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Announced AVTX-002 (quisovalimab) did not meet its primary endpoint in its Phase 2 PEAK Trial in non-eosinophilic asthma, however AVTX-002 significantly reduced serum LIGHT levels for study duration indicating strong target engagementDisclosed cash of approximately $6.3 million as of June 30, 2023 WAYNE, Pa. and ROCKVILLE, Md., Aug. 03, 2023 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced business updates and financial results for the second quarter of 2023. “Although the PEAK trial did not meet its primary endpoint, mechanistically I believe AVTX-002 has promise in other inflammatory driven diseases including IBD and other diseases of the lung, gut and skin. Additionally, we believe an opportunity remains in asthma, particularly in a subset of patients with higher baseline LIGHT levels. We also have high confidence in our preclinical stage fully human BTLA agonist fusion protein (AVTX-008) to potentially treat a wide range of autoimmune diseases and are excited by the drug’s novel mechanism of action and potential usage in patients not responsive to anti-TNF therapy,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “The team is working tirelessly to determine the best path forward for these assets, including indication selection and funding to support development.” Corporate Updates: In June of 2023, Avalo prepaid $6 million of principal under its loan and security agreement. As of June 30, 2023, the remaining principal payments were $15.2 million.On July 20, 2023, Avalo entered into a forbearance agreement with its debt lenders, pursuant to which the parties agreed that an event of default had occurred due to a material adverse change in the Company’s business and the lenders agreed to forbear from enforcing its full remedies, including acceleration of the amounts due, until August 15, 2023 or earlier triggering event.Avalo is considering out-licensing or sale of its non-core and potentially its core assets to increase focus and reduce future expenses. In July of 2023, Avalo entered into a non-binding letter of intent for the potential sale of AVTX-801 (D-galactose), AVTX-802 (D-mannose) and AVTX-803 (L-fucose). Program Updates: AVTX-002: Anti-LIGHT monoclonal antibody (mAb) targeting immune-inflammatory diseases. Avalo announced that its Phase 2 PEAK trial in patients with NEA did not meet its primary endpoint, measured by the proportion of patients who experienced an asthma-related event (ARE), however AVTX-002 demonstrated a significant and sustained reduction in LIGHT levels and a favorable safety and tolerability profile. Further, a preliminary post-hoc analyses for a sub-population of patients with baseline LIGHT levels over 125 pg/mL, which represented over 50% of patients, showed an approximately 50% reduction in AREs for patients treated with AVTX-002 compared to placebo.Previously demonstrated AVTX-002 was statistically significant in reducing respiratory failure and mortality in patients hospitalized with COVID-19 ARDS in a randomized placebo-controlled trial. AVTX-002 also demonstrated positive trends in an open-label study in Crohn’s Disease.AVTX-002 showed a rapid and sustained reduction of LIGHT levels in all indications studied including COVID-19 ARDS, Crohn’s Disease and NEA.Avalo will continue to evaluate the topline results of the Phase 2 PEAK trial, while also pursuing funding for the program, to inform future development plans. AVTX-008: B and T Lymphocyte Attenuator (BTLA) agonist fusion protein targeting immune dysregulation disorders. Avalo previously identified a lead molecule, is evaluating several immune dysregulation disorders to pursue and plans to rapidly progress the asset to IND, subject to funding. AVTX-803: Fucose replacement for leukocyte adhesion deficiency type II (LAD II, also known as SLC35C1-CDG), a congenital disorder of glycosylation (CDG). In July of 2023, Avalo entered into a non-binding letter of intent for the potential sale of AVTX-801 (D-galactose), AVTX-802 (D-mannose) and AVTX-803 (L-fucose). Second Quarter 2023 Financial Update: Avalo had $6.3 million in cash and cash equivalents as of June 30, 2023, representing a $6.9 million decrease compared to December 31, 2022. The decrease was driven by operating expenditures to fund pipeline development and a $6 million partial prepayment under the loan and security agreement and were partially offset by $20.3 million of net proceeds from equity financings. Total operating expenses decreased $17.8 million for the six months ended June 30, 2023 as compared to the same period in 2022. This decrease was primarily driven by decreases to both selling, general and administrative and research and development expenses as a result of cost savings initiatives implemented in the first quarter of 2022 and fewer programs ongoing in the current year. The net loss and net loss per share for the three