# EDGAR Filing Document

**Accession Number:** 0001534120
**File Stem:** 0001628280-25-029225
**Filing Date:** 2025-6
**Character Count:** 28201
**Document Hash:** 32b1866a6b5e60def75857fd594bb476
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-25-029225.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001628280-25-029225

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250604

**ITEM INFORMATION**: Other Events

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Avalo Therapeutics, Inc.
- **CENTRAL INDEX KEY:** 0001534120
- **STANDARD INDUSTRIAL CLASSIFICATION:** PHARMACEUTICAL PREPARATIONS [2834]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 450705648
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37590
- **FILM NUMBER:** 251021878

**BUSINESS ADDRESS:**
- **STREET 1:** 1500 LIBERTY RIDGE DRIVE
- **STREET 2:** SUITE 321
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087
- **BUSINESS PHONE:** 410-522-8707

**MAIL ADDRESS:**
- **STREET 1:** 1500 LIBERTY RIDGE DRIVE
- **STREET 2:** SUITE 321
- **CITY:** WAYNE
- **STATE:** PA
- **ZIP:** 19087

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

?xml version='1.0' encoding='ASCII'? avtx-20250604

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM 8-K** 

**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of** 

**the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported): June 4, 2025**

**AVALO THERAPEUTICS, INC.** 

**(Exact name of registrant as specified in its charter)** 

**Delaware**

**(State or other jurisdiction of incorporation)**

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| | |
|:---|:---|
| **001-37590** | **45-0705648** |
| **(Commission File Number)** | **(IRS Employer Identification No.)** |

---

**1500 Liberty Ridge Drive, Suite 321, Wayne, Pennsylvania 19087**

**(Address of principal executive offices) (Zip Code)**

**Registrant's Telephone Number, Including Area Code: (410) 522-8707**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ &nbsp;&nbsp;&nbsp;&nbsp;Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐&nbsp;&nbsp;&nbsp;&nbsp;Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐&nbsp;&nbsp;&nbsp;&nbsp;Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.001 Par Value | AVTX | Nasdaq Capital Market |

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 8.01&nbsp;&nbsp;&nbsp;&nbsp;Other Events.**

On June 4, 2025, Avalo Therapeutics, Inc. posted on its website an updated investor presentation (the "Investor Presentation"). The Investor Presentation will be used from time to time in meetings with investors. A copy of the Investor Presentation is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

**Item 9.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits.**

(d)&nbsp;&nbsp;&nbsp;&nbsp;Exhibits:

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 99.1 | <u>[Investor Presentation.](avalocorporatepresentati.htm)</u> |
| 104 | The cover pages of this Current Report on Form 8-K, formatted in Inline XBRL. |

---

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

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | | **AVALO THERAPEUTICS, INC.** |
| Date: June 4, 2025 | By: | /s/ Christopher Sullivan |
|  |  | Christopher Sullivan |
|  |  | Chief Financial Officer |

---

## Exhibit 99.1

![](avalocorporatepresentati001.jpg)

June 2025 Corporate Presentation Avalo Therapeutics, Inc. (AVTX) Exhibit 99.1

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Forward-Looking Statements This presentation may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward- looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Avalo's control), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to Avalo's plans, objectives, projections, expectations and intentions and other statements identified by words such as "projects," "may," "might," "will," "could," "would," "should," "continue," "seeks," "aims," "predicts," "believes," "expects," "anticipates," "estimates," "intends," "plans," "potential," or similar expressions (including their use in the negative), or by discussions of future matters such as: integration of AVTX-009 into our operations; drug development costs, timing of trial results and other risks, including reliance on investigators and enrollment of patients in clinical trials; the intended use of the proceeds from the private placement; reliance on key personnel; regulatory risks; general economic and market risks and uncertainties, including those caused by the war in Ukraine and the Middle East; and those other risks detailed in Avalo's filings with the Securities and Exchange Commission, available at www.sec.gov. Actual results may differ from those set forth in the forward- looking statements. Except as required by applicable law, Avalo expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Avalo's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. 2

