Avalo Therapeutics, Inc. · NASDAQ:AVTX
Avalo Therapeutics — Investor Presentation (November 2026)
36 slides from Avalo Therapeutics's investor presentation, November 2026
Slide 1: Corporate Overview November 2026
ne mission. Advancing an inspired pipeline of novel IL-1β pathway inhibitors focused on treating unmet medical needs. CORPORATE OVERVIEW November 2026 | AVALO THERAPEUTICS, INC. (AVTX)
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation includes forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995 and other federal securities laws. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subje
Slide 3: Avalo Therapeutics: Advancing IL-1β Inhibition for Immune-Mediated Inflammatory Diseases
Avalo Therapeutics: Advancing IL-1β Inhibition for Immune-Mediated Inflammatory Diseases IL-1β is a key immunoregulator with broad potential and established class safety Two investigational drug candidates with potential for best-in-class and best-in disease profile • Abdakibart: Positive Phase 2 to
Slide 4: Avalo Management Team
Avalo Management Team A proven track record of successful leadership, product development, and commercialization in pharma and biotech Garry A. Neil, MD Chris Sullivan Mittie Doyle, MD Taylor Boyd Jennifer Riley Paul Varki Chief Executive Officer Chief Financial Officer Chief Medical Officer Chief B
Slide 5: Abdakibart: Building a New Standard in HS
Abdakibart: Building a New Standard in HS CONFIDENTIAL 5
Slide 6: Abdakibart: Building a New Standard in HS
Abdakibart: Building a New Standard in HS Targeted Mechanism • IL-1β (not IL-1α) is a key immunoregulator in HS, based on preclinical and clinical evidence1,2,3 Compelling & Consistent Efficacy Response • 42.5% (p=0.004) combined HiSCR75 and 61.7% (p=0.0009) combined HiSCR50 were observed in the pha
Slide 7: HS has Higher Growth and is Less Saturated than Other Dermatology I&I Markets
HS has Higher Growth and is Less Saturated than Other Dermatology I&I Markets Comparison of Dermatology • HS projected to be a $10B+ Global Projected Market Growth Rates Therapeutics Market by 20351 20% (2025-2032 CAGR) • HS affects an estimated 1–4% of the HS population globally2 15% +18%1 • ~100K
Slide 8: Chronic Inflammation in HS Progresses to Tissue Destruction
Chronic Inflammation in HS Progresses to Tissue Destruction Areas commonly affected by HS include4: DISEASE PROGRESSION Nape of neck Nodule Abscess Tunnels Long-term Breast/chest Armpit inflammatory Back dysregulation Abdomen Buttocks Groin and and anus genitals Inner thighs Formed from Follicular F
Slide 9: Persistent Unmet Need in HS Despite Current Anti-TNF and Anti-IL-17 Biologic Therapies
Persistent Unmet Need in HS Despite Current Anti-TNF and Anti-IL-17 Biologic Therapies A Minority of Moderate to Severe HS Patients Obtain a Partial Response on Current HS Pain, Fistula and Malodorous Discharge Among the Biologics Treatmentsa,1,2,3 Most Burdensome HS Symptoms 4 #1 Pain Proportion of
Slide 10: IL-1β Plays a Central Role in the Pathophysiology of HS
IL-1β Plays a Central Role in the Pathophysiology of HS • 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 T
Slide 11: IL-1β is the Predominant IL-1 Isoform that Drives Chronic Inflammation in HS
IL-1β is the Predominant IL-1 Isoform that Drives Chronic Inflammation in HS Lack of Clinical Data Supporting IL-1α IL-1 Expression in HS Skin1,a Targeting in HS (HiSCR75) IL-1β IL-1α IL-1α TNFα 60% Bermekimab2 Adalimumab 1050 mg QW comparator Proportion of patients achieving endpoint 80 mg QW 40% E
Slide 12: Phase 2 LOTUS Study Designed to Evaluate Efficacy and Safety of Abdakibart
