
| FY22 Q4 | -207.4% |
| FY23 Q1 | -146.3% |
| FY23 Q2 | -122.0% |
| FY23 Q3 | -1268.8% |
| FY23 Q4 | -1420.8% |
| FY24 Q1 | -3539.7% |
| FY24 Q2 | -6660.5% |
| FY24 Q3 | -7666.0% |
| FY24 Q4 | -15536.1% |
Source: SEC EDGAR filings. Retrieved November 1, 2026.
| Period | FCF margin (TTM) |
|---|---|
| FY22 Q1 | -1127.4% |
| FY22 Q2 | -1644.3% |
| FY22 Q3 | -230.3% |
| FY22 Q4 | -148.7% |
| FY23 Q1 | -121.0% |
| FY23 Q2 | -114.0% |
| FY23 Q3 | -1415.7% |
| FY23 Q4 | -1593.8% |
| FY24 Q1 | -1839.4% |
| FY24 Q2 | -3976.1% |
| FY24 Q3 | -4485.1% |
| FY24 Q4 | -11123.8% |
| Fiscal year | 2015 Dec 2015 | 2016 Dec 2016 | 2017 Dec 2017 | 2018 Dec 2018 | 2019 Dec 2019 | 2020 Dec 2020 | 2021 Dec 2021 | 2022 Dec 2022 | 2023 Dec 2023 | 2024 Dec 2024 | 2025 Dec 2025 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Income | |||||||||||
| Revenue | 0 | 1 | 28 | 7 | 7 | 7 | 5 | 18 | 2 | 0 | 0 |
| Gross profit | — | — | 27 | 4 | 7 | 6 | 4 | 15 | 1 | — | — |
| EBITDA | −11 | −16 | 14 | −31 | −12 | −71 | −80 | −37 | −27 | −68 | −73 |
| Operating income | −11 | −16 | 14 | −35 | −16 | −73 | −82 | −37 | −27 | −69 | −73 |
| Net income | −10 | −16 | 12 | −40 | −16 | −64 | −84 | −42 | −32 | −35 | −78 |
| Diluted EPS | −$1130.40 | −$1.87 | $100.80 | −$1.20 | — | — | — | −$1063.00 | −$113.58 | −$20.91 | −$5.84 |
| Growth (year on year) | |||||||||||
| Revenue | — | — | +>999% | −74.7% | −4.0% | −0.8% | −19.4% | +234.4% | −89.3% | −77.1% | −86.6% |
| EBITDA | — | — | — | −315.3% | — | — | — | — | — | — | — |
| Operating income | — | — | — | −354.7% | — | — | — | — | — | — | — |
| Net income | — | — | — | −437.4% | — | — | — | — | — | — | — |
| Diluted EPS | — | — | — | −101.2% | — | — | — | — | — | — | — |
| Margins | |||||||||||
| Gross margin | — | — | 97.7% | 53.6% | — | 95.5% | 72.4% | 81.0% | 33.3% | — | — |
| EBITDA margin | — | <−999% | 51.5% | −438.6% | −181.5% | <−999% | <−999% | −206.5% | <−999% | <−999% | <−999% |
| Operating margin | — | <−999% | 49.9% | −503.4% | −239.1% | <−999% | <−999% | −207.4% | <−999% | <−999% | <−999% |
| Net margin | — | <−999% | 42.7% | −569.9% | −238.1% | −947.9% | <−999% | −230.8% | <−999% | <−999% | <−999% |
| Free-cash-flow margin | — | <−999% | 45.1% | −52.5% | −287.3% | −606.1% | <−999% | −148.7% | <−999% | <−999% | <−999% |
| Cash flow | |||||||||||
| Cash from operations | −10 | −15 | 13 | −3 | −19 | −41 | −71 | −27 | −31 | −49 | −51 |
| Capital spending | 0 | 0 | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −10 | −15 | 13 | −4 | −19 | −41 | −71 | −27 | −31 | −49 | −51 |
| Stock-based pay | 0 | 2 | 1 | 2 | 3 | 7 | 8 | 8 | 3 | 6 | 14 |
| Free cash flow after stock pay | −11 | −16 | 11 | −6 | −22 | −47 | −79 | −34 | −34 | −55 | −65 |
| Balance sheet | |||||||||||
| Cash | 21 | 5 | 2 | 11 | 4 | 19 | 55 | 13 | 7 | 135 | 16 |
| Total debt | 6 | 2 | 0 | 15 | 15 | 0 | 33 | 19 | 0 | 0 | 0 |
| Net debt (negative = net cash) | −15 | −3 | −2 | 5 | 12 | −19 | −22 | 6 | −7 | −135 | −16 |
