# EDGAR Filing Document

**Accession Number:** 0001534120
**File Stem:** 0001104659-23-023264
**Filing Date:** 2023-2
**Character Count:** 54035
**Document Hash:** 4a49247b40fb87e62a70eeed561fb116
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-23-023264.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001104659-23-023264

**CONFORMED SUBMISSION TYPE**: SC 13G

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230217

**DATE AS OF CHANGE**: 20230217

**GROUP MEMBERS**: KOH, BONG

**GROUP MEMBERS**: SHAH, NIMISH

**GROUP MEMBERS**: VENROCK HEALTHCARE CAPITAL PARTNERS EG, L.P.

**GROUP MEMBERS**: VHCP CO-INVESTMENT HOLDINGS III, LLC

**GROUP MEMBERS**: VHCP MANAGEMENT EG, LLC

**GROUP MEMBERS**: VHCP MANAGEMENT III, LLC

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avalo Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001534120
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **IRS NUMBER:** 450705648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-89290
- **FILM NUMBER:** 23642440

**BUSINESS ADDRESS:**
- **STREET 1:** 540 GAITHER ROAD
- **STREET 2:** SUITE 400
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850
- **BUSINESS PHONE:** 410-522-8707

**MAIL ADDRESS:**
- **STREET 1:** 540 GAITHER ROAD
- **STREET 2:** SUITE 400
- **CITY:** ROCKVILLE
- **STATE:** MD
- **ZIP:** 20850

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cerecor Inc.
- **DATE OF NAME CHANGE:** 20111102
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Venrock Healthcare Capital Partners III, L.P.
- **CENTRAL INDEX KEY:** 0001738048
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13G

**BUSINESS ADDRESS:**
- **STREET 1:** 530 FIFTH AVENUE, 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036
- **BUSINESS PHONE:** 212-444-4100

**MAIL ADDRESS:**
- **STREET 1:** 530 FIFTH AVENUE, 22ND FLOOR
- **CITY:** NEW YORK
- **STATE:** NY
- **ZIP:** 10036

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**SCHEDULE 13G**

**UNDER THE SECURITIES EXCHANGE ACT OF 1934<br> (Amendment No.)\***

**Avalo Therapeutics, Inc.**

**(Name of Issuer)**

**Common Stock, $0.001 par value**

**(Title of Class of Securities)**

**05338F108**

**(CUSIP Number)**

**February 7, 2023**

**(Date of Event Which Requires Filing of This Statement)**

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

◻ Rule 13d-1(b)

⌧ Rule 13d-1(c)

◻ Rule 13d-1(d)

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

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| **CUSIP No. 05338F108** | Page 2 of 18 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of reporting persons<br>Venrock Healthcare Capital Partners III, L.P. | Name of reporting persons<br>Venrock Healthcare Capital Partners III, L.P. | Name of reporting persons<br>Venrock Healthcare Capital Partners III, L.P. |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

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1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

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|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

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|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

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| **CUSIP No. 05338F108** | Page 3 of 18 |

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|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | | Name of reporting persons<br>VHCP Co-Investment Holdings III, LLC | Name of reporting persons<br>VHCP Co-Investment Holdings III, LLC | Name of reporting persons<br>VHCP Co-Investment Holdings III, LLC |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

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1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

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|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

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|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

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| **CUSIP No. 05338F108** | Page 4 of 18 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of reporting persons<br>Venrock Healthcare Capital Partners EG, L.P. | Name of reporting persons<br>Venrock Healthcare Capital Partners EG, L.P. | Name of reporting persons<br>Venrock Healthcare Capital Partners EG, L.P. |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN | Type of Reporting Person (See Instructions)<br>PN |

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1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

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|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

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|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

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| **CUSIP No. 05338F108** | Page 5 of 18 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of reporting persons<br>VHCP Management III, LLC | Name of reporting persons<br>VHCP Management III, LLC | Name of reporting persons<br>VHCP Management III, LLC |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

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1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

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|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

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|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

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|:---|:---|
| **CUSIP No. 05338F108** | Page 6 of 18 |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of reporting persons<br>VHCP Management EG, LLC | Name of reporting persons<br>VHCP Management EG, LLC | Name of reporting persons<br>VHCP Management EG, LLC |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware | Citizenship or Place of Organization<br>Delaware |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

