Detailed financial statements for Avalo Therapeutics, Inc. (AVTX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Avalo Therapeutics, Inc. is a precision medicine company in the clinical development phase, dedicated to identifying, advancing, and marketing specialized treatments for patients experiencing critical unmet medical needs across the fields of immunology, immuno-oncology, and rare genetic disorders. Among its key pipeline assets is AVTX-002, a fully human monoclonal antibody designed to inhibit LIGHT.
Analysis Summary
Avalo Therapeutics, Inc. reported revenue of $59000 in the most recent fiscal year, growing at a 5-year CAGR of -61.2%.
Trailing-twelve-month margins: gross margin -168.6%, operating margin -1548.4%, net margin -1700.6%.
At the current price of $16.58, AVTX has negative trailing earnings (P/E not meaningful) and an ROE of -58.03%. Market capitalisation stands at $872M.
Balance sheet quality for AVTX: current ratio of 8.1, net cash position of $95.9M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.2M | $27.8M | $18.3M | $6.8M | $6.7M | $5.4M | $18.1M | $1.9M | $441000 | $59000 |
| Cost of Revenue | $8.2M | $635648 | $7.5M | -$566523 | $300000 | $1.5M | $3.4M | $1.3M | -$366000 | 0 |
| Gross Profit | -$7.1M | $27.2M | $10.8M | $7.3M | $6.4M | $3.9M | $14.6M | $640000 | $807000 | $59000 |
| Research & Development | $10.2M | $4.4M | $5.8M | $11.8M | $32.2M | $59.8M | $31.3M | $13.8M | $52.1M | $50.1M |
| Selling, General & Admin | $7.1M | $8.9M | $19.2M | $11.6M | $19.8M | $24.7M | $20.7M | $10.3M | $17.2M | $22.9M |
| Operating Expenses | $17.2M | $13.3M | $29.5M | $23.5M | $6.4M | $86.0M | $52.1M | $28.0M | $69.3M | $73.0M |
| Operating Income | -$16.1M | $13.9M | -$39.3M | -$16.1M | 0 | -$82.1M | -$37.4M | -$27.4M | -$68.5M | -$72.9M |
| EBITDA | -$16.1M | $14.3M | -$13.1M | -$13.5M | -$45.5M | -$80.5M | -$37.3M | -$23.3M | -$34.8M | -$77.8M |
| Interest Expense | $464181 | $24016 | 0 | 0 | 0 | $2.4M | $4.2M | $3.4M | 0 | 0 |
| Pre-tax Income | -$16.5M | $13.8M | -$40.1M | -$16.0M | -$67.2M | -$84.5M | -$41.6M | -$31.5M | -$35.0M | -$78.1M |
| Income Tax | $364144 | $2.0M | -$33910 | $280316 | -$2.8M | -$196000 | $28000 | $14000 | $114000 | $165000 |
| Net Income | -$16.5M | $11.9M | -$40.1M | -$16.1M | -$63.5M | -$84.4M | -$41.7M | -$31.5M | -$35.1M | -$78.3M |
| EPS | $-21.93 | $1856.88 | $-3317.28 | $-819.74 | $-2523.77 | $-2330.66 | $-1062.65 | $-113.58 | $-4.32 | $-5.84 |
| EPS (Diluted) | $-21.93 | $1822.74 | $-3317.28 | $-819.74 | $-2523.77 | $-2330.66 | $-1062.65 | $-113.58 | $-3.26 | $-5.84 |
| Shares Outstanding (Diluted) | $3066 | $6512 | $12074 | $19849 | $25511 | $36191 | $39202 | $277727 | $10.8M | $13.4M |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.1M | $2.5M | $10.6M | $3.6M | $18.9M | $54.6M | $13.2M | $7.4M | $134.5M | $15.9M |