months ended June 30, 2023 was largely driven by operating expenses. Consolidated Balance Sheets(In thousands, except share and per share data) June 30, 2023 December 31, 2022 (unaudited) Assets Current assets: Cash and cash equivalents$6,307 $13,172 Accounts receivable 38 — Other receivables 6 1,919 Inventory, net 18 20 Prepaid expenses and other current assets 1,135 1,290 Restricted cash, current portion 15 15 Total current assets 7,519 16,416 Property and equipment, net 2,176 2,411 Goodwill 14,409 14,409 Restricted cash, net of current portion 131 131 Total assets$24,235 $33,367 Liabilities and stockholders’ deficit Current liabilities: Accounts payable$751 $2,882 Deferred revenue — 88 Accrued expenses and other current liabilities 7,588 13,214 Notes payable, current 14,115 5,930 Total current liabilities 22,454 22,114 Notes payable, non-current — 13,486 Royalty obligation 2,000 2,000 Deferred tax liability, net 156 141 Derivative liability 5,050 4,830 Other long-term liabilities 1,544 1,711 Total liabilities 31,204 44,282 Stockholders’ deficit: Common stock—$0.001 par value; 200,000,000 shares authorized at June 30, 2023 and December 31, 2022; 14,036,940 and 9,430,535 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively 14 9 Additional paid-in capital 314,755 292,900 Accumulated deficit (321,738) (303,824)Total stockholders’ deficit (6,969) (10,915)Total liabilities and stockholders’ deficit$24,235 $33,367 The condensed consolidated balance sheets as of June 30, 2023 and December 31, 2022 have been derived from the reviewed and audited financial statements, respectively, but do not include all of the information and footnotes required by accounting principles accepted in the United States for complete financial statements. Consolidated Statements of Operations (Unaudited) (In thousands, except per share data) Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Revenues: Product revenue, net$643 $1,033 $1,117 $2,206 Total revenues, net 643 1,033 1,117 2,206 Operating expenses: Cost of product sales 708 1,567 1,259 2,286 Research and development 4,658 8,510 10,667 18,094 Selling, general and administrative 2,427 2,784 5,134 14,468 Amortization expense — — — 38 Total operating expenses 7,793 12,861 17,060 34,886 (7,150) (11,828) (15,943) (32,680)Other expense: Interest expense, net (996) (1,154) (1,945) (2,323)Change in fair value of derivative liability (40) — (220) — Other expense, net — — (25) (20)Total other expense, net (1,036) (1,154) (2,190) (2,343)Loss before taxes (8,186) (12,982) (18,133) (35,023)Income tax expense 7 5 15 15 Net loss and comprehensive loss$(8,193) $(12,987) $(18,148) $(35,038)Net loss per share of common stock, basic and diluted1$(0.59) $(1.38) $(1.41) $(3.73) 1 Amounts for prior periods presented have been retroactively adjusted to reflect the 1-for-12 reverse stock split effected on July 7, 2022. The unaudited condensed consolidated statements of operations for the three and six months ended June 30, 2023 and 2022 have been derived from the reviewed financial statements but do not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. About AVTX-002 (quisovalimab) AVTX-002 is a fully human monoclonal antibody (mAb), directed against human LIGHT (Lymphotoxin-like, exhibits Inducible expression, and competes with Herpes Virus Glycoprotein D for Herpesvirus Entry Mediator (HVEM), a receptor expressed by T lymphocytes). There is increasing evidence that the dysregulation of the LIGHT-signaling network which includes LIGHT, its receptors HVEM and LTβR and the downstream checkpoint BTLA, is a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders. AVTX-002 previously demonstrated proof of concept in COVID-19 induced acute respiratory distress syndrome including reduction in mortality and respiratory failure, as well as a positive signal in Crohn’s Disease. About AVTX-008 AVTX-008 is a fully human B and T Lymphocyte Attenuator (BTLA) agonist fusion protein in the IND-enabling stage. About Avalo Therapeutics Avalo Therapeutics is a clinical stage biotechnology company focused on the treatment of immune dysregulation by developing therapies that target the LIGHT-signaling network. LIGHT and its signaling receptors, HVEM (TNFRSF14), and lymphotoxin β receptor (TNFRSF3), form an immune regulatory network with two co-receptors of herpesvirus entry mediator, checkpoint inhibitor B and T Lymphocyte Attenuator (BTLA), and CD160 (the LIGHT-signaling network). Accumulating evidence points to the dysregulation of the LIGHT network as a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders. For more information about Avalo, please visit www.avalotx.com. Forward-Looking Statements This press release may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Avalo’s control), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to Avalo’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “might,” “will,” “could,” “would,” “should,” “continue,” “seeks,” “aims,” “predicts,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” or