---

| | |
|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

---

---

| | |
|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

---

---

| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 7 of 18 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of Reporting Persons<br>Shah, Nimish | Name of Reporting Persons<br>Shah, Nimish | Name of Reporting Persons<br>Shah, Nimish |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>United States | Citizenship or Place of Organization<br>United States | Citizenship or Place of Organization<br>United States |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

---

| | |
|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

---

---

| | |
|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

---

---

| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 8 of 18 |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;1. | Name of Reporting Persons<br>Koh, Bong | Name of Reporting Persons<br>Koh, Bong | Name of Reporting Persons<br>Koh, Bong |
| &nbsp;&nbsp;&nbsp;2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ | Check the Appropriate Box if a Member of a Group (See Instructions)<br> (a) ⌧<sup>1</sup> (b) ◻ |
| &nbsp;&nbsp;&nbsp;3. | SEC USE ONLY | SEC USE ONLY | SEC USE ONLY |
| &nbsp;&nbsp;&nbsp;4. | Citizenship or Place of Organization<br>United States | Citizenship or Place of Organization<br>United States | Citizenship or Place of Organization<br>United States |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 5. | Sole Voting Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 6. | Shared Voting Power<br>1,352,285<sup>2</sup> |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 7. | Sole Dispositive Power<br>0 |
| Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | Number of<br> Shares<br> Beneficially<br> Owned by<br> Each<br> Reporting<br> Person<br> With: | 8. | Shared Dispositive Power<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> | Aggregate Amount Beneficially Owned by Each Reporting Person<br>1,352,285<sup>2</sup> |
| &nbsp;&nbsp;&nbsp;10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) ◻ |
| &nbsp;&nbsp;&nbsp;11. | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> | Percent of Class Represented by Amount in Row (9)<br>9.99%<sup>3</sup> |
| &nbsp;&nbsp;&nbsp;12. | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN | Type of Reporting Person (See Instructions)<br>IN |

---

1 Venrock Healthcare Capital Partners III, L.P., VHCP Co-Investment Holdings III, LLC, Venrock Healthcare Capital Partners EG, L.P., VHCP Management III, LLC, VHCP Management EG, LLC, Nimish Shah and Bong Koh are members of a group for the purposes of this Schedule 13G.

---

| | |
|:---|:---|
| 2 | Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. |

---

---

| | |
|:---|:---|
| 3 | This percentage is calculated based upon (i) 13,184,104 shares of common stock outstanding after completion of the Issuer's offering as reported in the Issuer's prospectus dated February 3, 2023 and (ii) 352,285 shares issuable upon exercise of warrants held by the Reporting Persons. |

---

---

| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 9 of 18 |

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Introductory Note: This Schedule 13G is filed on behalf of Venrock Healthcare Capital Partners III, L.P., a limited partnership organized under the laws of the State of Delaware ("VHCP III LP"), VHCP Co-Investment Holdings III, LLC, a limited liability company organized under the laws of the State of Delaware ("VHCP Co-Investment III"), Venrock Healthcare Capital Partners EG, L.P., a limited partnership organized under the laws of the State of Delaware ("VHCP EG"), VHCP Management III, LLC, a limited liability company organized under the laws of the State of Delaware ("VHCP Management III"), VHCP Management EG, LLC, a limited liability company organized under the laws of the State of Delaware ("VHCP Management EG" and collectively with VHCP III LP, VHCP Co-Investment III, VHCP EG and VHCP Management III, the "Venrock Entities"), Nimish Shah ("Shah") and Bong Koh ("Koh") in respect of Common Stock of Avalo Therapeutics, Inc.

**Item 1.**

(a) Name of Issuer

Avalo Therapeutics, Inc.

(b) Address of Issuer's Principal Executive Offices

540 Gaither Road, Suite 400

Rockville, Maryland 20850

**Item 2.**

(a) Name of Person Filing

Venrock Healthcare Capital Partners III, L.P.

VHCP Co-Investment Holdings III, LLC

Venrock Healthcare Capital Partners EG, L.P.

VHCP Management III, LLC

VHCP Management EG, LLC

Nimish Shah

Bong Koh

(b) Address of Principal Business Office or, if none, Residence

---

| | |
|:---|:---|
| New York Office: | Palo Alto Office: |
| 7 Bryant Park | 3340 Hillview Avenue |
| 23rd Floor | Palo Alto, CA 94304 |
| New York, NY 10018 |  |

---

(c) Citizenship

All of the Venrock Entities were organized in Delaware. The individuals are both United States citizens.

