Avalo Therapeutics (AVTX) Q4 2025 earnings summary

Executive summary

• Focused execution on the Phase 2 LOTUS trial for abdakibart (AVTX-009) in hidradenitis suppurativa, with topline data expected in Q2 2026.

• Cash position of $98.3 million as of December 31, 2025, projected to fund operations into 2028.

• Net loss for 2025 was $78.3 million, up from $35.1 million in 2024, primarily due to increased R&D and changes in warrant-related expenses.

Financial highlights

• Research and development expenses rose to $50.1 million in 2025, up $25.6 million year-over-year, driven by LOTUS trial costs.

• General and administrative expenses increased to $22.9 million, up $5.7 million from 2024, mainly due to stock-based compensation and headcount.

• Net loss per share improved to $5.84 (basic and diluted) in 2025 from $7.94 (basic) and $20.91 (diluted) in 2024, reflecting higher share count.

• Total revenues remained flat at $59,000 for both 2025 and 2024.

• Cash, cash equivalents, and short-term investments totaled $98.3 million at year-end 2025.

Outlook and guidance

• Topline data from the Phase 2 LOTUS trial expected in Q2 2026.

• Current cash resources expected to provide operational runway into 2028.