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Avalo Therapeutics: Developing Targeted Therapies for Immune Mediated Inflammatory Diseases 3 Lead compound: AVTX-009 (anti-IL-1β mAb) has the potential for "best-in- disease" profile in hidradenitis suppurativa (HS) • Abbvie's lutikizumab (IL-1α/β) demonstrated comparable efficacy to market leaders and pipeline therapeutics, and in a refractory population that had failed anti-TNF therapy • IL-1β (not IL-1α) is a dominant immunoregulator in HS, based on preclinical and clinical evidence1,2,3 • AVTX-009 has 15x higher affinity and a longer half-life than lutikizumab, potentially predictive of higher efficacy and more convenient dosing4 IL, interleukin; IND, investigational new drug application; mAB, monoclonal antibody; MOA, mechanism of action. 1. Vossen ARJV, et al. J Invest Dermatol. 2020;140(7):1463-1466.e2; 2. Kelly G, et al. Br J Dermatol. 2015;173(6):1431-1439; 3. 4. Kimball AB, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA; 4. Bihorel S, et al. AAPS J. 2014;16(5):1009-1017; 5. HS Market Research 2024. Expected cash runway into at least 2027 AVTX-009 has the potential to treat multiple immune-mediated diseases HS market is expected to grow to > $10B by 20355 Phase 2 LOTUS trial in HS initiated with Topline data expected mid-2026

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A proven track record of successful leadership, product development, and commercialization in pharma and biotech Avalo Management Team 200+ Years of Experience in Biotech/Pharma 4 Lisa Hegg, PhD SVP, Program Management, Business Development & Corporate Infrastructure Colleen Matkowski SVP, Global Regulatory Affairs, Quality Assurance Dino C. Miano, PhD SVP, CMC, Technical Operations Chris Sullivan Chief Financial Officer Mittie Doyle, MD Chief Medical Officer Paul Varki Chief Legal Officer Garry A. Neil, MD Chief Executive Officer Jennifer Riley Chief Strategy Officer

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AVTX-009 A Highly Potent, Specific Inhibitor of IL-1β 5 • Originally developed by Eli Lilly1,2 • Stable 150 mg/mL dosage formulation3 – SC and IV administration – Initial presentation: prefilled syringe Post-approval plan: autoinjector • Clinical experience: 245 patients studied in phase 1 and phase 2 trials2,3-6 – Significant and rapid lowering of inflammatory biomarkers after a single dose of 0.6 mg – Well-tolerated and favorable safety profile at all doses up to 180 mg SC weekly • Potency and half-life expected to support up to Q4W dosing in hidradenitis suppurativa and potentially a longer dosing interval in other indications IL, interleukin; IV, intravenous; KD, dissociation constant; Q4W, every 4 weeks; SC, subcutaneous. 1. Bihorel S, et al. AAPS J. 2014;16(5):1009-1017; 2. Sloan-Lancaster J, et al. Diabetes Care. 2013;36(8):2239-2246; 3. Data on file; 4. NCT04983732. Clinicaltrials.gov. Accessed September 5, 2024. https://clinicaltrials.gov/study/NCT04983732; 5. NCT00942188. Clinicaltrials.gov. Accessed September 5, 2024. https://clinicaltrials.gov/study/NCT00942188; 6. NCT00380744. Clinicaltrials.gov. Accessed September 5, 2024. https://clinicaltrials.gov/study/NCT00380744. AVTX-0091 <3 IL-1β KD (pM) Binding Affinity for IL-1β 73% Subcutaneous Bioavailability 19-day Half-Life

