Avalo Therapeutics Files Amended Q1 2024 Report
Ticker: AVTX · Form: 10-Q/A · Filed: Jul 11, 2024 · CIK: 1534120
| Field | Detail |
|---|---|
| Company | Avalo Therapeutics, INC. (AVTX) |
| Form Type | 10-Q/A |
| Filed Date | Jul 11, 2024 |
| Risk Level | low |
| Pages | 15 |
| Reading Time | 19 min |
| Key Dollar Amounts | $0.001 |
| Sentiment | neutral |
Sentiment: neutral
Topics: amendment, 10-Q, financial-reporting
Related Tickers: AVTX
TL;DR
AVTX amended Q1 2024 10-Q. All good.
AI Summary
Avalo Therapeutics, Inc. filed an amended 10-Q for the period ending March 31, 2024. The filing, dated July 11, 2024, provides updated financial information. The company, formerly known as Cerecor Inc., is based in Rockville, MD and operates in the pharmaceutical preparations sector.
Why It Matters
This amended filing ensures the accuracy and completeness of Avalo Therapeutics' financial reporting for the first quarter of 2024, which is crucial for investor confidence and regulatory compliance.
Risk Assessment
Risk Level: low — This filing is an amendment to a previous report and does not appear to introduce new material risks or significant changes.
Key Players & Entities
- Avalo Therapeutics, Inc. (company) — Filer of the 10-Q/A
- Cerecor Inc. (company) — Former name of Avalo Therapeutics, Inc.
- 20240331 (date) — Period of report for the 10-Q/A
- 20240711 (date) — Filing date of the 10-Q/A
- Rockville, MD (location) — Business address of Avalo Therapeutics, Inc.
FAQ
What is the purpose of this 10-Q/A filing?
This filing is an amendment to the 10-Q for the period ended March 31, 2024, indicating updates or corrections to the previously filed report.
When was this amended filing submitted?
The filing was submitted on July 11, 2024.
What is the reporting period for this 10-Q/A?
The reporting period is for the quarter ended March 31, 2024.
What was Avalo Therapeutics, Inc. formerly known as?
Avalo Therapeutics, Inc. was formerly known as Cerecor Inc.
Where is Avalo Therapeutics, Inc. located?
Avalo Therapeutics, Inc. is located at 540 Gaither Road, Suite 400, Rockville, MD 20850.
Filing Stats: 4,642 words · 19 min read · ~15 pages · Grade level 15.9 · Accepted 2024-07-11 16:12:56
Key Financial Figures
- $0.001 — ange on which registered Common Stock, $0.001 par value AVTX Nasdaq Capital Market
Filing Documents
- avtx-20240331.htm (10-Q/A) — 853KB
- ex-3111q2024amended.htm (EX-31.1) — 10KB
- ex-3121q2024amended.htm (EX-31.2) — 10KB
- ex-3211q2024amended.htm (EX-32.1) — 11KB
- avtx-20240331_g1.jpg (GRAPHIC) — 481KB
- 0001628280-24-031693.txt ( ) — 6868KB
- avtx-20240331.xsd (EX-101.SCH) — 55KB
- avtx-20240331_cal.xml (EX-101.CAL) — 63KB
- avtx-20240331_def.xml (EX-101.DEF) — 335KB
- avtx-20240331_lab.xml (EX-101.LAB) — 577KB
- avtx-20240331_pre.xml (EX-101.PRE) — 441KB
- avtx-20240331_htm.xml (XML) — 658KB
Financial Statements
Financial Statements a) Condensed Consolidated Balance Sheets as of March 31, 2024 (Unaudited) and December 31, 2023 3 b) Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) for the Three Months Ended March 31, 2024 and 2023 5 c) Condensed Consolidated Statements of Preferred Stock and Changes in Stockholders' (Deficit) Equity (Unaudited) for the Three Months Ended March 31, 2024 and 2023 6 d) Condensed Consolidated Statements of Cash Flows (Unaudited) for the Three Months Ended March 31, 2024 and 2023 7 e) Notes to Unaudited Condensed Consolidated Financial Statements 9 Item 2.
Management's Discussion and Analysis of Financial Condition and Results of Operations
Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.
Quantitative and Qualitative Disclosures About Market Risk
Quantitative and Qualitative Disclosures About Market Risk 38 Item 4.
Controls and Procedures
Controls and Procedures 38 PART II. OTHER INFORMATION Item 1.
Legal Proceedings
Legal Proceedings 39 Item 1A.
Risk Factors
Risk Factors 39 Item 6. Exhibits 40
SIGNATURES
SIGNATURES 42 2 Table of Contents
- FINANCIAL INFORMATION
PART I - FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements. AVALO THERAPEUTICS, INC. and SUBSIDIARIES Condensed Consolidated Balance Sheets (In thousands, except share and per share data) 3 Table of Contents March 31, 2024 December 31, 2023 (unaudited) Assets Current assets: Cash and cash equivalents $ 110,177 $ 7,415 Other receivables 35 136 Prepaid expenses and other current assets 997 843 Restricted cash, current portion 4 1 Total current assets 111,213 8,395 Property and equipment, net 1,882 1,965 Goodwill 10,502 10,502 Restricted cash, net of current portion 131 131 Total assets $ 123,728 $ 20,993 Liabilities, mezzanine equity and stockholders' (deficit) equity Current liabilities: Accounts payable $ 916 $ 446 Accrued expenses and other current liabilities 7,383 4,172 Warrant liability 194,901 — Contingent consideration 12,500 — Total current liabilities 215,700 4,618 Royalty obligation 2,000 2,000 Deferred tax liability, net 162 155 Derivative liability 5,670 5,550 Other long-term liabilities 1,281 1,366 Total liabilities 224,813 13,689 Mezzanine equity: Series C Preferred Stock—$ 0.001 par value; 34,326 and 0 shares of Series C Preferred Stock authorized at March 31, 2024 and December 31, 2023, respectively; 22,358 and 0 shares of Series C Preferred Stock issued and outstanding at March 31, 2024 and December 31, 2023, respectively 11,457 — Series D Preferred Stock—$ 0.001 par value; 1 and 0 shares of Series D Preferred Stock authorized at March 31, 2024 and December 31, 2023, respectively; 1 and 0 shares of Series D Preferred Stock issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Series E Preferred Stock—$ 0.001 par value; 1 and 0 shares of Series E Preferred Stock authorized at March 31, 2024 and December 31, 2023, respectively; 1 and 0 shares of Series E Preferred Stock issued and outstanding at March 31, 2024 and December 31, 2023, respectively — — Stockholders' (deficit) equity: Common stock—$ 0.001 par valu