similar expressions (including their use in the negative), or by discussions of future matters such as: the future financial and operational outlook; timing and success of trial results and regulatory review; potential attributes and benefits of product candidates; the development of product candidates or products; and other statements that are not historical. These statements are based upon the current beliefs and expectations of Avalo’s management but are subject to significant risks and uncertainties, including: Avalo's debt and cash position and the need for it to raise additional capital in the near future, including the risk that its lender will call the debt on or before the August 15, 2023 end of the current forbearance agreement; the results of our clinical and pre-clinical studies; drug development costs, timing and other risks, including reliance on investigators and enrollment of patients in clinical trials, which might be slowed by the COVID-19 pandemic; reliance on key personnel; regulatory risks; general economic and market risks and uncertainties, including those caused by the COVID-19 pandemic and the war in Ukraine; and those other risks detailed in Avalo’s filings with the SEC. Actual results may differ from those set forth in the forward-looking statements. Except as required by applicable law, Avalo expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Avalo’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For media and investor inquiries Christopher Sullivan, CFO Avalo Therapeutics, Inc. ir@avalotx.com 410-803-6793 or Chris BrinzeyICR WestwickeChris.brinzey@westwicke.com 339-970-2843

AVTX-002 did not meet the primary endpoint measured by reduction in asthma related events compared to placebo, although positive trends were observed among a sub-population of patients with elevated baseline serum LIGHT levels AVTX-002 significantly reduced serum LIGHT levels for study duration indicating target engagement AVTX-002 demonstrated a favorable safety and tolerability profile Additional analyses are ongoing to inform path forward in asthma and potentially other inflammatory conditions WAYNE, Pa. and ROCKVILLE, Md., June 26, 2023 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX), today announced topline results from the Phase 2 randomized, double-blind, placebo-controlled trial (PEAK trial) evaluating AVTX-002 (anti-LIGHT mAb) in patients with poorly controlled non-eosinophilic asthma (NEA). The trial did not meet its primary endpoint, measured by the reduction in asthma-related events. AVTX-002 demonstrated a favorable safety and tolerability profile. AVTX-002 significantly reduced LIGHT levels for the study duration indicating target engagement. Additionally, an exploratory analysis revealed a positive trend in reduction of asthma related events in patients treated with AVTX-002 as compared to placebo within a substantial sub-population of patients with elevated baseline LIGHT levels. Dr. Michael Wechsler, Professor of Medicine, Director of Asthma Program at National Jewish Health and the PEAK Trial’s Principal Investigator, said: “Although this study did not reach its primary endpoint in this patient population, we have identified a positive trend in a sub-population of patients with high baseline LIGHT levels. This is exciting because it gives us a potential novel biomarker for treatment in patients with severe non-eosinophilic asthma, for whom new therapies are urgently needed. Further analyses to better characterize the patients that responded to this novel treatment are ongoing and should inform future studies in asthma where regulation of LIGHT could be beneficial for these patients.” “While the trial did not meet its primary endpoint, we are intrigued and encouraged by the finding that there was a trend toward fewer asthma related events in patients treated with AVTX-002 that had high serum baseline LIGHT levels,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “Because LIGHT is the target of AVTX-002, this is consistent with the mechanism of action of the drug and our hypothesis going into the trial. We continue to analyze these data with our scientific advisors to inform our next steps in asthma and potentially other indications. I’d like to thank the Avalo team, as well as the patients and clinical investigators for participating in this trial.” About AVTX-002 PEAK Trial The Phase 2 PEAK trial was a randomized, double-blind, placebo-controlled, parallel group trial that enrolled a total of 91 patients and was designed to evaluate the safety and efficacy of AVTX-002 for the treatment of poorly controlled NEA (NCT05288504). Subjects were administered 600 mg of AVTX-002 or placebo subcutaneously at day 0, 28 and 56. Following 12 weeks of treatment, the efficacy and safety of AVTX-002 was evaluated compared with