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IL-1β is a Master Regulator of Inflammation 6 • IL-1β is a central driver of the inflammatory process1 and activates immune cells that generate proinflammatory cytokines including IL-6, TNF-α, and IL-17 • IL-1β inhibition has been proven effective in multiple autoimmune and inflammatory diseases. It also has a well-established class safety and tolerability profile supported by4-5: – Ilaris® (canakinumab), an IL-1β blocker approved in multiple indications – Data from >7,500 trial participants – >15 years of real-world experience CRP, C-reactive protein; IL, interleukin; TNF, tumor necrosis factor. 1. Dinarello CA. Immunol Rev. 2018;281(1):8-27; 2. Kany S, et al. Int J Mol Sci. 2019;20(23):6008; 3. Kimball AB, Ackerman L, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA; 4. Ridker PM, et al. NEJM. 2017;377(12):119-1131; 5. Ilaris®. Package insert. Novartis Pharmaceuticals Corporation; 2023 Interleukin-1β Blockade Endothelial Cells Reduces leukocyte adhesion, procoagulant, inflammatory mediator, and pyrogenic prostaglandin production Smooth Muscle Cells Reduces proliferation, inflammatory mediator production Hepatocytes Reduces acute phase reactants: fibrinogen, plasminogen activator inhibitor, CRP Leukocytes IL-6 Dampens neutrophil response at site of inflammation

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7 AVTX-009 Opportunity in Hidradenitis Suppurativa (HS)

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Chronic Inflammation in Hidradenitis Suppurativa Progresses to Tissue Destruction 8 Photos from Mendes-Bastos P, et al. Front Med (Lausanne). 2024;11:1403455; Ovadja ZN, et al. Brit J Dermatol. 2019;181:243-244; Cotter C, Walsh S. Skin Health and Disease. 2021;1(1):e7. CC-BY-4.0 License. 1. Diaz MJ, et al. Curr Iss Mol Bio. 2023;45:4400-4415; 2. Agnese ER, et al. Cureus. 2023;15(11):e49390; 3. de Oliveira ASLE, et al. Biomolecules. 2022;12(10):1371; 4. Ingram JR, et al. J Eur Acad Dermatol Venereol. 2022;36(9):1597-1605 Long-term inflammatory dysregulation Continued extracellular matrix breakdown and remodeling Tunnels • Formed from progressing abscesses • Infection and malodorous discharge • Scarring Abscess Follicular rupture Nodule Formed from follicular blockage Hidradenitis suppurativa is a chronic, often debilitating inflammatory skin disease that causes painful lumps, abscesses, and tunnels to form under the skin Nape of neck Breast/chest Buttocks and anus Inner thighs Groin and genitals Abdomen Armpit Areas commonly affected by HS include4: Disease Progression

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There is a Large Unmet Need in HS with a Majority of Patients Failing to Respond Adequately to anti-TNF and anti-IL-17 biologics 9 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% General pain/discomfort Restricted/painful movement Pain on sitting Malodorous drainage Low mood/depression Pr op or tio n of p at ie nt s re po rti ng a s ym pt om Mild HS (n = 1179) Moderate HS (n = 523) Severe HS (n = 85) Severe Impact on Quality of Life: A large proportion of patients still report significant and life- disrupting symptoms with existing treatment options1,2,a HS, hidradenitis suppurativa. aCurrent treatments include antibiotics, retinoids, steroids, Cosentyx®, Humira®. 1. Ingram JR, et al. J Eur Acad Dermatol Venereol. 2022;36(9):1597-1605; 2. Kimball AB, et al. Dermatol Ther (Heidelb). 2024;14(1):83-98.