Phase 2 LOTUS Study Designed to Evaluate the Efficacy and Safety of Abdakibart Treatment in Participants with Moderate-to-Severe HS Primary Study Endpoint Primary Endpoint: Proportion of participants achieving HiSCR75 at 16 weeks Abdakibart 600 mg SC loading dose then 300 mg SC Q4W Key Inclusion Cri
Slide 13: Demographic and Baseline Characteristics
Demographic and Baseline Characteristics Placebo Abdakibart All Subjects N=86 150mg Q2W 300mg Q4W Combined N=83 N=167 N=253 N=84 Age (years, mean) 37.7 38.4 39.0 38.7 38.4 Gender, female (%) 52.3 66.3 63.1 64.7 60.5 Race, white (%) 66.3 65.1 75.0 70.1 68.8 BMI (kg/m2, mean) 33.9 36.4 34.9 35.7 35.1
Slide 14: Primary Endpoint of HiSCR75 at Week 16 was Met
Primary Endpoint of HiSCR75 at Week 16 was Met for Each Active Dose Group and Both Groups Combined ∆ 17.0%, p = 0.004 ∆ 17.2%, p = 0.015 ∆ 16.7%, p = 0.018 50% 45% 42.2% 42.9% 42.5% HiSCR75 Responders 40% at Week 16 (NRI) 35% 30% 25.6% 25% 20% 15% 10% 5% 0% Placebo Abdakibart Abdakibart Combined Abd
Slide 15: HiSCR75 Across Studies
HiSCR75 Across Studies Approved HS Therapies Select Investigational Therapies Abdakibart1 Adalimumab2 Secukinumab3 Bimekizumab4 Sonelokimab5 Lutikizumab6 Povorcitinib7 150 mg Q2W 300 mg Q4W 40 mg QW 300 mg Q2W 320 mg Q2W 120 mg Q2W > Q4W 300 mg QW 75 mg QD 50% 42.2% 42.9% 40% 35% 36% 33% 35% 34% *NS
Slide 16: HiSCR50 Response Rates were Statistically Significant Compared to Placebo
HiSCR50 Response Rates were Statistically Significant Compared to Placebo in Both Abdakibart Arms ∆ 21.1%, p = 0.0009* ∆ 23.6%, p = 0.001 ∆ 18.5%, p = 0.013 70% 64.3% 59.0% 61.7% 60% HiSCR50 Responders at Week 16 (NRI) 50% 40.7% 40% 30% 20% 10% 0% Placebo Abdakibart Abdakibart Combined Abdakibart n
Slide 17: HiSCR50 Across Studies
HiSCR50 Across Studies APPROVED HS THERAPIES SELECT PIPELINE THERAPIES Abdakibart1 Adalimumab2 Secukinumab3 Bimekizumab4 Sonelokimab5 Lutikizumab6 Povorcitinib7 150 mg Q2W 300 mg Q4W 40 mg QW 300 mg Q2W 320 mg Q2W 120 mg Q2W > Q4W 300 mg Q2W 300 mg QW 75 mg QD 70% 59.0% 64.3% 60% 59% 60% *Nominal p
Slide 18: HiSCR75 Separation from Placebo Seen as Early as Week 4
HiSCR75 Separation from Placebo Seen as Early as Week 4 for Both Abdakibart Treatment Groups 50% 45% 42.9%; p = 0.015 40% 42.2%; p = 0.018 HiSCR75 Responders 35% by Visit (NRI) 30% 25% 25.6% 20% 15% 10% 5% 0% 0 2 4 6 8 10 12 14 16 Weeks Placebo Abdakibart 150 mg Q2W Abdakibart 300 mg Q4W n=86 n=83 n
Slide 19: HiSCR75 Responses Similar with and without Prior Biologic Exposure
HiSCR75 Responses were Similar in Patients with and without Prior Biologic Exposure 50% 48.0% 45.5% 45% 42.2% 42.9% 41.2% 40% HiSCR75 Responders 35% 33.3% at Week 16 (NRI) 30% 25.6% 26.7% 25% 23.1% 20% 15% 10% 5% n=86 n=83 n=84 n=60 n=50 n=51 n=26 n=33 n=33 0% All Patients No Prior Biologic Use* Pri
Slide 20: Key Secondary Endpoints were Statistically Significant or Numerically Better Compared to Placebo
Key Secondary Endpoints were Statistically Significant or Numerically Better Compared to Placebo Placebo Abdakibart 150 mg Q2W 300 mg Q4W Secondary Endpoints N=86 N=83 N=84 IHS4 change from Baseline (LS mean) 1 -14.5 -15.9 -8.2 p = 0.012 p = 0.002 Draining Tunnel Count change from baseline (LS -1.8
Slide 21: Favorable Safety and Tolerability Profile
Favorable Safety and Tolerability Profile Rates of TEAEs, Including SAEs were Similar to Placebo; Few adverse events of special interest Placebo Abdakibart Placebo Abdakibart 150 mg Q2W 300 mg Q4W 150 mg Q2W 300 mg Q4W # of Subjects (%) N=86 N=83 N=83 # of Subjects (%) N=86 N=83 N=83 Any TEAE* 46 (5
Slide 22: Differentiated Monthly Dosing Regimen Starting at Treatment Initiation
Differentiated Monthly Dosing Regimen Starting at Treatment Initiation SELECT INVESTIGATIONAL THERAPIES APPROVED HS THERAPIES 3 4 5 Abdakibart Lutikizumab1 Sonelokimab2 Loading / Single loading QW for first 16 Q2W for first Q2W for first 16 QW for first four Day 1 & 15 induction dosing dose weeks 6
