Avalo Therapeutics, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2022
November 07, 2022 at 07:37 am EST
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Avalo Therapeutics, Inc. reported earnings results for the third quarter and nine months ended September 30, 2022. For the third quarter, the company reported revenue was USD 14.95 million compared to USD 1.35 million a year ago. Net income was USD 3.19 million compared to net loss of USD 17.4 million a year ago.
For the nine months, revenue was USD 17.16 million compared to USD 5.18 million a year ago. Net loss was USD 31.85 million compared to USD 65.18 million 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).