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IL-1β Dominates the Pathophysiology of HS 10 DAMP, damage-associated molecular pattern molecule; DC, dendritic cell; HS, hidradenitis suppurativa; IL, interleukin; R, receptor; PAMP, pathogen-associated molecular pattern molecule. Figure adapted from Agnese ER et al. Cureus. 15(11):e49390. Creative Commons license, CC-BY 4.0. 1. Vossen ARJV, et al. J Invest Dermatol. 2020;140(7):1463-1466.e2; 2. Kelly G, et al. Br J Dermatol. 2015;173(6):1431-1439; 3. Agnese ER et al. Cureus. 15(11):e49390; 4. Kimball AB, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA. Macrophages Inflammasome Caspase-1 INFLAMMATION M1 Macrophages TH17 cells IL-17 IL-22 TNFα TNFα IL-23 IL-1 (inactive) Exogenous factors Smoking Visceral adipose deposition Microbiome dysregulation Endogenous factors Hormones Insulin resistance Metabolic stress IL-1β is a key driver of the inflammatory cascade that leads to the destruction of the pilosebaceous unit IL-1β gene expression is up to 100x increased in HS lesions compared to skin in healthy controls1,2 IL-1β is upstream of IL-17 and TNFα, both major effectors of inflammation3 Clinical benefit in HS has been observed with anti-IL-1 drugs4 Neutrophils (Inflammasome independent) IL-17 BAFF NETosis Keratinocytes Fibroblasts IL-8 Positive Feedback Loop

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0% 20% 40% 60% Pr op or tio n of p at ie nt s ac hi ev in g en dp oi nt HiSCR75 Phase 2 Lutikizumab Data Validates the Role for IL-1 in HS; Comparable Efficacy in a Refractory Population 11 \*NS, not statistically significant HiSCR, hidradenitis suppurativa clinical response; IL, interleukin; JAK1, janus kinase 1; MOA, mechanism of action; TNF, tumor necrosis factor; wk, week; QD, daily; QW, weekly, Q2W, every other week; Q4W, ever 4 weeks. 1. Incyte data presentation March 17, 2025; 2. Kimball AB, et al. Lancet. 2024;403(10443):2504-2519; 3. Kimball AB, Kirby B, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA; 4. Kimball AB, Ackerman L, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA. Trial STOP HS-1 Phase 3 STOP HS-2 Phase 3 BE HEARD II Phase 3 BE HEARD I Phase 3 Phase 2 Phase 2 n/N 204/608 202/608 208/619 208/619 291/509 289/505 67/234 66/234 37/153 39/153 Time 12 wk 12 wk 12 wk 12 wk 16 wk 16 wk 12 wk 12 wk 16 wk 16 wk JAK1 Povorcitinib1 75 mg QD IL-17A or IL-17A, F, A/F Sonelokimab3 120 mg Q2W > Q4W 240 mg Q2W Bimekizumab2 320 mg Q2W IL-1α/β Lutikizumab4 300 mg Q2W 300 mg QW Comparable efficacy in a refractory population (71% Hurley stage III) that had already failed anti-TNF therapy 45 mg QD 45 mg QD 75 mg QD \*NS \*NS

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![](avalocorporatepresentati012.jpg)

AVTX-009 Potential Profile Advantages: IL-1β Specificity, Higher Affinity, Bioavailability, and Longer Half-Life than Lutikizumab 12 KD, dissociation constant; pM, picomolar. 1. Lacy SE, et al. mAbs. 2015;7(3):605-619; 2. Wang SX, et al. Osteoarthritis Cartilage. 2017;25(12):1952-1961; 3. Bihorel S, et al. AAPS J. 2014;16(5):1009-1017; 4. Clinicaltrials.gov. NCT06468228. https://clinicaltrials.gov/study/NCT06468228. Accessed November 26, 2024; 5. Clinicaltrials.gov. NCT06603077. https://clinicaltrials.gov/study/NCT06603077. Accessed November 26, 2024. Specificity IL-1 (α&β) IL-1β  IL-1β Binding Affinity 44 KD (pM) <3 KD (pM)  Subcutaneous bioavailability 46% 73%  Half-life 10-14 days 19 days  Dosing evaluated in HS study Q1W & Q2W4 Q2W & Q4W5  Lutikizumab1,2 AVTX-0093 IL-1β IL-1β IL-1α Potential AVTX-009 Profile Advantages in HS Potential to translate to higher efficacy Potential improved safety profile Potential for less frequent dosing

