Avalo Therapeutics, Inc. · NASDAQ:AVTX
Avalo Therapeutics — Investor Presentation (June 2026)
31 slides from Avalo Therapeutics's investor presentation, Jun 16, 2026
Slide 1: Corporate Overview June 2026
ne mission. Advancing an inspired pipeline of novel IL-1β therapies focused on treating unmet medical needs. CORPORATE OVERVIEW June 2026 | AVALO THERAPEUTICS, INC. (AVTX) Exhibit 99.2
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: Advancing IL-1β Inhibition for Immune-Mediated Inflammatory Diseases
Avalo is targeting diseases of significance, like HS, that offer high growth and opportunity for meaningful patient impact • HS market expected to grow to > $10B by 20351 • Avalo continues to evaluate the potential of IL-1β inhibition across additional indications with high unmet need Two drug candi
Slide 4: Avalo Management Team
Avalo Management Team 4 A proven track record of successful leadership, product development, and commercialization in pharma and biotech Colleen Matkowski SVP, Global Regulatory Affairs, Quality Assurance Dino C. Miano, PhD SVP, CMC, Technical Operations Chris Sullivan Chief Financial Officer Mittie
Slide 5: Abdakibart: Building a New Standard in HS
Abdakibart: Building a New Standard in HS C O N F I D E N T I A L 5
Slide 6: Abdakibart: Building a New Standard in HS
Abdakibart: Building a New Standard in HS 6 HS, hidradenitis suppurativa; IL, interleukin; HiSCR, Hidradenitis Suppurativa Clinical Response. Note: The combined HiSCR50 abdakibart versus placebo analysis was performed post-hoc; Limitations exist in cross-trial comparisons across different phases of
Slide 7: HS has Higher Growth and is Less Saturated than Other Dermatology Markets
HS has Higher Growth and is Less Saturated than Other Dermatology I&I Markets 7 0% 5% 10% 15% 20% HS +18%1 Atopic dermatitis +9%2 Psoriasis +3%2 HS, hidradenitis suppurativa; U.S., United States. 1.HS Market Research 2026. Avalo Data on File. Projected figures are based on management estimates and i
Slide 8: Chronic Inflammation in HS Progresses to Tissue Destruction
Chronic Inflammation in HS Progresses to Tissue Destruction 8 Photos from Mendes-Bastos P, et al. Front Med (Lausanne). 2024;11:1403455; Ovadja ZN, et al. Brit J Dermatol. 2019;181:243-244; Cotter C, Walsh S. Skin Health and Disease. 2021;1(1):e7. CC-BY-4.0 License.1. Diaz MJ, et al. Curr Issues Mol
Slide 9: Persistent Unmet Need in HS Despite Current Biologic Therapies
Persistent Unmet Need in HS Despite Current Anti-TNF and Anti-IL-17 Biologic Therapies 9 HS, hidradenitis suppurativa. aCurrent HS biologics include Bimzelx®, Cosentyx®, Humira®. 1. Porter M, et al. presented at SHSA 2022, 2 Kimball AB et al., Presented at EADV 2023, 3. Kimball AB, et al. Lancet. 20
Slide 10: IL-1β Plays a Central Role in the Pathophysiology of HS
IL-1β Plays a Central Role in the Pathophysiology of HS 10 DAMP, damage-associated molecular pattern molecule; DC, dendritic cell; HS, hidradenitis suppurativa; IL, interleukin; R, receptor; PAMP, pathogen-associated molecular pattern molecule. Figure adapted from Agnese ER et al. Cureus. 15(11):e49
Slide 11: IL-1β is the Predominant IL-1 Isoform that Drives Chronic Inflammation
0% 20% 40% 60% IL-1β is the Predominant IL-1 Isoform that Drives Chronic Inflammation in HS 11 HiSCR, hidradenitis suppurativa clinical response; HS, hidradenitis suppurativa; IL, interleukin; mAb, monoclonal antibody; QW, weekly, Q2W, every other week; wk, week. aFigure adapted from Kim JK et al. C
Slide 12: Phase 2 LOTUS Study Design
Phase 2 LOTUS Study Designed to Evaluate the Efficacy and Safety of Abdakibart Treatment in Participants with Moderate-to-Severe HS 12 AN, abscess and inflammatory nodule; EOS, end of study; EOT, end of treatment; HiSCR, Hidradenitis Suppurativa Clinical Response; Q2W, every 2 weeks; Q4W, every 4 we
Slide 13: Demographic and Baseline Characteristics
All Subjects N=253 Combined N=167 Abdakibart 300mg Q4W N=84 150mg Q2W N=83 Placebo N=86 38.438.739.038.437.7 Age (years, mean) 60.564.763.166.352.3Gender, female (%) 68.870.175.065.166.3Race, white (%) 35.135.734.936.433.9BMI (kg/m2, mean) 43.140.742.938.647.7Current smoker (%) 7.98.47.89.16.9Durati
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 14 Δ Difference between treatment arm and placebo; NRI: Non-response Imputation, Q2W, every 2 weeks; Q4W, every 4 weeks. Subjects who receive systemic rescue medication for HS or who discontinue due to
Slide 15: Cross-Trial HiSCR75 Comparison Demonstrates Strong Efficacy
