Avalo Therapeutics sets up $200 million at-the-market stock sale with Jefferies

Avalo Therapeutics, Inc. entered into a new at-the-market sale agreement with Jefferies LLC on November 5, 2026, according to a Form 8-K filed with the SEC. The agreement allows the company to issue and sell shares of its common stock from time to time at its sole discretion through Jefferies.¹

Avalo is not obligated to sell any shares, and Jefferies is not required to sell any specific number or dollar amount under the agreement, and either party may suspend or terminate the offering upon notice.¹ Jefferies will use commercially reasonable efforts to sell the shares consistent with its normal sales practices, based on instructions from Avalo.¹ Avalo will pay Jefferies a commission of up to 3.0 percent of gross proceeds from shares sold under the agreement.¹

The shares will be sold under an existing shelf registration. They will be issued pursuant to Avalo's Form S-3 registration statement, filed with the SEC on January 8, 2026 and declared effective on January 20, 2026.¹ The company filed a related prospectus supplement dated November 5, 2026, covering an aggregate offering price of up to $200,000,000 under the Jefferies agreement.¹

On the same date, Avalo terminated its prior sales arrangement. TD Securities (USA) LLC, referred to as TD Cowen, acknowledged and accepted Avalo's written notice to terminate their Sales Agreement dated June 5, 2025, effective immediately.¹ As a result, Avalo may no longer offer or sell additional shares under the TD Cowen agreement or its related prospectus supplement from June 5, 2025.¹

Goodwin Procter LLP, counsel to Avalo, issued an opinion dated November 5, 2026 relating to the validity of the shares to be issued under the Jefferies agreement.¹