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![](avalocorporatepresentati013.jpg)

IL-1β is the Predominant IL-1 Isoform that Drives Chronic Inflammation in HS 13 aFigure adapted from Kim JK et al. Creative commons license. CC-BY 4.0. HiSCR, hidradenitis suppurativa clinical response; HS, hidradenitis suppurativa; IL, interleukin; mAb, monoclonal antibody; QW, weekly, Q2W, every other week; wk, week. 1. Kim JK, et al. JACI 2023;152:656-666; 2. ClinicalTrials.gov identifier: NCT04988308. Accessed September 5, 2024. https://clinicaltrials.gov/study/NCT04988308; 3. Kimball AB, Ackerman L, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA. IL-1 Expression in HS Skin1,a Focus on IL-1β blockade may lead to class leading efficacy • IL-1β expression is elevated in HS skin vs no elevation of IL-1α1 • Suggests that anti-IL-1β agents may be more effective than anti-IL-1α in HS Trial Phase 2 (interim analysis) NCT04988308 Phase 2 NCT05139602 n/N 35/105 35/105 37/153 39/153 Time 16 wk 16 wk 16 wk 16 wk Clinical Data for IL-1 Targeting Agents in HS (HiSCR75) 0% 20% 40% 60% Pr op or tio n of p at ie nt s ac hi ev in g en dp oi nt IL-1α Bermekimab2 1050 mg QW IL-1α/β Lutikizumab3 300 mg Q2W 300 mg QW Placebo Investigational drug (placebo adjusted) TNFα Adalimumab comparator 80 mg QW IL-1β IL-1α • Bermekimab, an IL-1α specific mAb, performed no better than placebo in a Phase 2 study with adalimumab comparator arm1,2 • Lutikizumab, an IL-1α/β targeting mAb, demonstrated favorable efficacy vs placebo in a phase 2 trial

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14 mAbs, monoclonal antibodies. 1. Ryman JT & Meibohm B. CPT Pharmacometrics Syst Pharmacol. 2017.6:576-588; 2. Humira. Package insert. AbbVie Inc.; 2024; 3. Cosentyx. Package insert. Novartis Pharmaceuticals Corporation; 2024; 4. Witte-Händel E, et al. J Invest Dermatol. 2019;139:1294-1305. IL-1β binding and inhibitionIL-1β AVTX-009 Pressurized environment Tissue infiltration Distribution of mAbs in tissue is an active process that is impacted by tissue structure, osmotic pressure, and affinity for target antigens1 Limited distribution of monoclonal antibodies to skin and into a pressurized environment means that higher doses may be required for dermatological conditions such as HS2,3 AVTX-009: High affinity and specificity The specificity of AVTX-009 for IL-1β ensures it accumulates where it is most needed The affinity of AVTX-009 for IL-1β is expected to cause the mAb to accumulate in the skin of HS patients, where IL-1β expression is high1,4 Higher concentrations of AVTX-009 in the skin and high affinity lead to more and longer binding of IL-1β, potentially predictive of higher efficacy and more convenient dosing AVTX-009: Affinity Matters in HS