0% 10% 20% 30% 40% 50% STOP HS-2 Phase 3 STOP HS-1 Phase 3 Phase 2VELA-2 Phase 3 VELA-1 Phase 3 BE HEARD II Phase 3 BE HEARD I Phase 3 SUNSHINE Phase 3 SUNRISE Phase 3 PIONEER II Phase 3 PIONEER I Phase 3 LOTUS Phase 2TRIAL 208/619 202/608 39/15337/153276/417283/421291/509289/505181/361180/363163/32
Slide 16: HiSCR50 Response Rates Statistically Significant Compared to Placebo
HiSCR50 Response Rates were Statistically Significant Compared to Placebo in Both Abdakibart Arms 16 Δ Difference between treatment arm and placebo; NRI: Non-response Imputation, Q2W, every 2 weeks; Q4W, every 4 weeks. *The combined abdakibart versus placebo analysis was performed post-hoc. Subjects
Slide 17: Cross-Trial HiSCR50 Comparison Demonstrates Strong Efficacy
0% 10% 20% 30% 40% 50% 60% 70% STOP HS-2 Phase 3 STOP HS-1 Phase 3 Phase 2VELA-2 Phase 3 VELA-1 Phase 3 BE HEARD II Phase 3 BE HEARD I Phase 3 SUNSHINE Phase 3 SUNRISE Phase 3 PIONEER II Phase 3 PIONEER I Phase 3 LOTUS Phase 2TRIAL 208/619 202/608 39/15337/153276/417283/421291/509289/505181/361180/3
Slide 18: HiSCR75 Improvement Over Placebo Seen Early
HiSCR75 Improvement Over Placebo Seen as Early as Week 4 for Both Abdakibart Treatment Groups 18 Weeks 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% 0 2 4 6 8 10 12 14 16 H iS C R 75 R es po n de rs by V is it (N R I) Placebo n=86 Abdakibart 150 mg Q2W n=83 Abdakibart 300 mg Q4W n=84 42.9%; p = 0.015 42
Slide 19: HiSCR75 Responses Similar With and Without Prior Biologic Exposure
25.6% 26.7% 23.1% 42.2% 48.0% 33.3% 42.9% 41.2% 45.5% 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 50% All Patients No Prior Biologic Use* Prior Biologic Use* H iS C R 75 R es po n de rs at W e ek 1 6 (N R I) Placebo Abdakibart 150 mg Q2W Abdakibart 300 mg Q4W n=86 n=83 n=84 n=60 n=50 n=51 n=26 n=33 n=33 H
Slide 20: Key Secondary Endpoints Improved Compared to Placebo
Key Secondary Endpoints were Statistically Significant or Numerically Improved Compared to Placebo 20 Δ Difference between treatment arm and placebo; AN, Abscess and Inflammatory Nodule; IHS4: International Hidradenitis Suppurativa Severity Score System; NRI, Non-Response Imputation; NRS, Numerical
Slide 21: Favorable Safety and Tolerability Profile
AbdakibartPlacebo 300 mg Q4W N=83 150 mg Q2W N=83N=86# of Subjects (%) 46 (55.4)43 (51.8)46 (53.5)Any TEAE* 1 (1.2)2 (2.4)2 (2.3)Any TESAE 1 (1.2)00 Non-cardiac chest pain 01 (1.2)0 Major depressive disorder 01 (1.2)2 (2.3)Hidradenitis 1 (1.2)2 (2.4)2 (2.3) Any TEAE leading to study drug discontinua
Slide 22: Differentiated Monthly Dosing Regimen Starting at Treatment Initiation
Sonelokimab2Lutikizumab1Abdakibart Day 1 & 15 QW for first four weeks Q2W for first 16 weeks Q2W for first 6 weeks QW for first 16 weeks Single loading dose Loading / induction dosing QW or Q2WQ2W or Q4WQ4WQ4WQW or Q2WQ4W Maintenance dosing 8-147-1086164 Total # of doses in first 16 weeks 26-5016-28
Slide 23: AVTX-010: Long Acting Next Generation IL-1β Program
AVTX-010: Long Acting Next Generation IL-1β Program C O N F I D E N T I A L 23
Slide 24: 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 25: Upcoming Milestones
Upcoming Milestones C O N F I D E N T I A L 25
Slide 26: Anticipated Upcoming Milestones
Anticipated Upcoming Milestones 26IND, investigational new drug application. 1H 2027 Strong Track Record of Legacy Milestone Execution • Initiate Phase 3 registrational HS program • IND for AVTX-010 2H 2026 • End of Phase 2 regulatory discussions • March 2024 Merger with AlmataBio • July 2024 Active
Slide 27: Broad Potential for Indication Expansion
Broad Potential for Indication Expansion: Clinical Rationale for IL-1 Targeting Therapies in Additional Disease States 27 CRP, C-reactive protein; CV, cardiovascular; DIRA, deficiency of interleukin receptor 1 antagonist; HS, hidradenitis suppurativa; IBD, inflammatory bowel disease; MI, myocardial
Slide 28: Avalo Summary
Avalo is targeting diseases of significance, like HS, that offer high growth and opportunity for meaningful patient impact • HS market expected to grow to > $10B by 20351 • Avalo continues to evaluate the potential of IL-1β inhibition across additional indications with high unmet need Two drug candi
Slide 29: www.avalotx.com
NASDAQ: AVTX www.avalotx.com 29
Slide 30: Avalo Therapeutics
AVAlO THERAPEUTICS
Slide 31: Key Financial Metrics
Key Financial Metrics 31 1. Cash, cash equivalents and investments, common shares outstanding, preferred shares outstanding, and pre-funded warrants as of May 31, 2026 are preliminary, unaudited and subject to change, 2. Does not include 5.9M of stock options, restricted stock units and performance
Avalo Therapeutics — Investor Presentation (June 2026) on 6ix