placebo through week 14. The primary endpoint was the proportion of patients who experience any of the following asthma-related events: (i) ≥6 additional reliever puffs of a short-acting beta-agonist (compared to baseline) in a 24-hour period on 2 consecutive days, or (ii) increase in inhaled corticosteroid dose ≥4 times than the dose at baseline, or (iii) a decrease in peak flow of 30% or more (compared to baseline) on 2 consecutive days of treatment, or (iv) an asthma exacerbation requiring the use of systemic corticosteroids (tablets, suspension, or injection) for at least 3 days, or (v) a hospitalization or emergency room visit because of an asthma exacerbation. About AVTX-002 (quisovalimab)AVTX-002 is a fully human monoclonal antibody (mAb), directed against human LIGHT (Lymphotoxin-like, exhibits Inducible expression, and competes with Herpes Virus Glycoprotein D for Herpesvirus Entry Mediator (HVEM), a receptor expressed by T lymphocytes). There is increasing evidence that the dysregulation of the LIGHT-signaling network which includes LIGHT, its receptors HVEM and LTβR and the downstream checkpoint BTLA, is a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders. AVTX-002 previously demonstrated proof of concept in COVID-19 induced acute respiratory distress syndrome including reduction in mortality and respiratory failure, as well as a positive signal in Crohn’s Disease. About Avalo TherapeuticsAvalo Therapeutics is a clinical stage biotechnology company focused on the treatment of immune dysregulation by developing therapies that target the LIGHT-signaling network. LIGHT and its signaling receptors, HVEM (TNFRSF14), and lymphotoxin β receptor (TNFRSF3), form an immune regulatory network with two co-receptors of herpesvirus entry mediator, checkpoint inhibitor B and T Lymphocyte Attenuator (BTLA), and CD160 (the LIGHT-signaling network). Accumulating evidence points to the dysregulation of the LIGHT network as a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders. For more information about Avalo, please visit www.avalotx.com. Forward-Looking StatementsThis press release may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Avalo’s control), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to Avalo’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “might,” “will,” “could,” “would,” “should,” “continue,” “seeks,” “aims,” “predicts,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” or similar expressions (including their use in the negative), or by discussions of future matters such as: initiation, timing and success of trial results and regulatory review; potential attributes and benefits of product candidates; the development of product candidates or products; Avalo’s future financial and operational outlook; and other statements that are not historical. These statements are based upon the current beliefs and expectations of Avalo’s management but are subject to significant risks and uncertainties, including: drug development costs, timing and other risks, including reliance on investigators and enrollment of patients in clinical trials, which might be slowed by the COVID-19 pandemic; Avalo's debt and cash position and the need for it to raise additional capital in the near future; reliance on key personnel; regulatory risks; general economic and market risks and uncertainties, including those caused by the COVID-19 pandemic and the war in Ukraine; and those other risks detailed in Avalo’s filings with the SEC. Actual results may differ from those set forth in the forward-looking statements. Except as required by applicable law, Avalo expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Avalo’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For media and investor inquiries Christopher Sullivan, CFO Avalo Therapeutics, Inc.ir@avalotx.com410-803-6793 or Chris BrinzeyICR WestwickeChris.brinzey@westwicke.com339-970-2843

Avalo’s SAB is comprised of key opinion leaders in immunology and the LIGHT-signaling network WAYNE, Pa. and ROCKVILLE, Md., May 22, 2023 (GLOBE NEWSWIRE) -- Avalo Therapeutics, Inc. (Nasdaq: AVTX) announced the appointment of Dr. Michael Croft and Dr. Jeff Edelson to the company’s Scientific Advisory Board (SAB). The SAB, which is led by Dr. Carl Ware, provides strategic and scientific guidance to Avalo as it progresses its pipeline of therapies that target the LIGHT-signaling network, notably AVTX-002 (anti-LIGHT mAb) and AVTX-008 (BTLA agonist fusion protein). Avalo’s SAB comprises (biographies below): Carl Ware, Ph.D., Chair of Avalo’s SABMichael Croft, Ph.D.Jeff Edelson, M.D. “The addition of Drs. Croft and Edelson to our SAB greatly strengthens our scientific core and further enhances Avalo’s standing as a leader in the LIGHT-signaling pathway immunoregulation,” said Dr. Garry Neil, Chief Executive Officer and Chairman of the Board. “The members of our SAB, which is led by Dr. Carl Ware, are