Avalo Therapeutics files $200 million at-the-market stock offering with Jefferies

Avalo Therapeutics filed a prospectus supplement dated November 5, 2026 for an at-the-market stock sale program under a sales agreement with Jefferies LLC. Under the terms of that agreement, Avalo may offer and sell common stock with a combined offering price reaching up to $200,000,000 over time through Jefferies.¹

Avalo's common stock trades on the Nasdaq Capital Market under the symbol AVTX, and closed at $7.07 per share on November 4, 2026.¹ Jefferies will earn compensation of as much as 3.0% of the gross proceeds from shares it sells under the agreement.¹ The company noted there is no guarantee that any portion of the $200,000,000 in stock covered by the supplement will actually be sold, nor certainty about what price such shares might fetch.¹

Avalo said it plans to direct net proceeds from the offering, combined with existing cash and investments, mainly toward continued clinical work on abdakibart and AVTX-010, along with working capital and general corporate needs.¹

On the clinical side, Avalo is advancing abdakibart, its lead anti-IL-1β monoclonal antibody, into a phase 3 registrational program in hidradenitis suppurativa, a chronic inflammatory skin condition affecting an estimated 1% to 4% of the global population.¹ In the second quarter of 2026, the company reported positive topline Phase 2 LOTUS trial results for abdakibart in adults with moderate to severe HS, with the trial meeting its primary endpoint at both doses tested, showing HiSCR75 response rate improvements of 42.2% and 42.9% at Week 16 versus a 25.6% placebo rate.¹

Assuming a $7.32 per-share price and full sale of 27,322,404 shares, Avalo's outstanding share count would reach up to 81,245,487 shares following the offering.¹