| Short-term Investments | 0 | 0 | 0 | $7.6M | 0 | 0 | 0 | 0 | 0 | $82.5M |
| Receivables | $132472 | $2.9M | $6.1M | $5.2M | $4.4M | $4.8M | $1.9M | $136000 | $611000 | 0 |
| Inventory | $11000 | $382153 | $1.1M | $21334 | $3000 | $38000 | $20000 | 0 | 0 | 0 |
| Total Current Assets | $5.7M | $11.0M | $21.9M | $17.7M | $26.0M | $61.8M | $16.4M | $8.4M | $138.9M | $105.3M |
| Property, Plant & Equipment | $43000 | $44612 | $586512 | $1.4M | $1.6M | $2.7M | $2.4M | $2.0M | $1.2M | $460000 |
| Goodwill | 0 | $14.3M | $16.4M | $14.4M | $14.4M | $14.4M | $14.4M | $10.5M | $10.5M | $10.5M |
| Intangible Assets | 0 | $17.7M | $31.2M | $2.4M | $1.6M | $38000 | 0 | 0 | 0 | 0 |
| Total Assets | $5.8M | $43.1M | $70.3M | $36.1M | $43.8M | $80.2M | $33.4M | $21.0M | $150.7M | $116.5M |
| Accounts Payable | $1.0M | $1.3M | $1.4M | $2.1M | $2.6M | $3.4M | $2.9M | $446000 | $283000 | $137000 |
| Short-term Debt | $2.4M | 0 | 0 | 0 | 0 | 0 | $5.9M | 0 | 0 | 0 |
| Total Current Liabilities | $4.3M | $11.4M | $26.2M | $12.2M | $15.2M | $19.9M | $22.1M | $4.6M | $7.0M | $12.9M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | $32.8M | $13.5M | 0 | 0 | $2.0M |
| Total Liabilities | $5.6M | $15.3M | $49.3M | $15.1M | $19.2M | $57.1M | $44.3M | $13.7M | $17.7M | $33.4M |
| Retained Earnings | -$70.0M | -$58.2M | -$98.2M | -$114.3M | -$177.8M | -$262.2M | -$303.8M | -$335.1M | -$370.3M | -$448.5M |
| Total Equity | $207000 | $27.9M | $20.9M | $21.0M | $24.6M | $23.1M | -$10.9M | $7.3M | $133.0M | $83.0M |
| Total Debt | $2.4M | 0 | $15.4M | $155815 | $426000 | $33.3M | $19.9M | $537000 | $568000 | $2.4M |
| Net Debt | -$2.8M | -$2.5M | $4.7M | -$11.1M | -$18.5M | -$21.3M | $6.8M | -$6.9M | -$134.0M | -$95.9M |
| Working Capital | $1.4M | -$415070 | -$4.3M | $5.6M | $10.8M | $42.0M | -$5.7M | $3.8M | $131.9M | $92.3M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$16.5M | $11.9M | -$40.1M | -$16.1M | -$63.5M | -$84.4M | -$41.7M | -$31.5M | -$35.1M | -$78.3M |
| Depreciation & Amortization | $26856 | $425476 | $4.6M | $3.9M | $1.8M | $1.7M | $166000 | $158000 | $169000 | $344000 |
| Stock-based Compensation | $1.7M | $1.2M | $2.4M | $2.5M | $6.8M | $8.2M | $7.6M | $3.5M | $5.9M | $13.6M |
| Change in Working Capital | $87073 | -$466751 | $8.7M | -$2.0M | -$4.4M | $2.8M | -$60000 | -$9.2M | -$4.7M | $3.8M |
| Operating Cash Flow | -$14.6M | $12.5M | -$3.1M | -$19.1M | -$40.5M | -$70.9M | -$26.8M | -$30.7M | -$49.1M | -$51.5M |
| Capital Expenditure | -$34883 | -$23325 | -$564415 | -$262013 | -$63000 | -$113000 | -$95000 | -$158000 | 0 | 0 |