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• HS for ≥ 6 months prior to baseline • Total AN count of ≥5 at baseline • HS lesions must be present in ≥ 2 distinct anatomic areas • At least one HS lesion that is Hurley stage II or III • Enrollment of patients who are both biologic naïve and biologic experienced Primary Endpoint: Percentage of participants achieving HiSCR75 at 16 weeks Efficacy and Safety of AVTX-009 Treatment in Participants With Hidradenitis Suppurativa Key Inclusion Criteria Primary Study Endpoint AVTX-009 loading dose 600 mg then 300 mg SC Q4W AVTX-009 loading dose 300 mg then 150 mg SC Q2W Placebo 6-week safety follow-up 0 2 4 8 10 12 14 Pre- screening: day -28 to day -7 EOT (week 16) EOS (week 20) Week 6 16 Phase 2 LOTUS Trial in Hidradenitis Suppurativa (AVTX-009-HS-201, NCT06603077) 15 aTrial has 80% power to show a HiSCR75 response for each individual arm. ADA, antidrug antibody; AN, abscess and inflammatory nodule; CRP, C-reactive protein; DLQI, dermatology life quality index; EOS, end of study; EOT, end of treatment; HiSCR, Hidradenitis Suppurativa Clinical Response; HiSQOL, hidradenitis suppurativa quality of life; HS, hidradenitis suppurativa; NRS30, numerical rating scale 30; PHQ-9, patient health questionnaire-9; PK, pharmacokinetics; Q2W, every 2 weeks; Q4W, every 4 weeks; R, randomize; SC, subcutaneous; TEAE, treatment emergent adverse event; TNF, tumor necrosis factor. R 1:1:1 N = ~222a

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Overall HS prevalence2 HS diagnosed and treated3 Moderate- to-severe HS4 Biologics treated5 Diagnosed and Treated HS Population is Projected to Grow Substantially into a $10B+ Market by 20351 16 aHS diagnosis and treatment rates and biologic treatment rates are expected to increase over time. CAGR, compound annual growth rate; HCP, healthcare provider; HS, hidradenitis suppurativa; US, United States. 1. HS Market Research 2024. Avalo Therapeutics Data on File; 2. Garg A, et al. Am J Clin Dermatol. 2023;24:977-990; 3. Garg AX, et al. Dermatol Ther. 2022;3:581-594; 4. Ingram JR, et al. J Eur Acad Dermatol Venereol. 2022;36(9):1597-1605; 5. Rinderknecht FB, Naik HB. Int J Womens Dermatol. 2024;10(1):e130. 2023 US Base Data 2035 US Projected Potential Market Opportunity Overall prevalence of HS of 3.3M expected to grow to 3.5M Total Addressable Market Number of patients with HS diagnosed and treated will grow significantly from 30% to 45% of the total population, driven by new development and visibility with HCPs and patients Segment Addressable Market Increased recognition of disease leads to 60% growth of identified moderate to severe HS Treated Addressable Market New approvals will lead to more patients being treated with biologics, increasing from 30% to 40% share of segment (evidenced by the recent quickly growing use of Cosentyx in HS post-approval) MARKET DRIVERS 3.3 million 3.5 million (0.5% US population CAGR) 1.0 million 1.6 million (4% HS diagnosis CAGR)a 320,000 513,000 205,000 (40% on biologics in 2030)a 105,000 (33% on biologics in 2023)

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Timelines: Looking Forward 17 aProjected; bPending readout from phase 2. IND, investigational new drug application. Mid-2026 LOTUS (phase 2) readouta 2027 Initiate pivotal programb October 2024 First patient enrolled in phase 2 LOTUS March 2024 Merger with AlmataBio July 2024 Active IND for AVTX-009

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18 Broad Potential for Indication Expansion