| Diluted shares | 9m | — | — | — | — | — | — | — | 278m | 7m | 13m |
| Quarter | 2023 Q3 Sept 2023 | 2023 Q4 Dec 2023 | 2024 Q1 Mar 2024 | 2024 Q2 Jun 2024 | 2024 Q3 Sept 2024 | 2024 Q4 Dec 2024 | 2025 Q3 Sept 2025 | 2025 Q4 Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Income | ||||||||
| Revenue | 0 | 1 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross profit | −0 | 1 | 0 | −0 | 1 | — | — | — |
| EBITDA | −4 | −8 | −33 | −10 | −13 | −13 | −19 | −20 |
| Operating income | −4 | −8 | −33 | −10 | −13 | −13 | −19 | −20 |
| Net income | −5 | −8 | −121 | 98 | 23 | −35 | −31 | −14 |
| Diluted EPS | −$26.83 | $117.47 | −$141.14 | −$14.07 | −$2.83 | $1.72 | −$2.19 | −$0.37 |
| Growth (year on year) | ||||||||
| Revenue | −98.4% | −36.3% | −100.0% | −100.0% | +5.5% | −66.4% | −100.0% | −69.3% |
| EBITDA | −189.8% | — | — | — | — | — | — | — |
| Operating income | −191.6% | — | — | — | — | — | — | — |
| Net income | −263.8% | — | — | — | — | — | −232.9% | — |
| Diluted EPS | −132.9% | — | — | — | — | — | — | — |
| Margins | ||||||||
| Gross margin | −4.7% | — | — | — | — | — | — | — |
| EBITDA margin | <−999% | <−999% | — | — | <−999% | <−999% | — | <−999% |
| Operating margin | <−999% | <−999% | — | — | <−999% | <−999% | — | <−999% |
| Net margin | <−999% | <−999% | — | — | >999% | <−999% | — | <−999% |
| Free-cash-flow margin | <−999% | −484.4% | — | — | <−999% | <−999% | — | <−999% |
| Cash flow | ||||||||
| Cash from operations | −7 | −3 | −6 | −16 | −12 | −15 | −16 | −14 |
| Capital spending | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free cash flow | −7 | −3 | −6 | −16 | −12 | −15 | −16 | −14 |
| Stock-based pay | 1 | 1 | 1 | 0 | 2 | 3 | 3 | 5 |
| Free cash flow after stock pay | −8 | −4 | −7 | −17 | −13 | −18 | −20 | −19 |
| Last 12 months unless stated | AVTX | CRDF | CRVO | MNOV | CLNN | STTK | Median |
|---|---|---|---|---|---|---|---|
| Revenue, last 12 months | $441000 | $508000 | $331295 | $920481 | $197000 | $1m | $55m |
| Revenue growth, last 12 months | −77.1% | −7.0% | −95.7% | 875.7% | −31.1% | −66.6% | 12.2% |
| Revenue growth, 3-year average | −56.6% | 7.2% | −52.7% | — | −36.9% | 5.2% | 13.1% |
| Revenue growth, latest quarter | −69.3% | −14.0% | −100.0% | 240.6% | 233.3% | −66.6% | 10.2% |
| Gross margin | 64.2% | 100.0% | 100.0% | 100.0% | 70.1% | — | 82.8% |
| Operating margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −191.1% |
| Operating margin, 3-year average | <−999% | <−999% | <−999% | −905.8% | <−999% | <−999% | −365.3% |
| Net margin | <−999% | <−999% | <−999% | <−999% | <−999% | <−999% | −172.8% |
| Cash from operations / revenue | <−999% | <−999% | <−999% | −989.7% | <−999% | <−999% | −168.8% |
| Free-cash-flow margin | <−999% | <−999% | — | −991.2% | <−999% | <−999% | −168.1% |
| Free-cash-flow margin, 3-year average | <−999% | <−999% | — | <−999% | <−999% | <−999% | −313.4% |
