Avalo Therapeutics, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 03, 2023 at 07:04 am
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Avalo Therapeutics, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 0.643 million compared to USD 1.03 million a year ago. Net loss was USD 8.19 million compared to USD 12.99 million a year ago. Basic loss per share from continuing operations was USD 141.5989 compared to USD 331.1974 a year ago.
For the six months, revenue was USD 1.12 million compared to USD 2.21 million a year ago. Net loss was USD 18.15 million compared to USD 35.04 million a year ago. Basic loss per share from continuing operations was USD 338.3973 compared to USD 895.1928 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).