world renowned experts and leaders in the industry who have made pioneering contributions to the immunology field. Their combined knowledge and expertise of the LIGHT-signaling network, tumor necrosis factor superfamily, and inflammatory and autoimmune disease, including asthma, is invaluable to our research and development efforts. Their insights will be crucial to Avalo as we approach a transformational topline data readout this quarter of our Phase 2 PEAK trial of AVTX-002 in patients with non-eosinophilic asthma.” Biographies Carl Ware, Ph.D. (Director and Professor, Infectious and Inflammatory Diseases Center at Sanford Burnham Prebys Medical Institute) is recognized for his extensive research on the tumor necrosis factor (TNF) superfamily and its role in immune responses. Throughout his career, he has focused on unraveling the molecular mechanisms underlying TNF signaling and its impact on inflammation, cell survival, and immune regulation. Dr. Ware's studies have contributed to a better understanding of TNF receptor signaling pathways and their implications in various diseases, including cancer and autoimmune disorders. He is the discoverer of the LIGHT-signaling network and Avalo’s two lead compounds, AVTX-002 (anti-LIGHT mAb) and AVTX-008 (BTLA agonist fusion protein). At the Sanford Burnham Prebys Medical Discovery Institute, Dr. Ware has held several prominent positions, including his current position of Director of the Infectious and Inflammatory Diseases Center. His work has resulted in numerous publications in prestigious scientific journals, earning him international recognition and numerous accolades for his scientific achievements. Dr. Ware's research has not only provided insights into fundamental immunological processes but also paved the way for the development of therapeutic interventions targeting TNF-related pathways. Michael Croft, Ph.D. (Director, Academic Affairs and Professor, Center for Autoimmunity and Inflammation at La Jolla Institute for Immunology) has made many significant contributions to the field of immunology, particularly in the area of T-cell biology. He has conducted pioneering research on the tumor necrosis factor (TNF) superfamily, focusing on understanding the functions and signaling pathways of these proteins in immune regulation, inflammation, and the immune response to cancer, including studies of LIGHT and its receptors and their potential contribution to several inflammatory diseases including asthma. As a scientist at the La Jolla Institute for Immunology, Dr. Croft has made groundbreaking discoveries in the field of immune costimulatory/checkpoint molecules, including OX40, 4-1BB, LIGHT and others and their potential as therapeutic targets. His work has shed light on the mechanisms by which these molecules modulate T-cell responses and has paved the way for the development of novel immunotherapies for autoimmune and inflammatory disease and for cancer treatment. Dr. Croft's research findings have been widely published in top-tier scientific journals, and he has received numerous honors and awards for his contributions to immunology. His work continues to influence the field and holds promise for the development of new strategies to suppress chronic inflammatory diseases and enhance immune responses against cancer and infectious diseases. Jeff Edelson, M.D. greatly strengthens our clinical and scientific team. He has conducted extensive research in the areas of lung biology, immunotherapy, and targeted therapies including asthma and other respiratory diseases. His work has focused on understanding the molecular mechanisms underlying lung inflammation, asthma, COPD as well as identifying new therapeutic targets for lung disease and oncology. Through his research, he has made notable discoveries that have improved our understanding of lung biology and contributed to the development of innovative treatment strategies. After a distinguished academic career, he has held a number of leadership positions in both large and small pharma including GSK, Aventis Pharma and J&J. In these roles, he has played a pivotal role in the development and clinical testing of several therapeutics. Dr. Edelson has extensive experience in the design and execution of clinical trials, evaluating the safety and efficacy of new drugs and treatment approaches. Throughout his career, Dr. Edelson has been widely published in esteemed scientific journals, sharing his research findings and insights with the scientific community. He has also been actively involved in professional organizations and has served on advisory boards and committees related to basic research and drug development. About AVTX-002AVTX-002, Avalo’s lead development asset, is a fully human monoclonal antibody (mAb), directed against human LIGHT (Lymphotoxin-like, exhibits Inducible expression, and competes with Herpes Virus Glycoprotein D for Herpesvirus Entry