| Acquisitions | 0 | -$18.9M | $1.4M | 0 | $11.2M | 0 | 0 | 0 | $356000 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$14.6M | $12.5M | -$3.7M | -$19.4M | -$40.6M | -$71.0M | -$26.8M | -$30.8M | -$49.1M | -$51.5M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +2312.2% | -34.1% | -63.2% | -0.8% | -19.4% | +234.4% | -89.3% | -77.1% | -86.6% | |
| Net Income Growth (YoY) | +172.1% | -437.4% | +59.9% | -295.1% | -32.9% | +50.6% | +24.3% | -11.4% | -122.8% | |
| EPS Growth (YoY) | +8567.3% | -278.6% | +75.3% | -207.9% | +7.7% | +54.4% | +89.3% | +96.2% | -35.2% | |
| Shares Change (YoY) | +112.4% | +85.4% | +64.4% | +28.5% | +41.9% | +8.3% | +608.5% | +3783.0% | +24.3% | |
| FCF Growth (YoY) | +185.5% | -129.5% | -425.3% | -109.3% | -74.9% | +62.2% | -14.9% | -59.1% | -4.9% | |
| Gross Margin | -614.6% | 97.7% | 59.2% | 108.4% | 95.5% | 72.4% | 81.0% | 33.3% | 183.0% | 100.0% |
| Operating Margin | -1394.6% | 49.9% | -214.5% | -239.1% | 0.0% | -1521.6% | -207.4% | -1421.6% | -15535.6% | -123601.7% |
| EBITDA Margin | -1392.3% | 51.6% | -71.3% | -200.1% | -678.5% | -1491.2% | -206.6% | -1210.3% | -7901.6% | -131779.7% |
| Net Margin | -1428.5% | 42.7% | -218.5% | -238.1% | -947.9% | -1563.1% | -230.8% | -1639.5% | -7965.8% | -132642.4% |
| FCF Margin | -1267.0% | 44.9% | -20.1% | -287.3% | -606.1% | -1315.4% | -148.7% | -1602.8% | -11123.8% | -87216.9% |
| Effective Tax Rate | -2.2% | 14.2% | 0.1% | -1.8% | 4.2% | 0.2% | -0.1% | -0.0% | -0.3% | -0.2% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-4764.35 | $1918.91 | $-305.82 | $-977.20 | $-1591.55 | $-1961.95 | $-684.81 | $-111.04 | $-4.55 | $-3.84 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $3066 | $6392 | $12074 | $19849 | $25511 | $36191 | $39202 | $277727 | $8.1M | $13.4M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -58.03% |
| Return on Invested Capital | -19.44% |
| Return on Assets | -20.44% |
| Gross Margin | -16861.02% |
| Operating Margin | -154844.07% |
| Net Margin | -170055.93% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 19.31 |
| Piotroski F-Score | 1 |
| Altman Z-Score | -2.13 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -115.57 | 4.96 | -2.80 | -18.94 | -3.01 | -2.10 | -1.14 | -0.08 | -1.72 | -3.11 |
| P/B | 37.54 | 2.11 | 5.37 | 14.68 | 7.90 | 7.68 | -4.34 | 0.35 | 0.45 | 2.93 |
| P/S | 6.74 | 2.12 | 6.13 | 45.65 | 28.95 | 32.83 | 2.63 | 1.31 | 136.95 | 4125.96 |
| Gross Margin | -614.6% | 97.7% | 59.2% | 108.4% | 95.5% | 72.4% | 81.0% | 33.3% | 183.0% | 100.0% |
| Operating Margin | -1394.6% | 49.9% | -214.5% | -239.1% | 0.0% | -1521.6% | -207.4% | -1421.6% | -15535.6% | -123601.7% |
| Net Margin | -1428.5% | 42.7% | -218.5% | -238.1% | -947.9% | -1563.1% | -230.8% | -1639.5% | -7965.8% | -132642.4% |
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