(d) Title of Class of Securities

Common Stock, $0.001 par value

(e) CUSIP Number

05338F108

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 10 of 18 |

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**Item 3.** **If this statement is filed pursuant to §§240.13d-1(b), or 240.13d-2(b) or (c), check whether the person filing is a:**

Not applicable

**Item 4.** **Ownership**

(a) Amount Beneficially Owned as of February 17, 2023:

---

| | | |
|:---|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 1352285 | (1) |
| VHCP Co-Investment Holdings III, LLC | 1352285 | (1) |
| Venrock Healthcare Capital Partners EG, L.P. | 1352285 | (1) |
| VHCP Management III, LLC | 1352285 | (1) |
| VHCP Management EG, LLC | 1352285 | (1) |
| Nimish Shah | 1352285 | (1) |
| Bong Koh | 1352285 | (1) |

---

(b) Percent of Class as of February 17, 2023:

---

| | |
|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 9.99% |
| VHCP Co-Investment Holdings III, LLC | 9.99% |
| Venrock Healthcare Capital Partners EG, L.P. | 9.99% |
| VHCP Management III, LLC | 9.99% |
| VHCP Management EG, LLC | 9.99% |
| Nimish Shah | 9.99% |
| Bong Koh | 9.99% |

---

(c) Number of shares as to which the person has, as of February 17, 2023:

(i) Sole power to vote or to direct the vote

---

| | |
|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 0 |
| VHCP Co-Investment Holdings III, LLC | 0 |
| Venrock Healthcare Capital Partners EG, L.P. | 0 |
| VHCP Management III, LLC | 0 |
| VHCP Management EG, LLC | 0 |
| Nimish Shah | 0 |
| Bong Koh | 0 |

---

(ii) Shared power to vote or to direct the vote

---

| | | |
|:---|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 1352285 | (1) |
| VHCP Co-Investment Holdings III, LLC | 1352285 | (1) |
| Venrock Healthcare Capital Partners EG, L.P. | 1352285 | (1) |
| VHCP Management III, LLC | 1352285 | (1) |
| VHCP Management EG, LLC | 1352285 | (1) |
| Nimish Shah | 1352285 | (1) |
| Bong Koh | 1352285 | (1) |

---

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 11 of 18 |

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(iii) Sole power to dispose or to direct the disposition of

---

| | |
|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 0 |
| VHCP Co-Investment Holdings III, LLC | 0 |
| Venrock Healthcare Capital Partners EG, L.P. | 0 |
| VHCP Management III, LLC | 0 |
| VHCP Management EG, LLC | 0 |
| Nimish Shah | 0 |
| Bong Koh | 0 |

---

(iv) Shared power to dispose or to direct the disposition of

---

| | | |
|:---|:---|:---|
| Venrock Healthcare Capital Partners III, L.P. | 1352285 | (1) |
| VHCP Co-Investment Holdings III, LLC | 1352285 | (1) |
| Venrock Healthcare Capital Partners EG, L.P. | 1352285 | (1) |
| VHCP Management III, LLC | 1352285 | (1) |
| VHCP Management EG, LLC | 1352285 | (1) |
| Nimish Shah | 1352285 | (1) |
| Bong Koh | 1352285 | (1) |

---

(1) Consists of (i) 262,900 shares and 92,616 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners III, L.P., (ii) 26,300 shares and 9,265 shares issuable upon immediately exercisable warrants held by VHCP Co-Investment Holdings III, LLC and (iii) 710,800 shares and 250,404 shares issuable upon immediately exercisable warrants held by Venrock Healthcare Capital Partners EG, L.P. The share numbers in the preceding sentence represent the maximum number of shares of common stock issuable upon the exercise of warrants held by the Reporting Persons as a result of the blocker provision described in the following sentence. The warrants held by the Reporting Persons provide that the holder will not have a right to exercise the warrants for common stock if, as a result of such conversion, the holder, together with its affiliates and other attribution parties, would exceed 9.99% beneficial ownership of the number of shares of common stock outstanding immediately after giving effect to the issuance of the shares of common stock being exercised. VHCP Management III, LLC is the general partner of Venrock Healthcare Capital Partners III, L.P. and the manager of VHCP Co-Investment Holdings III, LLC. VHCP Management EG, LLC is the general partner of Venrock Healthcare Capital Partners EG, L.P. Messrs. Shah and Koh are the voting members of VHCP Management III, LLC and VHCP Management EG, LLC.