Mediator (HVEM), a receptor expressed by T lymphocytes). There is increasing evidence that the dysregulation of the LIGHT-signaling network which includes LIGHT, its receptors HVEM and LTβR and the downstream costimulatory/checkpoint BTLA, is a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders, including NEA. AVTX-002 previously demonstrated proof of concept in COVID-19 induced acute respiratory distress syndrome including reduction in mortality and respiratory failure. About AVTX-002 PEAK Trial The Phase 2 PEAK Trial is a randomized, double-blind, placebo-controlled, parallel group trial designed to evaluate the safety and efficacy of AVTX-002 for the treatment of poorly controlled NEA (NCT05288504). Following 12 weeks of treatment, the efficacy and safety of AVTX-002 will be evaluated compared with placebo. The primary endpoint is the proportion of patients who experience any of the following asthma-related events: (i) ≥6 additional reliever puffs of a short-acting beta-agonist (compared to baseline) in a 24-hour period on 2 consecutive days, or (ii) increase in inhaled corticosteroid dose ≥4 times than the dose at baseline, or (iii) a decrease in peak flow of 30% or more (compared to baseline) on 2 consecutive days of treatment, or (iv) an asthma exacerbation requiring the use of systemic corticosteroids (tablets, suspension, or injection) for at least 3 days, or (v) a hospitalization or emergency room visit because of an asthma exacerbation. About AVTX-008 AVTX-008 is a fully human B and T Lymphocyte Attenuator (BTLA) agonist fusion protein. IND-enabling activities have been initiated with a target IND submission date in 2024. About Avalo TherapeuticsAvalo Therapeutics is a clinical stage biotechnology company focused on the treatment of immune dysregulation by developing therapies that target the LIGHT-signaling network. LIGHT (Lymphotoxin-like, exhibits Inducible expression, and competes with HSV Glycoprotein D for Herpesvirus Entry Mediator (HVEM), a receptor expressed by T lymphocytes; also referred to as TNFSF14) is an immunoregulatory cytokine. LIGHT and its signaling receptors, HVEM (TNFRSF14), and lymphotoxin β receptor (TNFRSF3), form an immune regulatory network with two co-receptors of herpesvirus entry mediator, costimulatory/checkpoint inhibitor B and T Lymphocyte Attenuator (BTLA), and CD160 (the LIGHT-signaling network). Accumulating evidence points to the dysregulation of the LIGHT-signaling network as a disease-driving mechanism in autoimmune and inflammatory reactions in barrier organs. Therefore, we believe reducing LIGHT levels can moderate immune dysregulation in many acute and chronic inflammatory disorders. For more information about Avalo, please visit www.avalotx.com. Forward-Looking StatementsThis press release may include forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to significant risks and uncertainties that are subject to change based on various factors (many of which are beyond Avalo’s control), which could cause actual results to differ from the forward-looking statements. Such statements may include, without limitation, statements with respect to Avalo’s plans, objectives, projections, expectations and intentions and other statements identified by words such as “projects,” “may,” “might,” “will,” “could,” “would,” “should,” “continue,” “seeks,” “aims,” “predicts,” “believes,” “expects,” “anticipates,” “estimates,” “intends,” “plans,” “potential,” or similar expressions (including their use in the negative), or by discussions of future matters such as: the development of product candidates or products; timing and success of trial results and regulatory review; potential attributes and benefits of product candidates; the future financial and operational outlook; and other statements that are not historical. These statements are based upon the current beliefs and expectations of Avalo’s management but are subject to significant risks and uncertainties, including: drug development costs, timing and other risks, including reliance on investigators and enrollment of patients in clinical trials, which might be slowed by COVID-19 or other widespread health events; Avalo's debt and cash position and the need for it to raise additional capital in the near future; reliance on key personnel; regulatory risks; general economic and market risks and uncertainties, including those caused by COVID-19 or other widespread health events; and those other risks detailed in Avalo’s filings with the SEC. Actual results may differ from those set forth in the forward-looking statements. Except as required by applicable law, Avalo expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Avalo’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. For media and investor inquiries Christopher Sullivan, CFO Avalo Therapeutics, Inc.ir@avalotx.com410-803-6793 or Chris BrinzeyICR WestwickeChris.brinzey@westwicke.com339-970-2843