| Stock pay / revenue | >999% | >999% | 393.0% | 100.3% | >999% | 853.2% | 20.7% |
| Change in share count | — | 15.8% | 8.4% | 0.2% | 35.4% | 15.3% | 8.2% |
| Manager | Value | Shares | Share of 13F value | Shares QoQ |
|---|---|---|---|---|
| FMR LLC | $94.3M | 5.1M | 7.0% | ▲ 77.1% |
| Blackrock, Inc. | $80.7M | 4.4M | 6.0% | ▲ 1234.7% |
| Nantahala Capital Management, LLC | $68.8M | 3.7M | 5.1% | ▲ 201.6% |
| Deep Track Capital, LP | $66.7M | 3.6M | 5.0% | New |
| Caligan Partners LP | $58.5M | 3.2M | 4.4% | ▲ 93.5% |
| Tcg Crossover Management, LLC | $55.8M | 3.0M | 4.2% | ▲ 308.6% |
| Affinity Asset Advisors, LLC | $53.6M | 2.9M | 4.0% | ▲ 116.3% |
| State Street Corp | $53.4M | 2.9M | 4.0% | ▲ 3932.3% |
| Farallon Capital Management, L.L.C. | $46.2M | 2.5M | 3.4% | ▲ 172.7% |
| Point72 Asset Management, L.P. | $44.1M | 2.4M | 3.3% | ▲ 160.6% |
| Avoro Capital Advisors LLC | $43.1M | 2.3M | 3.2% | ▲ 65.5% |
| Vanguard Capital Management LLC | $41.8M | 2.3M | 3.1% | ▲ 214.6% |
From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Avalo Therapeutics, Inc.'s complete shareholder register. Values are as reported by the filers .
| Insider | Date | Trade | Shares | Price | Value |
|---|---|---|---|---|---|
| Sullivan Christopher Ryan Chief Financial Officer | September 16, 2026 | Sell pre-set plan | 12,394 | $16.33 | $202,394 |
| Sullivan Christopher Ryan Chief Financial Officer | September 10, 2026 | Sell pre-set plan | 10,185 | $17.62 | $179,460 |
| Doyle Mittie Chief Medical Officer | August 28, 2026 | Sell pre-set plan | 679 | $20.00 | $13,580 |
| Sullivan Christopher Ryan Chief Financial Officer | August 18, 2026 | Sell pre-set plan | 31,031 | $20.05 | $622,172 |
| Doyle Mittie Chief Medical Officer | August 17, 2026 | Sell pre-set plan | 1,000 | $20.00 | $20,000 |
| Sullivan Christopher Ryan Chief Financial Officer | August 17, 2026 | Sell pre-set plan | 37,945 | $19.85 | $753,208 |
| Sullivan Christopher Ryan Chief Financial Officer | August 17, 2026 | Sell pre-set plan | 3,749 | $19.94 | $74,755 |
| Riley Jennifer Chief Strategy Officer | August 11, 2026 | Sell | 2,655 | $19.59 | $52,011 |
| Doyle Mittie Chief Medical Officer | August 10, 2026 | Sell pre-set plan | 679 | $20.00 | $13,580 |
| Doyle Mittie Chief Medical Officer | July 27, 2026 | Sell pre-set plan | 1,000 | $20.00 | $20,000 |
| Doyle Mittie Chief Medical Officer | June 30, 2026 | Sell pre-set plan | 4,654 | $20.00 | $93,080 |
| Doyle Mittie Chief Medical Officer | June 23, 2026 | Sell pre-set plan | 1,450 | $18.00 | $26,100 |
From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.
| Data | Last updated | Source |
|---|---|---|
| Share price | Exchange closing prices | |
| Financial statements | SEC 10-K and 10-Q filings | |
| News and updates | Company releases and SEC 8-K filings | |
| Analyst estimates | Aggregated analyst estimates | |
| Valuation and scores | Our models, from the filed figures |
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