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Avalo Therapeutics cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$11.5M in Q3 2026 · −$63.5M over twelve months

Operating cash flow−$11.5M
Free cash flow−$11.5M

Analysis

In Q3 2026, Avalo Therapeutics generated −$11.5M of operating cash flow. That is $4.8M more than in Q3 2025 (−$16.4M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$63.5M; the largest uses were other investing ($313M), operating cash flow ($63.5M), taxes on employees’ shares ($779K); besides operations, cash came from other financing ($405M), shares issued ($10.7M); the cash balance rose by $38.1M.

Operating cash flow was −$11.5M against net income of −$18.9M. The largest differences: stock-based pay +$5.2M, payables −$889K, prepaid and other assets +$49K.

Free cash flow

Avalo Therapeutics: free cash flow by quarterAvalo Therapeutics: free cash flow by quarter−$15.0MQ4 2024−$9.5MQ1 2025−$11.4MQ2 2025−$16.4MQ3 2025−$14.2MQ4 2025−$17.7MQ1 2026−$20.0MQ2 2026−$11.5MQ3 2026
Operating cash flow less capital spending.
Avalo Therapeutics: operating cash flow against capital spendingAvalo Therapeutics: operating cash flow against capital spendingOperating cash flowCapital spending−$15.0M$0Q4 2024−$9.5M$0Q1 2025−$11.4M$0Q2 2025−$16.4M$0Q3 2025−$14.2M$0Q4 2025−$17.7M$0Q1 2026−$20.0M$0Q2 2026−$11.5M$0Q3 2026
Latest (Q3 2026): Operating cash flow −$11.5M, Capital spending $0.

Capital allocation, year by year

Avalo Therapeutics: where the cash came from (up) and went (down), by fiscal yearAvalo Therapeutics: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingFY2021: Operating cash flow −$70.9MFY2021: Net borrowing $400KFY2021: Shares issued $29.4MFY2021: Capital spending −$113K$29.8MFY2021FY2022: Operating cash flow −$26.8MFY2022: Net borrowing $800KFY2022: Shares issued $73KFY2022: Capital spending −$95K$873KFY2022FY2023: Operating cash flow −$30.7MFY2023: Net borrowing −$21.2MFY2023: Shares issued $32.5MFY2023: Asset sales $25KFY2023: Capital spending −$158K$32.6MFY2023FY2024: Operating cash flow −$49.1MFY2024FY2025: Operating cash flow −$51.5MFY2025: Shares issued $15.5M$15.5MFY2025
Over these 5 years operating cash flow totalled −$229M; the largest uses were operating cash flow ($229M) and net borrowing ($21.2M). Cash-flow statements as filed.

Where the cash came from and went

Avalo Therapeutics: sources (+) and uses (−) of cash, Q3 2026Avalo Therapeutics: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$20.2MOperating cash flow−$11.5MOther investing−$11.2MShares issued$2.5M
Avalo Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Avalo Therapeutics: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$405MOther investing−$313MOperating cash flow−$63.5MCash drawn (+) / kept (−)−$38.1MShares issued$10.7MTaxes on employees’ shares−$779K

From profit to cash

Avalo Therapeutics: net income to operating cash flow, Q3 2026Avalo Therapeutics: net income to operating cash flow, Q3 2026Net income−$18.9MDepreciation & amortization$18KStock-based pay$5.2MDeferred taxes$7KPayables−$889KPrepaid and other assets$49KOperating cash flow−$11.5M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026−$11.5M$2.5M$20.2M−$11.5M
Q2 2026−$20.0M$410M−$60.3M−$20.0M
Q1 2026−$17.7M$2.2M−$9.2M−$17.7M
Q4 2025−$14.2M$774K$11.2M−$14.2M
Q3 2025−$16.4M—$15.3M−$16.4M
Q2 2025−$11.4M—$82.7M−$11.4M
Q1 2025−$9.5M—$9.5M−$9.5M
Q4 2024−$15.0M$68K−$52.7M−$15.0M

Avalo Therapeutics: income statement and cash flow

Avalo Therapeutics, Q4 2025: revenue $59K (-69% year over year). The chart follows the revenue to costs, profit and cash.

Avalo Therapeutics: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.