Slide 23: IL-1 Programs in HS
AVAIO THERAPEUTICS IL-1 Programs in HS
Slide 24: Clinical Data Supports Potential Advantages of IL-1β Specificity in HS
Clinical Data Supports Potential Advantages of IL-1β Specificity in HS IL-1β Specific Dual IL-1α/β IL-1α Specific Abdakibart1 Lutikizumab2 Bermekimab3 300 mg QW 1050 mg QW 150 mg Q2W 300 mg Q4W 50% 42.2% 42.9% 40% 31% Proportion of patients achieving HiSCR75 30% 26% (no benefit over placebo) 20% 10%
Slide 25: Abdakibart Potential Profile Advantages: IL-1β Specificity, High Affinity, Bioavailability, Long Half-Life
Abdakibart Potential Profile Advantages: IL-1β Specificity, High Affinity, Bioavailability, and Long Half-Life Lutikizumab Abdakibart (AVTX-009) IL-1β IL-1α IL-1β Potential abdakibart profile advantages in HS Specificity IL-1 (α&β) IL-1β Potential to IL-1β binding affinity 21 KD (pM)1 <3 KD (pM)3 tr
Slide 26: HiSCR75 Confidence Intervals from LOTUS Narrower than Lutikizumab Phase 2
HiSCR75 Confidence Intervals from LOTUS are Narrower than those from the Phase 2 Trial of Lutikizumab in HS Abdakibart Lutikizumab LOTUS Trial (NRI) Phase 2 Trial (NRI-MI) Percentage Responders HiSCR75 at Week 161 Percentage Responders HiSCR75 at Week 162 60.0% 50.0% 40.0% Proportion of patients ach
Slide 27: HiSCR75 Separation from Placebo Seen Early, Consistent Across Timepoints
HiSCR75 Separation from Placebo Seen as Early as Week 4 for Both Abdakibart Treatment Groups, Consistent Data Across Timepoints • Abdakibart LOTUS Phase 2 Study (NRI)1 • Lutikizumab Phase 2 HiSCR75 (NRI-MI)2 100% Placebo (n=86) 100% Luti 100 mg EOW (N = 37) Abdakibart 150mg Q2W (n=83) Response Rate,
Slide 28: AVTX-010: Long-Acting Next Generation IL-1β Program
AVTX-010: Long-Acting Next Generation IL-1β Program CONFIDENTIAL 28
Slide 29: AVTX-010: Long-Acting Next Generation IL-1β Program
AVTX-010: Long-Acting Next Generation IL-1β Program • Engineered anti-IL-1β mAb designed for extended dosing interval • Streamlined path to first-in-human study • Potential new Avalo intellectual property • Planned for development as follow-on to abdakibart in HS as well as in additional IL-1β drive
Slide 30: Upcoming Milestones
Upcoming Milestones CONFIDENTIAL 30
Slide 31: Upcoming Milestones
Upcoming Milestones STRONG March 2024 July 2024 October 2024 October 2025 May 2026 TRACK RECORD OF Merger with AlmataBio Active IND for First patient enrolled in Enrollment completed LOTUS topline data MILESTONE abdakibart Phase 2 LOTUS EXECUTION 2024–2026 2H 2026 1H 2027 UPCOMING • FDA End of Phase
Slide 32: Broad Potential for Indication Expansion
Broad Potential for Indication Expansion: Clinical Rationale for IL-1 Targeting Therapies in Additional Disease States Additional Indications with Arthritis Indications Established Clinical Proof of Concept • IL-1 targeting therapies approved • While not a current focus for Avalo, IL-1 targeting in
Slide 33: Avalo Summary (NASDAQ: AVTX)
Avalo Summary (NASDAQ: AVTX) IL-1β is a key immunoregulator with broad potential and established class safety Two investigational drug candidates with potential for best-in-class and best-in disease profile • Abdakibart: Positive Phase 2 topline data in moderate-to-severe Hidradenitis Suppurativa (H
Slide 34: NASDAQ: AVTX www.avalotx.com
NASDAQ: AVTX www.avalotx.com 34
Slide 35: Appendix
avalo THERAPEUTICS Appendix
Slide 36: Key Financial Metrics
Key Financial Metrics As of September 30, 2026 Number of Shares Common stock Common shares outstanding1,2 53.9M Assuming conversion of preferred stock Preferred stock & pre-funded warrants1,2 9.1M and pre-funded warrants Adjusted share count Adjusted common shares outstanding1,2,3 63.0M Stock price
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