**Item 5.** **Ownership of Five Percent or Less of a Class**

If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following ◻.

**Item 6.** **Ownership of More than Five Percent on Behalf of Another Person**

Not Applicable

**Item 7.** **Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By the Parent Holding Company or Control Person.**

Not Applicable

**Item 8.** **Identification and Classification of Members of the Group**

Not Applicable

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 12 of 18 |

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**Item 9.** **Notice of Dissolution of a Group**

Not Applicable

**Item 10.** **Certification**

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 13 of 18 |

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**<u>SIGNATURE</u>**

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 17, 2023

---

| | |
|:---|:---|
| **Venrock Healthcare Capital Partners III, L.P.** | **Venrock Healthcare Capital Partners III, L.P.** |
| By: | VHCP Management III, LLC |
| Its: | General Partner |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Co-Investment Holdings III, LLC** | **VHCP Co-Investment Holdings III, LLC** |
| By: | VHCP Management III, LLC |
| Its: | Manager |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Management III, LLC** | **VHCP Management III, LLC** |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **Venrock Healthcare Capital Partners EG, L.P.** | **Venrock Healthcare Capital Partners EG, L.P.** |
| By: | VHCP Management EG, LLC |
| Its: | General Partner |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Management EG, LLC** | **VHCP Management EG, LLC** |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **Nimish Shah** | **Nimish Shah** |
| /s/ Sherman Souther | /s/ Sherman Souther |
| Sherman Souther, Attorney-in-fact | Sherman Souther, Attorney-in-fact |
| **Bong Koh** | **Bong Koh** |
| /s/ Sherman Souther | /s/ Sherman Souther |
| Sherman Souther, Attorney-in-fact | Sherman Souther, Attorney-in-fact |

---

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 14 of 18 |

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**EXHIBITS**

A: Joint Filing Agreement

B: Power of Attorney for Nimish Shah

C: Power of Attorney for Bong Koh

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| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 15 of 18 |

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**EXHIBIT A** 

JOINT FILING AGREEMENT

In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended, the undersigned agree to the joint filing on behalf of each of them of a statement on Schedule 13G (including amendments thereto) with respect to the Common Stock of Avalo Therapeutics, Inc. and further agree that this agreement be included as an exhibit to such filing. Each party to the agreement expressly authorizes each other party to file on its behalf any and all amendments to such statement. Each party to this agreement agrees that this joint filing agreement may be signed in counterparts.

In evidence whereof, the undersigned have caused this Agreement to be executed on their behalf this 17<sup>th</sup> day of February, 2023.

---

| | |
|:---|:---|
| **Venrock Healthcare Capital Partners III, L.P.** | **Venrock Healthcare Capital Partners III, L.P.** |
| By: | VHCP Management III, LLC |
| Its: | General Partner |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Co-Investment Holdings III, LLC** | **VHCP Co-Investment Holdings III, LLC** |
| By: | VHCP Management III, LLC |
| Its: | Manager |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Management III, LLC** | **VHCP Management III, LLC** |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **Venrock Healthcare Capital Partners EG, L.P.** | **Venrock Healthcare Capital Partners EG, L.P.** |
| By: | VHCP Management EG, LLC |
| Its: | General Partner |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |
| **VHCP Management EG, LLC** | **VHCP Management EG, LLC** |
| By: | /s/ Sherman Souther |
|  | Name: Sherman Souther |
|  | Its: Authorized Signatory |

---

---

| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 16 of 18 |

---

---

| |
|:---|
| **Nimish Shah** |
| /s/ Sherman Souther |
| Sherman Souther, Attorney-in-fact |
| **Bong Koh** |
| /s/ Sherman Souther |
| Sherman Souther, Attorney-in-fact |

---

---

| | |
|:---|:---|
| **CUSIP No. 05338F108** | Page 17 of 18 |

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**EXHIBIT B**

POWER OF ATTORNEY FOR NIMISH SHAH

KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of David L. Stepp, Sherman G. Souther and Lisa D. Harris signing individually, the undersigned's true and lawful attorney-in fact and agent to:

