Avalo Therapeutics, Inc. filed a Form 10-Q with the SEC on November 5, 2026, reporting unaudited financial results for the quarterly period ended September 30, 2026, including a net loss of $74,933 thousand for the nine months ended September 30, 2026.

Key Highlights

  • Nine-month net loss: The company reported a net loss of $74,933 thousand for the nine months ended September 30, 2026, compared to $64,539 thousand for the same period in 2025.
  • Third-quarter net loss: Net loss for the three months ended September 30, 2026 was $18,945 thousand, versus $30,625 thousand in the prior-year quarter.
  • Cash and investments: Cash and cash equivalents stood at $64,988 thousand and short-term investments at $327,978 thousand as of September 30, 2026, up from $15,858 thousand and $82,478 thousand, respectively, at December 31, 2025.
  • Public offering proceeds: The company disclosed the issuance of common stock and pre-funded warrants in an underwritten public offering, net of costs, generating $404,912 thousand in additional paid-in capital during the nine months ended September 30, 2026.
  • Shares outstanding: As of November 2, 2026, the registrant had 57,823,083 shares of common stock outstanding.
  • Total assets: Total assets increased to $481,430 thousand at September 30, 2026, from $116,458 thousand at December 31, 2025.
  • Accumulated deficit: The accumulated deficit reached $523,455 thousand at September 30, 2026, compared to $448,522 thousand at December 31, 2025.

Avalo Therapeutics Financial Position and Operating Results: Q3 2026

According to the filing, Avalo Therapeutics (NASDAQ:AVTX) reported total operating expenses of $75,816 thousand for the nine months ended September 30, 2026, consisting of $52,512 thousand in research and development costs and $23,304 thousand in general and administrative expenses. For the same period in 2025, total operating expenses were $53,183 thousand. For the third quarter alone, total operating expenses were $23,397 thousand, compared to $19,198 thousand in the third quarter of 2025.

The company disclosed other income and expense items that affected the net loss. For the nine months ended September 30, 2026, the change in fair value of derivative liability was a loss of $320 thousand, and the change in fair value of contingent consideration was a loss of $6,574 thousand. Interest income, net, was $7,813 thousand for the nine-month period, compared to $3,359 thousand in the prior-year period. The net loss per share of common stock, basic and diluted, was $(1.89) for the nine months ended September 30, 2026, compared to $(5.47) for the nine months ended September 30, 2025, based on weighted average common shares outstanding of 39,717,826 and 11,795,810, respectively.

On the balance sheet, the company reported total stockholders' equity of $436,546 thousand at September 30, 2026, up from $83,049 thousand at December 31, 2025. The increase in equity was substantially attributable to the underwritten public offering completed during the period. The filing also noted the issuance of 128,189 shares of common stock pursuant to the AlmataBio Milestone Buyout Option, valued at $1,761 thousand. Total liabilities were $44,884 thousand at September 30, 2026, compared to $33,409 thousand at December 31, 2025.

What Was Disclosed

Avalo Therapeutics filed its quarterly report for the period ended September 30, 2026, disclosing a nine-month net loss of $74,933 thousand, a significant increase in total assets to $481,430 thousand driven by a public equity offering, and 57,823,083 shares outstanding as of November 2, 2026.