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Arthritis Indications Inflammatory Bowel Disease Additional Indications with Established Clinical Proof of Concept Clinical Rationale for IL-1 Targeting Therapies in Additional Disease States 19 CRP, C-reactive protein; CV, cardiovascular; DIRA, deficiency of interleukin receptor 1 antagonist; HS, hidradenitis suppurativa; IBD, inflammatory bowel disease; MI, myocardial infarction; OA, osteoarthritis; RA, rheumatoid arthritis. 1. Ilaris. Package insert. Novartis Pharmaceuticals Corporation; 2023; 2. Kineret. Package insert. Swedish Orphan Biovitrum AB; 3. Schieker, et al. Annals of Internal Medicine. 2020;173(7):509-515; 4. Mao L, et al. Front Immunol. 2018;9:2566; 5. Friedrich M, et al. Nat Med. 2021;27(11):1970-1981; 6. Cader MZ, Kaser A. Nat Med. 2021;27(11):1870-1871; 7. Chen WT, Chi CC. JAMA Dermatol. 2019;155(9):1022-1027; 8. Zhang M, et al. World J Clin Cases. 2021;9(15):3506-3516; 9. Ridker, et al. NEJM . 2017;377(12):1119-1131; 10. Arcalyst. Package insert. Kiniksa Pharmaceuticals (UK), Ltd.; 2021. • IL-1β is a key cytokine produced upon inflammasome activation, a process that appears to be dysregulated in Crohn's disease4 o IL-1 activity may define a subset of patients who do not respond to current therapies5,6 o There is an observed overlap of patients that have IBD and HS7,8 • Like HS, a large number of patients with IBD have suboptimal responses to current advanced therapy options • IL-1 targeting therapies: approved in RA and acute gout flare1,2 • CANTOS study (Novartis): canakinumab data support the effect of IL-1β in reducing total hip/total knee replacements in OA patients with high systemic CRP3 • There is scientific rationale for an anti- IL-1β in additional crystal-induced arthritis indications (including calcium pyrophosphate deposition disease) • While not a current focus for Avalo, IL-1 targeting therapies have been approved in rare diseases including periodic fevers, DIRA, Still's disease and recurrent pericarditis1,2,10 • CANTOS study (Novartis): canakinumab data support anti-IL-1β in reducing the risk of major CV events in patients with previous MI and elevated CRP9 • There are additional indications with supporting mechanistic and clinical rationales Avalo is currently assessing additional immunology indications for investment

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20 Executive Summary

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Avalo Therapeutics: Developing Targeted Therapies for Immune Mediated Inflammatory Diseases 21 Lead compound: AVTX-009 (anti-IL-1β mAb) has the potential for "best-in- disease" profile in hidradenitis suppurativa (HS) • Abbvie's lutikizumab (IL-1α/β) demonstrated comparable efficacy to market leaders and pipeline therapeutics, and in a refractory population that had failed anti-TNF therapy • IL-1β (not IL-1α) is a dominant immunoregulator in HS, based on preclinical and clinical evidence1,2,3 • AVTX-009 has 15x higher affinity and a longer half-life than lutikizumab, potentially predictive of higher efficacy and more convenient dosing4 IL, interleukin; IND, investigational new drug application; mAB, monoclonal antibody; MOA, mechanism of action. 1. Vossen ARJV, et al. J Invest Dermatol. 2020;140(7):1463-1466.e2; 2. Kelly G, et al. Br J Dermatol. 2015;173(6):1431-1439; 3. 4. Kimball AB, et al. Presented at: American Academy of Dermatology; March 8-12, 2024; San Diego, CA; 4. Bihorel S, et al. AAPS J. 2014;16(5):1009-1017; 5. HS Market Research 2024. Expected cash runway into at least 2027 AVTX-009 has the potential to treat multiple immune-mediated diseases HS market is expected to grow to > $10B by 20355 Phase 2 LOTUS trial in HS initiated with Topline data expected mid-2026

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22 NASDAQ: AVTX www.avalotx.com

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23 Appendix

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Avalo Capitalization and Cash Position 1Does not include 4.3M stock options and restricted stock units outstanding resulting in a fully dilutive share count of 39.8M, 2Cash, common shares outstanding and preferred shares outstanding as of March 31, 2025 are preliminary, unaudited and subject to change 24 As of March 31, 2025 Number of shares • Common shares outstanding1,2 10.8M • Preferred stock2 24.7M • Adjusted common shares outstanding1,2 35.5M • Stock price $8.01 • Adjusted market capitalization $284.5M Common Stock Assuming Conversion of Preferred Stock Adjusted Share Count Adjusted Market Capitalization Cash of approximately $125 million as of March 31, 20252, provides expected runway into at least 2027

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