(i) prepare execute and file, for and on behalf of the undersigned, any and all documents and filings that are required or advisable to be made with the United States Securities and Exchange Commission, any stock exchange or similar authority, under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder, including without limitation (a) any Joint Filing Agreement under Rule 13d-1(k) of the Exchange Act (or any successor provision thereunder), Schedule 13D and Schedule 13G (or any successor schedules or forms adopted under the Exchange Act) and any amendments thereto in accordance with Section 13 of the Exchange Act and the rules thereunder, and (b) Forms 3, 4 and 5 and any amendments thereto in accordance with Section 16(a) of the Exchange Act and the rules thereunder; and

(ii) take any other action of any nature whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of undersigned, is not assuming, nor is Venrock assuming, any of the undersigned's responsibilities to comply with the Exchange Act, including without limitation Sections 13 and 16 of the Exchange Act.

This power of Attorney shall remain in full force and effect until the earliest to occur of (a) the undersigned is no longer required to file any form or document with respect to the undersigned's holdings of and transactions in securities issued by a company, (b) revocation by the undersigned in a signed writing delivered to the foregoing attorney-in-fact, or (c) until such attorney-in-fact shall no longer be employed by VR Management, LLC (or its successor).

IN WITNESS WHEREOF, the undersigned has cause this Power of Attorney to be executed as of this 17<sup>th</sup> day of February, 2023.

/s/ Nimish Shah

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| **CUSIP No. 05338F108** | Page 18 of 18 |

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**EXHIBIT C**

POWER OF ATTORNEY FOR BONG KOH

KNOW ALL BY THESE PRESENTS, that the undersigned hereby constitutes and appoints each of David L. Stepp, Sherman G. Souther and Lisa D. Harris signing individually, the undersigned's true and lawful attorney-in fact and agent to:

(i) prepare execute and file, for and on behalf of the undersigned, any and all documents and filings that are required or advisable to be made with the United States Securities and Exchange Commission, any stock exchange or similar authority, under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and the rules and regulations promulgated thereunder, including without limitation (a) any Joint Filing Agreement under Rule 13d-1(k) of the Exchange Act (or any successor provision thereunder), Schedule 13D and Schedule 13G (or any successor schedules or forms adopted under the Exchange Act) and any amendments thereto in accordance with Section 13 of the Exchange Act and the rules thereunder, and (b) Forms 3, 4 and 5 and any amendments thereto in accordance with Section 16(a) of the Exchange Act and the rules thereunder; and

(ii) take any other action of any nature whatsoever in connection with the foregoing which, in the opinion of such attorney-in-fact, may be of benefit, in the best interest of, or legally required by, the undersigned, it being understood that the documents executed by such attorney-in-fact on behalf of the undersigned pursuant to this Power of Attorney shall be in such form and shall contain such terms and conditions as such attorney-in-fact may approve in such attorney-in-fact's discretion.

The undersigned hereby grants to such attorney-in-fact full power and authority to do and perform any and every act and thing whatsoever requisite, necessary, or proper to be done in the exercise of any of the rights and powers herein granted, as fully to all intents and purposes as the undersigned might or could do if personally present, with full power of substitution or revocation, hereby ratifying and confirming all that such attorney-in-fact, or such attorney-in-fact's substitute or substitutes, shall lawfully do or cause to be done by virtue of this power of attorney and the rights and powers herein granted. The undersigned acknowledges that the foregoing attorney-in-fact, in serving in such capacity at the request of undersigned, is not assuming, nor is Venrock assuming, any of the undersigned's responsibilities to comply with the Exchange Act, including without limitation Sections 13 and 16 of the Exchange Act.

This power of Attorney shall remain in full force and effect until the earliest to occur of (a) the undersigned is no longer required to file any form or document with respect to the undersigned's holdings of and transactions in securities issued by a company, (b) revocation by the undersigned in a signed writing delivered to the foregoing attorney-in-fact, or (c) until such attorney-in-fact shall no longer be employed by VR Management, LLC (or its successor).

IN WITNESS WHEREOF, the undersigned has cause this Power of Attorney to be executed as of this 17<sup>th</sup> day of February, 2023.

/s/ Bong Koh