Q1 Financials; Abdakibart Hits in LOTUS, Registrational Trial Details Upcoming

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Q1 Financials; Abdakibart Hits in LOTUS, Registrational Trial Details Upcoming

Company Report

May 13, 2026 Avalo Therapeutics (AVTX)

Rating: Q1 Financials; Abdakibart Hits in LOTUS, Registrational TrialOUTPERFORM Details UpcomingPrice:

$19.94

12-Month Price Target: The Wedbush View

$34.00 (from $40.00)

AVTX reported first quarter financials and provided corporate updates following

Analysts recent positive topline data from the Ph 2 LOTUS study (see our note, here). As

Robert Driscoll, Ph.D. a reminder, the trial evaluated two doses of abdakibart (either 300 mg loading

(415) 274-6863 followed by 150 mg Q2W or 600 mg loading followed by 300 mg Q4W) versusRobert.Driscoll@wedbush.com placebo in 253 patients randomized across arms. Overall, HiSCR75 at week 16Geoffrey Von Der Ahe

(628) 223-0517 was similar across the 150 mg and 300 mg doses, with impressive responses in

geoffrey.vonderahe@wedbush.com 42.2% (p=0.018) and 42.9% (p=0.015) (42.5% combined), respectively. Further,

HiSCR50 was 59% and 64.3% at the 150 and 300 mg dose cohorts, respectively

(placebo-adjusted 18.5% and 23.6%); both HiSCR75 and HiSCR50 responses were

Company Information observed regardless of prior biologic use. AVTX also reported statistically significant

Market Cap (M) $541 improvements in ISH4 secondary endpoints, as well as changes in draining tunnelShares Outst (M) 20.1

52-Week Range $3.39 - $24.27 counts. We view this data as highly competitive in the HS landscape, as the 42.5%

Tangible Book Value/sh $3.92 HiSCR75 is the highest absolute improvement in HS to date in trials the size of

LOTUS or larger. Further, we believe the data significantly de-risks abdakibart in REV (M) in $

FYE Dec 2025A 2026E 2027E this indication; noting challenges in historically translating data between Ph 2 and